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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, 29 December 14
SGX'S FOB NEWCASTLE COAL SWAPS IMPROVED W-O-W, LOST M-O-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery lost US$ 1.44 per MT (-2.73%) month over month and gained US$ 0.36 (+0.71%) ...
Friday, 26 December 14
SHIPS FACE LOWER SULPHUR FUEL REQUIREMENTS IN EMISSION CONTROL AREAS FROM 1 JANUARY 2015 - IMO
Ships trading in designated emission control areas will have to use on board fuel oil with a sulphur content of no more than 0.10% from 1 January 2 ...
Wednesday, 24 December 14
CAPE DEMAND WAS STILL EXTREMELY SOFT THIS PAST WEEK ACROSS BOTH BASINS - INTERMODAL
COALspot.com: The performance of the Dry Bulk market, which found itself in desperate search of support for yet another week, has left very little ...
Wednesday, 24 December 14
MARKET INSIGHT - JOHN N. COTZIAS, INTERMODAL SNP BROKER
The year is coming to an end, and we should be able to assess if this was a good year, a bad year, or even a lousy one? The answer clearly de ...
Tuesday, 23 December 14
Q1'15 FOB INDONESIA COAL SWAP GAINED 48 CENTS IN ONE WEEK
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month and gained week over week and day on day.
The Q1 swap has lo ...
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- Bukit Baiduri Energy - Indonesia
- Wilmar Investment Holdings
- Dalmia Cement Bharat India
- PetroVietnam Power Coal Import and Supply Company
- Eastern Energy - Thailand
- Posco Energy - South Korea
- TeaM Sual Corporation - Philippines
- Simpson Spence & Young - Indonesia
- GAC Shipping (India) Pvt Ltd
- Meralco Power Generation, Philippines
- Chamber of Mines of South Africa
- Kohat Cement Company Ltd. - Pakistan
- Central Electricity Authority - India
- Mintek Dendrill Indonesia
- Coal and Oil Company - UAE
- Heidelberg Cement - Germany
- AsiaOL BioFuels Corp., Philippines
- Pendopo Energi Batubara - Indonesia
- Merrill Lynch Commodities Europe
- Samtan Co., Ltd - South Korea
- Uttam Galva Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Bukit Makmur.PT - Indonesia
- Tata Chemicals Ltd - India
- VISA Power Limited - India
- Power Finance Corporation Ltd., India
- Parry Sugars Refinery, India
- Rio Tinto Coal - Australia
- Kaltim Prima Coal - Indonesia
- Mercuria Energy - Indonesia
- Jaiprakash Power Ventures ltd
- South Luzon Thermal Energy Corporation
- Trasteel International SA, Italy
- The State Trading Corporation of India Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Energy Development Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Cement Manufacturers Association - India
- Xindia Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GMR Energy Limited - India
- Jindal Steel & Power Ltd - India
- Therma Luzon, Inc, Philippines
- Siam City Cement - Thailand
- Mercator Lines Limited - India
- LBH Netherlands Bv - Netherlands
- ICICI Bank Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Savvy Resources Ltd - HongKong
- Price Waterhouse Coopers - Russia
- Electricity Authority, New Zealand
- Semirara Mining Corp, Philippines
- The University of Queensland
- Billiton Holdings Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Indonesian Coal Mining Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Finance - Indonesia
- Interocean Group of Companies - India
- GVK Power & Infra Limited - India
- Tamil Nadu electricity Board
- Karbindo Abesyapradhi - Indoneisa
- Petron Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Kobexindo Tractors - Indoneisa
- Coastal Gujarat Power Limited - India
- Iligan Light & Power Inc, Philippines
- Marubeni Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Sarangani Energy Corporation, Philippines
- Global Business Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Australian Commodity Traders Exchange
- Energy Link Ltd, New Zealand
- Romanian Commodities Exchange
- Gujarat Mineral Development Corp Ltd - India
- OPG Power Generation Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Port Waratah Coal Services - Australia
- San Jose City I Power Corp, Philippines
- Parliament of New Zealand
- Planning Commission, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Oil Corporation Limited
- Economic Council, Georgia
- Attock Cement Pakistan Limited
- Indogreen Group - Indonesia
- Latin American Coal - Colombia
- Directorate General of MIneral and Coal - Indonesia
- Bangladesh Power Developement Board
- Banpu Public Company Limited - Thailand
- London Commodity Brokers - England
- Lanco Infratech Ltd - India
- Standard Chartered Bank - UAE
- Baramulti Group, Indonesia
- Vizag Seaport Private Limited - India
- Ambuja Cements Ltd - India
- Central Java Power - Indonesia
- Riau Bara Harum - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhushan Steel Limited - India
- Karaikal Port Pvt Ltd - India
- Sical Logistics Limited - India
- Orica Mining Services - Indonesia
- Bulk Trading Sa - Switzerland
- Toyota Tsusho Corporation, Japan
- Malabar Cements Ltd - India
- Electricity Generating Authority of Thailand
- ASAPP Information Group - India
- Indian Energy Exchange, India
- Rashtriya Ispat Nigam Limited - India
- PNOC Exploration Corporation - Philippines
- Edison Trading Spa - Italy
- PowerSource Philippines DevCo
- Ind-Barath Power Infra Limited - India
- Australian Coal Association
- Bhatia International Limited - India
- Independent Power Producers Association of India
- Indika Energy - Indonesia
- SMG Consultants - Indonesia
- Binh Thuan Hamico - Vietnam
- Singapore Mercantile Exchange
- Wood Mackenzie - Singapore
- Carbofer General Trading SA - India
- Medco Energi Mining Internasional
- Oldendorff Carriers - Singapore
- Thai Mozambique Logistica
- IHS Mccloskey Coal Group - USA
- Borneo Indobara - Indonesia
- Altura Mining Limited, Indonesia
- Global Green Power PLC Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Grasim Industreis Ltd - India
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Transport, Egypt
- Thiess Contractors Indonesia
- SMC Global Power, Philippines
- Videocon Industries ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mjunction Services Limited - India
- Georgia Ports Authority, United States
- Siam City Cement PLC, Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Larsen & Toubro Limited - India
- McConnell Dowell - Australia
- Anglo American - United Kingdom
- Kumho Petrochemical, South Korea
- Deloitte Consulting - India
- Barasentosa Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Makarim & Taira - Indonesia
- Ministry of Mines - Canada
- Renaissance Capital - South Africa
- Coalindo Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Vedanta Resources Plc - India
- SN Aboitiz Power Inc, Philippines
- Aditya Birla Group - India
- Agrawal Coal Company - India
- Indo Tambangraya Megah - Indonesia
- Chettinad Cement Corporation Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Star Paper Mills Limited - India
- Kartika Selabumi Mining - Indonesia
- Commonwealth Bank - Australia
- Essar Steel Hazira Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Africa Commodities Group - South Africa
- Gujarat Sidhee Cement - India
- Sojitz Corporation - Japan
- Holcim Trading Pte Ltd - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Coal Council - USA
- Sindya Power Generating Company Private Ltd
- New Zealand Coal & Carbon
- Directorate Of Revenue Intelligence - India
- Bharathi Cement Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- The Treasury - Australian Government
- Sakthi Sugars Limited - India
- Gujarat Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Meenaskhi Energy Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- White Energy Company Limited
- Minerals Council of Australia
- Kalimantan Lumbung Energi - Indonesia
- Madhucon Powers Ltd - India
- CNBM International Corporation - China
- Goldman Sachs - Singapore
- Timah Investasi Mineral - Indoneisa
- PTC India Limited - India
- CIMB Investment Bank - Malaysia
- India Bulls Power Limited - India
- Orica Australia Pty. Ltd.
- Formosa Plastics Group - Taiwan
- Neyveli Lignite Corporation Ltd, - India
- IEA Clean Coal Centre - UK
- MS Steel International - UAE
- GN Power Mariveles Coal Plant, Philippines
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