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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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Wednesday, 07 December 22
MARKET INSIGHT - INTERMODAL
China’s coal imports from January to October were 230.1m mt, a decrease of around 10.7% y-o-y (2021 totalled 323.2m mt). The question is if t ...
Wednesday, 07 December 22
INDIA'S STEEL MINISTRY SEEKS IMPORT TAX WAIVER FOR COKING COAL - SOURCES REUTERS REPORTED
India’s steel ministry has asked the finance ministry for a waiver of import tax on coking coal among a slew of raw materials, as it scramble ...
Tuesday, 06 December 22
INDIA'S COAL PRODUCTION RISES 17% IN APR-NOV PERIOD - PTI
The country’s coal production increased 17 per cent to 524.20 million tonnes in the April-November period of the ongoing fiscal.
...
Tuesday, 06 December 22
INDONESIA AIMS TO STARTS COLLECTING COAL LEVY IN Q1 2023 - MINISTER, REUTERS REPORTED
Indonesia aims to establish a coal fund agency and start collecting a coal levy in the first quarter next year, to help ensure supply security for ...
Saturday, 03 December 22
COMPLEX RUSSIAN PRICE CAP MAKES MARITIME VISIBILITY A MUST - WINDWARD
Many commentators and analysts are speculating about the potential impact the Russian seaborne oil price cap will have on organizations and entitie ...
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- ASAPP Information Group - India
- IHS Mccloskey Coal Group - USA
- Kartika Selabumi Mining - Indonesia
- Australian Coal Association
- Global Green Power PLC Corporation, Philippines
- Independent Power Producers Association of India
- Vedanta Resources Plc - India
- Formosa Plastics Group - Taiwan
- Bhatia International Limited - India
- Interocean Group of Companies - India
- Straits Asia Resources Limited - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Latin American Coal - Colombia
- Samtan Co., Ltd - South Korea
- Indian Energy Exchange, India
- Globalindo Alam Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Sojitz Corporation - Japan
- Grasim Industreis Ltd - India
- Maheswari Brothers Coal Limited - India
- Planning Commission, India
- Barasentosa Lestari - Indonesia
- Indika Energy - Indonesia
- Singapore Mercantile Exchange
- Manunggal Multi Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Posco Energy - South Korea
- London Commodity Brokers - England
- Semirara Mining and Power Corporation, Philippines
- Economic Council, Georgia
- White Energy Company Limited
- Orica Australia Pty. Ltd.
- Medco Energi Mining Internasional
- Intertek Mineral Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- CIMB Investment Bank - Malaysia
- Attock Cement Pakistan Limited
- Sakthi Sugars Limited - India
- Kaltim Prima Coal - Indonesia
- Wilmar Investment Holdings
- Kohat Cement Company Ltd. - Pakistan
- TeaM Sual Corporation - Philippines
- Mercator Lines Limited - India
- Meenaskhi Energy Private Limited - India
- Bangladesh Power Developement Board
- Jindal Steel & Power Ltd - India
- The Treasury - Australian Government
- Chamber of Mines of South Africa
- IEA Clean Coal Centre - UK
- Bukit Makmur.PT - Indonesia
- Antam Resourcindo - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bukit Asam (Persero) Tbk - Indonesia
- Deloitte Consulting - India
- Kobexindo Tractors - Indoneisa
- Indonesian Coal Mining Association
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- Karbindo Abesyapradhi - Indoneisa
- Chettinad Cement Corporation Ltd - India
- International Coal Ventures Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- New Zealand Coal & Carbon
- Global Business Power Corporation, Philippines
- Orica Mining Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Essar Steel Hazira Ltd - India
- Star Paper Mills Limited - India
- Eastern Coal Council - USA
- Port Waratah Coal Services - Australia
- Larsen & Toubro Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- Georgia Ports Authority, United States
- Ceylon Electricity Board - Sri Lanka
- Kalimantan Lumbung Energi - Indonesia
- Ambuja Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Iligan Light & Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Authority, New Zealand
- South Luzon Thermal Energy Corporation
- PNOC Exploration Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Bukit Baiduri Energy - Indonesia
- Xindia Steels Limited - India
- Commonwealth Bank - Australia
- Ministry of Transport, Egypt
- Billiton Holdings Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Romanian Commodities Exchange
- Ministry of Mines - Canada
- Central Electricity Authority - India
- Renaissance Capital - South Africa
- Rio Tinto Coal - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Malabar Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Australian Commodity Traders Exchange
- Mercuria Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Standard Chartered Bank - UAE
- Wood Mackenzie - Singapore
- Oldendorff Carriers - Singapore
- Gujarat Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Sical Logistics Limited - India
- Bharathi Cement Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Vizag Seaport Private Limited - India
- SMC Global Power, Philippines
- Aboitiz Power Corporation - Philippines
- Therma Luzon, Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- Borneo Indobara - Indonesia
- Baramulti Group, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Kideco Jaya Agung - Indonesia
- Dalmia Cement Bharat India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhoruka Overseas - Indonesia
- Carbofer General Trading SA - India
- Indo Tambangraya Megah - Indonesia
- Kepco SPC Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Mjunction Services Limited - India
- AsiaOL BioFuels Corp., Philippines
- MS Steel International - UAE
- Semirara Mining Corp, Philippines
- Africa Commodities Group - South Africa
- PowerSource Philippines DevCo
- The State Trading Corporation of India Ltd
- Heidelberg Cement - Germany
- Anglo American - United Kingdom
- ICICI Bank Limited - India
- Metalloyd Limited - United Kingdom
- Banpu Public Company Limited - Thailand
- Coastal Gujarat Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Cement Manufacturers Association - India
- Makarim & Taira - Indonesia
- Eastern Energy - Thailand
- Energy Development Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- VISA Power Limited - India
- Videocon Industries ltd - India
- Salva Resources Pvt Ltd - India
- Thai Mozambique Logistica
- India Bulls Power Limited - India
- Karaikal Port Pvt Ltd - India
- Petron Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Uttam Galva Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Thiess Contractors Indonesia
- Edison Trading Spa - Italy
- Miang Besar Coal Terminal - Indonesia
- Meralco Power Generation, Philippines
- Parliament of New Zealand
- The University of Queensland
- Asmin Koalindo Tuhup - Indonesia
- Minerals Council of Australia
- Tata Chemicals Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Bhushan Steel Limited - India
- Mintek Dendrill Indonesia
- Directorate Of Revenue Intelligence - India
- McConnell Dowell - Australia
- Madhucon Powers Ltd - India
- Merrill Lynch Commodities Europe
- Sarangani Energy Corporation, Philippines
- Coal and Oil Company - UAE
- San Jose City I Power Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Marubeni Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Electricity Generating Authority of Thailand
- Central Java Power - Indonesia
- Power Finance Corporation Ltd., India
- Siam City Cement - Thailand
- Simpson Spence & Young - Indonesia
- LBH Netherlands Bv - Netherlands
- PTC India Limited - India
- Sindya Power Generating Company Private Ltd
- Coalindo Energy - Indonesia
- Tamil Nadu electricity Board
- Siam City Cement PLC, Thailand
- Kumho Petrochemical, South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GMR Energy Limited - India
- Goldman Sachs - Singapore
- Timah Investasi Mineral - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- GVK Power & Infra Limited - India
- SMG Consultants - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Global Coal Blending Company Limited - Australia
- Riau Bara Harum - Indonesia
- Parry Sugars Refinery, India
- Petrochimia International Co. Ltd.- Taiwan
- Sree Jayajothi Cements Limited - India
- Aditya Birla Group - India
- Trasteel International SA, Italy
- CNBM International Corporation - China
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