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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, 07 January 15
FUEL EFFICIENT SHIPS MAKE LESS SENSE IN LOWER BUNKER PRICE MARKET, BUT FUEL COSTS ARE BOUND TO RISE AGAIN
The shipping industry entered 2015 on mixed emotions, as a relatively buoyant tanker market is met by a rather lackluster dry bulk market. Still, a ...
Wednesday, 07 January 15
2015 IS RIDDLED WITH CHALLENGES FOR THE SHIPPING SECTOR, MOST NOTABLY THE DRY BULK MARKET - HELLENIC SHIPPING NEWS
As the new year has now set foot for real, many are still looking to detect what’s in store for the various shipping markets, with the first ...
Tuesday, 06 January 15
SHIPPING MUST ADOPT CAN-DO ATTITUDE IN 2015 - MOORE STEPHENS
Shipping needs to adopt a can-do attitude in order to successfully meet the challenges which are likely to come its way in 2015.
Shipping part ...
Tuesday, 06 January 15
Q4' 15 FOB INDONESIA COAL SWAP CLOSED 1.81% HIGHER COMPARED TO Q1' 15 CLOSING
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month and week over week.
The Q1 swap has lost US$ 0.74 (-1.51%) m ...
Tuesday, 06 January 15
FOB RICHARDS BAY COAL SWAPS LOST W-O-W AND M-O-M, SGX DATA SHOWS
COALspot.com: API 4 FOB Richards Bay Coal for delivery Q1' 2015 lost month on month and week over week.
The Q1 swap has lost US$ 3.52 (-5. ...
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Interocean Group of Companies - India
- India Bulls Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Global Coal Blending Company Limited - Australia
- Semirara Mining Corp, Philippines
- Kumho Petrochemical, South Korea
- IEA Clean Coal Centre - UK
- Krishnapatnam Port Company Ltd. - India
- Timah Investasi Mineral - Indoneisa
- SMG Consultants - Indonesia
- Toyota Tsusho Corporation, Japan
- Jorong Barutama Greston.PT - Indonesia
- Uttam Galva Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Madhucon Powers Ltd - India
- McConnell Dowell - Australia
- The Treasury - Australian Government
- GMR Energy Limited - India
- TeaM Sual Corporation - Philippines
- Rio Tinto Coal - Australia
- Aditya Birla Group - India
- ICICI Bank Limited - India
- LBH Netherlands Bv - Netherlands
- San Jose City I Power Corp, Philippines
- Medco Energi Mining Internasional
- Planning Commission, India
- Trasteel International SA, Italy
- Orica Australia Pty. Ltd.
- Thai Mozambique Logistica
- CNBM International Corporation - China
- Chettinad Cement Corporation Ltd - India
- Sakthi Sugars Limited - India
- Sree Jayajothi Cements Limited - India
- Indo Tambangraya Megah - Indonesia
- International Coal Ventures Pvt Ltd - India
- Baramulti Group, Indonesia
- Orica Mining Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Deloitte Consulting - India
- Romanian Commodities Exchange
- Riau Bara Harum - Indonesia
- Mjunction Services Limited - India
- Meralco Power Generation, Philippines
- Central Electricity Authority - India
- Star Paper Mills Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Vizag Seaport Private Limited - India
- Port Waratah Coal Services - Australia
- Jaiprakash Power Ventures ltd
- Bangladesh Power Developement Board
- ASAPP Information Group - India
- Makarim & Taira - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Marubeni Corporation - India
- Edison Trading Spa - Italy
- PTC India Limited - India
- Merrill Lynch Commodities Europe
- The State Trading Corporation of India Ltd
- Maharashtra Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Gujarat Sidhee Cement - India
- Formosa Plastics Group - Taiwan
- Antam Resourcindo - Indonesia
- Siam City Cement - Thailand
- Indogreen Group - Indonesia
- Kideco Jaya Agung - Indonesia
- Posco Energy - South Korea
- The University of Queensland
- GAC Shipping (India) Pvt Ltd
- SMC Global Power, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Essar Steel Hazira Ltd - India
- Barasentosa Lestari - Indonesia
- Attock Cement Pakistan Limited
- Vedanta Resources Plc - India
- Asmin Koalindo Tuhup - Indonesia
- Tata Chemicals Ltd - India
- Banpu Public Company Limited - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Borneo Indobara - Indonesia
- White Energy Company Limited
- Ind-Barath Power Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Energy - Thailand
- Carbofer General Trading SA - India
- Bhushan Steel Limited - India
- Parry Sugars Refinery, India
- Parliament of New Zealand
- Electricity Generating Authority of Thailand
- Kohat Cement Company Ltd. - Pakistan
- Bukit Makmur.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Java Power - Indonesia
- Latin American Coal - Colombia
- Standard Chartered Bank - UAE
- Altura Mining Limited, Indonesia
- Meenaskhi Energy Private Limited - India
- Wood Mackenzie - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Commonwealth Bank - Australia
- Coalindo Energy - Indonesia
- Power Finance Corporation Ltd., India
- London Commodity Brokers - England
- Petron Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Videocon Industries ltd - India
- Alfred C Toepfer International GmbH - Germany
- Indian Oil Corporation Limited
- Samtan Co., Ltd - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Coal and Oil Company - UAE
- Xindia Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- VISA Power Limited - India
- Bharathi Cement Corporation - India
- Heidelberg Cement - Germany
- Kepco SPC Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Price Waterhouse Coopers - Russia
- Holcim Trading Pte Ltd - Singapore
- Mintek Dendrill Indonesia
- Gujarat Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Global Business Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- Grasim Industreis Ltd - India
- Ministry of Finance - Indonesia
- Manunggal Multi Energi - Indonesia
- Agrawal Coal Company - India
- Mercator Lines Limited - India
- Energy Link Ltd, New Zealand
- Electricity Authority, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Lanco Infratech Ltd - India
- Dalmia Cement Bharat India
- Bayan Resources Tbk. - Indonesia
- Kaltim Prima Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- New Zealand Coal & Carbon
- Energy Development Corp, Philippines
- Jindal Steel & Power Ltd - India
- IHS Mccloskey Coal Group - USA
- Global Green Power PLC Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Australian Commodity Traders Exchange
- Minerals Council of Australia
- AsiaOL BioFuels Corp., Philippines
- Savvy Resources Ltd - HongKong
- Wilmar Investment Holdings
- Pendopo Energi Batubara - Indonesia
- Sojitz Corporation - Japan
- Karaikal Port Pvt Ltd - India
- Cement Manufacturers Association - India
- Australian Coal Association
- Therma Luzon, Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sical Logistics Limited - India
- CIMB Investment Bank - Malaysia
- Goldman Sachs - Singapore
- Leighton Contractors Pty Ltd - Australia
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Chamber of Mines of South Africa
- Africa Commodities Group - South Africa
- Ambuja Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Bukit Baiduri Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Mercuria Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- MS Steel International - UAE
- Simpson Spence & Young - Indonesia
- Intertek Mineral Services - Indonesia
- Indian Energy Exchange, India
- Anglo American - United Kingdom
- GVK Power & Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kobexindo Tractors - Indoneisa
- Coastal Gujarat Power Limited - India
- Tamil Nadu electricity Board
- Ministry of Mines - Canada
- Sarangani Energy Corporation, Philippines
- Ministry of Transport, Egypt
- Bhatia International Limited - India
- Metalloyd Limited - United Kingdom
- Economic Council, Georgia
- Neyveli Lignite Corporation Ltd, - India
- Oldendorff Carriers - Singapore
- Iligan Light & Power Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Singapore Mercantile Exchange
- Kalimantan Lumbung Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indonesian Coal Mining Association
- Siam City Cement PLC, Thailand
- Sindya Power Generating Company Private Ltd
- Renaissance Capital - South Africa
- Thiess Contractors Indonesia
- Binh Thuan Hamico - Vietnam
- PowerSource Philippines DevCo
- Vijayanagar Sugar Pvt Ltd - India
- Indika Energy - Indonesia
- Georgia Ports Authority, United States
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