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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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Saturday, 30 November 19
PANAMAX: LEVELS IMPROVED IN THE PACIFIC MARKET TOO WITH $11,000 BEING CONCLUDED ON AN 81,000DWT SHIP FOR AN INDONESIA TO CHINA COAL TRIP - BALTIC BRIEFING
Capesize
The market has been well supported over the past week, led primarily by the Atlantic Basin. After bottoming last week, sentiment was s ...
Friday, 29 November 19
FITCHRATINGS MAINTAINS NEGATIVE 2020 OUTLOOK ON SHIPPING, AS TIGHTER SUPPLY HELPS, BUT SOFTER DEMAND DRAGS
Fitch’s Sector Outlook: Negative
We maintain a negative sector outlook for global shipping because of the forecast slowdown of ...
Friday, 29 November 19
INDONESIA PRODUCES 390 MLN TONNES OF COAL IN JAN-SEPT: MINISTER - REUTERS
Indonesia’s production of coal for the January-September period was 390 million tonnes, Energy and Mineral Resources Minister Arifin Tasrif s ...
Wednesday, 27 November 19
SHIPPING MARKET INSIGHT - INTERMODAL
As the end of the fourth quarter is approaching, one could say that the wet market has maintained the strong pace observed during the third qu ...
Tuesday, 26 November 19
PREPARATIONS INTENSIFY AS 1 JANUARY 2020 GLOBAL CUT IN SULPHUR IN SHIP'S FUEL OIL LOOMS: IMO
“IMO 2020” requirements for ships to cut sulphur oxide emissions enter into effect in just over one month’s time. This will signi ...
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- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Coastal Gujarat Power Limited - India
- Indogreen Group - Indonesia
- Timah Investasi Mineral - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Thiess Contractors Indonesia
- Carbofer General Trading SA - India
- Chettinad Cement Corporation Ltd - India
- White Energy Company Limited
- Borneo Indobara - Indonesia
- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- The State Trading Corporation of India Ltd
- Ambuja Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Agrawal Coal Company - India
- MS Steel International - UAE
- Kideco Jaya Agung - Indonesia
- AsiaOL BioFuels Corp., Philippines
- CIMB Investment Bank - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Jaiprakash Power Ventures ltd
- Africa Commodities Group - South Africa
- Pendopo Energi Batubara - Indonesia
- Ind-Barath Power Infra Limited - India
- Sakthi Sugars Limited - India
- Maheswari Brothers Coal Limited - India
- Toyota Tsusho Corporation, Japan
- Altura Mining Limited, Indonesia
- Savvy Resources Ltd - HongKong
- Globalindo Alam Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kumho Petrochemical, South Korea
- European Bulk Services B.V. - Netherlands
- Vedanta Resources Plc - India
- Petrochimia International Co. Ltd.- Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- OPG Power Generation Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Orica Australia Pty. Ltd.
- Wood Mackenzie - Singapore
- Sindya Power Generating Company Private Ltd
- Ceylon Electricity Board - Sri Lanka
- Sojitz Corporation - Japan
- Billiton Holdings Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Barasentosa Lestari - Indonesia
- Parliament of New Zealand
- Oldendorff Carriers - Singapore
- Bhoruka Overseas - Indonesia
- Baramulti Group, Indonesia
- Anglo American - United Kingdom
- Eastern Energy - Thailand
- GAC Shipping (India) Pvt Ltd
- Coal and Oil Company - UAE
- Electricity Authority, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SN Aboitiz Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Straits Asia Resources Limited - Singapore
- Kaltim Prima Coal - Indonesia
- Georgia Ports Authority, United States
- Directorate General of MIneral and Coal - Indonesia
- Rio Tinto Coal - Australia
- Neyveli Lignite Corporation Ltd, - India
- Star Paper Mills Limited - India
- Goldman Sachs - Singapore
- Indika Energy - Indonesia
- Australian Coal Association
- Sree Jayajothi Cements Limited - India
- Power Finance Corporation Ltd., India
- Samtan Co., Ltd - South Korea
- Bukit Baiduri Energy - Indonesia
- Energy Link Ltd, New Zealand
- Banpu Public Company Limited - Thailand
- Kapuas Tunggal Persada - Indonesia
- London Commodity Brokers - England
- Global Green Power PLC Corporation, Philippines
- Makarim & Taira - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Mines - Canada
- Electricity Generating Authority of Thailand
- The University of Queensland
- Tamil Nadu electricity Board
- Videocon Industries ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vizag Seaport Private Limited - India
- Binh Thuan Hamico - Vietnam
- Renaissance Capital - South Africa
- Port Waratah Coal Services - Australia
- Sarangani Energy Corporation, Philippines
- Economic Council, Georgia
- Bangladesh Power Developement Board
- Central Electricity Authority - India
- San Jose City I Power Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Manunggal Multi Energi - Indonesia
- Ministry of Finance - Indonesia
- Antam Resourcindo - Indonesia
- Coalindo Energy - Indonesia
- Petron Corporation, Philippines
- Wilmar Investment Holdings
- Rashtriya Ispat Nigam Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Heidelberg Cement - Germany
- McConnell Dowell - Australia
- Riau Bara Harum - Indonesia
- PowerSource Philippines DevCo
- VISA Power Limited - India
- Madhucon Powers Ltd - India
- Directorate Of Revenue Intelligence - India
- PNOC Exploration Corporation - Philippines
- SMC Global Power, Philippines
- Malabar Cements Ltd - India
- Marubeni Corporation - India
- Central Java Power - Indonesia
- Bukit Makmur.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Price Waterhouse Coopers - Russia
- PTC India Limited - India
- Miang Besar Coal Terminal - Indonesia
- Indonesian Coal Mining Association
- Planning Commission, India
- IHS Mccloskey Coal Group - USA
- Sinarmas Energy and Mining - Indonesia
- Latin American Coal - Colombia
- Indian Oil Corporation Limited
- LBH Netherlands Bv - Netherlands
- Dalmia Cement Bharat India
- GN Power Mariveles Coal Plant, Philippines
- Cigading International Bulk Terminal - Indonesia
- Meralco Power Generation, Philippines
- Bharathi Cement Corporation - India
- Therma Luzon, Inc, Philippines
- Cement Manufacturers Association - India
- The Treasury - Australian Government
- Sical Logistics Limited - India
- Merrill Lynch Commodities Europe
- Bukit Asam (Persero) Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Essar Steel Hazira Ltd - India
- ASAPP Information Group - India
- Indian Energy Exchange, India
- Salva Resources Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Ministry of Transport, Egypt
- Posco Energy - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Larsen & Toubro Limited - India
- GMR Energy Limited - India
- Independent Power Producers Association of India
- Attock Cement Pakistan Limited
- Formosa Plastics Group - Taiwan
- Krishnapatnam Port Company Ltd. - India
- TeaM Sual Corporation - Philippines
- New Zealand Coal & Carbon
- PetroVietnam Power Coal Import and Supply Company
- Interocean Group of Companies - India
- Siam City Cement - Thailand
- Deloitte Consulting - India
- Xindia Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Grasim Industreis Ltd - India
- Commonwealth Bank - Australia
- Standard Chartered Bank - UAE
- GVK Power & Infra Limited - India
- SMG Consultants - Indonesia
- IEA Clean Coal Centre - UK
- Karbindo Abesyapradhi - Indoneisa
- Bulk Trading Sa - Switzerland
- Jindal Steel & Power Ltd - India
- CNBM International Corporation - China
- Mintek Dendrill Indonesia
- Trasteel International SA, Italy
- Bhatia International Limited - India
- Leighton Contractors Pty Ltd - Australia
- Energy Development Corp, Philippines
- Singapore Mercantile Exchange
- Aditya Birla Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Edison Trading Spa - Italy
- Medco Energi Mining Internasional
- Uttam Galva Steels Limited - India
- ICICI Bank Limited - India
- Parry Sugars Refinery, India
- Indo Tambangraya Megah - Indonesia
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Bahari Cakrawala Sebuku - Indonesia
- Tata Chemicals Ltd - India
- India Bulls Power Limited - India
- Mjunction Services Limited - India
- Thai Mozambique Logistica
- Semirara Mining Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Romanian Commodities Exchange
- Chamber of Mines of South Africa
- Global Business Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Mercuria Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Simpson Spence & Young - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhushan Steel Limited - India
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