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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, 18 February 23
PAKISTAN PLANS TO QUADRUPLE DOMESTIC COAL-FIRED POWER, MOVE AWAY FROM GAS - REUTERS
Pakistan plans to quadruple its domestic coal-fired capacity to reduce power generation costs and will not build new gas-fired plants in the coming ...
Saturday, 18 February 23
2023 MARINE FUEL MARKET PREDICTIONS - JOHN BERGMAN, AURAMARINE
The drive for decarbonisation we witnessed in 2022 has continued into 2023, demonstrating the shipping’s industry positive strides in the fas ...
Saturday, 28 January 23
COAL GROWTH BLIP NOT TO BE REPEATED - BALTIC EXCHANGE
As 2022 drew to a close, global coal demand looked set to end the year just 1.2% up on the previous year. But that small increase was enough to pus ...
Thursday, 26 January 23
CHINA'S COAL OUTPUT INCREASES IN DECEMBER 2022 - XINHUA
China’s raw coal output posted stable expansion in December 2022, official data showed.
The country produced 400 million tonne ...
Thursday, 26 January 23
COKING COAL NARROWS THE GAP ON THERMAL AS CHINA REOPENS - REUTERS
The premium of high-grade thermal coal over coking coal in Asia is shrinking as China’s re-opening and ending of a ban on imports from Austra ...
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- Salva Resources Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Xindia Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- White Energy Company Limited
- Carbofer General Trading SA - India
- New Zealand Coal & Carbon
- Leighton Contractors Pty Ltd - Australia
- Australian Coal Association
- Straits Asia Resources Limited - Singapore
- Energy Link Ltd, New Zealand
- Petron Corporation, Philippines
- Commonwealth Bank - Australia
- Bukit Makmur.PT - Indonesia
- Bulk Trading Sa - Switzerland
- AsiaOL BioFuels Corp., Philippines
- Makarim & Taira - Indonesia
- Toyota Tsusho Corporation, Japan
- Oldendorff Carriers - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate General of MIneral and Coal - Indonesia
- Larsen & Toubro Limited - India
- Heidelberg Cement - Germany
- Jindal Steel & Power Ltd - India
- IEA Clean Coal Centre - UK
- Port Waratah Coal Services - Australia
- Minerals Council of Australia
- Pipit Mutiara Jaya. PT, Indonesia
- SN Aboitiz Power Inc, Philippines
- Edison Trading Spa - Italy
- McConnell Dowell - Australia
- Meralco Power Generation, Philippines
- Orica Mining Services - Indonesia
- Savvy Resources Ltd - HongKong
- Ministry of Mines - Canada
- Asmin Koalindo Tuhup - Indonesia
- The University of Queensland
- TNB Fuel Sdn Bhd - Malaysia
- Star Paper Mills Limited - India
- Timah Investasi Mineral - Indoneisa
- Madhucon Powers Ltd - India
- ASAPP Information Group - India
- Marubeni Corporation - India
- GMR Energy Limited - India
- Africa Commodities Group - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Manunggal Multi Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Indogreen Group - Indonesia
- Sakthi Sugars Limited - India
- Independent Power Producers Association of India
- Maharashtra Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Globalindo Alam Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Videocon Industries ltd - India
- Energy Development Corp, Philippines
- Gujarat Sidhee Cement - India
- PetroVietnam Power Coal Import and Supply Company
- Central Electricity Authority - India
- Mercator Lines Limited - India
- Ambuja Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Standard Chartered Bank - UAE
- TeaM Sual Corporation - Philippines
- Ministry of Finance - Indonesia
- Bhushan Steel Limited - India
- Central Java Power - Indonesia
- Sree Jayajothi Cements Limited - India
- Bhoruka Overseas - Indonesia
- Essar Steel Hazira Ltd - India
- South Luzon Thermal Energy Corporation
- India Bulls Power Limited - India
- PowerSource Philippines DevCo
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- Coalindo Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Aditya Birla Group - India
- Renaissance Capital - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- CNBM International Corporation - China
- Semirara Mining Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Authority, New Zealand
- Posco Energy - South Korea
- Planning Commission, India
- Australian Commodity Traders Exchange
- Kumho Petrochemical, South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karaikal Port Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Bhatia International Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- Sinarmas Energy and Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Indian Oil Corporation Limited
- ICICI Bank Limited - India
- LBH Netherlands Bv - Netherlands
- SMG Consultants - Indonesia
- Maheswari Brothers Coal Limited - India
- Kobexindo Tractors - Indoneisa
- VISA Power Limited - India
- Latin American Coal - Colombia
- The Treasury - Australian Government
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Anglo American - United Kingdom
- Interocean Group of Companies - India
- Jaiprakash Power Ventures ltd
- Coastal Gujarat Power Limited - India
- Tamil Nadu electricity Board
- Therma Luzon, Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Thiess Contractors Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Energy - Thailand
- Attock Cement Pakistan Limited
- Chamber of Mines of South Africa
- Vedanta Resources Plc - India
- Rashtriya Ispat Nigam Limited - India
- Krishnapatnam Port Company Ltd. - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cement Manufacturers Association - India
- Antam Resourcindo - Indonesia
- Ministry of Transport, Egypt
- Bangladesh Power Developement Board
- Iligan Light & Power Inc, Philippines
- Siam City Cement PLC, Thailand
- SMC Global Power, Philippines
- Barasentosa Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Romanian Commodities Exchange
- MS Steel International - UAE
- Medco Energi Mining Internasional
- Bayan Resources Tbk. - Indonesia
- Gujarat Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Altura Mining Limited, Indonesia
- Metalloyd Limited - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Borneo Indobara - Indonesia
- Rio Tinto Coal - Australia
- Kohat Cement Company Ltd. - Pakistan
- Tata Chemicals Ltd - India
- European Bulk Services B.V. - Netherlands
- Goldman Sachs - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Chettinad Cement Corporation Ltd - India
- Sarangani Energy Corporation, Philippines
- Sojitz Corporation - Japan
- Indian Energy Exchange, India
- Kapuas Tunggal Persada - Indonesia
- Indika Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Riau Bara Harum - Indonesia
- Coal and Oil Company - UAE
- Kaltim Prima Coal - Indonesia
- PTC India Limited - India
- Grasim Industreis Ltd - India
- London Commodity Brokers - England
- International Coal Ventures Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Holcim Trading Pte Ltd - Singapore
- Cigading International Bulk Terminal - Indonesia
- Parry Sugars Refinery, India
- Samtan Co., Ltd - South Korea
- Sindya Power Generating Company Private Ltd
- Trasteel International SA, Italy
- Kideco Jaya Agung - Indonesia
- Price Waterhouse Coopers - Russia
- San Jose City I Power Corp, Philippines
- GVK Power & Infra Limited - India
- Economic Council, Georgia
- Merrill Lynch Commodities Europe
- Banpu Public Company Limited - Thailand
- Simpson Spence & Young - Indonesia
- Indonesian Coal Mining Association
- Malabar Cements Ltd - India
- Georgia Ports Authority, United States
- Intertek Mineral Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- The State Trading Corporation of India Ltd
- CIMB Investment Bank - Malaysia
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- Formosa Plastics Group - Taiwan
- Eastern Coal Council - USA
- Bharathi Cement Corporation - India
- Power Finance Corporation Ltd., India
- PNOC Exploration Corporation - Philippines
- Parliament of New Zealand
- Dalmia Cement Bharat India
- Sical Logistics Limited - India
- Thai Mozambique Logistica
- Siam City Cement - Thailand
- OPG Power Generation Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Agrawal Coal Company - India
- Wilmar Investment Holdings
- Binh Thuan Hamico - Vietnam
- Pendopo Energi Batubara - Indonesia
- Lanco Infratech Ltd - India
- Baramulti Group, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Ind-Barath Power Infra Limited - India
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