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Saturday, 22 February 14
POTEN RAISES THE QUESTION OF ACCURACY IN CALCULATING TANKER FREIGHT RATES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
As the tanker market has grown in complexity over the course of the past few years, the question of whether the traditional methods of assessing rates is still valid. In a recent report, Poten & Partners noted that "the market landscape for crude oil and refined product trades has an inherent element of shifting sand, presenting an organization like the Baltic Exchange with certain challenges. The Baltic Exchange is a centuries-old institution that, among other services, oversees a collective of member shipbrokers who contribute daily freight rate assessments for the wet and dry bulk shipping markets. The freight rates that are collected by the Baltic Exchange are in turn used by both charterers and shipowners, as well as other market participants, as a reliable metric of freight pricing for internal and external financial calculations. Although the birth and death of trade lanes is a natural market evolution, such developments pose questions of relevancy to the Baltic Exchange’s data collection efforts. While the decision to discontinue a certain set of assessments due to perceived obsolescence is objectively simple, it could have broader implications for commercial market participants that have freight contracts dependent on these rates", Poten said.
According to the analyst, the Baltic Dirty Tanker Index. This index is currently comprised of 12 benchmark tanker routes, covering all trade routes and vessel sizes. The BDTI serves as an often cited reference of general health of the tanker market freight rate environment. The Baltic Exchange International Tanker Routes (BITR) are quoted on individual trades for specific cargo sizes for clean and dirty cargoes. For example, the tanker trade with the largest volume worldwide is often referred to as “TD3” or “Tanker Dirty” route number “3” – the voyage basis is from Ras Tanura, Saudi Arabia to Chiba, Japan for 265,000 metric tons of cargo".
In the report, Poten cited an announcement issued on February 5, 2014, which indicated that the Baltic Exchange was suspending their assessments of the routes “TC3_38” and “TD10D”, Aruba – New York for 38,000 metric tons of clean products and Aruba – New York for 50,000 metric tons of fuel oil, respectively. The removal of TD10D would leave the market without a Baltic Exchange instrument for quoting Panamax freight rates.
Poten noted that "in early 2012, Valero shut down their 235,000 bpd Aruba refinery, effectively rendering the voyage basis irrelevant. Historically, the Aruba refinery yielded significant volumes of fuel oil that were exported and often utilized as feedstock in Valero’s Paulsboro, N.J. refinery or for power generation on the US East Coast. The Aruba refinery eventually became structurally disadvantaged compared to US Gulf Coast refineries due to a higher operational cost base; it, like other Caribbean refineries, did not have access to cheap natural gas for power supply. Using reported spot market activity for Panamaxes loading in the Caribbean as a proxy for total market activity, trade volumes from the Caribbean to the US Atlantic Coast have become insignificant. Although still a relatively small market, fixture activity has increased for the Caribbean to US Gulf trade".
It added that "it stands to reason that the Baltic Exchange should continue to assess at least one dirty Panamax trade route. Contracts of Affreightment, or COAs, whereby shipowners and oil companies pre-arrange transportation volumes over a specified period of time, often incorporate some kind of discount to prevailing spot market rates. In exchange for a guaranteed volume of business from an oil company, a shipowner or pool will typically offer a discount to market rates. The Baltic Exchange rate assessments are often referenced in contract language accordingly. The same logic applies for time charters that involve profit sharing elements; shipowners and charterers agree how the profit share will be determined based on independent freight rate assessments.
In the case of TD10D, the Baltic Exchange might consider changing the voyage basis in order to prevent commerical disruption. Load ports for crude export in countries such as Venezuela, Colombia or Trinidad are viable options and the destination should, undoubtedly, be in the US Gulf. The question of what to do with the Aruba to New York (TC3) benchmark for clean products is more black and white. The sizeable increase in refined products exports from the US Gulf to the Caribbean and Latin American countries has displaced imports from the Caribbean. With strong refining economics in the US Gulf, it is difficult to see any reversal in this trend anytime soon", Poten concluded.
source: Nikos Roussanoglou, Hellenic Shipping News
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Wednesday, 02 April 14
CHINA: ARBITRATION CLAUSES IN BILLS OF LADING UNDER CHINESE LEGAL PRACTICE - SKULD
KNOWLEDGE TO ELEVATE
Successful incorporation of a charterparty arbitration clause into the bills of lading is not a straight forward matte ...
Wednesday, 02 April 14
BPI BREAKING BELOW THE 1,000 PSYCHOLOGICAL LEVELS - INTERMODAL
Any resistance put forth by the Dry Bulk market the week prior was succumbed this time round. All indices slid and losses were noted across the ...
Tuesday, 01 April 14
NEWCASTLE PORT SHIPPED 11.95 MILLION TONS OF COAL IN MARCH 2014
COALspot.com: In the week ended 31 March 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, total 2 ...
Monday, 31 March 14
SHIPPING CONFIDENCE HITS HIGHEST LEVEL SINCE 2008 - MOORE STEPHENS
Overall confidence levels in the shipping industry rose to their highest level for almost six years in the three-month period to February 2014, ...
Monday, 31 March 14
COAL SWAP FOR Q1 2015 DELIVERY HAS CLOSED 4.76% HIGHER COMPARED Q2 14 CLOSING
COALspot.com – Indonesia, the world’s largest exporter of the thermal coal's swaps for delivery April - June 2014 gained this pa ...
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- Borneo Indobara - Indonesia
- Anglo American - United Kingdom
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- GN Power Mariveles Coal Plant, Philippines
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- Trasteel International SA, Italy
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- Attock Cement Pakistan Limited
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- Bukit Asam (Persero) Tbk - Indonesia
- The University of Queensland
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- Coal and Oil Company - UAE
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- VISA Power Limited - India
- Bhushan Steel Limited - India
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- Siam City Cement PLC, Thailand
- Ministry of Mines - Canada
- Lanco Infratech Ltd - India
- Commonwealth Bank - Australia
- Sarangani Energy Corporation, Philippines
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- Maharashtra Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- The Treasury - Australian Government
- Essar Steel Hazira Ltd - India
- Renaissance Capital - South Africa
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
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- Antam Resourcindo - Indonesia
- European Bulk Services B.V. - Netherlands
- Madhucon Powers Ltd - India
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- The State Trading Corporation of India Ltd
- Electricity Generating Authority of Thailand
- Romanian Commodities Exchange
- Thai Mozambique Logistica
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- Kaltim Prima Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Simpson Spence & Young - Indonesia
- Wilmar Investment Holdings
- Xindia Steels Limited - India
- Power Finance Corporation Ltd., India
- Global Coal Blending Company Limited - Australia
- Wood Mackenzie - Singapore
- Chamber of Mines of South Africa
- Asmin Koalindo Tuhup - Indonesia
- Mjunction Services Limited - India
- Orica Australia Pty. Ltd.
- Ministry of Finance - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Mercator Lines Limited - India
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- Indogreen Group - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Marubeni Corporation - India
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- Formosa Plastics Group - Taiwan
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- South Luzon Thermal Energy Corporation
- Malabar Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- White Energy Company Limited
- Metalloyd Limited - United Kingdom
- Bangladesh Power Developement Board
- LBH Netherlands Bv - Netherlands
- Binh Thuan Hamico - Vietnam
- Dalmia Cement Bharat India
- San Jose City I Power Corp, Philippines
- Energy Link Ltd, New Zealand
- Edison Trading Spa - Italy
- ASAPP Information Group - India
- Global Green Power PLC Corporation, Philippines
- MS Steel International - UAE
- London Commodity Brokers - England
- Maheswari Brothers Coal Limited - India
- Price Waterhouse Coopers - Russia
- TNB Fuel Sdn Bhd - Malaysia
- McConnell Dowell - Australia
- Bahari Cakrawala Sebuku - Indonesia
- New Zealand Coal & Carbon
- Indo Tambangraya Megah - Indonesia
- Energy Development Corp, Philippines
- Tata Chemicals Ltd - India
- Deloitte Consulting - India
- ICICI Bank Limited - India
- Thiess Contractors Indonesia
- Bukit Baiduri Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Posco Energy - South Korea
- Aditya Birla Group - India
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ind-Barath Power Infra Limited - India
- Eastern Coal Council - USA
- Kepco SPC Power Corporation, Philippines
- Carbofer General Trading SA - India
- Central Electricity Authority - India
- Georgia Ports Authority, United States
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- Coastal Gujarat Power Limited - India
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- TeaM Sual Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Port Waratah Coal Services - Australia
- SN Aboitiz Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Planning Commission, India
- India Bulls Power Limited - India
- Semirara Mining Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Merrill Lynch Commodities Europe
- Medco Energi Mining Internasional
- Semirara Mining and Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Sojitz Corporation - Japan
- Tamil Nadu electricity Board
- Parliament of New Zealand
- Gujarat Sidhee Cement - India
- AsiaOL BioFuels Corp., Philippines
- Vedanta Resources Plc - India
- Grasim Industreis Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Central Java Power - Indonesia
- Independent Power Producers Association of India
- PTC India Limited - India
- Africa Commodities Group - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Bhoruka Overseas - Indonesia
- OPG Power Generation Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- SMC Global Power, Philippines
- Meralco Power Generation, Philippines
- GMR Energy Limited - India
- Petron Corporation, Philippines
- Indian Energy Exchange, India
- Economic Council, Georgia
- GAC Shipping (India) Pvt Ltd
- Bayan Resources Tbk. - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Indian Oil Corporation Limited
- Oldendorff Carriers - Singapore
- Alfred C Toepfer International GmbH - Germany
- Rio Tinto Coal - Australia
- CNBM International Corporation - China
- Baramulti Group, Indonesia
- Ministry of Transport, Egypt
- Videocon Industries ltd - India
- Indonesian Coal Mining Association
- Cigading International Bulk Terminal - Indonesia
- Eastern Energy - Thailand
- Iligan Light & Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Bhatia International Limited - India
- Agrawal Coal Company - India
- Heidelberg Cement - Germany
- Sakthi Sugars Limited - India
- Bharathi Cement Corporation - India
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- Riau Bara Harum - Indonesia
- Singapore Mercantile Exchange
- Directorate General of MIneral and Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Minerals Council of Australia
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- Directorate Of Revenue Intelligence - India
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- Mercuria Energy - Indonesia
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- GVK Power & Infra Limited - India
- Parry Sugars Refinery, India
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