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Monday, 15 December 14
WILL TANKERS BENEFIT FROM REEMERGENCE OF FLOATING STORAGE PLAYS? - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The tanker market has been seeing high freight rates for some time now, riding on the back of low oil prices, which are boosting demand from developing nations, looking to replenish their stockpiles. However, another factor could also emerge, with the return of floating storage plays. According to the latest report from shipbroker Charles R. Weber, “following strong crude price losses during late 2008 and early 2009, the $45 emergence of a steep contango in crude futures markets supported a surge in demand for tankers to service floating storage contracts. By 2010, as the $30 wheels of the global economy improved on a return to strong growth in $15 emerging economies, the contango curve became steep enough to support $0 floating storage sufficiently to consume through much of 1H10 upwards of 10% of the global VLCC fleet. This lead to stronger earnings for the class with knock on effects for smaller tanker counterparts as overall availability levels declined”.
According to the shipbroker, “when crude prices started observing losses early during 2H14, the reemergence $60 of a contangoed futures curve reignited consideration of floating storage, but $45 little has materialized as the S/bbl storage costs consistently forward crude spreads. With the global demand/supply imbalance having extended through $30 2H14, the unwillingness by OPEC (or more specifically: a prominent contingent of OPEC’s membership) to react through supply cuts, recent downward $15 revisions by key oil forecasting agencies to demand projections implies that a wider imbalance will materialize during 2015. In its latest report, the IEA notes $0 the imbalance with a corresponding rise in implied steep building up of global crude inventories of relative earnings strength (if below present peak levels). How the crude $80 market develops thereafter will likely dictate the course that tanker earnings take through the remainder of 2015. $60 For its part, support from floating storage remains off the table due to the $40 prohibitively high cost to procure tonnage for such a purpose”.
C.R. Weber noted that “at present assessments, a 6 month floating storage contract off Singapore would equate to $20 a cost ~$5.84/bbl while the spread between Brent’s front month and July contracts stands at $3.72/bbl Further into 2015, however, continued crude price losses which could be inferred by the |EA’s projected widening of the global demand/supply $40 imbalance could lead to crude supply cuts to support prices. Though such a $30 scenario represents a threat to crude tanker demand, a simultaneous correcting of freight markets and steepening of contango curves could create the requisite $20 economics to support floating storage. This would likely place a floor on prospective freight downside while bridging the market to a subsequent $10 rebalancing of crude markets, thus limiting an impact on crude tanker earnings”, the shipbroker concluded.
Meanwhile, in the crude tanker markets this week, in the VLCC segment “rates firmed this week as charterers worked through much of the remainder of the Middle East market’s December program while owners became more bullish in a late reaction to narrower supply/demand fundamentals. Stronger demand in the Middle East market – where the December program has already yielded the most cargoes since the April program and is poised to conclude with the most since the February market – has coincided with a recent demand acceleration in the West Africa market. As both of these areas draw from Middle East positions, the region’s supply/demand positioning is at its narrowest level since 2008 with just 5 surplus positions through end? December dates. With 118 Middle East December cargoes covered to date and the program expected to conclude with 121, the 8 units which remain on position lists to cover the remaining stems appear set to observe premiums to present assessments. How aggressively charterers progress into the January program during the upcoming week will thus likely dictate the direction that rates will take for early January cargoes. Given shortened working weeks during the final two weeks of the year, charterers could reach forward on dates (as the market already is observing) during the upcoming week to cover requirements ahead of the holidays. Against the tight supply/demand profile, this would imply an extending of the present rate rally. Further forward, as the market moves past the first half of the January program and forward fixing windows normalize, the reappearance of units presently on trades to points in the east on Middle East position lists should see rates start to correct”, C.R. Weber concluded.
Source: Nikos Roussanoglou, Hellenic Shipping News
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Wednesday, 17 December 14
MARKET INSIGHT - INTERMODAL SHANGHAI, SNP TEAM
As the end of the fourth quarter is approaching, we are all witness to the second hand market prices softening day by day. Any new deal surfacing t ...
Tuesday, 16 December 14
THIS PRICE IS A STEAL - EVA TZIMA
COALspot.com: Despite concerns that the slowdown of the Chinese economy would affect imports of iron ore, it seems that this has not been the case ...
Tuesday, 16 December 14
FOB RICHARDS BAY COAL SWAP FOR Q2' 15 DELIVERY CLOSED AT US$ 65.60 PMT
COALspot.com: API 4 FOB Richards Bay Coal for delivery Q1' 2015 lost month on month.
The Q1 swap has lost US$ 0.18 (-0.27%) month on month ...
Tuesday, 16 December 14
SUB-BIT FOB INDONESIA COAL SWAP CONTINUES ITS FALL
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month, week over week and day on day.
The Q1 swap has lost US$ 1.7 ...
Monday, 15 December 14
INDONESIAN COAL PRICE REFERENCE CRASHES THROUGH $65
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down the coal bench mark price once again in December. HBA for t ...
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- Leighton Contractors Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- VISA Power Limited - India
- Georgia Ports Authority, United States
- Indogreen Group - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kobexindo Tractors - Indoneisa
- Posco Energy - South Korea
- Merrill Lynch Commodities Europe
- Vijayanagar Sugar Pvt Ltd - India
- ICICI Bank Limited - India
- Grasim Industreis Ltd - India
- Uttam Galva Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Timah Investasi Mineral - Indoneisa
- LBH Netherlands Bv - Netherlands
- Coastal Gujarat Power Limited - India
- Borneo Indobara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Indonesian Coal Mining Association
- SMG Consultants - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Larsen & Toubro Limited - India
- Power Finance Corporation Ltd., India
- Sakthi Sugars Limited - India
- Karaikal Port Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- CIMB Investment Bank - Malaysia
- Eastern Energy - Thailand
- Savvy Resources Ltd - HongKong
- The Treasury - Australian Government
- Cement Manufacturers Association - India
- Planning Commission, India
- Global Coal Blending Company Limited - Australia
- Cigading International Bulk Terminal - Indonesia
- Indian Oil Corporation Limited
- Madhucon Powers Ltd - India
- Lanco Infratech Ltd - India
- Orica Mining Services - Indonesia
- Africa Commodities Group - South Africa
- Banpu Public Company Limited - Thailand
- Parliament of New Zealand
- Carbofer General Trading SA - India
- International Coal Ventures Pvt Ltd - India
- Aditya Birla Group - India
- Latin American Coal - Colombia
- Makarim & Taira - Indonesia
- Siam City Cement PLC, Thailand
- White Energy Company Limited
- Goldman Sachs - Singapore
- Agrawal Coal Company - India
- McConnell Dowell - Australia
- TeaM Sual Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- IEA Clean Coal Centre - UK
- Port Waratah Coal Services - Australia
- Electricity Authority, New Zealand
- Intertek Mineral Services - Indonesia
- Mjunction Services Limited - India
- Meralco Power Generation, Philippines
- Sree Jayajothi Cements Limited - India
- Bukit Baiduri Energy - Indonesia
- Barasentosa Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vedanta Resources Plc - India
- Ceylon Electricity Board - Sri Lanka
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Price Waterhouse Coopers - Russia
- Kideco Jaya Agung - Indonesia
- Parry Sugars Refinery, India
- Holcim Trading Pte Ltd - Singapore
- Deloitte Consulting - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Commodity Traders Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kartika Selabumi Mining - Indonesia
- Sojitz Corporation - Japan
- San Jose City I Power Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Standard Chartered Bank - UAE
- Kapuas Tunggal Persada - Indonesia
- Baramulti Group, Indonesia
- Jaiprakash Power Ventures ltd
- Jorong Barutama Greston.PT - Indonesia
- Global Business Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Videocon Industries ltd - India
- Aboitiz Power Corporation - Philippines
- Interocean Group of Companies - India
- Trasteel International SA, Italy
- Singapore Mercantile Exchange
- Directorate General of MIneral and Coal - Indonesia
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Sidhee Cement - India
- CNBM International Corporation - China
- Orica Australia Pty. Ltd.
- Bhushan Steel Limited - India
- Altura Mining Limited, Indonesia
- Marubeni Corporation - India
- Malabar Cements Ltd - India
- SMC Global Power, Philippines
- Medco Energi Mining Internasional
- Pipit Mutiara Jaya. PT, Indonesia
- Therma Luzon, Inc, Philippines
- Commonwealth Bank - Australia
- Ministry of Finance - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Sical Logistics Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- The University of Queensland
- Binh Thuan Hamico - Vietnam
- Pendopo Energi Batubara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Iligan Light & Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Dalmia Cement Bharat India
- Alfred C Toepfer International GmbH - Germany
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- Ambuja Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Thiess Contractors Indonesia
- Salva Resources Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Kumho Petrochemical, South Korea
- Ministry of Transport, Egypt
- Sarangani Energy Corporation, Philippines
- Coalindo Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Heidelberg Cement - Germany
- Sindya Power Generating Company Private Ltd
- The State Trading Corporation of India Ltd
- Essar Steel Hazira Ltd - India
- Energy Link Ltd, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Australian Coal Association
- Indika Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Coal and Oil Company - UAE
- Tamil Nadu electricity Board
- Renaissance Capital - South Africa
- Minerals Council of Australia
- Edison Trading Spa - Italy
- Ministry of Mines - Canada
- Simpson Spence & Young - Indonesia
- MS Steel International - UAE
- Wood Mackenzie - Singapore
- Straits Asia Resources Limited - Singapore
- Xindia Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Star Paper Mills Limited - India
- Samtan Co., Ltd - South Korea
- Bayan Resources Tbk. - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Bharathi Cement Corporation - India
- Independent Power Producers Association of India
- Neyveli Lignite Corporation Ltd, - India
- Romanian Commodities Exchange
- Bhoruka Overseas - Indonesia
- AsiaOL BioFuels Corp., Philippines
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- Attock Cement Pakistan Limited
- Bulk Trading Sa - Switzerland
- Anglo American - United Kingdom
- Riau Bara Harum - Indonesia
- London Commodity Brokers - England
- Bukit Makmur.PT - Indonesia
- Bhatia International Limited - India
- Antam Resourcindo - Indonesia
- PTC India Limited - India
- Meenaskhi Energy Private Limited - India
- Semirara Mining Corp, Philippines
- GVK Power & Infra Limited - India
- New Zealand Coal & Carbon
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Electricity Authority - India
- European Bulk Services B.V. - Netherlands
- India Bulls Power Limited - India
- Mercator Lines Limited - India
- Global Green Power PLC Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Maheswari Brothers Coal Limited - India
- Indian Energy Exchange, India
- Krishnapatnam Port Company Ltd. - India
- Vizag Seaport Private Limited - India
- Central Java Power - Indonesia
- Metalloyd Limited - United Kingdom
- Energy Development Corp, Philippines
- PowerSource Philippines DevCo
- Rio Tinto Coal - Australia
- Siam City Cement - Thailand
- Mercuria Energy - Indonesia
- Tata Chemicals Ltd - India
- Bangladesh Power Developement Board
- Oldendorff Carriers - Singapore
- Formosa Plastics Group - Taiwan
- Petron Corporation, Philippines
- Thai Mozambique Logistica
- Maharashtra Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Coal Council - USA
- Wilmar Investment Holdings
- South Luzon Thermal Energy Corporation
- Kepco SPC Power Corporation, Philippines
- Economic Council, Georgia
- Ind-Barath Power Infra Limited - India
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