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Monday, 23 December 19
VLSFO PRICING & AVAILABILITY NEEDS CAREFUL WATCHING - INTEGR8 FUELS
 As we approach January 1st 2020 , the VLSFO price premium to HSFO has widened considerably
We are clearly well into the IMO 2020 transition; changes in bunker infrastructure, availabilities and pricing are all having a major impact, posing challenges to bunker buyers and these are not going to go away quickly.
The process of switching infrastructure (storage and barges) from HSFO to VLSFO has been noticeably underway since September. We have seen a significant strengthening and then weakening in HSFO prices (see Integr8 briefing note 22nd November 2019) and now we are at the next stage, where buyers have/are switching rapidly towards VLSFO. The impacts of this change-over are again easily seen, in terms of terminal congestion, barge delays, availabilities and of course price.
Since October the quoted price of HSFO has fallen sharply, whereas the price of VLSFO in Rotterdam has been around $480-500/ton. VLSFO prices in Gibraltar, Fujairah and Singapore rising fast and well above the $540-560/ton range we saw in October/November. This means quoted VLSFO prices are now around $230-240/ton above HSFO.
VLSFO prices can vary by as much as $80 per tonne in the same region
The moves in VLSFO pricing reflect owners shifting towards these new compliant fuels and that there are constraints on infrastructure and availabilities in the VLSFO supply chain. The extent of this is not only seen in VLSFO price differences between main bunkering regions, but also VLSFO pricing within a given region. The graph below illustrates the significant variation in VLSFO pricing within the Mediterranean, with for instance quoted prices at Piraeus sometimes anywhere between $20-80/ton below Gibraltar prices and prices in Malta still plus or minus $20/ton compared with Gibraltar quotes. These positions mean as a buyer, being adaptable and looking at possible alternate bunkering locations could be very attractive.
In some instances MGO prices are only a small premium to VLSFO
Finally, these squeezes in VLSFO have already led to instances where there is an extremely small price differential between VLSFO and MGO (or even some instances where MGO has been priced below VLSFO). Currently, there is less than $10/ton differential between quoted prices for MGO and VLSFO in Singapore, down from around a $75/ton differential a couple of months ago. This is another strong case for buyers being adaptable in that bunkering MGO could be the ‘best option’.
These developments in the Med and Singapore markets are only illustrations of what can happen in other global regions and reflects the squeezes on the VLSFO system at certain times and in certain areas. There is no ‘quick fix’ here and issues will continue to arise well beyond the January 1st IMO 2020 start date, as shipowners start burning VLSFO and will have to build and replenish VLSFO stocks on board.
We are providing buyers with access to this information and analysis on any tightness in availabilities, any constraints on terminal and barging operations and ultimately the knowledge on pricing, all of which will assist decisions in this complex and consistently changing market.
Source: Integr8 Fuels
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Wednesday, 04 December 19
SHIPPING MARKET INSIGHT - INTERMODAL
Dry bulk freight rates rebounded last week, a development that came as a relief following the recent negative sentiment that prevailed in the marke ...
Wednesday, 04 December 19
INDONESIA REVIEWING RULES MANDATING COAL SALES TO LOCAL BUYERS: OFFICIAL - REUTERS
Indonesia is reviewing rules that require coal miners to sell a portion of their coal to local buyers, a government official said on Monday, as sup ...
Tuesday, 03 December 19
STABILITY AND COMPATIBILITY OF VERY LOW SULPHUR FUEL OILS - GARD
In order to meet increasing restrictions on the sulphur content in marine fuel as defined by MARPOL Annex VI Regulation 14.1.3, the characteristics ...
Monday, 02 December 19
COAL PRODUCTION IN INDIA UP BY 164.58 MT IN 5 YEARS - BUSINESS LINE
Raw coal production in the country has increased from 567.77 million tons (MT) in 2013-14 to 730.35 MT in 2018-19, Union Coal and Parliamentary Aff ...
Monday, 02 December 19
OPEC PREPS FOR OIL'S 2020 BALANCING ACT - WOOD MACKENZIE
What steps should OPEC and its non-OPEC partners take to keep the market in balance in 2020? Ahead of OPEC’s meeting in Vienna on 5 and 6 Dec ...
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- Ambuja Cements Ltd - India
- Edison Trading Spa - Italy
- Central Electricity Authority - India
- Banpu Public Company Limited - Thailand
- Bukit Baiduri Energy - Indonesia
- Carbofer General Trading SA - India
- Indo Tambangraya Megah - Indonesia
- Salva Resources Pvt Ltd - India
- Bharathi Cement Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- Orica Australia Pty. Ltd.
- Coalindo Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Dalmia Cement Bharat India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercator Lines Limited - India
- Straits Asia Resources Limited - Singapore
- Attock Cement Pakistan Limited
- Electricity Authority, New Zealand
- Price Waterhouse Coopers - Russia
- VISA Power Limited - India
- Goldman Sachs - Singapore
- Lanco Infratech Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- White Energy Company Limited
- South Luzon Thermal Energy Corporation
- Barasentosa Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Globalindo Alam Lestari - Indonesia
- Grasim Industreis Ltd - India
- Anglo American - United Kingdom
- Coal and Oil Company - UAE
- Madhucon Powers Ltd - India
- Kepco SPC Power Corporation, Philippines
- Planning Commission, India
- Savvy Resources Ltd - HongKong
- Billiton Holdings Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- ICICI Bank Limited - India
- Metalloyd Limited - United Kingdom
- Parry Sugars Refinery, India
- Oldendorff Carriers - Singapore
- Eastern Coal Council - USA
- Power Finance Corporation Ltd., India
- Timah Investasi Mineral - Indoneisa
- GVK Power & Infra Limited - India
- Aditya Birla Group - India
- Intertek Mineral Services - Indonesia
- Indika Energy - Indonesia
- GMR Energy Limited - India
- Sinarmas Energy and Mining - Indonesia
- Kumho Petrochemical, South Korea
- SMC Global Power, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Sidhee Cement - India
- New Zealand Coal & Carbon
- Jaiprakash Power Ventures ltd
- CIMB Investment Bank - Malaysia
- Global Green Power PLC Corporation, Philippines
- Bangladesh Power Developement Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kobexindo Tractors - Indoneisa
- LBH Netherlands Bv - Netherlands
- Sindya Power Generating Company Private Ltd
- Gujarat Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Wood Mackenzie - Singapore
- Indian Energy Exchange, India
- Commonwealth Bank - Australia
- Rashtriya Ispat Nigam Limited - India
- Thiess Contractors Indonesia
- International Coal Ventures Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Maharashtra Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Ind-Barath Power Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Indonesian Coal Mining Association
- Antam Resourcindo - Indonesia
- Karaikal Port Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Bulk Trading Sa - Switzerland
- Vedanta Resources Plc - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sree Jayajothi Cements Limited - India
- Indian Oil Corporation Limited
- Semirara Mining and Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Simpson Spence & Young - Indonesia
- The Treasury - Australian Government
- Posco Energy - South Korea
- Vizag Seaport Private Limited - India
- Indogreen Group - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Kaltim Prima Coal - Indonesia
- PowerSource Philippines DevCo
- Uttam Galva Steels Limited - India
- Africa Commodities Group - South Africa
- Marubeni Corporation - India
- Siam City Cement PLC, Thailand
- Global Business Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Singapore Mercantile Exchange
- Essar Steel Hazira Ltd - India
- Maheswari Brothers Coal Limited - India
- Leighton Contractors Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Central Java Power - Indonesia
- OPG Power Generation Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Port Waratah Coal Services - Australia
- SN Aboitiz Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Baramulti Group, Indonesia
- London Commodity Brokers - England
- Bhatia International Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Chamber of Mines of South Africa
- Bhushan Steel Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- The State Trading Corporation of India Ltd
- Mercuria Energy - Indonesia
- Altura Mining Limited, Indonesia
- Bayan Resources Tbk. - Indonesia
- India Bulls Power Limited - India
- Medco Energi Mining Internasional
- Sakthi Sugars Limited - India
- The University of Queensland
- Kideco Jaya Agung - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kartika Selabumi Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Mjunction Services Limited - India
- Ministry of Transport, Egypt
- Energy Link Ltd, New Zealand
- Georgia Ports Authority, United States
- Samtan Co., Ltd - South Korea
- MS Steel International - UAE
- Sarangani Energy Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Bhoruka Overseas - Indonesia
- Wilmar Investment Holdings
- Australian Commodity Traders Exchange
- McConnell Dowell - Australia
- Holcim Trading Pte Ltd - Singapore
- Cement Manufacturers Association - India
- Videocon Industries ltd - India
- Petron Corporation, Philippines
- Sojitz Corporation - Japan
- Coastal Gujarat Power Limited - India
- Tata Chemicals Ltd - India
- Merrill Lynch Commodities Europe
- Agrawal Coal Company - India
- Miang Besar Coal Terminal - Indonesia
- Meralco Power Generation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Minerals Council of Australia
- Borneo Indobara - Indonesia
- CNBM International Corporation - China
- Larsen & Toubro Limited - India
- IEA Clean Coal Centre - UK
- Malabar Cements Ltd - India
- Energy Development Corp, Philippines
- Trasteel International SA, Italy
- Latin American Coal - Colombia
- Therma Luzon, Inc, Philippines
- Australian Coal Association
- Star Paper Mills Limited - India
- IHS Mccloskey Coal Group - USA
- SMG Consultants - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pendopo Energi Batubara - Indonesia
- Interocean Group of Companies - India
- Sical Logistics Limited - India
- PTC India Limited - India
- Electricity Generating Authority of Thailand
- Cigading International Bulk Terminal - Indonesia
- Heidelberg Cement - Germany
- Jindal Steel & Power Ltd - India
- Parliament of New Zealand
- Makarim & Taira - Indonesia
- Manunggal Multi Energi - Indonesia
- Thai Mozambique Logistica
- Kohat Cement Company Ltd. - Pakistan
- Orica Mining Services - Indonesia
- Siam City Cement - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- ASAPP Information Group - India
- Rio Tinto Coal - Australia
- Renaissance Capital - South Africa
- Formosa Plastics Group - Taiwan
- Riau Bara Harum - Indonesia
- Eastern Energy - Thailand
- Alfred C Toepfer International GmbH - Germany
- AsiaOL BioFuels Corp., Philippines
- Asmin Koalindo Tuhup - Indonesia
- GAC Shipping (India) Pvt Ltd
- Mintek Dendrill Indonesia
- Tamil Nadu electricity Board
- Global Coal Blending Company Limited - Australia
- Chettinad Cement Corporation Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Standard Chartered Bank - UAE
- Economic Council, Georgia
- Ministry of Mines - Canada
- Deloitte Consulting - India
- Xindia Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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