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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, 17 December 14
MARKET INSIGHT - INTERMODAL SHANGHAI, SNP TEAM
As the end of the fourth quarter is approaching, we are all witness to the second hand market prices softening day by day. Any new deal surfacing t ...
Tuesday, 16 December 14
THIS PRICE IS A STEAL - EVA TZIMA
COALspot.com: Despite concerns that the slowdown of the Chinese economy would affect imports of iron ore, it seems that this has not been the case ...
Tuesday, 16 December 14
FOB RICHARDS BAY COAL SWAP FOR Q2' 15 DELIVERY CLOSED AT US$ 65.60 PMT
COALspot.com: API 4 FOB Richards Bay Coal for delivery Q1' 2015 lost month on month.
The Q1 swap has lost US$ 0.18 (-0.27%) month on month ...
Tuesday, 16 December 14
SUB-BIT FOB INDONESIA COAL SWAP CONTINUES ITS FALL
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month, week over week and day on day.
The Q1 swap has lost US$ 1.7 ...
Monday, 15 December 14
INDONESIAN COAL PRICE REFERENCE CRASHES THROUGH $65
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down the coal bench mark price once again in December. HBA for t ...
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- Commonwealth Bank - Australia
- Chamber of Mines of South Africa
- Global Business Power Corporation, Philippines
- India Bulls Power Limited - India
- Bhushan Steel Limited - India
- Tamil Nadu electricity Board
- South Luzon Thermal Energy Corporation
- Bulk Trading Sa - Switzerland
- San Jose City I Power Corp, Philippines
- Vedanta Resources Plc - India
- Australian Coal Association
- IEA Clean Coal Centre - UK
- Straits Asia Resources Limited - Singapore
- Rio Tinto Coal - Australia
- Riau Bara Harum - Indonesia
- IHS Mccloskey Coal Group - USA
- Singapore Mercantile Exchange
- Ministry of Finance - Indonesia
- Sree Jayajothi Cements Limited - India
- Barasentosa Lestari - Indonesia
- Renaissance Capital - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Dalmia Cement Bharat India
- Essar Steel Hazira Ltd - India
- Pendopo Energi Batubara - Indonesia
- Mercator Lines Limited - India
- Merrill Lynch Commodities Europe
- Carbofer General Trading SA - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Interocean Group of Companies - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indonesian Coal Mining Association
- Krishnapatnam Port Company Ltd. - India
- Lanco Infratech Ltd - India
- Indogreen Group - Indonesia
- The University of Queensland
- Bukit Asam (Persero) Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Simpson Spence & Young - Indonesia
- Wilmar Investment Holdings
- Sindya Power Generating Company Private Ltd
- Directorate General of MIneral and Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Java Power - Indonesia
- Chettinad Cement Corporation Ltd - India
- Ministry of Transport, Egypt
- Orica Mining Services - Indonesia
- MS Steel International - UAE
- Samtan Co., Ltd - South Korea
- Cement Manufacturers Association - India
- Salva Resources Pvt Ltd - India
- Deloitte Consulting - India
- Star Paper Mills Limited - India
- Ind-Barath Power Infra Limited - India
- Siam City Cement PLC, Thailand
- Gujarat Mineral Development Corp Ltd - India
- Central Electricity Authority - India
- GAC Shipping (India) Pvt Ltd
- Toyota Tsusho Corporation, Japan
- Anglo American - United Kingdom
- Africa Commodities Group - South Africa
- Independent Power Producers Association of India
- Bukit Makmur.PT - Indonesia
- Trasteel International SA, Italy
- Therma Luzon, Inc, Philippines
- The Treasury - Australian Government
- Petron Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Romanian Commodities Exchange
- Gujarat Sidhee Cement - India
- Indian Oil Corporation Limited
- Planning Commission, India
- Indian Energy Exchange, India
- Sical Logistics Limited - India
- Cigading International Bulk Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Banpu Public Company Limited - Thailand
- London Commodity Brokers - England
- Global Green Power PLC Corporation, Philippines
- Standard Chartered Bank - UAE
- Bangladesh Power Developement Board
- PNOC Exploration Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Australian Commodity Traders Exchange
- Manunggal Multi Energi - Indonesia
- Larsen & Toubro Limited - India
- Indika Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Bharathi Cement Corporation - India
- Minerals Council of Australia
- Tata Chemicals Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Marubeni Corporation - India
- Economic Council, Georgia
- Meenaskhi Energy Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Baramulti Group, Indonesia
- Vizag Seaport Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Mjunction Services Limited - India
- Directorate Of Revenue Intelligence - India
- AsiaOL BioFuels Corp., Philippines
- Indo Tambangraya Megah - Indonesia
- Iligan Light & Power Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Neyveli Lignite Corporation Ltd, - India
- Eastern Energy - Thailand
- Parliament of New Zealand
- Wood Mackenzie - Singapore
- Malabar Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- PTC India Limited - India
- Ministry of Mines - Canada
- Uttam Galva Steels Limited - India
- Oldendorff Carriers - Singapore
- Sojitz Corporation - Japan
- Maheswari Brothers Coal Limited - India
- SMC Global Power, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Coal Council - USA
- Medco Energi Mining Internasional
- Kideco Jaya Agung - Indonesia
- Bhoruka Overseas - Indonesia
- Karaikal Port Pvt Ltd - India
- ASAPP Information Group - India
- New Zealand Coal & Carbon
- Kaltim Prima Coal - Indonesia
- Parry Sugars Refinery, India
- Videocon Industries ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Xindia Steels Limited - India
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- Electricity Authority, New Zealand
- LBH Netherlands Bv - Netherlands
- TeaM Sual Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Intertek Mineral Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Aboitiz Power Corporation - Philippines
- Latin American Coal - Colombia
- Grasim Industreis Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Goldman Sachs - Singapore
- Kapuas Tunggal Persada - Indonesia
- Binh Thuan Hamico - Vietnam
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- Savvy Resources Ltd - HongKong
- CNBM International Corporation - China
- European Bulk Services B.V. - Netherlands
- Bukit Baiduri Energy - Indonesia
- Attock Cement Pakistan Limited
- International Coal Ventures Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Timah Investasi Mineral - Indoneisa
- Altura Mining Limited, Indonesia
- ICICI Bank Limited - India
- GVK Power & Infra Limited - India
- Kumho Petrochemical, South Korea
- Georgia Ports Authority, United States
- Thai Mozambique Logistica
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Australia Pty. Ltd.
- Metalloyd Limited - United Kingdom
- SMG Consultants - Indonesia
- Formosa Plastics Group - Taiwan
- Aditya Birla Group - India
- Holcim Trading Pte Ltd - Singapore
- Leighton Contractors Pty Ltd - Australia
- Posco Energy - South Korea
- Makarim & Taira - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Sinarmas Energy and Mining - Indonesia
- Power Finance Corporation Ltd., India
- VISA Power Limited - India
- Siam City Cement - Thailand
- Meralco Power Generation, Philippines
- Price Waterhouse Coopers - Russia
- Sakthi Sugars Limited - India
- Energy Development Corp, Philippines
- PowerSource Philippines DevCo
- Mintek Dendrill Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Mercuria Energy - Indonesia
- McConnell Dowell - Australia
- Edison Trading Spa - Italy
- The State Trading Corporation of India Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Borneo Indobara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Miang Besar Coal Terminal - Indonesia
- White Energy Company Limited
- Ambuja Cements Ltd - India
- GMR Energy Limited - India
- Coal and Oil Company - UAE
- Agrawal Coal Company - India
- Bhatia International Limited - India
- Semirara Mining and Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Jindal Steel & Power Ltd - India
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