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Saturday, 22 November 14
THE FALL IN BUNKER PRICES REDUCE FUEL COSTS SIGNIFICANTLY - BIMCO, PETER SAND
 For a ship that burns 24 tonnes of fuel per day while steaming, fuel costs are reduced by as much as USD 1 million a year if current price level stay put. Assuming a difference from the average of first half of 2014 at USD 578 for 380 cSt, High Sulphur Fuel Oil (HSFO) in Rotterdam, to a new level of USD 412, and a sailing time of 70%.
On an industry-wide scale, the drop have reduced the entire international shipping industry’s daily bunker cost by USD 117 million per day. Assuming an annual market for bunker fuels 257 million tons, bought at spot price and a drop in prices by USD 166 per mt on HSFO. Actually, it may be even slightly higher as prices for Marine Gas Oil (MGO) has slid USD 215 per mt, but no adjustment made for that.
Chief Shipping Analyst at BIMCO, Peter Sand, said:
“The drop in oil prices mirrors the disappointing development in the global GDP growth figures. Where we have seen one downward revision followed by another this year.
“Despite the lower prices, bunkers remain the single most significant cost item for owners and operators. For a Handymax in current markets using abt. 24 tonnes a day, bunker cost amount to USD 10,000, close to twice the amount spent on OPEX (abt. USD 5,500 per day).
“Slow steaming is expected to remain an integrated part of shipping going forward in spite of the falling prices, as bunker cost are still significant and so is overcapacity in the freight market.
“The fall in oil prices and a strong start to the winter season have spurred demand for tankers lifting earnings within all tanker segments considerably.
The unrest in the financial markets starting in Q3 and continuing into Q4 have sent the global oil prices down. Due to more than adequate supply and less than adequate demand.
Demand
side being the real trouble as the ongoing world economic recovery and keeps “postponing” the arrival of a sustainable global and regional economic growth level.
According to IEA: “Specific economic concerns regarding Europe, China and Russia act as a drag on the forecast, removing 0.4 mb/d from the 4Q14 estimate compared to last month’s Report [September], but year-on-year (y-o-y) growth still accelerates to 765 kb/d for 4Q14.
The upside from the slide in oil prices is lower costs of energy for all including the shipping industry, which welcomes lower bunker prices.
Going into the heating season in the northern hemisphere is it’s relevant to remember that money not spent on energy consumption, may boost private spending on other goods and by that lifting private consumption and helping the fragile recovery along.
1. During first half of 2014, average bunker fuel prices were: HSFO 578 per mt and MGO 911 per mt. For crude oil prices were: Brent 109 per barrel and WTI 101 per barrel.
2. Since mid-June, prices have known only one way and that has been down south.
3. According to Marine Bunker Exchange (MABUX), the current prices (20/11) are as follows:
HSFO 412 per mt, MGO 696 per mt, Brent 79 per barrel and WTI 76 per barrel.
The percentage fall have been respectively: 29%, 24%, 27% and 25%.
New data on key indicators sheds light on present, near-term and future shipping markets.
This news piece follows up on BIMCO market reports and comments to commercial developments for the three main shipping segments.
Source: BIMCO, Peter Sand
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Wednesday, 26 November 14
OVERSUPPLY OF TONNAGE PUSHED PANAMAX SEGMENT DOWN FOR ANOTHER WEEK
COALspot.com: The Dry Bulk market managed to reverse its course from the week prior and with the sole exception of the Panamax segment, we witnesse ...
Wednesday, 26 November 14
SHIPPING MARKET INSIGHT - EVA TZIMA
The tanker market has been enjoying some good returns lately. Ok, that may be a big understatement, but with all the ups and downs of the past year ...
Tuesday, 25 November 14
FISCAL BREAKEVEN OIL PRICES SHOW SOVEREIGN VULNERABILITY - FITCH
COALspot.com: The vulnerability of the sovereign credit profiles of net oil exporters, as shown by their fiscal breakeven oil prices, suggests that ...
Tuesday, 25 November 14
UK: TRIBUNAL RULES ON SPEED AND PERFORMANCE CLAIMS UNDER TWO CONSECUTIVE TIME CHARTERPARTIES - REED SMITH
KNOWLEDGE TO ELEVATE
“Owners not to be responsible if the vessel under the currency of this charter party stays at port or anchorage or ...
Tuesday, 25 November 14
FOB RICHARDS BAY COAL SWAP FOR Q4' 15 DELIVERY CLOSED AT US$ 68.20
COALspot.com: API 4 FOB Richards Bay Coal for delivery Q1' 2015 gained month on month, week on week and day over day.
The Q1 swap has gain ...
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- ASAPP Information Group - India
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- PowerSource Philippines DevCo
- Directorate General of MIneral and Coal - Indonesia
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- Sindya Power Generating Company Private Ltd
- Bharathi Cement Corporation - India
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- Indonesian Coal Mining Association
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- Intertek Mineral Services - Indonesia
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- Wilmar Investment Holdings
- Indian Oil Corporation Limited
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- Thai Mozambique Logistica
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Planning Commission, India
- Pendopo Energi Batubara - Indonesia
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
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- White Energy Company Limited
- VISA Power Limited - India
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- AsiaOL BioFuels Corp., Philippines
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- Standard Chartered Bank - UAE
- Siam City Cement PLC, Thailand
- Sree Jayajothi Cements Limited - India
- India Bulls Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CNBM International Corporation - China
- SMG Consultants - Indonesia
- Malabar Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Essar Steel Hazira Ltd - India
- The University of Queensland
- Wood Mackenzie - Singapore
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- Tamil Nadu electricity Board
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- Alfred C Toepfer International GmbH - Germany
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- Bank of Tokyo Mitsubishi UFJ Ltd
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- TNB Fuel Sdn Bhd - Malaysia
- The State Trading Corporation of India Ltd
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- Ministry of Transport, Egypt
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- IEA Clean Coal Centre - UK
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- Bangladesh Power Developement Board
- Price Waterhouse Coopers - Russia
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- Deloitte Consulting - India
- Metalloyd Limited - United Kingdom
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- Eastern Energy - Thailand
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- Renaissance Capital - South Africa
- Singapore Mercantile Exchange
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- Vizag Seaport Private Limited - India
- Bukit Makmur.PT - Indonesia
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- Medco Energi Mining Internasional
- Marubeni Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Larsen & Toubro Limited - India
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- Coal and Oil Company - UAE
- Eastern Coal Council - USA
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- Central Java Power - Indonesia
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- Samtan Co., Ltd - South Korea
- LBH Netherlands Bv - Netherlands
- Thiess Contractors Indonesia
- Kumho Petrochemical, South Korea
- Energy Link Ltd, New Zealand
- Orica Australia Pty. Ltd.
- Miang Besar Coal Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Karaikal Port Pvt Ltd - India
- London Commodity Brokers - England
- Leighton Contractors Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Mintek Dendrill Indonesia
- Maheswari Brothers Coal Limited - India
- Cigading International Bulk Terminal - Indonesia
- Heidelberg Cement - Germany
- PTC India Limited - India
- Edison Trading Spa - Italy
- Kartika Selabumi Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Riau Bara Harum - Indonesia
- Indika Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Bulk Trading Sa - Switzerland
- Offshore Bulk Terminal Pte Ltd, Singapore
- PNOC Exploration Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Directorate Of Revenue Intelligence - India
- Independent Power Producers Association of India
- Meenaskhi Energy Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Ministry of Mines - Canada
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