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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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Monday, 19 December 22
ENERGY CRISIS FUELS COAL COMEBACK IN GERMANY - REUTERS
Coal has made a comeback in Germany this year, as Europe’s largest economy turns to the dirty fuel to power it through an energy crisis.
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Thursday, 15 December 22
MARKET INSIGHT - INTERMODAL
While observing the ship repair market very close to the end of the year, we are confident that shipyards worldwide are entering a new era. The nex ...
Tuesday, 13 December 22
STRONG COAL PRICES SUPPORT ROBUST EARNINGS AT INDONESIAN COAL MINERS - FITCH RATINGS
Fitch Ratings expects cash flow generation at Indonesian coal miners to remain strong in 2023, based on its forecast for coal prices to remain high ...
Tuesday, 13 December 22
BIMCO CII CLAUSE FINALLY RELEASED: DOES IT MAKE ANY SENSE OF CCI? - WFW
WHAT IS CII?
The new International Maritime Organisation’s (“IMO’s”) Carbon Intensity Indicator (“CII”) cer ...
Tuesday, 13 December 22
COAL BASE RAMPS UP ENERGY SUPPLY FOR WINTER NEEDS - XINHUA
Inner Mongolia Autonomous Region, China’s leading coal production base, has kicked its production into high gear to meet heating needs as col ...
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- LBH Netherlands Bv - Netherlands
- Toyota Tsusho Corporation, Japan
- Sinarmas Energy and Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Ambuja Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jindal Steel & Power Ltd - India
- Manunggal Multi Energi - Indonesia
- Formosa Plastics Group - Taiwan
- CIMB Investment Bank - Malaysia
- The Treasury - Australian Government
- Pipit Mutiara Jaya. PT, Indonesia
- Straits Asia Resources Limited - Singapore
- International Coal Ventures Pvt Ltd - India
- New Zealand Coal & Carbon
- Merrill Lynch Commodities Europe
- Ministry of Mines - Canada
- Rashtriya Ispat Nigam Limited - India
- Altura Mining Limited, Indonesia
- Medco Energi Mining Internasional
- Metalloyd Limited - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Australian Commodity Traders Exchange
- Semirara Mining Corp, Philippines
- Renaissance Capital - South Africa
- Australian Coal Association
- Economic Council, Georgia
- Global Coal Blending Company Limited - Australia
- Siam City Cement - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Bulk Trading Sa - Switzerland
- Leighton Contractors Pty Ltd - Australia
- Minerals Council of Australia
- Jaiprakash Power Ventures ltd
- Price Waterhouse Coopers - Russia
- Jorong Barutama Greston.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chamber of Mines of South Africa
- Karbindo Abesyapradhi - Indoneisa
- Deloitte Consulting - India
- Indogreen Group - Indonesia
- Simpson Spence & Young - Indonesia
- Bukit Makmur.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Oldendorff Carriers - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Posco Energy - South Korea
- Port Waratah Coal Services - Australia
- IHS Mccloskey Coal Group - USA
- India Bulls Power Limited - India
- Meralco Power Generation, Philippines
- Mjunction Services Limited - India
- Baramulti Group, Indonesia
- Agrawal Coal Company - India
- Chettinad Cement Corporation Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Xindia Steels Limited - India
- Sree Jayajothi Cements Limited - India
- SMC Global Power, Philippines
- Petron Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Mercator Lines Limited - India
- Sarangani Energy Corporation, Philippines
- Bharathi Cement Corporation - India
- Tamil Nadu electricity Board
- Riau Bara Harum - Indonesia
- Thiess Contractors Indonesia
- Kideco Jaya Agung - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Malabar Cements Ltd - India
- MS Steel International - UAE
- Coal and Oil Company - UAE
- PNOC Exploration Corporation - Philippines
- Electricity Authority, New Zealand
- Kumho Petrochemical, South Korea
- Kohat Cement Company Ltd. - Pakistan
- Power Finance Corporation Ltd., India
- Ind-Barath Power Infra Limited - India
- Georgia Ports Authority, United States
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- Mercuria Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bayan Resources Tbk. - Indonesia
- The State Trading Corporation of India Ltd
- Thai Mozambique Logistica
- Rio Tinto Coal - Australia
- Edison Trading Spa - Italy
- SMG Consultants - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Vedanta Resources Plc - India
- Eastern Energy - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Binh Thuan Hamico - Vietnam
- Kaltim Prima Coal - Indonesia
- White Energy Company Limited
- ASAPP Information Group - India
- Goldman Sachs - Singapore
- Krishnapatnam Port Company Ltd. - India
- Timah Investasi Mineral - Indoneisa
- Uttam Galva Steels Limited - India
- Sical Logistics Limited - India
- Central Java Power - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Parliament of New Zealand
- Coastal Gujarat Power Limited - India
- Sindya Power Generating Company Private Ltd
- Aboitiz Power Corporation - Philippines
- Interocean Group of Companies - India
- Commonwealth Bank - Australia
- Maheswari Brothers Coal Limited - India
- Mintek Dendrill Indonesia
- Ceylon Electricity Board - Sri Lanka
- Salva Resources Pvt Ltd - India
- Carbofer General Trading SA - India
- Antam Resourcindo - Indonesia
- Energy Development Corp, Philippines
- Sakthi Sugars Limited - India
- Indian Energy Exchange, India
- Therma Luzon, Inc, Philippines
- Barasentosa Lestari - Indonesia
- Lanco Infratech Ltd - India
- San Jose City I Power Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Independent Power Producers Association of India
- Romanian Commodities Exchange
- Indian Oil Corporation Limited
- Indonesian Coal Mining Association
- Global Business Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Sojitz Corporation - Japan
- Orica Australia Pty. Ltd.
- Gujarat Sidhee Cement - India
- OPG Power Generation Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Trasteel International SA, Italy
- Kartika Selabumi Mining - Indonesia
- Madhucon Powers Ltd - India
- Electricity Generating Authority of Thailand
- PowerSource Philippines DevCo
- Bukit Baiduri Energy - Indonesia
- Intertek Mineral Services - Indonesia
- CNBM International Corporation - China
- Indo Tambangraya Megah - Indonesia
- Latin American Coal - Colombia
- Bank of Tokyo Mitsubishi UFJ Ltd
- European Bulk Services B.V. - Netherlands
- London Commodity Brokers - England
- GN Power Mariveles Coal Plant, Philippines
- Marubeni Corporation - India
- Karaikal Port Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Gujarat Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- The University of Queensland
- Alfred C Toepfer International GmbH - Germany
- Singapore Mercantile Exchange
- Bhatia International Limited - India
- Star Paper Mills Limited - India
- Africa Commodities Group - South Africa
- Cement Manufacturers Association - India
- Wood Mackenzie - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Anglo American - United Kingdom
- Vizag Seaport Private Limited - India
- Planning Commission, India
- Tata Chemicals Ltd - India
- Bhoruka Overseas - Indonesia
- Bhushan Steel Limited - India
- Ministry of Finance - Indonesia
- Heidelberg Cement - Germany
- Kapuas Tunggal Persada - Indonesia
- Borneo Indobara - Indonesia
- GMR Energy Limited - India
- Coalindo Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Ministry of Transport, Egypt
- Orica Mining Services - Indonesia
- Dalmia Cement Bharat India
- Gujarat Mineral Development Corp Ltd - India
- Indika Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
- Aditya Birla Group - India
- Kobexindo Tractors - Indoneisa
- Meenaskhi Energy Private Limited - India
- IEA Clean Coal Centre - UK
- Savvy Resources Ltd - HongKong
- Petrochimia International Co. Ltd.- Taiwan
- Pendopo Energi Batubara - Indonesia
- Directorate Of Revenue Intelligence - India
- TeaM Sual Corporation - Philippines
- Wilmar Investment Holdings
- McConnell Dowell - Australia
- GAC Shipping (India) Pvt Ltd
- GVK Power & Infra Limited - India
- Eastern Coal Council - USA
- Standard Chartered Bank - UAE
- Parry Sugars Refinery, India
- Bangladesh Power Developement Board
- Siam City Cement PLC, Thailand
- Larsen & Toubro Limited - India
- PTC India Limited - India
- Central Electricity Authority - India
- ICICI Bank Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cigading International Bulk Terminal - Indonesia
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