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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, 02 December 14
FOB RICHARDS BAY COAL SWAPS LOST MONTH OVER MONTH
COALspot.com: API 4 FOB Richards Bay Coal for delivery Q1' 2015 lost month on month, week on week and day over day.
The Q1 swap has lost U ...
Tuesday, 02 December 14
SUB-BIT FOB INDONESIA COAL Q1' 15 DELIVERY SWAP CLOSED AT US$ 49.50
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$ 0.4 ...
Monday, 01 December 14
SGX'S FOB NEWCASTLE COAL SWAP FOR Q1' 2015 DELIVERY CLOSED AT US$ 52.50
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery closed at US$ 52.50 on 28 November after losing US$ 1.20 (-2.23%) month ove ...
Monday, 01 December 14
Q2' 15 DELIVERY CFR SOUTH CHINA COAL SWAP CLOSED 0.42% LOWER THAN Q1' 15 DELIVERY CLOSING
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased US$ 2.45 (-3.78%) month over month and US$ 0.67 (-1.06%) we ...
Sunday, 30 November 14
SUPRAMAX COAL FREIGHT RATES FROM INDONESIA TO INDIA : FIRM
COALspot.com: The BDI fell 171 points and closed at 1153 points on Friday 28 November 2014. The Cape index also lost 887 points and closed at 2151 ...
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- Rio Tinto Coal - Australia
- Global Business Power Corporation, Philippines
- Sical Logistics Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Larsen & Toubro Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Madhucon Powers Ltd - India
- Orica Mining Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- South Luzon Thermal Energy Corporation
- Kideco Jaya Agung - Indonesia
- Sarangani Energy Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Semirara Mining Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- Independent Power Producers Association of India
- Uttam Galva Steels Limited - India
- Posco Energy - South Korea
- Indonesian Coal Mining Association
- New Zealand Coal & Carbon
- TeaM Sual Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Simpson Spence & Young - Indonesia
- GVK Power & Infra Limited - India
- MS Steel International - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Authority, New Zealand
- LBH Netherlands Bv - Netherlands
- Aditya Birla Group - India
- Iligan Light & Power Inc, Philippines
- GMR Energy Limited - India
- Ministry of Finance - Indonesia
- Port Waratah Coal Services - Australia
- VISA Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Jaiprakash Power Ventures ltd
- Videocon Industries ltd - India
- Meenaskhi Energy Private Limited - India
- Bharathi Cement Corporation - India
- Malabar Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Essar Steel Hazira Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Gujarat Mineral Development Corp Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Ministry of Mines - Canada
- Renaissance Capital - South Africa
- Central Java Power - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kobexindo Tractors - Indoneisa
- Kumho Petrochemical, South Korea
- Bhatia International Limited - India
- Semirara Mining and Power Corporation, Philippines
- Vedanta Resources Plc - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Latin American Coal - Colombia
- Siam City Cement - Thailand
- Samtan Co., Ltd - South Korea
- Ministry of Transport, Egypt
- Coastal Gujarat Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Indogreen Group - Indonesia
- Electricity Generating Authority of Thailand
- Globalindo Alam Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Thiess Contractors Indonesia
- Bulk Trading Sa - Switzerland
- Energy Link Ltd, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Vizag Seaport Private Limited - India
- Energy Development Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Indian Energy Exchange, India
- Marubeni Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Global Coal Blending Company Limited - Australia
- Deloitte Consulting - India
- Barasentosa Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Medco Energi Mining Internasional
- GN Power Mariveles Coal Plant, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Commodity Traders Exchange
- Thai Mozambique Logistica
- Minerals Council of Australia
- Trasteel International SA, Italy
- SN Aboitiz Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Wood Mackenzie - Singapore
- Eastern Energy - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Borneo Indobara - Indonesia
- ICICI Bank Limited - India
- Central Electricity Authority - India
- Baramulti Group, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Economic Council, Georgia
- Coal and Oil Company - UAE
- Australian Coal Association
- Parry Sugars Refinery, India
- The Treasury - Australian Government
- Bangladesh Power Developement Board
- Eastern Coal Council - USA
- Mercuria Energy - Indonesia
- Mintek Dendrill Indonesia
- CIMB Investment Bank - Malaysia
- GAC Shipping (India) Pvt Ltd
- PTC India Limited - India
- Petron Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- European Bulk Services B.V. - Netherlands
- SMG Consultants - Indonesia
- PowerSource Philippines DevCo
- Maharashtra Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Cement Manufacturers Association - India
- Price Waterhouse Coopers - Russia
- Heidelberg Cement - Germany
- Kepco SPC Power Corporation, Philippines
- Sojitz Corporation - Japan
- Leighton Contractors Pty Ltd - Australia
- SMC Global Power, Philippines
- Orica Australia Pty. Ltd.
- Miang Besar Coal Terminal - Indonesia
- White Energy Company Limited
- Gujarat Sidhee Cement - India
- Toyota Tsusho Corporation, Japan
- Goldman Sachs - Singapore
- ASAPP Information Group - India
- San Jose City I Power Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Formosa Plastics Group - Taiwan
- Sindya Power Generating Company Private Ltd
- Bukit Makmur.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Africa Commodities Group - South Africa
- Attock Cement Pakistan Limited
- Straits Asia Resources Limited - Singapore
- Lanco Infratech Ltd - India
- Romanian Commodities Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Indo Tambangraya Megah - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- London Commodity Brokers - England
- Wilmar Investment Holdings
- Kalimantan Lumbung Energi - Indonesia
- The State Trading Corporation of India Ltd
- Xindia Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- India Bulls Power Limited - India
- Dalmia Cement Bharat India
- Sakthi Sugars Limited - India
- Bhoruka Overseas - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Singapore Mercantile Exchange
- Indian Oil Corporation Limited
- McConnell Dowell - Australia
- Oldendorff Carriers - Singapore
- Edison Trading Spa - Italy
- Georgia Ports Authority, United States
- CNBM International Corporation - China
- The University of Queensland
- Aboitiz Power Corporation - Philippines
- Power Finance Corporation Ltd., India
- Banpu Public Company Limited - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Ambuja Cements Ltd - India
- Carbofer General Trading SA - India
- Anglo American - United Kingdom
- Chamber of Mines of South Africa
- Altura Mining Limited, Indonesia
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- Salva Resources Pvt Ltd - India
- Interocean Group of Companies - India
- Tata Chemicals Ltd - India
- Merrill Lynch Commodities Europe
- Commonwealth Bank - Australia
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- Chettinad Cement Corporation Ltd - India
- Kaltim Prima Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Parliament of New Zealand
- IEA Clean Coal Centre - UK
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bhushan Steel Limited - India
- Planning Commission, India
- Savvy Resources Ltd - HongKong
- Coalindo Energy - Indonesia
- Antam Resourcindo - Indonesia
- Star Paper Mills Limited - India
- Meralco Power Generation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Global Green Power PLC Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Mercator Lines Limited - India
- Agrawal Coal Company - India
- Ind-Barath Power Infra Limited - India
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