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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, 23 December 14
Q4'15 FOB RICHARDS BAY COAL SWAPS FALL $ 3.85 IN A MONTH
COALspot.com: API 4 FOB Richards Bay Coal for delivery Q1' 2015 lost month on month.
The Q1 swap has lost US$ 2.13 (-3.17%) month on month ...
Tuesday, 23 December 14
SHIPOWNERS ARE FINALIZING MORE DEALS AS YEAR END COMES CLOSER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS WORLDWIDE
With the 2014 year just a few days before waving goodbye, shipowners are looking to close their pending deals in both the newbuilding and S&P m ...
Monday, 22 December 14
Q2'15 CFR SOUTH CHINA COAL SWAP CLOSED $ 0.30 LOWER THAN Q1'15 CLOSING
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased by US$ 3.67 (-5.81%) month over month and US$ 0.35 (-0.58%) ...
Monday, 22 December 14
API 5 FOB NEWCASTLE COAL SWAPS ARE HEADING SOUTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery lost US$ 1.71 per MT (-3.24%) and closed at US$ 51.02 on 19 December month ...
Sunday, 21 December 14
PANAMAX COAL FREIGHT FROM INDONESIA TO INDIA FALLS FURTHER
COALspot.com: The BDI continued its fall as cape index lost heavily week on week.
The BDI was down 6.95 percent week over week and closed at 8 ...
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- Karbindo Abesyapradhi - Indoneisa
- Iligan Light & Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Port Waratah Coal Services - Australia
- Australian Coal Association
- Jindal Steel & Power Ltd - India
- Semirara Mining Corp, Philippines
- Medco Energi Mining Internasional
- The Treasury - Australian Government
- Directorate Of Revenue Intelligence - India
- Energy Development Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Australia Pty. Ltd.
- Posco Energy - South Korea
- South Luzon Thermal Energy Corporation
- Economic Council, Georgia
- Global Green Power PLC Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- PNOC Exploration Corporation - Philippines
- Ministry of Mines - Canada
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Transport, Egypt
- Manunggal Multi Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Dalmia Cement Bharat India
- Electricity Generating Authority of Thailand
- Banpu Public Company Limited - Thailand
- Intertek Mineral Services - Indonesia
- PowerSource Philippines DevCo
- Sical Logistics Limited - India
- Central Java Power - Indonesia
- European Bulk Services B.V. - Netherlands
- Bukit Baiduri Energy - Indonesia
- Central Electricity Authority - India
- Simpson Spence & Young - Indonesia
- Meenaskhi Energy Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhatia International Limited - India
- Ind-Barath Power Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Australian Commodity Traders Exchange
- Indo Tambangraya Megah - Indonesia
- Bharathi Cement Corporation - India
- Global Business Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Bayan Resources Tbk. - Indonesia
- GMR Energy Limited - India
- IEA Clean Coal Centre - UK
- San Jose City I Power Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Indian Energy Exchange, India
- Singapore Mercantile Exchange
- Maheswari Brothers Coal Limited - India
- Vizag Seaport Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Sakthi Sugars Limited - India
- Siam City Cement PLC, Thailand
- Mjunction Services Limited - India
- Essar Steel Hazira Ltd - India
- Coalindo Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Antam Resourcindo - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- VISA Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Thai Mozambique Logistica
- GN Power Mariveles Coal Plant, Philippines
- Georgia Ports Authority, United States
- Independent Power Producers Association of India
- Bank of Tokyo Mitsubishi UFJ Ltd
- India Bulls Power Limited - India
- ASAPP Information Group - India
- Wood Mackenzie - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Coal Blending Company Limited - Australia
- Star Paper Mills Limited - India
- Bangladesh Power Developement Board
- Bahari Cakrawala Sebuku - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bhushan Steel Limited - India
- Africa Commodities Group - South Africa
- Merrill Lynch Commodities Europe
- Borneo Indobara - Indonesia
- Edison Trading Spa - Italy
- Indonesian Coal Mining Association
- SMC Global Power, Philippines
- Bhoruka Overseas - Indonesia
- Mintek Dendrill Indonesia
- White Energy Company Limited
- Mercuria Energy - Indonesia
- Gujarat Sidhee Cement - India
- London Commodity Brokers - England
- Videocon Industries ltd - India
- Kideco Jaya Agung - Indonesia
- International Coal Ventures Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Tata Chemicals Ltd - India
- Parliament of New Zealand
- Aditya Birla Group - India
- Makarim & Taira - Indonesia
- Planning Commission, India
- Anglo American - United Kingdom
- Bulk Trading Sa - Switzerland
- Petron Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Binh Thuan Hamico - Vietnam
- Wilmar Investment Holdings
- Sindya Power Generating Company Private Ltd
- Renaissance Capital - South Africa
- SMG Consultants - Indonesia
- Globalindo Alam Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Toyota Tsusho Corporation, Japan
- The University of Queensland
- Trasteel International SA, Italy
- Romanian Commodities Exchange
- Gujarat Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Power Finance Corporation Ltd., India
- Kohat Cement Company Ltd. - Pakistan
- Uttam Galva Steels Limited - India
- Agrawal Coal Company - India
- Coastal Gujarat Power Limited - India
- PTC India Limited - India
- Malabar Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Ambuja Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Deloitte Consulting - India
- Meralco Power Generation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Kaltim Prima Coal - Indonesia
- Interocean Group of Companies - India
- Asmin Koalindo Tuhup - Indonesia
- Larsen & Toubro Limited - India
- Attock Cement Pakistan Limited
- Eastern Coal Council - USA
- Maharashtra Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Vedanta Resources Plc - India
- Sarangani Energy Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Ministry of Finance - Indonesia
- Orica Mining Services - Indonesia
- Thiess Contractors Indonesia
- Baramulti Group, Indonesia
- Eastern Energy - Thailand
- Indika Energy - Indonesia
- Latin American Coal - Colombia
- Savvy Resources Ltd - HongKong
- CIMB Investment Bank - Malaysia
- Riau Bara Harum - Indonesia
- GVK Power & Infra Limited - India
- Marubeni Corporation - India
- Lanco Infratech Ltd - India
- Price Waterhouse Coopers - Russia
- Grasim Industreis Ltd - India
- Chamber of Mines of South Africa
- Formosa Plastics Group - Taiwan
- TeaM Sual Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Barasentosa Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Oldendorff Carriers - Singapore
- The State Trading Corporation of India Ltd
- Goldman Sachs - Singapore
- Minerals Council of Australia
- SN Aboitiz Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Electricity Authority, New Zealand
- Madhucon Powers Ltd - India
- McConnell Dowell - Australia
- Chettinad Cement Corporation Ltd - India
- Bukit Makmur.PT - Indonesia
- Kumho Petrochemical, South Korea
- Commonwealth Bank - Australia
- CNBM International Corporation - China
- Parry Sugars Refinery, India
- Kobexindo Tractors - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Xindia Steels Limited - India
- Heidelberg Cement - Germany
- Vijayanagar Sugar Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Tamil Nadu electricity Board
- Timah Investasi Mineral - Indoneisa
- LBH Netherlands Bv - Netherlands
- Cement Manufacturers Association - India
- Rashtriya Ispat Nigam Limited - India
- Carbofer General Trading SA - India
- Indogreen Group - Indonesia
- Rio Tinto Coal - Australia
- Samtan Co., Ltd - South Korea
- Mercator Lines Limited - India
- Metalloyd Limited - United Kingdom
- Siam City Cement - Thailand
- Holcim Trading Pte Ltd - Singapore
- Coal and Oil Company - UAE
- Indian Oil Corporation Limited
- Salva Resources Pvt Ltd - India
- New Zealand Coal & Carbon
- Aboitiz Power Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sojitz Corporation - Japan
- MS Steel International - UAE
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