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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, 10 December 14
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS, INTERMODAL
COALspot.com: As 2014 is coming to an end, we look back to what has happened during the year and notice that SnP activity has been particularly sof ...
Wednesday, 10 December 14
WORLD HARD COAL MARKET 2014: PRODUCTION AND TRADE STAGNATING, IMPORTS TO GERMANY AND EUROPE ON THE DECLINE
Press Release: German Coal Importers Association (VDKi) criticizes regulations ordering reduction of CO2 emissions from coal-fired power plants as ...
Tuesday, 09 December 14
PRESSURE ON CHINA COAL MINERS TO CONTINUE DESPITE GOVERNMENT SUPPORT - FITCH
COALspot.com: Fitch Ratings says that Chinese coal mining companies will continue to be pressured by low prices, which will persist despite recent ...
Tuesday, 09 December 14
Q4' 2015, FOB INDONESIA COAL SWAP CLOSED AT $ 49.02 W/E 5 DEC
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$ 0.2 ...
Tuesday, 09 December 14
API 8 CFR SOUTH CHINA COAL SWAPS FELL 1.8% MONTH OVER MONTH
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased US$ 1.84 (-2.91%) month over month and US$ 0.95 (-1.52%) we ...
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- Indogreen Group - Indonesia
- Timah Investasi Mineral - Indoneisa
- ICICI Bank Limited - India
- Deloitte Consulting - India
- Semirara Mining Corp, Philippines
- Thiess Contractors Indonesia
- Merrill Lynch Commodities Europe
- Karaikal Port Pvt Ltd - India
- CNBM International Corporation - China
- Petrochimia International Co. Ltd.- Taiwan
- Bhushan Steel Limited - India
- Singapore Mercantile Exchange
- Georgia Ports Authority, United States
- Straits Asia Resources Limited - Singapore
- Gujarat Sidhee Cement - India
- Jaiprakash Power Ventures ltd
- Bayan Resources Tbk. - Indonesia
- Independent Power Producers Association of India
- Renaissance Capital - South Africa
- Barasentosa Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Formosa Plastics Group - Taiwan
- GAC Shipping (India) Pvt Ltd
- Jindal Steel & Power Ltd - India
- Maheswari Brothers Coal Limited - India
- Chamber of Mines of South Africa
- Sree Jayajothi Cements Limited - India
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- Uttam Galva Steels Limited - India
- Energy Link Ltd, New Zealand
- Sojitz Corporation - Japan
- Power Finance Corporation Ltd., India
- Malabar Cements Ltd - India
- India Bulls Power Limited - India
- Wood Mackenzie - Singapore
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
- LBH Netherlands Bv - Netherlands
- Romanian Commodities Exchange
- Krishnapatnam Port Company Ltd. - India
- CIMB Investment Bank - Malaysia
- Simpson Spence & Young - Indonesia
- Ministry of Transport, Egypt
- Mercuria Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Mines - Canada
- Pipit Mutiara Jaya. PT, Indonesia
- Kaltim Prima Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Cement Manufacturers Association - India
- Australian Commodity Traders Exchange
- Aditya Birla Group - India
- Heidelberg Cement - Germany
- OPG Power Generation Pvt Ltd - India
- Standard Chartered Bank - UAE
- Orica Mining Services - Indonesia
- Therma Luzon, Inc, Philippines
- Port Waratah Coal Services - Australia
- Gujarat Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Planning Commission, India
- Trasteel International SA, Italy
- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
- Parry Sugars Refinery, India
- Borneo Indobara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- MS Steel International - UAE
- Edison Trading Spa - Italy
- Gujarat Mineral Development Corp Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Leighton Contractors Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Bhoruka Overseas - Indonesia
- Altura Mining Limited, Indonesia
- Wilmar Investment Holdings
- Commonwealth Bank - Australia
- Thai Mozambique Logistica
- Samtan Co., Ltd - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- London Commodity Brokers - England
- PNOC Exploration Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- VISA Power Limited - India
- Riau Bara Harum - Indonesia
- Antam Resourcindo - Indonesia
- Globalindo Alam Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Alfred C Toepfer International GmbH - Germany
- Banpu Public Company Limited - Thailand
- Savvy Resources Ltd - HongKong
- SMC Global Power, Philippines
- Bulk Trading Sa - Switzerland
- Central Java Power - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bharathi Cement Corporation - India
- Marubeni Corporation - India
- Coalindo Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
- Offshore Bulk Terminal Pte Ltd, Singapore
- GVK Power & Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Indian Oil Corporation Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sarangani Energy Corporation, Philippines
- Bangladesh Power Developement Board
- Sical Logistics Limited - India
- Attock Cement Pakistan Limited
- Vizag Seaport Private Limited - India
- Dalmia Cement Bharat India
- Holcim Trading Pte Ltd - Singapore
- Videocon Industries ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Coal Association
- San Jose City I Power Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kumho Petrochemical, South Korea
- Ministry of Finance - Indonesia
- Indian Energy Exchange, India
- Interocean Group of Companies - India
- Ambuja Cements Ltd - India
- Orica Australia Pty. Ltd.
- Central Electricity Authority - India
- The Treasury - Australian Government
- Siam City Cement PLC, Thailand
- Sindya Power Generating Company Private Ltd
- Agrawal Coal Company - India
- Metalloyd Limited - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Miang Besar Coal Terminal - Indonesia
- PTC India Limited - India
- Bukit Makmur.PT - Indonesia
- Goldman Sachs - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Meralco Power Generation, Philippines
- ASAPP Information Group - India
- Coal and Oil Company - UAE
- Rashtriya Ispat Nigam Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Electricity Generating Authority of Thailand
- Indonesian Coal Mining Association
- Bukit Asam (Persero) Tbk - Indonesia
- The University of Queensland
- Mintek Dendrill Indonesia
- Larsen & Toubro Limited - India
- Coastal Gujarat Power Limited - India
- Xindia Steels Limited - India
- Vedanta Resources Plc - India
- White Energy Company Limited
- Economic Council, Georgia
- Ind-Barath Power Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Madhucon Powers Ltd - India
- Medco Energi Mining Internasional
- Electricity Authority, New Zealand
- Indo Tambangraya Megah - Indonesia
- Tamil Nadu electricity Board
- Anglo American - United Kingdom
- Africa Commodities Group - South Africa
- Kobexindo Tractors - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Energy - Thailand
- International Coal Ventures Pvt Ltd - India
- Grasim Industreis Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Kartika Selabumi Mining - Indonesia
- New Zealand Coal & Carbon
- Toyota Tsusho Corporation, Japan
- Kepco SPC Power Corporation, Philippines
- Indika Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Oldendorff Carriers - Singapore
- PowerSource Philippines DevCo
- Jorong Barutama Greston.PT - Indonesia
- Lanco Infratech Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Parliament of New Zealand
- Latin American Coal - Colombia
- Kideco Jaya Agung - Indonesia
- Mercator Lines Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mjunction Services Limited - India
- TeaM Sual Corporation - Philippines
- Sakthi Sugars Limited - India
- Tata Chemicals Ltd - India
- IHS Mccloskey Coal Group - USA
- Rio Tinto Coal - Australia
- Bhatia International Limited - India
- Intertek Mineral Services - Indonesia
- Posco Energy - South Korea
- Star Paper Mills Limited - India
- Directorate Of Revenue Intelligence - India
- GMR Energy Limited - India
- Iligan Light & Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Minerals Council of Australia
- Petron Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Baramulti Group, Indonesia
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