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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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Monday, 19 January 15
FOB RICHARDS BAY COAL SWAP FOR Q4 DELIVERY CLOSED 4% LOWER THAN Q1 DELIVERY PRICE
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q1' 2015 declined month over month and week over week.
The Q1 swap has f ...
Sunday, 18 January 15
INDONESIA TO INDIA SUPRAMAX FREIGHT RATES ARE EXPECTED TO REMAIN WEAK NEXT WEEK
COALspot.com: The BDI was up 4.51 pct week on week on Friday 16, January 2015. The BDI closed at 741 points on this Friday after gaining arou ...
Friday, 16 January 15
U.S. WEEKLY COAL PRODUCTION UP 7.3% W-O-W
COALspot.com – United States the world's one of the largest coal producers, produced approximately 18.9 million short tons (mmst) of coal ...
Thursday, 15 January 15
PANAMAX : MARKET CONTINUE ON LOW PACE - FEARNLEYS
Handy
On a general basis we can say that rates are softening in both hemispheres. Although for some specific trades we can see premiums being ach ...
Thursday, 15 January 15
LOW CASH COSTS, GOOD LIQUIDITY HELP ASIAN OIL COMPANIES IN PRICE ROUT - FITCH
Fitch Ratings says that rated oil and gas production companies in Asia can comfortably operate under low oil prices for some time given their gener ...
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- ICICI Bank Limited - India
- Cigading International Bulk Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Coal and Oil Company - UAE
- Deloitte Consulting - India
- Cement Manufacturers Association - India
- Grasim Industreis Ltd - India
- Commonwealth Bank - Australia
- Baramulti Group, Indonesia
- Planning Commission, India
- Kobexindo Tractors - Indoneisa
- Manunggal Multi Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- India Bulls Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Borneo Indobara - Indonesia
- PNOC Exploration Corporation - Philippines
- Rio Tinto Coal - Australia
- Altura Mining Limited, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coastal Gujarat Power Limited - India
- Bhatia International Limited - India
- Parry Sugars Refinery, India
- Mercuria Energy - Indonesia
- Videocon Industries ltd - India
- Kapuas Tunggal Persada - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Riau Bara Harum - Indonesia
- Orica Australia Pty. Ltd.
- Indika Energy - Indonesia
- Mintek Dendrill Indonesia
- International Coal Ventures Pvt Ltd - India
- Anglo American - United Kingdom
- Medco Energi Mining Internasional
- South Luzon Thermal Energy Corporation
- Rashtriya Ispat Nigam Limited - India
- ASAPP Information Group - India
- Thiess Contractors Indonesia
- Renaissance Capital - South Africa
- Bulk Trading Sa - Switzerland
- Siam City Cement - Thailand
- Bhushan Steel Limited - India
- SMG Consultants - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Directorate Of Revenue Intelligence - India
- Meralco Power Generation, Philippines
- Sindya Power Generating Company Private Ltd
- Oldendorff Carriers - Singapore
- Heidelberg Cement - Germany
- PetroVietnam Power Coal Import and Supply Company
- Vedanta Resources Plc - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petron Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Agrawal Coal Company - India
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- Bhoruka Overseas - Indonesia
- LBH Netherlands Bv - Netherlands
- Mercator Lines Limited - India
- Bukit Makmur.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Essar Steel Hazira Ltd - India
- Kepco SPC Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Marubeni Corporation - India
- Gujarat Sidhee Cement - India
- IHS Mccloskey Coal Group - USA
- Karbindo Abesyapradhi - Indoneisa
- Africa Commodities Group - South Africa
- Vizag Seaport Private Limited - India
- Chamber of Mines of South Africa
- Pendopo Energi Batubara - Indonesia
- Carbofer General Trading SA - India
- Bharathi Cement Corporation - India
- Georgia Ports Authority, United States
- McConnell Dowell - Australia
- Singapore Mercantile Exchange
- Maheswari Brothers Coal Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Romanian Commodities Exchange
- Banpu Public Company Limited - Thailand
- Bangladesh Power Developement Board
- Holcim Trading Pte Ltd - Singapore
- The State Trading Corporation of India Ltd
- GN Power Mariveles Coal Plant, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Star Paper Mills Limited - India
- Ind-Barath Power Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Kideco Jaya Agung - Indonesia
- Minerals Council of Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Mines - Canada
- Sojitz Corporation - Japan
- Petrochimia International Co. Ltd.- Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Global Business Power Corporation, Philippines
- GMR Energy Limited - India
- Malabar Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Eastern Energy - Thailand
- Coalindo Energy - Indonesia
- Makarim & Taira - Indonesia
- Jaiprakash Power Ventures ltd
- Indogreen Group - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Indonesian Coal Mining Association
- Toyota Tsusho Corporation, Japan
- Savvy Resources Ltd - HongKong
- SN Aboitiz Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Oil Corporation Limited
- Formosa Plastics Group - Taiwan
- Eastern Coal Council - USA
- Bayan Resources Tbk. - Indonesia
- Timah Investasi Mineral - Indoneisa
- Port Waratah Coal Services - Australia
- Merrill Lynch Commodities Europe
- Ministry of Transport, Egypt
- Alfred C Toepfer International GmbH - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- European Bulk Services B.V. - Netherlands
- Energy Link Ltd, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Sakthi Sugars Limited - India
- New Zealand Coal & Carbon
- IEA Clean Coal Centre - UK
- Maharashtra Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Indian Energy Exchange, India
- The University of Queensland
- Electricity Authority, New Zealand
- Sinarmas Energy and Mining - Indonesia
- White Energy Company Limited
- Posco Energy - South Korea
- Sical Logistics Limited - India
- Samtan Co., Ltd - South Korea
- Central Java Power - Indonesia
- Chettinad Cement Corporation Ltd - India
- Jindal Steel & Power Ltd - India
- Attock Cement Pakistan Limited
- Price Waterhouse Coopers - Russia
- VISA Power Limited - India
- Karaikal Port Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Uttam Galva Steels Limited - India
- The Treasury - Australian Government
- Goldman Sachs - Singapore
- Wood Mackenzie - Singapore
- Barasentosa Lestari - Indonesia
- PowerSource Philippines DevCo
- Latin American Coal - Colombia
- Siam City Cement PLC, Thailand
- Standard Chartered Bank - UAE
- OPG Power Generation Pvt Ltd - India
- Energy Development Corp, Philippines
- Aboitiz Power Corporation - Philippines
- GVK Power & Infra Limited - India
- Ministry of Finance - Indonesia
- London Commodity Brokers - England
- Billiton Holdings Pty Ltd - Australia
- PTC India Limited - India
- Madhucon Powers Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Semirara Mining Corp, Philippines
- MS Steel International - UAE
- Mjunction Services Limited - India
- CNBM International Corporation - China
- Simpson Spence & Young - Indonesia
- Larsen & Toubro Limited - India
- Straits Asia Resources Limited - Singapore
- Australian Coal Association
- Dalmia Cement Bharat India
- Kumho Petrochemical, South Korea
- Aditya Birla Group - India
- Tata Chemicals Ltd - India
- Antam Resourcindo - Indonesia
- Wilmar Investment Holdings
- Gujarat Mineral Development Corp Ltd - India
- Central Electricity Authority - India
- Thai Mozambique Logistica
- Electricity Generating Authority of Thailand
- Australian Commodity Traders Exchange
- Jorong Barutama Greston.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Power Finance Corporation Ltd., India
- Edison Trading Spa - Italy
- Economic Council, Georgia
- Salva Resources Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Kaltim Prima Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- CIMB Investment Bank - Malaysia
- Parliament of New Zealand
- Tamil Nadu electricity Board
- Orica Mining Services - Indonesia
- Independent Power Producers Association of India
- TeaM Sual Corporation - Philippines
- Lanco Infratech Ltd - India
- Global Green Power PLC Corporation, Philippines
- Interocean Group of Companies - India
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