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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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Sunday, 05 January 14
API 8 CFR SOUTH CHINA COAL SWAP FOR Q3 DELIVERY CLOSED $ 80.05, A $ 0.90 LOWER THAN Q1 PRICE
COALspot.com : API 8 CFR South China Coal swaps for average Q1’ 14 delivery lost 1.40 percept day on day closed at US$ 80.95 per mt as o ...
Sunday, 05 January 14
CENTRAL BUREAU OF INVESTIGATION OF INDIA REGISTERS CASES IN CONNECTION WITH ALLEGED SUPPLY OF LOW QUALITY INDONESIAN COAL BY A PRIVATE COMPANY TO NTPC & NSPCL
COALspot.com: The Central Bureau of Investigation of India has registered two cases regarding alleged supply of low quality imported Indonesian coal ...
Saturday, 04 January 14
THE INDONESIAN GOVERNMENT TO DOWNSIZE ITS COAL PRODUCTION TARGET TO 400 MMT THIS YEAR
COALspot.com: Indonesia to downsize its coal production target to 400 million tons in 2014, lower than the production in 2013, which stood at 421 mi ...
Friday, 03 January 14
IN 2013 RBCT HAS, FOR THE FIRST TIME, EXPORTED MORE THAN 70 MILLION TONS OF COAL
COALspot.com: South Africa's Richards Bay coal terminal, the world’s largest single coal exporting terminal shipped 6.788 million tonnes of c ...
Wednesday, 01 January 14
COAL & OIL TO SET UP ANOTHER 1,600 MW POWER PLANT IN INDIA - VENKATARAMANI
COALspot.com: Dubai-based Coal & Oil (C&O) Group is planning to make additional investment of around US$ 1.61 billion to set up 1,600 mega w ...
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- Wood Mackenzie - Singapore
- Semirara Mining and Power Corporation, Philippines
- ASAPP Information Group - India
- Agrawal Coal Company - India
- Salva Resources Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Kumho Petrochemical, South Korea
- Global Coal Blending Company Limited - Australia
- Deloitte Consulting - India
- Madhucon Powers Ltd - India
- White Energy Company Limited
- Larsen & Toubro Limited - India
- Directorate Of Revenue Intelligence - India
- Rashtriya Ispat Nigam Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The University of Queensland
- Gujarat Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Maheswari Brothers Coal Limited - India
- Metalloyd Limited - United Kingdom
- San Jose City I Power Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mjunction Services Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vedanta Resources Plc - India
- Heidelberg Cement - Germany
- OPG Power Generation Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- PTC India Limited - India
- Planning Commission, India
- Ambuja Cements Ltd - India
- Petron Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Indian Oil Corporation Limited
- Sinarmas Energy and Mining - Indonesia
- Gujarat Sidhee Cement - India
- Merrill Lynch Commodities Europe
- Samtan Co., Ltd - South Korea
- Bharathi Cement Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Transport, Egypt
- Toyota Tsusho Corporation, Japan
- Energy Development Corp, Philippines
- Essar Steel Hazira Ltd - India
- SN Aboitiz Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Borneo Indobara - Indonesia
- Videocon Industries ltd - India
- Tata Chemicals Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Parry Sugars Refinery, India
- Goldman Sachs - Singapore
- Straits Asia Resources Limited - Singapore
- Tamil Nadu electricity Board
- Oldendorff Carriers - Singapore
- Barasentosa Lestari - Indonesia
- Sakthi Sugars Limited - India
- Indika Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Globalindo Alam Lestari - Indonesia
- Mercator Lines Limited - India
- Antam Resourcindo - Indonesia
- Intertek Mineral Services - Indonesia
- Edison Trading Spa - Italy
- Renaissance Capital - South Africa
- TeaM Sual Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- IEA Clean Coal Centre - UK
- Eastern Coal Council - USA
- McConnell Dowell - Australia
- SMC Global Power, Philippines
- IHS Mccloskey Coal Group - USA
- Orica Mining Services - Indonesia
- Mintek Dendrill Indonesia
- Riau Bara Harum - Indonesia
- Power Finance Corporation Ltd., India
- Dalmia Cement Bharat India
- Indo Tambangraya Megah - Indonesia
- Energy Link Ltd, New Zealand
- Electricity Generating Authority of Thailand
- Neyveli Lignite Corporation Ltd, - India
- Ceylon Electricity Board - Sri Lanka
- London Commodity Brokers - England
- Medco Energi Mining Internasional
- Ministry of Mines - Canada
- PowerSource Philippines DevCo
- Cement Manufacturers Association - India
- Semirara Mining Corp, Philippines
- Parliament of New Zealand
- Xindia Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Pendopo Energi Batubara - Indonesia
- Mercuria Energy - Indonesia
- Chamber of Mines of South Africa
- Posco Energy - South Korea
- Port Waratah Coal Services - Australia
- Kideco Jaya Agung - Indonesia
- GVK Power & Infra Limited - India
- Attock Cement Pakistan Limited
- Wilmar Investment Holdings
- Anglo American - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Commonwealth Bank - Australia
- Makarim & Taira - Indonesia
- Manunggal Multi Energi - Indonesia
- Lanco Infratech Ltd - India
- Electricity Authority, New Zealand
- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
- Independent Power Producers Association of India
- Trasteel International SA, Italy
- Bhatia International Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PNOC Exploration Corporation - Philippines
- Central Java Power - Indonesia
- Coastal Gujarat Power Limited - India
- Uttam Galva Steels Limited - India
- CNBM International Corporation - China
- AsiaOL BioFuels Corp., Philippines
- Minerals Council of Australia
- Indonesian Coal Mining Association
- Sical Logistics Limited - India
- India Bulls Power Limited - India
- Baramulti Group, Indonesia
- South Luzon Thermal Energy Corporation
- Standard Chartered Bank - UAE
- CIMB Investment Bank - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Altura Mining Limited, Indonesia
- The State Trading Corporation of India Ltd
- Romanian Commodities Exchange
- Chettinad Cement Corporation Ltd - India
- Aboitiz Power Corporation - Philippines
- Coalindo Energy - Indonesia
- Meralco Power Generation, Philippines
- Marubeni Corporation - India
- MS Steel International - UAE
- Ministry of Finance - Indonesia
- Carbofer General Trading SA - India
- Africa Commodities Group - South Africa
- Bhushan Steel Limited - India
- Singapore Mercantile Exchange
- Siam City Cement - Thailand
- New Zealand Coal & Carbon
- Economic Council, Georgia
- Bukit Asam (Persero) Tbk - Indonesia
- Thai Mozambique Logistica
- Grasim Industreis Ltd - India
- Sree Jayajothi Cements Limited - India
- Vizag Seaport Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Aditya Birla Group - India
- Price Waterhouse Coopers - Russia
- SMG Consultants - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kalimantan Lumbung Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Indogreen Group - Indonesia
- Global Green Power PLC Corporation, Philippines
- Central Electricity Authority - India
- Therma Luzon, Inc, Philippines
- Bulk Trading Sa - Switzerland
- Sindya Power Generating Company Private Ltd
- Bayan Resources Tbk. - Indonesia
- Latin American Coal - Colombia
- GMR Energy Limited - India
- Kapuas Tunggal Persada - Indonesia
- ICICI Bank Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Kepco SPC Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- LBH Netherlands Bv - Netherlands
- Bhoruka Overseas - Indonesia
- Bukit Makmur.PT - Indonesia
- Rio Tinto Coal - Australia
- PetroVietnam Power Coal Import and Supply Company
- Miang Besar Coal Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Formosa Plastics Group - Taiwan
- Cigading International Bulk Terminal - Indonesia
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- Eastern Energy - Thailand
- Binh Thuan Hamico - Vietnam
- Coal and Oil Company - UAE
- Bangladesh Power Developement Board
- Thiess Contractors Indonesia
- Indian Energy Exchange, India
- Kobexindo Tractors - Indoneisa
- Australian Commodity Traders Exchange
- VISA Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Global Business Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Kartika Selabumi Mining - Indonesia
- The Treasury - Australian Government
- Sojitz Corporation - Japan
- Banpu Public Company Limited - Thailand
- Krishnapatnam Port Company Ltd. - India
- Meenaskhi Energy Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Leighton Contractors Pty Ltd - Australia
- Malabar Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Star Paper Mills Limited - India
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