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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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- Sical Logistics Limited - India
- Pendopo Energi Batubara - Indonesia
- Sindya Power Generating Company Private Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Anglo American - United Kingdom
- Makarim & Taira - Indonesia
- Rio Tinto Coal - Australia
- Parry Sugars Refinery, India
- Manunggal Multi Energi - Indonesia
- CNBM International Corporation - China
- Directorate General of MIneral and Coal - Indonesia
- Indika Energy - Indonesia
- Sojitz Corporation - Japan
- Central Electricity Authority - India
- Bukit Baiduri Energy - Indonesia
- Indian Energy Exchange, India
- Mercuria Energy - Indonesia
- Mjunction Services Limited - India
- SMC Global Power, Philippines
- Larsen & Toubro Limited - India
- McConnell Dowell - Australia
- Karbindo Abesyapradhi - Indoneisa
- Indonesian Coal Mining Association
- Tata Chemicals Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Vedanta Resources Plc - India
- Therma Luzon, Inc, Philippines
- Romanian Commodities Exchange
- London Commodity Brokers - England
- OPG Power Generation Pvt Ltd - India
- Edison Trading Spa - Italy
- Semirara Mining and Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- SMG Consultants - Indonesia
- Kobexindo Tractors - Indoneisa
- White Energy Company Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Star Paper Mills Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Planning Commission, India
- Bharathi Cement Corporation - India
- Salva Resources Pvt Ltd - India
- Australian Commodity Traders Exchange
- Aditya Birla Group - India
- The State Trading Corporation of India Ltd
- Madhucon Powers Ltd - India
- Alfred C Toepfer International GmbH - Germany
- SN Aboitiz Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Simpson Spence & Young - Indonesia
- Maheswari Brothers Coal Limited - India
- Sakthi Sugars Limited - India
- Orica Australia Pty. Ltd.
- PTC India Limited - India
- Siam City Cement - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Riau Bara Harum - Indonesia
- Singapore Mercantile Exchange
- Leighton Contractors Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Global Green Power PLC Corporation, Philippines
- Georgia Ports Authority, United States
- Straits Asia Resources Limited - Singapore
- Jaiprakash Power Ventures ltd
- Minerals Council of Australia
- Ministry of Mines - Canada
- Grasim Industreis Ltd - India
- International Coal Ventures Pvt Ltd - India
- The Treasury - Australian Government
- Bulk Trading Sa - Switzerland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Oil Corporation Limited
- ASAPP Information Group - India
- The University of Queensland
- Siam City Cement PLC, Thailand
- Banpu Public Company Limited - Thailand
- Globalindo Alam Lestari - Indonesia
- Medco Energi Mining Internasional
- Jorong Barutama Greston.PT - Indonesia
- GMR Energy Limited - India
- Latin American Coal - Colombia
- Miang Besar Coal Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Petron Corporation, Philippines
- Coalindo Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Metalloyd Limited - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Thai Mozambique Logistica
- ICICI Bank Limited - India
- Carbofer General Trading SA - India
- Electricity Authority, New Zealand
- Malabar Cements Ltd - India
- Cement Manufacturers Association - India
- Sinarmas Energy and Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Mintek Dendrill Indonesia
- Timah Investasi Mineral - Indoneisa
- Kumho Petrochemical, South Korea
- Oldendorff Carriers - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Bukit Makmur.PT - Indonesia
- Eastern Energy - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Indo Tambangraya Megah - Indonesia
- Chamber of Mines of South Africa
- Kartika Selabumi Mining - Indonesia
- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
- GAC Shipping (India) Pvt Ltd
- PNOC Exploration Corporation - Philippines
- PowerSource Philippines DevCo
- Uttam Galva Steels Limited - India
- Semirara Mining Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Borneo Indobara - Indonesia
- Agrawal Coal Company - India
- VISA Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Commonwealth Bank - Australia
- CIMB Investment Bank - Malaysia
- Posco Energy - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Power Finance Corporation Ltd., India
- Bhoruka Overseas - Indonesia
- Intertek Mineral Services - Indonesia
- Wilmar Investment Holdings
- Kepco SPC Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- IEA Clean Coal Centre - UK
- Bahari Cakrawala Sebuku - Indonesia
- Interocean Group of Companies - India
- Energy Link Ltd, New Zealand
- Orica Mining Services - Indonesia
- GVK Power & Infra Limited - India
- Thiess Contractors Indonesia
- Wood Mackenzie - Singapore
- Tamil Nadu electricity Board
- Dalmia Cement Bharat India
- Binh Thuan Hamico - Vietnam
- Economic Council, Georgia
- Bhatia International Limited - India
- Africa Commodities Group - South Africa
- India Bulls Power Limited - India
- Global Business Power Corporation, Philippines
- Energy Development Corp, Philippines
- New Zealand Coal & Carbon
- Bangladesh Power Developement Board
- Xindia Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Toyota Tsusho Corporation, Japan
- Billiton Holdings Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Marubeni Corporation - India
- Jindal Steel & Power Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Goldman Sachs - Singapore
- Eastern Coal Council - USA
- PetroVietnam Power Coal Import and Supply Company
- Chettinad Cement Corporation Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Parliament of New Zealand
- Formosa Plastics Group - Taiwan
- Renaissance Capital - South Africa
- Ceylon Electricity Board - Sri Lanka
- Independent Power Producers Association of India
- Essar Steel Hazira Ltd - India
- MS Steel International - UAE
- Sarangani Energy Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Holcim Trading Pte Ltd - Singapore
- Rashtriya Ispat Nigam Limited - India
- Kideco Jaya Agung - Indonesia
- Bayan Resources Tbk. - Indonesia
- Aboitiz Power Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- TeaM Sual Corporation - Philippines
- Attock Cement Pakistan Limited
- Coal and Oil Company - UAE
- Mercator Lines Limited - India
- Indogreen Group - Indonesia
- South Luzon Thermal Energy Corporation
- Electricity Generating Authority of Thailand
- Ambuja Cements Ltd - India
- Vizag Seaport Private Limited - India
- Ind-Barath Power Infra Limited - India
- Deloitte Consulting - India
- Savvy Resources Ltd - HongKong
- Samtan Co., Ltd - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Standard Chartered Bank - UAE
- GN Power Mariveles Coal Plant, Philippines
- Coastal Gujarat Power Limited - India
- Antam Resourcindo - Indonesia
- Iligan Light & Power Inc, Philippines
- Baramulti Group, Indonesia
- Australian Coal Association
- Merrill Lynch Commodities Europe
- Heidelberg Cement - Germany
- Meralco Power Generation, Philippines
- Central Java Power - Indonesia
- Altura Mining Limited, Indonesia
- Bhushan Steel Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Barasentosa Lestari - Indonesia
- Videocon Industries ltd - India
- Sree Jayajothi Cements Limited - India
- Ministry of Transport, Egypt
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