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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, 10 December 14
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS, INTERMODAL
COALspot.com: As 2014 is coming to an end, we look back to what has happened during the year and notice that SnP activity has been particularly sof ...
Wednesday, 10 December 14
WORLD HARD COAL MARKET 2014: PRODUCTION AND TRADE STAGNATING, IMPORTS TO GERMANY AND EUROPE ON THE DECLINE
Press Release: German Coal Importers Association (VDKi) criticizes regulations ordering reduction of CO2 emissions from coal-fired power plants as ...
Tuesday, 09 December 14
PRESSURE ON CHINA COAL MINERS TO CONTINUE DESPITE GOVERNMENT SUPPORT - FITCH
COALspot.com: Fitch Ratings says that Chinese coal mining companies will continue to be pressured by low prices, which will persist despite recent ...
Tuesday, 09 December 14
Q4' 2015, FOB INDONESIA COAL SWAP CLOSED AT $ 49.02 W/E 5 DEC
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$ 0.2 ...
Tuesday, 09 December 14
API 8 CFR SOUTH CHINA COAL SWAPS FELL 1.8% MONTH OVER MONTH
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased US$ 1.84 (-2.91%) month over month and US$ 0.95 (-1.52%) we ...
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- Sinarmas Energy and Mining - Indonesia
- CIMB Investment Bank - Malaysia
- PTC India Limited - India
- London Commodity Brokers - England
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Mines - Canada
- Mercator Lines Limited - India
- Toyota Tsusho Corporation, Japan
- Oldendorff Carriers - Singapore
- The State Trading Corporation of India Ltd
- Heidelberg Cement - Germany
- Banpu Public Company Limited - Thailand
- Lanco Infratech Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Independent Power Producers Association of India
- Sojitz Corporation - Japan
- GVK Power & Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- International Coal Ventures Pvt Ltd - India
- Mjunction Services Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Malabar Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Sree Jayajothi Cements Limited - India
- Tamil Nadu electricity Board
- Coalindo Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Parliament of New Zealand
- Australian Coal Association
- Bukit Makmur.PT - Indonesia
- Ministry of Finance - Indonesia
- Sakthi Sugars Limited - India
- Kumho Petrochemical, South Korea
- GN Power Mariveles Coal Plant, Philippines
- Global Green Power PLC Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Minerals Council of Australia
- CNBM International Corporation - China
- Chamber of Mines of South Africa
- Standard Chartered Bank - UAE
- Thiess Contractors Indonesia
- Iligan Light & Power Inc, Philippines
- Makarim & Taira - Indonesia
- GMR Energy Limited - India
- New Zealand Coal & Carbon
- Marubeni Corporation - India
- Romanian Commodities Exchange
- Electricity Authority, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Altura Mining Limited, Indonesia
- Ind-Barath Power Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Sical Logistics Limited - India
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Karbindo Abesyapradhi - Indoneisa
- Electricity Generating Authority of Thailand
- Rio Tinto Coal - Australia
- MS Steel International - UAE
- Siam City Cement PLC, Thailand
- Videocon Industries ltd - India
- Binh Thuan Hamico - Vietnam
- McConnell Dowell - Australia
- Central Electricity Authority - India
- Attock Cement Pakistan Limited
- Price Waterhouse Coopers - Russia
- SN Aboitiz Power Inc, Philippines
- Australian Commodity Traders Exchange
- South Luzon Thermal Energy Corporation
- ICICI Bank Limited - India
- Maheswari Brothers Coal Limited - India
- Riau Bara Harum - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Carbofer General Trading SA - India
- Singapore Mercantile Exchange
- PowerSource Philippines DevCo
- Wood Mackenzie - Singapore
- Holcim Trading Pte Ltd - Singapore
- The Treasury - Australian Government
- SMG Consultants - Indonesia
- The University of Queensland
- Directorate Of Revenue Intelligence - India
- Meralco Power Generation, Philippines
- White Energy Company Limited
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- Anglo American - United Kingdom
- Global Coal Blending Company Limited - Australia
- IHS Mccloskey Coal Group - USA
- Ambuja Cements Ltd - India
- Planning Commission, India
- PetroVietnam Power Coal Import and Supply Company
- Kepco SPC Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Central Java Power - Indonesia
- Karaikal Port Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Africa Commodities Group - South Africa
- Metalloyd Limited - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- ASAPP Information Group - India
- Jindal Steel & Power Ltd - India
- Thai Mozambique Logistica
- Vijayanagar Sugar Pvt Ltd - India
- Commonwealth Bank - Australia
- Samtan Co., Ltd - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parry Sugars Refinery, India
- Energy Development Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Petron Corporation, Philippines
- Larsen & Toubro Limited - India
- Deloitte Consulting - India
- Indian Energy Exchange, India
- Port Waratah Coal Services - Australia
- Siam City Cement - Thailand
- Vizag Seaport Private Limited - India
- Goldman Sachs - Singapore
- Aditya Birla Group - India
- Maharashtra Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vedanta Resources Plc - India
- Intertek Mineral Services - Indonesia
- Georgia Ports Authority, United States
- Pipit Mutiara Jaya. PT, Indonesia
- Simpson Spence & Young - Indonesia
- Gujarat Sidhee Cement - India
- Interocean Group of Companies - India
- Economic Council, Georgia
- Posco Energy - South Korea
- Indogreen Group - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Tata Chemicals Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Latin American Coal - Colombia
- VISA Power Limited - India
- Bhushan Steel Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- GAC Shipping (India) Pvt Ltd
- Energy Link Ltd, New Zealand
- Straits Asia Resources Limited - Singapore
- Wilmar Investment Holdings
- Power Finance Corporation Ltd., India
- Jaiprakash Power Ventures ltd
- Madhucon Powers Ltd - India
- Coal and Oil Company - UAE
- Pendopo Energi Batubara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Merrill Lynch Commodities Europe
- Bhatia International Limited - India
- Kapuas Tunggal Persada - Indonesia
- Mercuria Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Kaltim Prima Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Baramulti Group, Indonesia
- Medco Energi Mining Internasional
- Directorate General of MIneral and Coal - Indonesia
- Indian Oil Corporation Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Coal Council - USA
- Xindia Steels Limited - India
- Bulk Trading Sa - Switzerland
- Billiton Holdings Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Agrawal Coal Company - India
- Orica Mining Services - Indonesia
- Savvy Resources Ltd - HongKong
- Bahari Cakrawala Sebuku - Indonesia
- Indika Energy - Indonesia
- Grasim Industreis Ltd - India
- Renaissance Capital - South Africa
- Cigading International Bulk Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Bharathi Cement Corporation - India
- PNOC Exploration Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Borneo Indobara - Indonesia
- Edison Trading Spa - Italy
- Coastal Gujarat Power Limited - India
- IEA Clean Coal Centre - UK
- Star Paper Mills Limited - India
- Bangladesh Power Developement Board
- Indonesian Coal Mining Association
- Trasteel International SA, Italy
- Orica Australia Pty. Ltd.
- Petrochimia International Co. Ltd.- Taiwan
- India Bulls Power Limited - India
- Dalmia Cement Bharat India
- Sarangani Energy Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- SMC Global Power, Philippines
- Uttam Galva Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Cement Manufacturers Association - India
- Kideco Jaya Agung - Indonesia
- TeaM Sual Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kartika Selabumi Mining - Indonesia
- Ministry of Transport, Egypt
- Kobexindo Tractors - Indoneisa
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