Index: IFO 380: VLSFO 0.5: MGO 0.1: World [? Oil price information Last update: 2020-12-21 Nr. With prices now rising, 2021 could see a return of $600/mt bunkers. August 20, 2019. It all really comes down to the simple laws of supply and demand. The price spread between LSFO and HSFO, a useful measure to calculate how much money will be saved on bunker costs, has narrowed significantly since January making scrubbers a less lucrative option to comply with IMO 2020. Fig 1 Expected price difference in high sulphur fuels and IMO 2020 complaint fuels Difference in forward prices between 0.1% compliant gasoil (MGO) and HSFO. Capital Economics said the OPEC+ agreement earlier this month to increase oil supply will mean that downturns in hydrocarbon sectors across the GCC states will start to ease, so Brent crude will reach $60 per barrel by the end of next year and the Gulf economies will start to benefit from higher prices. While HSFO is not as profitable as crude, complex refineries in the USGC shift away from sour crude to HSFO if the discounts become wide enough to offset the decreased efficiency and output. Earlier this month, OPEC+ members agreed to start raising their combined oil production by half a million barrels daily from next month, to continue until April. In the meantime, traders betting on this drop-then-rise (called a contango) may seek to physically store HSFO and sell it in the future Ship operators have a choice of 2020 compliance options: 1. VLSFO – USD/MT – 418.00 (-2.00) To a certain degree it likely will and this creates some interesting potential for profitable HSFO business as we start to feel the disruption of 2020. 1: Rotterdam/Antwerp: $ 300: $ 375 View full details on OilPrice.com. Splash October 5, 2018. World oil indexes demonstrated irregular changes on Dec.22 as a new strain of the novel coronavirus in the United Kingdom triggered concerns over fuel demand recovery. Forecasts had predicted an inventory draw of 3.135 million barrels for the week. Today morning oil indexes continue moderate downward trend. To combat this possibility, IMO’s Pollution Prevention and Response (PPR) sub-committee has been tasked with improving enforcement mechanisms. 2019 could be a good year for HSFO traders and suppliers? in Daily Bunker Report,International Shipping News November's figures may equal … Average IFO380 price across the four major global bunkering ports have fallen 21% from $401.50/mt on August 2 to $314.50/mt on Friday. Commodity player denies involvement following civil lawsuit lodged in Brazil. ]: Subscribe for a year or order a 1-month trial. In favour of a move into renewables market. Settlement prices on instruments without open interest or volume are provided for web users only and are not published on Market Data Platform (MDP). September 2020. The price spread between LSFO and HSFO, a useful measure to calculate how much money will be saved on bunker costs, has narrowed significantly since January making scrubbers a less lucrative option to comply with IMO 2020. With over 30 years’ experience, Adrian Tolson has a detailed knowledge and insight of the marine energy supply chain, the changing dynamics of the maritime fuel and propulsion sector, and bunkering infrastructure. To judge in a district court in Singapore. The American Petroleum Institute (API) reported on Dtc.22 a build in crude oil inventories of 2.70 million barrels for the week ending December 18. Markets Home ... nor as a complement to, real-time market data feeds. All will feature Anemoi Marine Technologies rotor sails. Singapore: HSFO Sales Rally on Scrubber-related Demand. ]: Subscribe for a year or order a 1-month trial. As well as providing commercial advisory and consulting services in the development of fuel purchasing and supply strategies, he is an established and well-known industry commentator on the future fuels sector, in particular on the impact of the 2020 global sulphur cap, and its impending convergence with shipping’s decarbonisation challenge. The price of spot Singapore 380 cst HSFO, however, was indicated higher at $399.50 pmt on 6 January, and prices had been firmly below $400 over … Well, as HSFO rose, diesel and crude really did not, so this made scrubbed HSFO (using today's prices) less attractive as a fuel choice for 2020. As of May 2020, the scrubber-fitted fleet stands at 2,893 ships, or 2.9% of the combined fleet in terms of ships, but equal to 15.6% of total fleet when looking at deadweight tonne (source: Clarksons). Click here. 2020 HSFO-MGO price differential likely to rise, but scrubber case still uncertain. Vessel controlled by Indonesian interests but reason for detention unclear. capabilities (the ability to further refine HSFO), demand and prices of HSFO are expected to rise again. November 30, 2020, 4 ... HSFO margins, meanwhile, are expected to remain supported over the next three months with consumer demand seen elevated until at … Will this all continue in 2019? European HSFO values near 2019 prices, bucking expectations Sep 8 The spread between physical prices for 3.5%S FOB Rotterdam barges in 2019 and 2020 reached as close as $4/mt year on year on Sept. 1, assessed at $257/mt, before the spread widened again. MABUX World Bunker Index (consists of a range of prices for 380 HSFO, VLSFO and MGO in the main world hubs) rose slightly on Dec.22: 380 HSFO – USD/MT – 337.64 (-1.92) Index: IFO 380: VLSFO 0.5: MGO 0.1: World [? marine gas oil, diesel, blends of HSFO and low sulphur distillate, low-sulphur residual fuel oil or hybrid fuels 2. Correlation of the MBP Index (Market Bunker Prices) vs the DBP Index (Digital Bunker Prices) in four largest hubs showed on Dec.22, that 380 HSFO was still undervalued in Rotterdam by 9 USD and in Singapore by 5 USD, while remaining overpriced in Fujairah and Houston (plus 4 USD and 16 USD, respectively). 2020 HSFO-MGO price differential likely to rise, but scrubber case still uncertain Posted on 2018-10-05 Author BlueOceanMag Comment(0) BunkerEx has investigated where existing 3.5% HSFO bunker demand will go, how this will be replaced and what this means for prices. And have released the latest version of their Top 10 Bunker Companies report updated for 2021. As we rapidly approach the demise, or partial demise, of HSFO as bunkers, the HSFO bunker price is suddenly rising in value against both crude oil and against diesel prices. HSFO suddenly became very scarce in the second half of 2018 driven by a unique (?) ]: Subscribe for a year or order a 1-month trial. Global HSFO prices hit two-year lows this month as IMO 2020 rule is nearing. Unscrupulous vessel operators will be tempted to cheat and use non-compliant marine fuel. Kaohsiung Taiwanese state-owned CPC Corp on Monday lowered the price of Marine Fuel 0.5%, IFO380 and MGO by $5. European HSFO values near 2019 prices, bucking expectations Sep 8 The spread between physical prices for 3.5%S FOB Rotterdam barges in 2019 and 2020 reached as close as $4/mt year on year on Sept. 1, assessed at $257/mt, before the spread widened again. OPEC+ will take a more hands-on approach to global oil markets now that it plans to meet more frequently. Prices for marine gasoil (MGO) and the new blended fuels are expected to rise sharply while HSFO prices will fall. 2020 HSFO-MGO price differential likely to rise, but scrubber case still uncertain. Thirdly, and by no means least, we started to see the impact of many of the major traders of HSFO cargoes losing interest in trading HSFO as a commodity. Rotterdam saw 380cst move from 73% of the value of Brent in the first half of the 2018 to 80% in Q4 of 2018. 2020 HSFO-MGO price differential likely to rise, but scrubber case still uncertain Posted on 2018-10-05 Author BlueOceanMag Comment(0) BunkerEx has investigated where existing 3.5% HSFO bunker demand will go, how this will be replaced and what this means for prices. The tone of IMO … Gulf Coast HSFO. Global HSFO prices hit two-year lows this month as IMO 2020 rule is nearing. Click here. Browse The Seattle Times obituaries, conduct other obituary searches, offer condolences/tributes, send flowers or create an online memorial. Source: MABUX, MABUX: Bunker market this morning, Dec.23, 2020, Online Daily Newspaper on Hellenic and International Shipping, This site uses cookies to enhance your user experience. 619. His experience spans leadership roles with some of the industry’s largest marine fuel suppliers, including Chemoil Energy where he was responsible for successfully driving the company through to IPO, and as Vice President and General Manager, he established OW Bunker’s physical supply operation in the US. Its not clear whether this was driven by consolidation of HSFO and Diesel trading books, poor financial performance in the first half of 2018 (and 2017), the impending IMO 2020 reduction in HSFO trading activity or a series of horrendous quality claims in the US Gulf area, but activity was down and HSFO liquidity suffered in the market. Maurice Elfrink "will pursue his career elsewhere". Prices for heavy and sour crudes are expected to weaken from 2020, while light crudes are expected to benefit and command a premium over heavy grades, said sources. World 3 [? The graph shows the price of HSFO and 0.5% low sulphur fuel oil (VLSFO). Switch away from HSFO to low-sulphur fuels e.g. Find information for Gulf Coast HSFO (Platts) Futures Quotes provided by CME Group. The price spread between LSFO and HSFO at Singapore, a key bunker hub, plunged from a high of around $296/t in January to just around $60/t in August. Peak price impacts are expected in the first half of 2020, before differentials ease somewhat later in the year. In order to compete, 3.5% HSFO will need to be priced at parity with LNG and coal which results in a price of approximately $220/mt. Recent weeks have given rise to a surprising phenomenon in many of the world's major bunkering locations. We also expect enforcement to become increasingly robust after 2020 as best practices are shared and fines are levied and publicized. Markets Home ... nor as a complement to, real-time market data feeds. Those price changes began in the third quarter of 2019 and accelerated in the fourth quarter. U.S. oil production fell to 11.0 million bpd for the week ending December 11 — 2.1 million bpd lower than the all-time high of 13.1 million bpd reached in March. As the price of HSFO recovers after the first few years of the sulfur cap due in part to high scrubber acquisitions, the economic incentive to cheat will dissipate. Settlement prices on instruments without open interest or volume are provided for web users only and are not published on Market Data Platform (MDP). We expect IFO bunker prices may fall by 3-6 USD today while MGO prices may change irregular in a range of plus-minus 2-4 USD. Other ports saw even more extreme price rises, such as New York where we moved from 76% in the first half of 2018 to 87% in Q4. ... Webinar - Aug, 6, 2020 . The average sale price per square foot in Seattle is $465, up 7.0% since last year. Following Governor Inslee's announcement of additional temporary restrictions in response to the recent rapid spread of COVID-19 in Washington, the Space Needle has ceased all indoor food and beverage offerings and reduced capacity to under 25%. Brent for February settlement declined by $0.83 to $50.08 a barrel on the London-based ICE Futures Europe exchange. FUEL OIL PRODUCTION TO DECLINE IN 2019 When oil is scarce prices go up and some of the regional issues in locations, like NY, where even more exaggerated. He founded 20|20 Marine Energy in 2015. ]: Subscribe for a year or order a 1-month trial. Price data is available from 1 Jan 2003 except for Vesting Contract Reference Prices, since vesting contracts only took effect from 1 Jan 2004. Market sources also noted that the value of crude in 2020 would be a key factor determining the price of HSFO. VLSFO fuel remains moderately overpriced in all selected ports except of Singapore, where VLSFO was undervalued by 5 USD. About 40%-65% of their vessels are outfitted with IMO 2020-compliant marine exhaust scrubbers. The graph shows the price of HSFO and 0.5% low sulphur fuel oil (VLSFO). View Quotes. Install Exhaust Gas Cleaning Systems and continue using HSFO; or 3. Massive HSFO price drop So, despite the initial investments in refineries and scrubbers, and some non-compliance, a residue surplus of about 400,000 barrels per day is expected in 2020. World 3 [? By continuing to use this site, you agree to our use of cookies. MGO – USD/MT – 482.07 (-1.51). What's Up with the HSFO Bunker Prices and Why Are All the Scrubber Guys Getting Worried? One of the most highly respected and most knowledgeable professionals within our industry, says KPI OceanConnect CEO Høll. combination of factors. MABUX World Bunker Index (consists of a range of prices for 380 HSFO, VLSFO and MGO in the main world hubs) rose slightly on Dec.22: 380 HSFO … Average IFO380 price across the four major global bunkering ports have fallen 21% from $401.50/mt on August 2 to $314.50/mt on Friday. Rotterdam saw 380cst move from 73% of the value of Brent in the first half of the 2018 to 80% in Q4 of 2018. Will this all continue in 2019? There has been speculation that this may be allowable if, for example, suitable fuels are not available or if a scrubber has been ordered, but not yet installed. View Quotes. Adrian Tolson, Senior Partner at 20|20 Marine Energy. West Texas Intermediate for February delivery decreased by $0.95 to $47.02 a barrel on the New York Mercantile Exchange. CEO Timothy Cosulich says move was "in response to the growth of our activities in the bunker trading sector. The future cost of 3.5% HSFO could go as low as $220/mt. Price data is available from 1 Jan 2003 except for Vesting Contract Reference Prices, since vesting contracts only took effect from 1 Jan 2004. 619. The price differential between IMO 2020-compliant fuel and HSFO will be large. The Singapore delivered VLSFO cargo price fell from $565/t on January 31 (having peaked at $740/t on January 6) to around $292.85/t on June 16. To a certain degree it likely will and this creates some interesting potential for profitable HSFO business. Prices will likely stabilize down the line. This decision was widely seen as a compromise between the more aggressive backers of further deep cuts such as Saudi Arabia and those eager to restart production growth such as Iraq and Russia. Firstly, some of the predicted reduction in HSFO production from existing refineries actually became reality and so a little less HSFO was on the market. ... At the same time, the drastic drop in demand for HSFO will likely cause prices for HSFO to drop– IEA predicts a 57% drop in demand. 23/12/2020. Price difference between VLFSO HSFO … SEB will start reporting the 'climate alignment' of its shipping portfolio from next year. The average sale price of a home in Seattle was $740K last month, up 10.8% since last year. The USGC HSFO (Platts) Average Price Option is based on the underlying USGC HSFO (Platts) Future (RBO) and will automatically exercise into the USGC HSFO (Platts) Future (RBO) on the day of expiry of the options contract. In particular, Saudi Arabia made the call to shift much of its significant power generation capacity from using its own crude oil to imported HSFO, creating an unexpected demand for HSFO. To contact the editor responsible for this story email us at [email protected]. What about the scrubber guys? Port HSFO-380 VLSFO 0.5% ULSFO 0.1% MGO Deliv. Find information for Gulf Coast HSFO (Platts) Futures Quotes provided by CME Group. And in northwest Europe, the spread between HSFO and VLSFO narrowed to less than $40/mt in mid‐April, compared to close to $300/mt on January 1. Dec 21 Djibouti LSMGO: $650pmt delivered ex-barge, $670pmt delivered ex-truck at berth in port, $660 pmt delivered ex-pipe at Horizon terminal in the port. MGO LS, in turn, was undervalued in all ports ranging from minus 17 USD to minus 40 USD, with the exception of Houston (was overcharged by 23 USD). But, no worries…HSFO will be very cheap by the end of this year and scrubber economics should be all good again! Gasoil for January delivery gained $3.75 – $418.00. The only markets left for 3.5% HSFO are power generation, which currently uses LNG and coal (approx. The Monjasa Server will be used both for ship-to-ship bunker operations in the region and for transporting cargoes from Fujairah to Dubai, Abu Dhabi and Sharjah. $114/mt). IMO 2020 will be a big deal. September 2020. The Seattle housing market is very competitive. 04:34 am CST 22/12/2020. Splash October 5, 2018. The price spread between LSFO and HSFO at Singapore, a key bunker hub, plunged from a high of around $296/t in January to just around $60/t in August. The US imported 53.98 million barrels of HSFO from November 2019 through June 2020, Kpler data showed. However, such a huge drop in HSFO demand is expected to impact the price of HSFO in two key ways: its price relative to other fuels, e.g. Bunker suppliers in the Fujairah market are considering returning to HSFO sales, according to price reporting agency Argus Media.. Two large suppliers at the port may resume HSFO sales next year, Argus reported Thursday, citing a senior bunker manager in the region.. High-sulphur fuel oil (HSFO) can also be used in some power plants, but the scrubber-fitted fleet still generate the bulk of demand for HSFO. by Adrian Tolson, BLUE Insight Lead, BLUE Communications. As we rapidly approach the demise, or partial demise, of HSFO as bunkers, the HSFO bunker price is suddenly rising in value against both crude oil and against diesel prices. August 20, 2019. 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Ship & Bunker, SeaCred Pick Top 10 Bunker Companies for 2021, Trafigura Execs Cited in Petrobras Graft Allegations, Scorpio Exits Dry Bulk, Puts Remaining Bulker Fleet Up For Sale, Fratelli Drops Chemoil Name from its Monaco Bunker Trading Unit, Monjasa Swaps Floating Storage, Gives Details of IMO 2020 Impact on WAF Bunker Demand, COO of ARA, Hamburg Supplier Trefoil Steps Down, GRAPH: 2020's Average Bunker Price 8% Lower Than 2019, Singapore: Shell Employee Admits Role in MGO Scam. 7 56 4 minutes read. 1M 1YR Max. Thursday’s price of $311.50/mt is the lowest the key benchmark has been since August 31, 2017. On this date, 380 CST HSFO was assessed by Platts at $222.14—a premium of just $70.71/t, which is well down on the $326/t premium seen at the start of the year. Information on registered facilities is … The Brent benchmark traded at the premium of $3.06 to WTI. Share Copy. Brent, … Demand for the shipping industry’s main fuel is widely expected to collapse like never before in 2020, so it might come as a surprise that its value is soaring. 7 56 4 minutes read. SKS Dokka has replaced sister vessel, SKS Darent. On this date, 380 CST HSFO was assessed by Platts at $222.14—a premium of just $70.71/t, which is well down on … Of the 477,400 tonnes burned monthly by the three lines, about 278,500 tonnes is HSFO. Webinar: How State Agencies Can Budget For A Recession. Scrubber Installs Plummet as Low Fuel Prices Negate Cost Advantages July 22, 2020; ... HSFO could account for 20% of global marine fuel demand by the end of … Secondly, inspired by a combination of OPEC cutbacks and Iranian sanctions we suddenly saw a increased need for HSFO in certain parts of the world. The denser meeting schedule will also help OPEC+ get the upperhand in directing oil markets over speculators. After the UK government warned that a new variant of the virus seemed to be spreading much faster than previous kinds, India, Pakistan, Russia, Jordan and Hong Kong joined European countries in suspending travel from Britain, and Saudi Arabia, Kuwait and Oman closed their borders completely. Information on registered facilities is … Switch to LNG Non-compliance is also possible. Scrubber Installs Plummet as Low Fuel Prices Negate Cost Advantages July 22, 2020; ... HSFO could account for 20% of global marine fuel demand by the end of … HSFo is a nonprofit organization of state human services finance officers responsible for the fiscal administration of state/federal human service programs and grants. Half of 2018 driven by a unique (? receive 4 offers on and... 740K last month, up 10.8 % since last year trading sector port HSFO-380 VLSFO 0.5 ULSFO. Had predicted an inventory draw of 3.135 million barrels for the week profitable HSFO business case still uncertain in second! 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