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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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Friday, 14 March 14
US, THE WORLD'S SECOND LARGEST COAL PRODUCER MINED 75.3 MMST OF COAL IN FEBRUARY; DOWN 10.88% M-M
COALspot.com – United States the world’s second largest coal producer, produced approximately 18.7 million short tons (mmst) of coal ...
Thursday, 13 March 14
HANDY: THE FAR EAST MARKET IS IN AN UPWARD TREND - FEARNRESEARCH
Handy
Atlantic is a bit under pressure for spot tonnage, but the underlying sentiment is positive for the short medium future. 2-3 legs are do ...
Thursday, 13 March 14
MARKET INSIGHT - CHRISTOPHER T. WHITTY
By Christopher T. Whitty
Marketing Manager
Cotzias Intermodal Shipping Inc.
During the last year we have noticed that a fair number of ...
Wednesday, 12 March 14
ADARO ENERGY IMPROVES EFFICIENCY AND GENERATED STRONG EBITDA IN 2013
COALspot.com: PT Adaro Energy Tbk, Indonesia's single largest coal miner posted revenue of US$ 3.28 billion and cost of revenue of US$ 2.54 ...
Wednesday, 12 March 14
DGOMC OF INDONESIA REVISED DOWN THE BENCHMARK PRICES FOR COAL BY 4.26% IN MARCH
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia has revised down the government's declared coal bench mark price ...
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- Marubeni Corporation - India
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- IHS Mccloskey Coal Group - USA
- India Bulls Power Limited - India
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- Madhucon Powers Ltd - India
- Sinarmas Energy and Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- VISA Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Trasteel International SA, Italy
- Parliament of New Zealand
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- New Zealand Coal & Carbon
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- SMC Global Power, Philippines
- Independent Power Producers Association of India
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- The University of Queensland
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- Pipit Mutiara Jaya. PT, Indonesia
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- London Commodity Brokers - England
- Economic Council, Georgia
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- Alfred C Toepfer International GmbH - Germany
- Global Coal Blending Company Limited - Australia
- Indo Tambangraya Megah - Indonesia
- Ambuja Cements Ltd - India
- Parry Sugars Refinery, India
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- Ministry of Finance - Indonesia
- Bulk Trading Sa - Switzerland
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- Mjunction Services Limited - India
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- Chamber of Mines of South Africa
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- Dalmia Cement Bharat India
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- Bhushan Steel Limited - India
- International Coal Ventures Pvt Ltd - India
- Standard Chartered Bank - UAE
- IEA Clean Coal Centre - UK
- Gujarat Sidhee Cement - India
- Orica Mining Services - Indonesia
- Ministry of Mines - Canada
- Asmin Koalindo Tuhup - Indonesia
- Kobexindo Tractors - Indoneisa
- Eastern Coal Council - USA
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- Globalindo Alam Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Petrochimia International Co. Ltd.- Taiwan
- MS Steel International - UAE
- Borneo Indobara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Attock Cement Pakistan Limited
- TeaM Sual Corporation - Philippines
- Bhatia International Limited - India
- Straits Asia Resources Limited - Singapore
- Xindia Steels Limited - India
- Indika Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- Coastal Gujarat Power Limited - India
- Central Electricity Authority - India
- Vizag Seaport Private Limited - India
- Larsen & Toubro Limited - India
- Sakthi Sugars Limited - India
- Timah Investasi Mineral - Indoneisa
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- Singapore Mercantile Exchange
- Indian Oil Corporation Limited
- Wilmar Investment Holdings
- Heidelberg Cement - Germany
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- Binh Thuan Hamico - Vietnam
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- Toyota Tsusho Corporation, Japan
- The State Trading Corporation of India Ltd
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- Power Finance Corporation Ltd., India
- Goldman Sachs - Singapore
- Indogreen Group - Indonesia
- Simpson Spence & Young - Indonesia
- Thai Mozambique Logistica
- Gujarat Electricity Regulatory Commission - India
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- Kepco SPC Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Antam Resourcindo - Indonesia
- Electricity Generating Authority of Thailand
- Grasim Industreis Ltd - India
- SMG Consultants - Indonesia
- Rio Tinto Coal - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Carbofer General Trading SA - India
- Electricity Authority, New Zealand
- Sindya Power Generating Company Private Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Meenaskhi Energy Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Mercuria Energy - Indonesia
- Port Waratah Coal Services - Australia
- White Energy Company Limited
- GVK Power & Infra Limited - India
- Indonesian Coal Mining Association
- Kumho Petrochemical, South Korea
- Aditya Birla Group - India
- Savvy Resources Ltd - HongKong
- Commonwealth Bank - Australia
- Renaissance Capital - South Africa
- Sical Logistics Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TNB Fuel Sdn Bhd - Malaysia
- Mintek Dendrill Indonesia
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- McConnell Dowell - Australia
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- Siam City Cement PLC, Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karaikal Port Pvt Ltd - India
- Energy Link Ltd, New Zealand
- PTC India Limited - India
- Edison Trading Spa - Italy
- Energy Development Corp, Philippines
- Baramulti Group, Indonesia
- Aboitiz Power Corporation - Philippines
- Uttam Galva Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- PNOC Exploration Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Transport, Egypt
- Oldendorff Carriers - Singapore
- Agrawal Coal Company - India
- Coal and Oil Company - UAE
- Intertek Mineral Services - Indonesia
- GMR Energy Limited - India
- The Treasury - Australian Government
- Pendopo Energi Batubara - Indonesia
- Metalloyd Limited - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Tata Chemicals Ltd - India
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- PowerSource Philippines DevCo
- LBH Netherlands Bv - Netherlands
- Semirara Mining Corp, Philippines
- Meralco Power Generation, Philippines
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- Romanian Commodities Exchange
- South Luzon Thermal Energy Corporation
- Makarim & Taira - Indonesia
- Posco Energy - South Korea
- GAC Shipping (India) Pvt Ltd
- PetroVietnam Power Coal Import and Supply Company
- Bukit Baiduri Energy - Indonesia
- Africa Commodities Group - South Africa
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- Merrill Lynch Commodities Europe
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- Minerals Council of Australia
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