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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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Tuesday, 18 November 14
VALEMAX DEAL TO DETERMINE DRY BULK MARKET'S FATE - DREWRY MARITIME RESEARCH
Vale’s accord to sell and lease four Valemax vessels to COSCO might have negative repercussions on dry bulk freight rates. Vale has committed ...
Tuesday, 18 November 14
SUB-BIT FOB INDONESIA COAL SWAP DELIVERY Q2' 2015 CLOSED AT $ 49.55; DOWN 4.10% M-O-M
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month, gained week on week and day on day.
The Q1 swap has lost US ...
Tuesday, 18 November 14
FOB RICHARDS BAY COAL SWAP FOR Q1' 2015 DELIVERY CLOSED AT $ 66.31; UP 1.33% W-O-W
COALspot.com: API 4 FOB Richards Bay Coal swap for Q1’ 2015 delivery has gained US$ 0.27 (+0.41%) month over month and US$ 0.87 (+1.33%) week ...
Tuesday, 18 November 14
CHEAP OIL PRICES COULD RESHAPE GLOBAL OIL EXPORTING MAP - HELLENIC SHIPPING
Tanker owners have enjoyed a rather healthy 2014, but as the year draws to a close, the fall of oil prices is bound to reshape traditional, as well ...
Monday, 17 November 14
SKULD ISSUES URGENT NOTICE ON BANKRUPTCY OF OW BUNKER A/S
Further to the Association’s advices of 7 November 2014, more information has come to light with respect to the potential impact and scale of ...
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- PetroVietnam Power Coal Import and Supply Company
- Toyota Tsusho Corporation, Japan
- Eastern Coal Council - USA
- The Treasury - Australian Government
- Anglo American - United Kingdom
- Formosa Plastics Group - Taiwan
- Tata Chemicals Ltd - India
- Africa Commodities Group - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bharathi Cement Corporation - India
- Mercuria Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Economic Council, Georgia
- GAC Shipping (India) Pvt Ltd
- Iligan Light & Power Inc, Philippines
- Singapore Mercantile Exchange
- Meralco Power Generation, Philippines
- Central Java Power - Indonesia
- Heidelberg Cement - Germany
- Sakthi Sugars Limited - India
- Georgia Ports Authority, United States
- McConnell Dowell - Australia
- Price Waterhouse Coopers - Russia
- Neyveli Lignite Corporation Ltd, - India
- Lanco Infratech Ltd - India
- Essar Steel Hazira Ltd - India
- Latin American Coal - Colombia
- Kapuas Tunggal Persada - Indonesia
- Kumho Petrochemical, South Korea
- AsiaOL BioFuels Corp., Philippines
- Riau Bara Harum - Indonesia
- Ministry of Finance - Indonesia
- SMC Global Power, Philippines
- Karaikal Port Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Ministry of Transport, Egypt
- Therma Luzon, Inc, Philippines
- Banpu Public Company Limited - Thailand
- PowerSource Philippines DevCo
- Indian Energy Exchange, India
- Bulk Trading Sa - Switzerland
- Bayan Resources Tbk. - Indonesia
- Pendopo Energi Batubara - Indonesia
- Mjunction Services Limited - India
- Larsen & Toubro Limited - India
- Vizag Seaport Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Minerals Council of Australia
- Independent Power Producers Association of India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sindya Power Generating Company Private Ltd
- Global Green Power PLC Corporation, Philippines
- Renaissance Capital - South Africa
- Binh Thuan Hamico - Vietnam
- Timah Investasi Mineral - Indoneisa
- New Zealand Coal & Carbon
- TeaM Sual Corporation - Philippines
- Coalindo Energy - Indonesia
- VISA Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Ministry of Mines - Canada
- CNBM International Corporation - China
- Rashtriya Ispat Nigam Limited - India
- Bukit Makmur.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Thiess Contractors Indonesia
- Directorate General of MIneral and Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Global Coal Blending Company Limited - Australia
- Sinarmas Energy and Mining - Indonesia
- Antam Resourcindo - Indonesia
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Siam City Cement - Thailand
- Petron Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Coastal Gujarat Power Limited - India
- MS Steel International - UAE
- Coal and Oil Company - UAE
- Thai Mozambique Logistica
- London Commodity Brokers - England
- PTC India Limited - India
- Power Finance Corporation Ltd., India
- Kepco SPC Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Vedanta Resources Plc - India
- Xindia Steels Limited - India
- The State Trading Corporation of India Ltd
- Karbindo Abesyapradhi - Indoneisa
- Indian Oil Corporation Limited
- Kalimantan Lumbung Energi - Indonesia
- Parliament of New Zealand
- Interocean Group of Companies - India
- Uttam Galva Steels Limited - India
- ASAPP Information Group - India
- Marubeni Corporation - India
- CIMB Investment Bank - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement PLC, Thailand
- Goldman Sachs - Singapore
- Miang Besar Coal Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Electricity Generating Authority of Thailand
- Ind-Barath Power Infra Limited - India
- Savvy Resources Ltd - HongKong
- OPG Power Generation Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Deloitte Consulting - India
- Attock Cement Pakistan Limited
- SMG Consultants - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Tamil Nadu electricity Board
- Salva Resources Pvt Ltd - India
- Agrawal Coal Company - India
- Electricity Authority, New Zealand
- Jindal Steel & Power Ltd - India
- Altura Mining Limited, Indonesia
- Ambuja Cements Ltd - India
- GMR Energy Limited - India
- Planning Commission, India
- Trasteel International SA, Italy
- Commonwealth Bank - Australia
- Kartika Selabumi Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Australian Coal Association
- Star Paper Mills Limited - India
- Mintek Dendrill Indonesia
- Romanian Commodities Exchange
- Standard Chartered Bank - UAE
- Bangladesh Power Developement Board
- The University of Queensland
- Cigading International Bulk Terminal - Indonesia
- Central Electricity Authority - India
- India Bulls Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Globalindo Alam Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Energy Link Ltd, New Zealand
- Port Waratah Coal Services - Australia
- Jorong Barutama Greston.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Parry Sugars Refinery, India
- Videocon Industries ltd - India
- LBH Netherlands Bv - Netherlands
- Wood Mackenzie - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- SN Aboitiz Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Malabar Cements Ltd - India
- Semirara Mining Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Intertek Mineral Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Orica Mining Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Indika Energy - Indonesia
- Bhushan Steel Limited - India
- Indo Tambangraya Megah - Indonesia
- Posco Energy - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Samtan Co., Ltd - South Korea
- PNOC Exploration Corporation - Philippines
- IEA Clean Coal Centre - UK
- Mercator Lines Limited - India
- South Luzon Thermal Energy Corporation
- San Jose City I Power Corp, Philippines
- Cement Manufacturers Association - India
- ICICI Bank Limited - India
- Eastern Energy - Thailand
- White Energy Company Limited
- Gujarat Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Sree Jayajothi Cements Limited - India
- Indogreen Group - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sojitz Corporation - Japan
- Grasim Industreis Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Bhatia International Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Edison Trading Spa - Italy
- Aditya Birla Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Baramulti Group, Indonesia
- Borneo Indobara - Indonesia
- Makarim & Taira - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Australian Commodity Traders Exchange
- Leighton Contractors Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Chettinad Cement Corporation Ltd - India
- Maheswari Brothers Coal Limited - India
- Aboitiz Power Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Merrill Lynch Commodities Europe
- IHS Mccloskey Coal Group - USA
- Medco Energi Mining Internasional
- Dalmia Cement Bharat India
- Wilmar Investment Holdings
- Barasentosa Lestari - Indonesia
- Rio Tinto Coal - Australia
- Orica Australia Pty. Ltd.
- Metalloyd Limited - United Kingdom
- Energy Development Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ceylon Electricity Board - Sri Lanka
- Sical Logistics Limited - India
- Chamber of Mines of South Africa
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