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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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Wednesday, 14 January 15
DRY BULK MARKET NOTED ANOTHER WEEKLY DECLINE - INTERMODAL
COALspot.com: The Dry bulk market noted another weekly decline on Friday, with the performance of the Capesize market still weighing down on the re ...
Wednesday, 14 January 15
MARKET INSIGHT - TIMOS PAPADIMITRIOU
In Oil we trust! The Barrel price has declined by almost a third in comparison to the 2014 January and has being on the downhill since early last s ...
Wednesday, 14 January 15
COMMODITIES AREN'T PRIMED FOR A REBOUND DURING 2015: SHIPPING COULD BENEFIT FROM LOWER PRICES - ROUSSANOGLOU, HELLENIC SHIPPING NEWS
In the recent past, higher commodity prices were driven by an increase in demand from developing countries, which spelled good news for ship owners ...
Wednesday, 14 January 15
SUB-BIT FOB INDONESIA COAL SWAP FOR Q1 DELIVERY CLOSED AT US$ 46.97 PMT
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 declined month on month and week over week.
The Q1 swap has fell US$ 1.53 (-3.15 ...
Wednesday, 14 January 15
Q4' 15 FOB NEWCASTLE COAL SWAP CLOSED 4.51% LOWER COMPARED TO Q1' 15 PRICE
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery lost US$ 1.56 per MT (-3.0%) month over month and US$ 1.03 (-2.0%) week ove ...
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- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- Heidelberg Cement - Germany
- PTC India Limited - India
- Bayan Resources Tbk. - Indonesia
- Trasteel International SA, Italy
- SN Aboitiz Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Goldman Sachs - Singapore
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- CNBM International Corporation - China
- Ceylon Electricity Board - Sri Lanka
- Vijayanagar Sugar Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Siam City Cement PLC, Thailand
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- Agrawal Coal Company - India
- GAC Shipping (India) Pvt Ltd
- MS Steel International - UAE
- Standard Chartered Bank - UAE
- Bulk Trading Sa - Switzerland
- TNB Fuel Sdn Bhd - Malaysia
- Global Coal Blending Company Limited - Australia
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- Coalindo Energy - Indonesia
- Mercator Lines Limited - India
- Meenaskhi Energy Private Limited - India
- Coastal Gujarat Power Limited - India
- Indian Oil Corporation Limited
- IHS Mccloskey Coal Group - USA
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- Singapore Mercantile Exchange
- Wood Mackenzie - Singapore
- India Bulls Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Chamber of Mines of South Africa
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- White Energy Company Limited
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- Kalimantan Lumbung Energi - Indonesia
- Karaikal Port Pvt Ltd - India
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- Merrill Lynch Commodities Europe
- Sarangani Energy Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Bhoruka Overseas - Indonesia
- Aboitiz Power Corporation - Philippines
- Maheswari Brothers Coal Limited - India
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- Parry Sugars Refinery, India
- Mjunction Services Limited - India
- Wilmar Investment Holdings
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- Simpson Spence & Young - Indonesia
- Ministry of Finance - Indonesia
- Sree Jayajothi Cements Limited - India
- European Bulk Services B.V. - Netherlands
- Samtan Co., Ltd - South Korea
- Semirara Mining and Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Ind-Barath Power Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Deloitte Consulting - India
- Intertek Mineral Services - Indonesia
- Jaiprakash Power Ventures ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Africa Commodities Group - South Africa
- Banpu Public Company Limited - Thailand
- Madhucon Powers Ltd - India
- Australian Coal Association
- Altura Mining Limited, Indonesia
- Formosa Plastics Group - Taiwan
- San Jose City I Power Corp, Philippines
- Mintek Dendrill Indonesia
- Ambuja Cements Ltd - India
- Central Java Power - Indonesia
- Central Electricity Authority - India
- Gujarat Mineral Development Corp Ltd - India
- PowerSource Philippines DevCo
- Electricity Authority, New Zealand
- Kaltim Prima Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Therma Luzon, Inc, Philippines
- London Commodity Brokers - England
- Planning Commission, India
- Commonwealth Bank - Australia
- Marubeni Corporation - India
- Gujarat Sidhee Cement - India
- Orica Mining Services - Indonesia
- IEA Clean Coal Centre - UK
- Bharathi Cement Corporation - India
- Economic Council, Georgia
- Globalindo Alam Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Makarim & Taira - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Tamil Nadu electricity Board
- Baramulti Group, Indonesia
- Attock Cement Pakistan Limited
- Australian Commodity Traders Exchange
- Kapuas Tunggal Persada - Indonesia
- Interocean Group of Companies - India
- Xindia Steels Limited - India
- Antam Resourcindo - Indonesia
- ICICI Bank Limited - India
- Kumho Petrochemical, South Korea
- Sical Logistics Limited - India
- Grasim Industreis Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Renaissance Capital - South Africa
- Kideco Jaya Agung - Indonesia
- Kobexindo Tractors - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Sojitz Corporation - Japan
- Port Waratah Coal Services - Australia
- Energy Development Corp, Philippines
- Indogreen Group - Indonesia
- Bangladesh Power Developement Board
- Edison Trading Spa - Italy
- Thai Mozambique Logistica
- Pendopo Energi Batubara - Indonesia
- Romanian Commodities Exchange
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- Kepco SPC Power Corporation, Philippines
- GMR Energy Limited - India
- Manunggal Multi Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Energy Link Ltd, New Zealand
- Malabar Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- VISA Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Eastern Energy - Thailand
- New Zealand Coal & Carbon
- Georgia Ports Authority, United States
- McConnell Dowell - Australia
- Petron Corporation, Philippines
- Global Business Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Riau Bara Harum - Indonesia
- Borneo Indobara - Indonesia
- The Treasury - Australian Government
- Sakthi Sugars Limited - India
- Vedanta Resources Plc - India
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Generating Authority of Thailand
- GVK Power & Infra Limited - India
- Ministry of Mines - Canada
- Ministry of Transport, Egypt
- Vizag Seaport Private Limited - India
- Mercuria Energy - Indonesia
- Tata Chemicals Ltd - India
- Salva Resources Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indonesian Coal Mining Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement - Thailand
- LBH Netherlands Bv - Netherlands
- Savvy Resources Ltd - HongKong
- Indo Tambangraya Megah - Indonesia
- CIMB Investment Bank - Malaysia
- Uttam Galva Steels Limited - India
- Bhushan Steel Limited - India
- Kartika Selabumi Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Rio Tinto Coal - Australia
- Essar Steel Hazira Ltd - India
- Dalmia Cement Bharat India
- Barasentosa Lestari - Indonesia
- Coal and Oil Company - UAE
- Star Paper Mills Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jindal Steel & Power Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Indika Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Posco Energy - South Korea
- Miang Besar Coal Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Iligan Light & Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- SMC Global Power, Philippines
- Eastern Coal Council - USA
- Parliament of New Zealand
- SMG Consultants - Indonesia
- Toyota Tsusho Corporation, Japan
- Sindya Power Generating Company Private Ltd
- Neyveli Lignite Corporation Ltd, - India
- Anglo American - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Power Finance Corporation Ltd., India
- South Luzon Thermal Energy Corporation
- Orica Australia Pty. Ltd.
- Price Waterhouse Coopers - Russia
- The State Trading Corporation of India Ltd
- Krishnapatnam Port Company Ltd. - India
- Cement Manufacturers Association - India
- ASAPP Information Group - India
- Minerals Council of Australia
- Bahari Cakrawala Sebuku - Indonesia
- Carbofer General Trading SA - India
- Semirara Mining Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Medco Energi Mining Internasional
- Rashtriya Ispat Nigam Limited - India
- The University of Queensland
- Indian Energy Exchange, India
- Independent Power Producers Association of India
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