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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, 22 December 22
RUSSIAN OIL EXPORTS CRATER BY 54% IN THE FIRST FULL WEEK OF THE EU'S EMBARGO AMID A SHORTAGE OF TANKERS WILLING TO CARRY CARGOES - BUSINESS INSIDER
Since the European Union imposed its seaborne crude sanctions, Russian oil exports have tumbled by more than half, according to data compiled by Bl ...
Thursday, 22 December 22
CHINA TIGHTENS VERIFICATION OF SHIPS’ ENERGY CONSUMPTION DATA - GARD
From 22 December 2022, ships trading to Chinese ports must record their energy consumption data in accordance with the requirements of their Ship E ...
Thursday, 22 December 22
AN OVERVIEW OF THE LNG MARKET - VESSELSVALUE
LNG values have continued to strengthen, spurred by skyrocketing earnings that have surpassed last year’s record breaking peaks. In November, ...
Thursday, 22 December 22
COKING COAL SLUMPS AS TALKS ON AUSTRALIA-CHINA TRADE RIFT LOOM - REUTERS
Chinese coking coal futures dropped more than 3 per cent on Tuesday (Dec 20), extending losses, as supply of the steelmaking input might increase i ...
Thursday, 22 December 22
COAL AND GAS PRICE CAPS MAY COMPOUND POLITICAL RISK FOR AUSTRALIAN CORPORATES - FITCH RATINGS
Australia’s introduction of temporary price caps on domestic sales of gas and coal used for electricity generation will probably have limited ...
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- Grasim Industreis Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercator Lines Limited - India
- ASAPP Information Group - India
- SN Aboitiz Power Inc, Philippines
- Interocean Group of Companies - India
- Bhatia International Limited - India
- Xindia Steels Limited - India
- PowerSource Philippines DevCo
- The State Trading Corporation of India Ltd
- Ambuja Cements Ltd - India
- Dalmia Cement Bharat India
- The Treasury - Australian Government
- Kapuas Tunggal Persada - Indonesia
- Electricity Authority, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Independent Power Producers Association of India
- Standard Chartered Bank - UAE
- Therma Luzon, Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Latin American Coal - Colombia
- Thiess Contractors Indonesia
- Global Business Power Corporation, Philippines
- VISA Power Limited - India
- CNBM International Corporation - China
- Meralco Power Generation, Philippines
- Sarangani Energy Corporation, Philippines
- Baramulti Group, Indonesia
- Bhoruka Overseas - Indonesia
- Bukit Baiduri Energy - Indonesia
- Singapore Mercantile Exchange
- Heidelberg Cement - Germany
- Tamil Nadu electricity Board
- Krishnapatnam Port Company Ltd. - India
- Edison Trading Spa - Italy
- Essar Steel Hazira Ltd - India
- Parry Sugars Refinery, India
- Tata Chemicals Ltd - India
- Trasteel International SA, Italy
- Vedanta Resources Plc - India
- Merrill Lynch Commodities Europe
- Ind-Barath Power Infra Limited - India
- Siam City Cement PLC, Thailand
- Semirara Mining and Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Central Java Power - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- MS Steel International - UAE
- Ministry of Finance - Indonesia
- Karaikal Port Pvt Ltd - India
- ICICI Bank Limited - India
- Coalindo Energy - Indonesia
- Goldman Sachs - Singapore
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- GVK Power & Infra Limited - India
- Rio Tinto Coal - Australia
- Medco Energi Mining Internasional
- Billiton Holdings Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Energy Link Ltd, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Binh Thuan Hamico - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Africa Commodities Group - South Africa
- Timah Investasi Mineral - Indoneisa
- Mintek Dendrill Indonesia
- Sojitz Corporation - Japan
- LBH Netherlands Bv - Netherlands
- Georgia Ports Authority, United States
- European Bulk Services B.V. - Netherlands
- Coal and Oil Company - UAE
- Directorate Of Revenue Intelligence - India
- AsiaOL BioFuels Corp., Philippines
- Mjunction Services Limited - India
- Pendopo Energi Batubara - Indonesia
- Orica Australia Pty. Ltd.
- Ministry of Transport, Egypt
- GAC Shipping (India) Pvt Ltd
- Toyota Tsusho Corporation, Japan
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- Salva Resources Pvt Ltd - India
- Star Paper Mills Limited - India
- Sical Logistics Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Banpu Public Company Limited - Thailand
- Siam City Cement - Thailand
- IHS Mccloskey Coal Group - USA
- McConnell Dowell - Australia
- Bhushan Steel Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Bangladesh Power Developement Board
- Maharashtra Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Maheswari Brothers Coal Limited - India
- Oldendorff Carriers - Singapore
- Intertek Mineral Services - Indonesia
- India Bulls Power Limited - India
- Borneo Indobara - Indonesia
- Sakthi Sugars Limited - India
- IEA Clean Coal Centre - UK
- Gujarat Sidhee Cement - India
- Iligan Light & Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Formosa Plastics Group - Taiwan
- Cigading International Bulk Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- Attock Cement Pakistan Limited
- Malabar Cements Ltd - India
- SMG Consultants - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Jindal Steel & Power Ltd - India
- Aboitiz Power Corporation - Philippines
- Posco Energy - South Korea
- Madhucon Powers Ltd - India
- Altura Mining Limited, Indonesia
- Commonwealth Bank - Australia
- Indian Oil Corporation Limited
- SMC Global Power, Philippines
- Renaissance Capital - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Orica Mining Services - Indonesia
- Wilmar Investment Holdings
- GMR Energy Limited - India
- Manunggal Multi Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- White Energy Company Limited
- Lanco Infratech Ltd - India
- Energy Development Corp, Philippines
- Ministry of Mines - Canada
- GN Power Mariveles Coal Plant, Philippines
- Global Coal Blending Company Limited - Australia
- PTC India Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Larsen & Toubro Limited - India
- Minerals Council of Australia
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Metalloyd Limited - United Kingdom
- Sree Jayajothi Cements Limited - India
- Kepco SPC Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Cement Manufacturers Association - India
- PetroVietnam Power Coal Import and Supply Company
- Global Green Power PLC Corporation, Philippines
- Australian Coal Association
- Holcim Trading Pte Ltd - Singapore
- Kaltim Prima Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Antam Resourcindo - Indonesia
- Indonesian Coal Mining Association
- International Coal Ventures Pvt Ltd - India
- Parliament of New Zealand
- South Luzon Thermal Energy Corporation
- TeaM Sual Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Vizag Seaport Private Limited - India
- Aditya Birla Group - India
- Jorong Barutama Greston.PT - Indonesia
- Chamber of Mines of South Africa
- Barasentosa Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Simpson Spence & Young - Indonesia
- Petron Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Planning Commission, India
- Samtan Co., Ltd - South Korea
- Anglo American - United Kingdom
- Thai Mozambique Logistica
- Power Finance Corporation Ltd., India
- Jaiprakash Power Ventures ltd
- Straits Asia Resources Limited - Singapore
- San Jose City I Power Corp, Philippines
- Riau Bara Harum - Indonesia
- Price Waterhouse Coopers - Russia
- Deloitte Consulting - India
- Carbofer General Trading SA - India
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Coal Council - USA
- London Commodity Brokers - England
- Bulk Trading Sa - Switzerland
- Pipit Mutiara Jaya. PT, Indonesia
- Globalindo Alam Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Alfred C Toepfer International GmbH - Germany
- Australian Commodity Traders Exchange
- Indika Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Karbindo Abesyapradhi - Indoneisa
- Romanian Commodities Exchange
- Videocon Industries ltd - India
- Marubeni Corporation - India
- Bukit Makmur.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Generating Authority of Thailand
- Uttam Galva Steels Limited - India
- Economic Council, Georgia
- Rashtriya Ispat Nigam Limited - India
- Wood Mackenzie - Singapore
- Indogreen Group - Indonesia
- Semirara Mining Corp, Philippines
- New Zealand Coal & Carbon
- Makarim & Taira - Indonesia
- Indian Energy Exchange, India
- Central Electricity Authority - India
- Indo Tambangraya Megah - Indonesia
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