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Monday, 15 December 14
WILL TANKERS BENEFIT FROM REEMERGENCE OF FLOATING STORAGE PLAYS? - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The tanker market has been seeing high freight rates for some time now, riding on the back of low oil prices, which are boosting demand from developing nations, looking to replenish their stockpiles. However, another factor could also emerge, with the return of floating storage plays. According to the latest report from shipbroker Charles R. Weber, “following strong crude price losses during late 2008 and early 2009, the $45 emergence of a steep contango in crude futures markets supported a surge in demand for tankers to service floating storage contracts. By 2010, as the $30 wheels of the global economy improved on a return to strong growth in $15 emerging economies, the contango curve became steep enough to support $0 floating storage sufficiently to consume through much of 1H10 upwards of 10% of the global VLCC fleet. This lead to stronger earnings for the class with knock on effects for smaller tanker counterparts as overall availability levels declined”.
According to the shipbroker, “when crude prices started observing losses early during 2H14, the reemergence $60 of a contangoed futures curve reignited consideration of floating storage, but $45 little has materialized as the S/bbl storage costs consistently forward crude spreads. With the global demand/supply imbalance having extended through $30 2H14, the unwillingness by OPEC (or more specifically: a prominent contingent of OPEC’s membership) to react through supply cuts, recent downward $15 revisions by key oil forecasting agencies to demand projections implies that a wider imbalance will materialize during 2015. In its latest report, the IEA notes $0 the imbalance with a corresponding rise in implied steep building up of global crude inventories of relative earnings strength (if below present peak levels). How the crude $80 market develops thereafter will likely dictate the course that tanker earnings take through the remainder of 2015. $60 For its part, support from floating storage remains off the table due to the $40 prohibitively high cost to procure tonnage for such a purpose”.
C.R. Weber noted that “at present assessments, a 6 month floating storage contract off Singapore would equate to $20 a cost ~$5.84/bbl while the spread between Brent’s front month and July contracts stands at $3.72/bbl Further into 2015, however, continued crude price losses which could be inferred by the |EA’s projected widening of the global demand/supply $40 imbalance could lead to crude supply cuts to support prices. Though such a $30 scenario represents a threat to crude tanker demand, a simultaneous correcting of freight markets and steepening of contango curves could create the requisite $20 economics to support floating storage. This would likely place a floor on prospective freight downside while bridging the market to a subsequent $10 rebalancing of crude markets, thus limiting an impact on crude tanker earnings”, the shipbroker concluded.
Meanwhile, in the crude tanker markets this week, in the VLCC segment “rates firmed this week as charterers worked through much of the remainder of the Middle East market’s December program while owners became more bullish in a late reaction to narrower supply/demand fundamentals. Stronger demand in the Middle East market – where the December program has already yielded the most cargoes since the April program and is poised to conclude with the most since the February market – has coincided with a recent demand acceleration in the West Africa market. As both of these areas draw from Middle East positions, the region’s supply/demand positioning is at its narrowest level since 2008 with just 5 surplus positions through end? December dates. With 118 Middle East December cargoes covered to date and the program expected to conclude with 121, the 8 units which remain on position lists to cover the remaining stems appear set to observe premiums to present assessments. How aggressively charterers progress into the January program during the upcoming week will thus likely dictate the direction that rates will take for early January cargoes. Given shortened working weeks during the final two weeks of the year, charterers could reach forward on dates (as the market already is observing) during the upcoming week to cover requirements ahead of the holidays. Against the tight supply/demand profile, this would imply an extending of the present rate rally. Further forward, as the market moves past the first half of the January program and forward fixing windows normalize, the reappearance of units presently on trades to points in the east on Middle East position lists should see rates start to correct”, C.R. Weber concluded.
Source: Nikos Roussanoglou, Hellenic Shipping News
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Tuesday, 20 January 15
INDIA TO SURPASS THE UNITED STATES AND BECOME THE SECOND-LARGEST COAL CONSUMER IN THE WORLD BY 2019 - IMF
COALspot.com: In 2013, coal added more primary energy than any other fuel and was the fastest-growing fossil fuel, enhancing its position as the se ...
Tuesday, 20 January 15
INDONESIAN COAL OUTPUT SEEN RISING, DESPITE FALL IN ITS PRICE
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 declined month on month and week over week, but Indonesian Coal Output Seen Rising. T ...
Tuesday, 20 January 15
NEWCASTLE COAL SWAP FOR Q1' 2015 DELIVERY DECLINED 2.83% M-O-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery declined US$ 1.45 per MT (-2.83%) month over month and US$ 0.50 (-0.99%) we ...
Monday, 19 January 15
HBA FALL TO FRESH LOWS; COAL OVERSUPPLY WILL CONTINUE TO PUSH PRICE DOWN
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down Indonesian coal bench mark price this month to US$ 63.84. T ...
Monday, 19 January 15
CFR SOUTH CHINA COAL SWAPS REMAIN WEAK
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery declined US$ 3.37 (-5.63%) per MT month over month and US$ 0.74 (-1.29%) ...
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- Leighton Contractors Pty Ltd - Australia
- Madhucon Powers Ltd - India
- The Treasury - Australian Government
- GMR Energy Limited - India
- International Coal Ventures Pvt Ltd - India
- Georgia Ports Authority, United States
- Orica Australia Pty. Ltd.
- Mercuria Energy - Indonesia
- Bharathi Cement Corporation - India
- TeaM Sual Corporation - Philippines
- Borneo Indobara - Indonesia
- Siam City Cement - Thailand
- Bulk Trading Sa - Switzerland
- Xindia Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- IEA Clean Coal Centre - UK
- Kideco Jaya Agung - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Chettinad Cement Corporation Ltd - India
- Indo Tambangraya Megah - Indonesia
- Altura Mining Limited, Indonesia
- Star Paper Mills Limited - India
- Romanian Commodities Exchange
- Sindya Power Generating Company Private Ltd
- Sojitz Corporation - Japan
- MS Steel International - UAE
- Gujarat Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- PetroVietnam Power Coal Import and Supply Company
- South Luzon Thermal Energy Corporation
- Kartika Selabumi Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Energy Link Ltd, New Zealand
- Salva Resources Pvt Ltd - India
- Coal and Oil Company - UAE
- Bangladesh Power Developement Board
- Medco Energi Mining Internasional
- Karaikal Port Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Toyota Tsusho Corporation, Japan
- McConnell Dowell - Australia
- Australian Commodity Traders Exchange
- Bhushan Steel Limited - India
- Indian Oil Corporation Limited
- The University of Queensland
- Indian Energy Exchange, India
- PNOC Exploration Corporation - Philippines
- Ministry of Mines - Canada
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kobexindo Tractors - Indoneisa
- Sree Jayajothi Cements Limited - India
- Indika Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Agrawal Coal Company - India
- Goldman Sachs - Singapore
- Pendopo Energi Batubara - Indonesia
- Bhatia International Limited - India
- Meenaskhi Energy Private Limited - India
- Commonwealth Bank - Australia
- Standard Chartered Bank - UAE
- Interocean Group of Companies - India
- Energy Development Corp, Philippines
- Central Electricity Authority - India
- Semirara Mining Corp, Philippines
- Savvy Resources Ltd - HongKong
- Sakthi Sugars Limited - India
- Metalloyd Limited - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Vizag Seaport Private Limited - India
- Makarim & Taira - Indonesia
- Siam City Cement PLC, Thailand
- Antam Resourcindo - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Directorate Of Revenue Intelligence - India
- Central Java Power - Indonesia
- Maheswari Brothers Coal Limited - India
- Thiess Contractors Indonesia
- IHS Mccloskey Coal Group - USA
- Thai Mozambique Logistica
- Neyveli Lignite Corporation Ltd, - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Larsen & Toubro Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Singapore Mercantile Exchange
- Ministry of Transport, Egypt
- Dalmia Cement Bharat India
- Parliament of New Zealand
- Krishnapatnam Port Company Ltd. - India
- Bhoruka Overseas - Indonesia
- LBH Netherlands Bv - Netherlands
- Jaiprakash Power Ventures ltd
- Alfred C Toepfer International GmbH - Germany
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
- Bayan Resources Tbk. - Indonesia
- Attock Cement Pakistan Limited
- The State Trading Corporation of India Ltd
- Tamil Nadu electricity Board
- India Bulls Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- Videocon Industries ltd - India
- Petron Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jindal Steel & Power Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Chamber of Mines of South Africa
- CNBM International Corporation - China
- Indonesian Coal Mining Association
- GVK Power & Infra Limited - India
- Trasteel International SA, Italy
- Orica Mining Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- VISA Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- European Bulk Services B.V. - Netherlands
- Posco Energy - South Korea
- Mjunction Services Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Coalindo Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Planning Commission, India
- Globalindo Alam Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Latin American Coal - Colombia
- Global Business Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Indogreen Group - Indonesia
- Economic Council, Georgia
- Parry Sugars Refinery, India
- Formosa Plastics Group - Taiwan
- Semirara Mining and Power Corporation, Philippines
- Carbofer General Trading SA - India
- TNB Fuel Sdn Bhd - Malaysia
- Vedanta Resources Plc - India
- Bukit Asam (Persero) Tbk - Indonesia
- Renaissance Capital - South Africa
- Australian Coal Association
- Intertek Mineral Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Edison Trading Spa - Italy
- Kaltim Prima Coal - Indonesia
- Grasim Industreis Ltd - India
- Barasentosa Lestari - Indonesia
- Malabar Cements Ltd - India
- Anglo American - United Kingdom
- Ambuja Cements Ltd - India
- London Commodity Brokers - England
- Wood Mackenzie - Singapore
- Manunggal Multi Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Port Waratah Coal Services - Australia
- ICICI Bank Limited - India
- Billiton Holdings Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Mercator Lines Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Finance - Indonesia
- Straits Asia Resources Limited - Singapore
- Meralco Power Generation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Heidelberg Cement - Germany
- Bukit Makmur.PT - Indonesia
- Aditya Birla Group - India
- Wilmar Investment Holdings
- Price Waterhouse Coopers - Russia
- Baramulti Group, Indonesia
- SMG Consultants - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Tata Chemicals Ltd - India
- Sarangani Energy Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Minerals Council of Australia
- Cigading International Bulk Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Rio Tinto Coal - Australia
- Independent Power Producers Association of India
- Lanco Infratech Ltd - India
- Kapuas Tunggal Persada - Indonesia
- PTC India Limited - India
- Marubeni Corporation - India
- Oldendorff Carriers - Singapore
- Therma Luzon, Inc, Philippines
- CIMB Investment Bank - Malaysia
- PowerSource Philippines DevCo
- Cement Manufacturers Association - India
- Electricity Authority, New Zealand
- Sical Logistics Limited - India
- GAC Shipping (India) Pvt Ltd
- Electricity Generating Authority of Thailand
- Ind-Barath Power Infra Limited - India
- Deloitte Consulting - India
- Africa Commodities Group - South Africa
- ASAPP Information Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Merrill Lynch Commodities Europe
- Mintek Dendrill Indonesia
- Eastern Coal Council - USA
- San Jose City I Power Corp, Philippines
- New Zealand Coal & Carbon
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMC Global Power, Philippines
- Banpu Public Company Limited - Thailand
- Sinarmas Energy and Mining - Indonesia
- White Energy Company Limited
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