We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Monday, 24 March 14
SGX'S Q2'14 CFR SOUTH CHINA COAL SWAP CLOSES SLIGHTLY HIGHER W-O-W
COALspot.com: API 8 CFR South China Coal swaps for average Q2 14 deliveries lost 1.81 percent month on month and closed at US$ 74.82 per mt as o ...
Sunday, 23 March 14
THE COAL FREIGHT RATES SEEN SLIGHTLY FIRMING UP THIS WEEK - REDDY
COALspot.com: The freight market firmed up this week. BDI was up 8.26 pct week on week and index was closed at 1599 points. The Cape index was u ...
Saturday, 22 March 14
SHIP OWNERS INVEST $15 BILLION FOR NEWBUILDINGS AND SECONDHAND VESSELS DURING FEBRUARY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Ship owners have kept on their aggressive stance in the investment scene both for newbuildings, as well as for secondhand vessels globally durin ...
Friday, 21 March 14
DRY BULK MARKET STAYS ON RECOVERY MODE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has reached new year heighs, as a result of renewed Capesize demand. The Baltic Dry Index (BDI) ended yesterday's sessio ...
Friday, 21 March 14
US COAL PRODUCTION UP 1.5%; WEST MISSISSIPPI COAL PRODUCTION DOWN 1.85% WEEK ON WEEK
COALspot.com – United States the world's second largest coal producer, produced approximately 19.0 million short tons (mmst) of coal i ...
|
|
|
Showing 3786 to 3790 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Agrawal Coal Company - India
- PowerSource Philippines DevCo
- Heidelberg Cement - Germany
- Madhucon Powers Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Trasteel International SA, Italy
- GVK Power & Infra Limited - India
- Bhushan Steel Limited - India
- Therma Luzon, Inc, Philippines
- Rio Tinto Coal - Australia
- Edison Trading Spa - Italy
- Siam City Cement - Thailand
- Tamil Nadu electricity Board
- Chettinad Cement Corporation Ltd - India
- International Coal Ventures Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Global Green Power PLC Corporation, Philippines
- Sical Logistics Limited - India
- Indian Oil Corporation Limited
- The State Trading Corporation of India Ltd
- Sinarmas Energy and Mining - Indonesia
- Australian Commodity Traders Exchange
- AsiaOL BioFuels Corp., Philippines
- Bhatia International Limited - India
- Sarangani Energy Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Singapore Mercantile Exchange
- GMR Energy Limited - India
- Vizag Seaport Private Limited - India
- Samtan Co., Ltd - South Korea
- Formosa Plastics Group - Taiwan
- Indika Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Wood Mackenzie - Singapore
- OPG Power Generation Pvt Ltd - India
- London Commodity Brokers - England
- Bharathi Cement Corporation - India
- Marubeni Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Sree Jayajothi Cements Limited - India
- CNBM International Corporation - China
- Bahari Cakrawala Sebuku - Indonesia
- Dalmia Cement Bharat India
- Standard Chartered Bank - UAE
- Mercuria Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Simpson Spence & Young - Indonesia
- Aditya Birla Group - India
- Kumho Petrochemical, South Korea
- Global Business Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chamber of Mines of South Africa
- Mjunction Services Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Borneo Indobara - Indonesia
- Jaiprakash Power Ventures ltd
- Minerals Council of Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Planning Commission, India
- Carbofer General Trading SA - India
- Orica Mining Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Kartika Selabumi Mining - Indonesia
- Georgia Ports Authority, United States
- Salva Resources Pvt Ltd - India
- Africa Commodities Group - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Videocon Industries ltd - India
- Kideco Jaya Agung - Indonesia
- Indogreen Group - Indonesia
- GAC Shipping (India) Pvt Ltd
- Wilmar Investment Holdings
- Xindia Steels Limited - India
- Central Electricity Authority - India
- SMC Global Power, Philippines
- Medco Energi Mining Internasional
- Timah Investasi Mineral - Indoneisa
- Commonwealth Bank - Australia
- Grasim Industreis Ltd - India
- Economic Council, Georgia
- Anglo American - United Kingdom
- India Bulls Power Limited - India
- Gujarat Sidhee Cement - India
- Central Java Power - Indonesia
- Indo Tambangraya Megah - Indonesia
- Karaikal Port Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Renaissance Capital - South Africa
- Meenaskhi Energy Private Limited - India
- Eastern Energy - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Makarim & Taira - Indonesia
- Malabar Cements Ltd - India
- McConnell Dowell - Australia
- Price Waterhouse Coopers - Russia
- VISA Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Parry Sugars Refinery, India
- Savvy Resources Ltd - HongKong
- Riau Bara Harum - Indonesia
- Jindal Steel & Power Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Petron Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Ministry of Transport, Egypt
- Port Waratah Coal Services - Australia
- Altura Mining Limited, Indonesia
- Iligan Light & Power Inc, Philippines
- Baramulti Group, Indonesia
- Merrill Lynch Commodities Europe
- Deloitte Consulting - India
- San Jose City I Power Corp, Philippines
- Latin American Coal - Colombia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- Antam Resourcindo - Indonesia
- Krishnapatnam Port Company Ltd. - India
- ASAPP Information Group - India
- Orica Australia Pty. Ltd.
- IEA Clean Coal Centre - UK
- The Treasury - Australian Government
- Semirara Mining Corp, Philippines
- Ministry of Mines - Canada
- Meralco Power Generation, Philippines
- Kepco SPC Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- PTC India Limited - India
- Energy Development Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- The University of Queensland
- South Luzon Thermal Energy Corporation
- Directorate General of MIneral and Coal - Indonesia
- Bangladesh Power Developement Board
- Essar Steel Hazira Ltd - India
- Energy Link Ltd, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coal and Oil Company - UAE
- Lanco Infratech Ltd - India
- Banpu Public Company Limited - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Globalindo Alam Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- MS Steel International - UAE
- PNOC Exploration Corporation - Philippines
- Indonesian Coal Mining Association
- White Energy Company Limited
- Bayan Resources Tbk. - Indonesia
- Star Paper Mills Limited - India
- Toyota Tsusho Corporation, Japan
- Siam City Cement PLC, Thailand
- European Bulk Services B.V. - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Parliament of New Zealand
- Barasentosa Lestari - Indonesia
- Thiess Contractors Indonesia
- Interocean Group of Companies - India
- Bukit Asam (Persero) Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Vedanta Resources Plc - India
- Sojitz Corporation - Japan
- Coastal Gujarat Power Limited - India
- Directorate Of Revenue Intelligence - India
- Attock Cement Pakistan Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Tata Chemicals Ltd - India
- Alfred C Toepfer International GmbH - Germany
- ICICI Bank Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Uttam Galva Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Mintek Dendrill Indonesia
- Indian Energy Exchange, India
- Posco Energy - South Korea
- Mercator Lines Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Goldman Sachs - Singapore
- Independent Power Producers Association of India
- Aboitiz Power Corporation - Philippines
- Sakthi Sugars Limited - India
- Straits Asia Resources Limited - Singapore
- Semirara Mining and Power Corporation, Philippines
- Thai Mozambique Logistica
- Kobexindo Tractors - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Power Finance Corporation Ltd., India
- Larsen & Toubro Limited - India
- SMG Consultants - Indonesia
- Electricity Authority, New Zealand
- Romanian Commodities Exchange
- Pendopo Energi Batubara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Global Coal Blending Company Limited - Australia
- Cement Manufacturers Association - India
- Bulk Trading Sa - Switzerland
- Kaltim Prima Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Electricity Generating Authority of Thailand
- Australian Coal Association
- Ambuja Cements Ltd - India
- Eastern Coal Council - USA
- Rashtriya Ispat Nigam Limited - India
- CIMB Investment Bank - Malaysia
- Ministry of Finance - Indonesia
|
| |
| |
|
