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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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Thursday, 02 March 23
DRY BULK MARKET: THE WAY CHINA GOES, SO GOES THE MARKET - BIMCO
We expect demand growth within the 1.5-2.5% range in 2023, driven by China’s economic recovery. Improvements in consumer sentiment should hel ...
Thursday, 02 March 23
INDIA, CHINA DEMAND BOOST LOW-RANK THERMAL COAL PRICES IN ASIA - RUSSELL, REUTERS
Signs of stronger import demand from India have arrested the decline in price of the thermal coal grades most commonly sought by the world’s ...
Thursday, 02 March 23
INDIA CHEERS THE RETURN OF ‘KING COAL’ AS INDUSTRY SEES BUOYANT FUTURE - REUTERS
India’s coal industry celebrated the return of its major conference after a three-year pandemic hiatus by presenting a bullish view of demand ...
Wednesday, 01 March 23
GEO CONNECT ASIA RETURNS IN MARCH TO ACCELERATE THE REGION’S GEOSPATIAL AND LOCATION INTELLIGENCE CAPABILITIES
Press Release: The third edition of GCA will be held in conjunction with Digital Construction Asia and the inaugural Drones Asia – an event d ...
Wednesday, 01 March 23
THE DECLINE IN THE COAL PRICE SINCE THE BEGINNING OF THE YEAR HAS BEEN SIGNIFICANT - INTERMODAL
Last week, the front-month API2 future rose by 3.5%, but since the beginning of the year the future has fallen by 39% to $136.65/t, while the Newca ...
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- The State Trading Corporation of India Ltd
- Petron Corporation, Philippines
- Eastern Energy - Thailand
- Parliament of New Zealand
- GN Power Mariveles Coal Plant, Philippines
- PTC India Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate General of MIneral and Coal - Indonesia
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Finance - Indonesia
- Orica Mining Services - Indonesia
- Bhushan Steel Limited - India
- Sinarmas Energy and Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Cement Manufacturers Association - India
- Bukit Asam (Persero) Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Barasentosa Lestari - Indonesia
- Independent Power Producers Association of India
- Kapuas Tunggal Persada - Indonesia
- Mercator Lines Limited - India
- Baramulti Group, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Coal and Oil Company - UAE
- Georgia Ports Authority, United States
- Sical Logistics Limited - India
- SMC Global Power, Philippines
- Orica Australia Pty. Ltd.
- Global Coal Blending Company Limited - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wood Mackenzie - Singapore
- Larsen & Toubro Limited - India
- Mintek Dendrill Indonesia
- Deloitte Consulting - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercuria Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Africa Commodities Group - South Africa
- Marubeni Corporation - India
- Port Waratah Coal Services - Australia
- Therma Luzon, Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Iligan Light & Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Interocean Group of Companies - India
- London Commodity Brokers - England
- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
- ICICI Bank Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Mines - Canada
- OPG Power Generation Pvt Ltd - India
- Minerals Council of Australia
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- Uttam Galva Steels Limited - India
- Anglo American - United Kingdom
- Jindal Steel & Power Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Indika Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Globalindo Alam Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Siam City Cement PLC, Thailand
- GVK Power & Infra Limited - India
- CIMB Investment Bank - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Kumho Petrochemical, South Korea
- Vizag Seaport Private Limited - India
- Wilmar Investment Holdings
- Semirara Mining and Power Corporation, Philippines
- Trasteel International SA, Italy
- Agrawal Coal Company - India
- Meenaskhi Energy Private Limited - India
- Carbofer General Trading SA - India
- Oldendorff Carriers - Singapore
- IHS Mccloskey Coal Group - USA
- Antam Resourcindo - Indonesia
- Malabar Cements Ltd - India
- Indonesian Coal Mining Association
- MS Steel International - UAE
- Eastern Coal Council - USA
- Jorong Barutama Greston.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- McConnell Dowell - Australia
- CNBM International Corporation - China
- Leighton Contractors Pty Ltd - Australia
- Goldman Sachs - Singapore
- The Treasury - Australian Government
- Aboitiz Power Corporation - Philippines
- Latin American Coal - Colombia
- Australian Commodity Traders Exchange
- Parry Sugars Refinery, India
- Vijayanagar Sugar Pvt Ltd - India
- Tata Chemicals Ltd - India
- Global Green Power PLC Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- PNOC Exploration Corporation - Philippines
- Merrill Lynch Commodities Europe
- Australian Coal Association
- Bangladesh Power Developement Board
- Indogreen Group - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Binh Thuan Hamico - Vietnam
- Videocon Industries ltd - India
- Bhatia International Limited - India
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Gujarat Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Ind-Barath Power Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Thiess Contractors Indonesia
- Commonwealth Bank - Australia
- Dalmia Cement Bharat India
- Cigading International Bulk Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Thai Mozambique Logistica
- Kideco Jaya Agung - Indonesia
- Straits Asia Resources Limited - Singapore
- Central Java Power - Indonesia
- IEA Clean Coal Centre - UK
- Star Paper Mills Limited - India
- Energy Development Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Electricity Authority, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Tamil Nadu electricity Board
- Global Business Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- SN Aboitiz Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Central Electricity Authority - India
- Rio Tinto Coal - Australia
- Holcim Trading Pte Ltd - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GAC Shipping (India) Pvt Ltd
- Sarangani Energy Corporation, Philippines
- Xindia Steels Limited - India
- Borneo Indobara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Electricity Generating Authority of Thailand
- Renaissance Capital - South Africa
- Savvy Resources Ltd - HongKong
- SMG Consultants - Indonesia
- Singapore Mercantile Exchange
- Indian Energy Exchange, India
- Gujarat Sidhee Cement - India
- India Bulls Power Limited - India
- Mjunction Services Limited - India
- San Jose City I Power Corp, Philippines
- Medco Energi Mining Internasional
- Semirara Mining Corp, Philippines
- Energy Link Ltd, New Zealand
- Chamber of Mines of South Africa
- TeaM Sual Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Simpson Spence & Young - Indonesia
- The University of Queensland
- Aditya Birla Group - India
- Altura Mining Limited, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- PowerSource Philippines DevCo
- Bank of Tokyo Mitsubishi UFJ Ltd
- PetroVietnam Power Coal Import and Supply Company
- Bukit Baiduri Energy - Indonesia
- Vedanta Resources Plc - India
- Economic Council, Georgia
- Metalloyd Limited - United Kingdom
- Standard Chartered Bank - UAE
- Sree Jayajothi Cements Limited - India
- Bharathi Cement Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Heidelberg Cement - Germany
- Toyota Tsusho Corporation, Japan
- Edison Trading Spa - Italy
- Kobexindo Tractors - Indoneisa
- Bhoruka Overseas - Indonesia
- Timah Investasi Mineral - Indoneisa
- Grasim Industreis Ltd - India
- White Energy Company Limited
- Planning Commission, India
- Ministry of Transport, Egypt
- Siam City Cement - Thailand
- Salva Resources Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Romanian Commodities Exchange
- VISA Power Limited - India
- Directorate Of Revenue Intelligence - India
- LBH Netherlands Bv - Netherlands
- Kartika Selabumi Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Bulk Trading Sa - Switzerland
- Riau Bara Harum - Indonesia
- Indian Oil Corporation Limited
- Attock Cement Pakistan Limited
- Bukit Makmur.PT - Indonesia
- Madhucon Powers Ltd - India
- GMR Energy Limited - India
- Power Finance Corporation Ltd., India
- Meralco Power Generation, Philippines
- Kaltim Prima Coal - Indonesia
- Posco Energy - South Korea
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