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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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Monday, 10 February 14
SUPRAMAX STILL AT AROUND US$ 5K + BB 50K DELIVERY KALIMANTAN FOR A TRIP TO INDIA - CAPT. REDDY
COALspot.com: The BDI was down by 1.71 pct and closed at 1091 points week ended 7 February 2014. The BDI seemed to reach the bottom as the cape inde ...
Saturday, 08 February 14
U.S PRODUCED 84.5 MMMST OF COAL IN JANUARY; 2.05% UP MONTH ON MONTH, EIA SAYS
COALspot.com – United States the world’s second largest coal producer, produced approximately 18.8 million short tons (mmst) of coal in ...
Friday, 07 February 14
DRY BULK MARKET ON ' REVERSE' MODE DUE TO CHINESE HOLIDAYS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has kept its uninspiring mood throughout yet another week, with the Baltic Dry Index (BDI) hovering slightly above the 1,000-poi ...
Thursday, 06 February 14
INDONESIA'S BAN ON THE EXPORT OF RAW MINERAL ORES COMES INTO FORCE - INCE & CO
COALspot.com: On 12 January 2014, the ban on the export of unprocessed mineral ores came into effect in Indonesia. This ban enforces the Mining Law ...
Thursday, 06 February 14
THE WORLD LARGEST COAL EXPORTER SHIPPED AROUND 35.90 MMT OF COAL IN DECEMBER 2013
COALspot.com: Indonesia, the world 4th largest coal producer and the Global largest multi grade coal exporter shipped around $2* billion worth ...
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- Alfred C Toepfer International GmbH - Germany
- Kobexindo Tractors - Indoneisa
- Anglo American - United Kingdom
- Coal and Oil Company - UAE
- Marubeni Corporation - India
- Thiess Contractors Indonesia
- GMR Energy Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- New Zealand Coal & Carbon
- Australian Coal Association
- Mercator Lines Limited - India
- Tamil Nadu electricity Board
- Bukit Makmur.PT - Indonesia
- Ambuja Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Interocean Group of Companies - India
- Romanian Commodities Exchange
- Economic Council, Georgia
- Meenaskhi Energy Private Limited - India
- Central Java Power - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- White Energy Company Limited
- Metalloyd Limited - United Kingdom
- Planning Commission, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kideco Jaya Agung - Indonesia
- European Bulk Services B.V. - Netherlands
- Indonesian Coal Mining Association
- Tata Chemicals Ltd - India
- Iligan Light & Power Inc, Philippines
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- Binh Thuan Hamico - Vietnam
- Australian Commodity Traders Exchange
- Africa Commodities Group - South Africa
- Directorate Of Revenue Intelligence - India
- Kepco SPC Power Corporation, Philippines
- Malabar Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Straits Asia Resources Limited - Singapore
- Bharathi Cement Corporation - India
- CNBM International Corporation - China
- Sakthi Sugars Limited - India
- Maheswari Brothers Coal Limited - India
- London Commodity Brokers - England
- Vijayanagar Sugar Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Energy Link Ltd, New Zealand
- LBH Netherlands Bv - Netherlands
- Sindya Power Generating Company Private Ltd
- Kumho Petrochemical, South Korea
- Bhushan Steel Limited - India
- Coastal Gujarat Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IEA Clean Coal Centre - UK
- Carbofer General Trading SA - India
- Bhoruka Overseas - Indonesia
- Coalindo Energy - Indonesia
- Georgia Ports Authority, United States
- Xindia Steels Limited - India
- SMG Consultants - Indonesia
- Wilmar Investment Holdings
- Asmin Koalindo Tuhup - Indonesia
- Grasim Industreis Ltd - India
- Toyota Tsusho Corporation, Japan
- Latin American Coal - Colombia
- Gujarat Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Mercuria Energy - Indonesia
- Larsen & Toubro Limited - India
- GAC Shipping (India) Pvt Ltd
- South Luzon Thermal Energy Corporation
- SMC Global Power, Philippines
- Altura Mining Limited, Indonesia
- Heidelberg Cement - Germany
- Commonwealth Bank - Australia
- Renaissance Capital - South Africa
- Makarim & Taira - Indonesia
- Wood Mackenzie - Singapore
- Indian Energy Exchange, India
- MS Steel International - UAE
- Ministry of Finance - Indonesia
- Bhatia International Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement PLC, Thailand
- Kohat Cement Company Ltd. - Pakistan
- Pendopo Energi Batubara - Indonesia
- TeaM Sual Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Power Finance Corporation Ltd., India
- Therma Luzon, Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Indika Energy - Indonesia
- Semirara Mining Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Vizag Seaport Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Bulk Trading Sa - Switzerland
- San Jose City I Power Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- OPG Power Generation Pvt Ltd - India
- Thai Mozambique Logistica
- Global Green Power PLC Corporation, Philippines
- Rio Tinto Coal - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Port Waratah Coal Services - Australia
- Gujarat Mineral Development Corp Ltd - India
- Borneo Indobara - Indonesia
- Posco Energy - South Korea
- Gujarat Sidhee Cement - India
- Kapuas Tunggal Persada - Indonesia
- Minerals Council of Australia
- Trasteel International SA, Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PowerSource Philippines DevCo
- Merrill Lynch Commodities Europe
- Riau Bara Harum - Indonesia
- VISA Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Agrawal Coal Company - India
- Savvy Resources Ltd - HongKong
- Deloitte Consulting - India
- Neyveli Lignite Corporation Ltd, - India
- Jorong Barutama Greston.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bangladesh Power Developement Board
- Energy Development Corp, Philippines
- GVK Power & Infra Limited - India
- Dalmia Cement Bharat India
- Siam City Cement - Thailand
- Meralco Power Generation, Philippines
- Karaikal Port Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Uttam Galva Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Petron Corporation, Philippines
- Independent Power Producers Association of India
- PTC India Limited - India
- Krishnapatnam Port Company Ltd. - India
- Ministry of Mines - Canada
- Attock Cement Pakistan Limited
- Electricity Authority, New Zealand
- McConnell Dowell - Australia
- Globalindo Alam Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Manunggal Multi Energi - Indonesia
- Cement Manufacturers Association - India
- Central Electricity Authority - India
- SN Aboitiz Power Inc, Philippines
- The University of Queensland
- Chettinad Cement Corporation Ltd - India
- Parliament of New Zealand
- Goldman Sachs - Singapore
- Timah Investasi Mineral - Indoneisa
- Vedanta Resources Plc - India
- Madhucon Powers Ltd - India
- Salva Resources Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Orica Mining Services - Indonesia
- Videocon Industries ltd - India
- IHS Mccloskey Coal Group - USA
- AsiaOL BioFuels Corp., Philippines
- Cigading International Bulk Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- PNOC Exploration Corporation - Philippines
- ASAPP Information Group - India
- Jindal Steel & Power Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- ICICI Bank Limited - India
- Parry Sugars Refinery, India
- Sojitz Corporation - Japan
- Holcim Trading Pte Ltd - Singapore
- Electricity Generating Authority of Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aditya Birla Group - India
- Singapore Mercantile Exchange
- Antam Resourcindo - Indonesia
- Banpu Public Company Limited - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Lanco Infratech Ltd - India
- Sical Logistics Limited - India
- Global Coal Blending Company Limited - Australia
- The State Trading Corporation of India Ltd
- Semirara Mining and Power Corporation, Philippines
- Mintek Dendrill Indonesia
- The Treasury - Australian Government
- Formosa Plastics Group - Taiwan
- Standard Chartered Bank - UAE
- Barasentosa Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Edison Trading Spa - Italy
- Indo Tambangraya Megah - Indonesia
- Intertek Mineral Services - Indonesia
- India Bulls Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Samtan Co., Ltd - South Korea
- Global Business Power Corporation, Philippines
- Mjunction Services Limited - India
- Indogreen Group - Indonesia
- Baramulti Group, Indonesia
- Aboitiz Power Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Ministry of Transport, Egypt
- Sarangani Energy Corporation, Philippines
- Eastern Energy - Thailand
- Bayan Resources Tbk. - Indonesia
- Eastern Coal Council - USA
- Bukit Baiduri Energy - Indonesia
- Indian Oil Corporation Limited
- Chamber of Mines of South Africa
- Medco Energi Mining Internasional
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