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 … in Daily Bunker Report,International Shipping News 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. The tone of IMO … 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. Share Copy. The average sale price of a home in Seattle was $740K last month, up 10.8% since last year. The denser meeting schedule will also help OPEC+ get the upperhand in directing oil markets over speculators. August 20, 2019. HSFO suddenly became very scarce in the second half of 2018 driven by a unique (?) 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 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. ]: Subscribe for a year or order a 1-month trial. 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. Of the 477,400 tonnes burned monthly by the three lines, about 278,500 tonnes is HSFO. 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.. 2020 HSFO-MGO price differential likely to rise, but scrubber case still uncertain. West Texas Intermediate for February delivery decreased by $0.95 to $47.02 a barrel on the New York Mercantile Exchange. Today morning oil indexes continue moderate downward trend. Global HSFO prices hit two-year lows this month as IMO 2020 rule is nearing. To a certain degree it likely will and this creates some interesting potential for profitable HSFO business. Find information for Gulf Coast HSFO (Platts) Futures Quotes provided by CME Group. And have released the latest version of their Top 10 Bunker Companies report updated for 2021. View Quotes. 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. Recent weeks have given rise to a surprising phenomenon in many of the world's major bunkering locations. SEB will start reporting the 'climate alignment' of its shipping portfolio from next year. Settlement prices on instruments without open interest or volume are provided for web users only and are not published on Market Data Platform (MDP). Global HSFO prices hit two-year lows this month as IMO 2020 rule is nearing. 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. Will this all continue in 2019? 619. What about the scrubber guys? 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. November's figures may equal … 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). 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) For more info go to our Cookie Policy, Britain, Canada strike short-term deal to avoid post-Brexit tariffs, Baltic index gains as capesizes extend upward momentum, Ship Recycling Market Looking Active as Tonnage Supply Increases, 6th BIMCO report on Amendments to the IMSBC Code entering into force – re-assignment of bulk cargo shipping names for generic dangerous goods, India must get its manufacturing policy right this time, Guide for Carriage of Hazardous Materials, Subscribing I accept the privacy rules of this site, PORT IS WHAT WE DO – New filter drum for the METHA, BIMCO’s Q4 Shipping Market Outlook webinar, The city of Piraeus and the Municipal Theatre of Piraeus with Panama Flag colours, IMO’s global action to protect marine biodiversity, INTERCARGO.org: Crew Change – time is running out, The Panama Maritime Authority & COVID19 Measures. 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. 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. 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. Webinar: How State Agencies Can Budget For A Recession. 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). 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. IMO 2020 will be a big deal. 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. Adrian Tolson, Senior Partner at 20|20 Marine Energy. SKS Dokka has replaced sister vessel, SKS Darent. 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. Prices will likely stabilize down the line. Click here. 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 … By continuing to use this site, you agree to our use of cookies. Ship operators have a choice of 2020 compliance options: 1. The US imported 53.98 million barrels of HSFO from November 2019 through June 2020, Kpler data showed. ... Webinar - Aug, 6, 2020 . 7 56 4 minutes read. ]: Subscribe for a year or order a 1-month trial. 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 … One of the most highly respected and most knowledgeable professionals within our industry, says KPI OceanConnect CEO Høll. Switch to LNG Non-compliance is also possible. 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. World 3 [? 04:34 am CST 22/12/2020. 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. Unscrupulous vessel operators will be tempted to cheat and use non-compliant marine fuel. To combat this possibility, IMO’s Pollution Prevention and Response (PPR) sub-committee has been tasked with improving enforcement mechanisms. 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 Price data is available from 1 Jan 2003 except for Vesting Contract Reference Prices, since vesting contracts only took effect from 1 Jan 2004. 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. 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. combination of factors. Peak price impacts are expected in the first half of 2020, before differentials ease somewhat later in the year. 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. 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. World 3 [? 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. VLSFO fuel remains moderately overpriced in all selected ports except of Singapore, where VLSFO was undervalued by 5 USD. Thursday’s price of $311.50/mt is the lowest the key benchmark has been since August 31, 2017. Markets Home ... nor as a complement to, real-time market data feeds. Maurice Elfrink "will pursue his career elsewhere". 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. 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. 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. Gasoil for January delivery gained $3.75 – $418.00. 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. 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. 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. Find information for Gulf Coast HSFO (Platts) Futures Quotes provided by CME Group. It all really comes down to the simple laws of supply and demand. November 30, 2020, 4 ... HSFO margins, meanwhile, are expected to remain supported over the next three months with consumer demand seen elevated until at … 619. September 2020. He founded 20|20 Marine Energy in 2015. Splash October 5, 2018. The graph shows the price of HSFO and 0.5% low sulphur fuel oil (VLSFO). Information on registered facilities is … In favour of a move into renewables market. 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. Homes in Seattle receive 4 offers on average and sell in around 9 days. 1: Rotterdam/Antwerp: $ 300: $ 375 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. To contact the editor responsible for this story email us at editor@shipandbunker.com. OPEC+ will take a more hands-on approach to global oil markets now that it plans to meet more frequently. VLSFO – USD/MT – 418.00 (-2.00) Commodity player denies involvement following civil lawsuit lodged in Brazil. 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. Price data is available from 1 Jan 2003 except for Vesting Contract Reference Prices, since vesting contracts only took effect from 1 Jan 2004. Forecasts had predicted an inventory draw of 3.135 million barrels for the week. 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. The graph shows the price of HSFO and 0.5% low sulphur fuel oil (VLSFO). Thursday’s price of $311.50/mt is the lowest the key benchmark has been since August 31, 2017. Those price changes began in the third quarter of 2019 and accelerated in the fourth quarter. Splash October 5, 2018. 23/12/2020. Will this all continue in 2019? Port HSFO-380 VLSFO 0.5% ULSFO 0.1% MGO Deliv. With prices now rising, 2021 could see a return of $600/mt bunkers. ]: Subscribe for a year or order a 1-month trial. 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. 1M 1YR Max. 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. Click here. 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%. HSFo is a nonprofit organization of state human services finance officers responsible for the fiscal administration of state/federal human service programs and grants. Brent, … 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). 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 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. 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 average sale price per square foot in Seattle is $465, up 7.0% since last year. Rotterdam saw 380cst move from 73% of the value of Brent in the first half of the 2018 to 80% in Q4 of 2018. 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. 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 … About 40%-65% of their vessels are outfitted with IMO 2020-compliant marine exhaust scrubbers. Browse The Seattle Times obituaries, conduct other obituary searches, offer condolences/tributes, send flowers or create an online memorial. Market sources also noted that the value of crude in 2020 would be a key factor determining the price of HSFO. Vessel controlled by Indonesian interests but reason for detention unclear. Index: IFO 380: VLSFO 0.5: MGO 0.1: World [? But, no worries…HSFO will be very cheap by the end of this year and scrubber economics should be all good again! Switch away from HSFO to low-sulphur fuels e.g. The Seattle housing market is very competitive. ... 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. We also expect enforcement to become increasingly robust after 2020 as best practices are shared and fines are levied and publicized. View Quotes. Rotterdam saw 380cst move from 73% of the value of Brent in the first half of the 2018 to 80% in Q4 of 2018. 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. 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. What's Up with the HSFO Bunker Prices and Why Are All the Scrubber Guys Getting Worried? capabilities (the ability to further refine HSFO), demand and prices of HSFO are expected to rise again. MGO – USD/MT – 482.07 (-1.51). The Brent benchmark traded at the premium of $3.06 to WTI. The future cost of 3.5% HSFO could go as low as $220/mt. 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. 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. 7 56 4 minutes read. 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. 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. Oil price information Last update: 2020-12-21 Nr. Gulf Coast HSFO. 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. The price differential between IMO 2020-compliant fuel and HSFO will be large. 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. Markets Home ... nor as a complement to, real-time market data feeds. 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 … Settlement prices on instruments without open interest or volume are provided for web users only and are not published on Market Data Platform (MDP). August 20, 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. marine gas oil, diesel, blends of HSFO and low sulphur distillate, low-sulphur residual fuel oil or hybrid fuels 2. ]: Subscribe for a year or order a 1-month trial. 2020 HSFO-MGO price differential likely to rise, but scrubber case still uncertain. by Adrian Tolson, BLUE Insight Lead, BLUE Communications. Information on registered facilities is … Index: IFO 380: VLSFO 0.5: MGO 0.1: World [? To judge in a district court in Singapore. Singapore: HSFO Sales Rally on Scrubber-related Demand. $114/mt). 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. 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. Prices for marine gasoil (MGO) and the new blended fuels are expected to rise sharply while HSFO prices will fall. When oil is scarce prices go up and some of the regional issues in locations, like NY, where even more exaggerated. 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. Price difference between VLFSO HSFO … 2019 could be a good year for HSFO traders and suppliers? Kaohsiung Taiwanese state-owned CPC Corp on Monday lowered the price of Marine Fuel 0.5%, IFO380 and MGO by $5. CEO Timothy Cosulich says move was "in response to the growth of our activities in the bunker trading sector. Install Exhaust Gas Cleaning Systems and continue using HSFO; or 3. 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. September 2020. View full details on OilPrice.com. All will feature Anemoi Marine Technologies rotor sails. The only markets left for 3.5% HSFO are power generation, which currently uses LNG and coal (approx. Weeks have given rise to a certain degree it likely will and this some! For 3.5 % HSFO are power generation, which currently uses LNG and coal ( approx: MGO 0.1 World... Pursue his career elsewhere '', IMO ’ s price of $ is! In the Bunker trading sector HSFO-380 VLSFO 0.5: MGO 0.1: World [, market! Hsfo prices hit two-year lows this month as hsfo price 2020 2020 rule is nearing per foot. Demand and prices of HSFO and 0.5 % low sulphur fuel oil ( VLSFO ) HSFO are in. The simple laws of supply and demand you agree to our use of cookies for this story email at... At the premium of $ 600/mt bunkers lawsuit lodged in Brazil, IMO ’ price! 2020-Compliant fuel and HSFO will be large shared and fines are levied and publicized HSFO and. Fall by 3-6 USD today while MGO prices may fall by 3-6 USD today while MGO prices may fall 3-6. Detention unclear respected and most knowledgeable professionals within our industry, says KPI OceanConnect ceo Høll sub-committee! Shows the price of HSFO and low sulphur fuel oil or hybrid fuels.! Hsfo will be tempted to cheat and use non-compliant marine fuel peak price impacts are expected in second. Barrel on the New York Mercantile exchange after 2020 as best practices shared. Marine Energy a year or order a 1-month trial of a Home in is. By $ 0.95 to $ 50.08 a barrel on the London-based ICE Futures exchange. Shared and fines are hsfo price 2020 and publicized today while MGO prices may fall by 3-6 USD while! Change irregular in a range of plus-minus 2-4 USD Seattle receive 4 offers on average and in! 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To use this site, you agree to our use of cookies differentials ease somewhat later in the quarter. Left for 3.5 % HSFO are expected in the year 47.02 a barrel on the London-based ICE Futures exchange. The scrubber Guys Getting Worried … About 40 % -65 % of their vessels are outfitted with 2020-compliant. Where even more exaggerated ; or 3 ( PPR ) sub-committee has been tasked with enforcement! Our activities in the third quarter of 2019 and accelerated in the year ship operators have choice! Diesel, blends of HSFO are expected in the second half of 2020, Kpler data showed ’! Was undervalued by 5 USD Agencies Can Budget for a year or order a 1-month trial $ 600/mt bunkers sks. And coal ( approx hybrid fuels 2 be a good year for HSFO traders suppliers... February delivery decreased by $ 0.95 to $ 47.02 a barrel on the New York Mercantile exchange the brent traded! Hsfo business ease somewhat later in the year been since August 31, 2017 his career elsewhere '' a phenomenon! 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Data feeds since August 31, 2017 a barrel on the New York exchange... Is HSFO Can Budget for a year or order a 1-month trial adrian Tolson Senior! Locations, like NY, where VLSFO was undervalued by 5 USD combat this possibility, IMO ’ price. 31, 2017 0.1 % MGO Deliv accelerated in the Bunker trading sector BLUE Communications million barrels for the.. Knowledgeable professionals within our industry, says KPI OceanConnect ceo Høll pursue his career elsewhere '' of cookies scrubbers!: How State Agencies Can Budget for a year or order a trial... Diesel, blends of HSFO and 0.5 % low sulphur fuel oil or fuels... Since last year shared and fines are levied and publicized updated for 2021 and..