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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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Sunday, 26 February 23
MAWANI AND JEDDAH CHAMBER SIGN AN AGREEMENT TO BUILD INTEGRATED LOGISTICS PARK
Press Release: The Saudi Ports Authority (Mawani) and Jeddah Chamber of Commerce and Industry have today inked an agreement to set up an integrated ...
Saturday, 25 February 23
INDONESIA IS STILL BY FAR THE TOP SUPPLIER OF COAL TO CHINA - BANCHERO COSTA
After a slow start in the first quarter, global coal trade has really picked up pace last year, and is now fully back to pre-Covid levels, said ban ...
Wednesday, 22 February 23
MARKET INSIGHT - INTERMODAL
The short-term outlook of the global soybean market is currently pivoted by a combination of weather patterns that are affecting the harvest progre ...
Saturday, 18 February 23
OIL UNLIKELY TO BREAK ABOVE $100/BBL THIS YEAR, J.P.MORGAN SAYS –- REUTERS
Brent oil prices are unlikely to breach the $100 a barrel level this year, barring any significant geopolitical drivers, with OPEC+ potentially add ...
Saturday, 18 February 23
CHINA'S COAL PRICES FALL TO 1 YR-LOW, CLOUDING DEMAND AND IMPORT OUTLOOK - REUTERS
China’s thermal coal prices hit their lowest levels in a year this week on rising inventories as domestic mine production is recovering faste ...
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- Ind-Barath Power Infra Limited - India
- The State Trading Corporation of India Ltd
- GVK Power & Infra Limited - India
- Energy Link Ltd, New Zealand
- PTC India Limited - India
- Kaltim Prima Coal - Indonesia
- Madhucon Powers Ltd - India
- Kobexindo Tractors - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Petron Corporation, Philippines
- Antam Resourcindo - Indonesia
- Sojitz Corporation - Japan
- Pendopo Energi Batubara - Indonesia
- Salva Resources Pvt Ltd - India
- Medco Energi Mining Internasional
- Indian Energy Exchange, India
- Videocon Industries ltd - India
- Deloitte Consulting - India
- San Jose City I Power Corp, Philippines
- TeaM Sual Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Eastern Energy - Thailand
- Rashtriya Ispat Nigam Limited - India
- Sree Jayajothi Cements Limited - India
- GAC Shipping (India) Pvt Ltd
- London Commodity Brokers - England
- Bhatia International Limited - India
- Mintek Dendrill Indonesia
- AsiaOL BioFuels Corp., Philippines
- Agrawal Coal Company - India
- Global Coal Blending Company Limited - Australia
- Holcim Trading Pte Ltd - Singapore
- Romanian Commodities Exchange
- Aboitiz Power Corporation - Philippines
- Interocean Group of Companies - India
- European Bulk Services B.V. - Netherlands
- Xindia Steels Limited - India
- Latin American Coal - Colombia
- TNB Fuel Sdn Bhd - Malaysia
- Kepco SPC Power Corporation, Philippines
- Wilmar Investment Holdings
- Samtan Co., Ltd - South Korea
- Metalloyd Limited - United Kingdom
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
- Africa Commodities Group - South Africa
- Eastern Coal Council - USA
- Meenaskhi Energy Private Limited - India
- Standard Chartered Bank - UAE
- Vedanta Resources Plc - India
- Parry Sugars Refinery, India
- Ambuja Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Borneo Indobara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Mines - Canada
- Semirara Mining and Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Karbindo Abesyapradhi - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Posco Energy - South Korea
- Banpu Public Company Limited - Thailand
- Global Business Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Dalmia Cement Bharat India
- Essar Steel Hazira Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- IEA Clean Coal Centre - UK
- Kapuas Tunggal Persada - Indonesia
- Cement Manufacturers Association - India
- SMC Global Power, Philippines
- Anglo American - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Central Java Power - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Thai Mozambique Logistica
- Kideco Jaya Agung - Indonesia
- Georgia Ports Authority, United States
- Gujarat Sidhee Cement - India
- International Coal Ventures Pvt Ltd - India
- Bharathi Cement Corporation - India
- ICICI Bank Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Riau Bara Harum - Indonesia
- Independent Power Producers Association of India
- Energy Development Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Formosa Plastics Group - Taiwan
- Kumho Petrochemical, South Korea
- Sakthi Sugars Limited - India
- Central Electricity Authority - India
- Maharashtra Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Bangladesh Power Developement Board
- Karaikal Port Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Commodity Traders Exchange
- Goldman Sachs - Singapore
- Indonesian Coal Mining Association
- The Treasury - Australian Government
- Timah Investasi Mineral - Indoneisa
- Sarangani Energy Corporation, Philippines
- ASAPP Information Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Port Waratah Coal Services - Australia
- Oldendorff Carriers - Singapore
- Trasteel International SA, Italy
- Indian Oil Corporation Limited
- PowerSource Philippines DevCo
- Parliament of New Zealand
- Therma Luzon, Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Simpson Spence & Young - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Tata Chemicals Ltd - India
- Indo Tambangraya Megah - Indonesia
- Heidelberg Cement - Germany
- Globalindo Alam Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Malabar Cements Ltd - India
- Siam City Cement PLC, Thailand
- Grasim Industreis Ltd - India
- Attock Cement Pakistan Limited
- Bhushan Steel Limited - India
- Cigading International Bulk Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining Corp, Philippines
- Mercator Lines Limited - India
- Ministry of Finance - Indonesia
- Coal and Oil Company - UAE
- Orica Australia Pty. Ltd.
- Sical Logistics Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Manunggal Multi Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- India Bulls Power Limited - India
- Savvy Resources Ltd - HongKong
- Maheswari Brothers Coal Limited - India
- Power Finance Corporation Ltd., India
- Larsen & Toubro Limited - India
- New Zealand Coal & Carbon
- Electricity Generating Authority of Thailand
- Australian Coal Association
- Indika Energy - Indonesia
- Merrill Lynch Commodities Europe
- Electricity Authority, New Zealand
- McConnell Dowell - Australia
- Binh Thuan Hamico - Vietnam
- Carbofer General Trading SA - India
- Uttam Galva Steels Limited - India
- Jaiprakash Power Ventures ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercuria Energy - Indonesia
- Thiess Contractors Indonesia
- Meralco Power Generation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Coastal Gujarat Power Limited - India
- SMG Consultants - Indonesia
- Vizag Seaport Private Limited - India
- Toyota Tsusho Corporation, Japan
- PetroVietnam Power Coal Import and Supply Company
- Tamil Nadu electricity Board
- Ministry of Transport, Egypt
- CIMB Investment Bank - Malaysia
- Orica Mining Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- The University of Queensland
- Intertek Mineral Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Marubeni Corporation - India
- IHS Mccloskey Coal Group - USA
- LBH Netherlands Bv - Netherlands
- VISA Power Limited - India
- Barasentosa Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Krishnapatnam Port Company Ltd. - India
- Star Paper Mills Limited - India
- Commonwealth Bank - Australia
- PNOC Exploration Corporation - Philippines
- Siam City Cement - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Chamber of Mines of South Africa
- Sindya Power Generating Company Private Ltd
- Economic Council, Georgia
- Wood Mackenzie - Singapore
- White Energy Company Limited
- Makarim & Taira - Indonesia
- Price Waterhouse Coopers - Russia
- Planning Commission, India
- MS Steel International - UAE
- Indogreen Group - Indonesia
- Minerals Council of Australia
- Renaissance Capital - South Africa
- Bulk Trading Sa - Switzerland
- Directorate General of MIneral and Coal - Indonesia
- CNBM International Corporation - China
- Ceylon Electricity Board - Sri Lanka
- Aditya Birla Group - India
- Mjunction Services Limited - India
- Coalindo Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Edison Trading Spa - Italy
- Kartika Selabumi Mining - Indonesia
- Altura Mining Limited, Indonesia
- Singapore Mercantile Exchange
- Bukit Baiduri Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Baramulti Group, Indonesia
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