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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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Monday, 08 December 14
GOVERMENT TO WITHDRAW CNC STATUS OVER SUSPECTED FLAWS - THE JAKARTA POST
The Energy and Mineral Resources Ministry’s directorate general for mineral and coal plans to review the clean and clear (CnC) status held by ...
Monday, 08 December 14
FOB NEWCASTLE COAL SWAPS SLIP W-O-W AND M-O-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery closed at US$ 52.10 on 5 December after losing US$ 0.55 (-1.04%) month over ...
Sunday, 07 December 14
SUPRAMAX S8 ROUTE SLIGHTLY INCREASED WEEK ON WEEK
COALspot.com: The BDI continued its fall as cape index fell heavily week on week.
The BDI lost around14.83 pct within last five working day an ...
Saturday, 06 December 14
TANKER FLOATING STORAGE PLAYS COULD COME INTO PLAY IF VLCC RATES STAY AT CURRENT LEVEL - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Contango: A phenomenon in commodities futures price curves where the delivery price of a futures contract is greater than the current price. With t ...
Saturday, 06 December 14
MUNDRA PORT MAKES HISTORY BY HANDLING THE LARGEST BULK CARRIER TO CALL ON WEST COAST OF INDIA
COALspot.com: Adani Ports & SEZ Ltd, India’s largest port developer and part of Adani Group, yesterday said its Mundra Port successf ...
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- Pipit Mutiara Jaya. PT, Indonesia
- Rio Tinto Coal - Australia
- Vedanta Resources Plc - India
- Australian Coal Association
- Bharathi Cement Corporation - India
- Meralco Power Generation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Agrawal Coal Company - India
- Economic Council, Georgia
- Bukit Baiduri Energy - Indonesia
- Romanian Commodities Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Finance - Indonesia
- Globalindo Alam Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Ministry of Transport, Egypt
- Bayan Resources Tbk. - Indonesia
- Aditya Birla Group - India
- ASAPP Information Group - India
- Singapore Mercantile Exchange
- Timah Investasi Mineral - Indoneisa
- Malabar Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Renaissance Capital - South Africa
- Meenaskhi Energy Private Limited - India
- LBH Netherlands Bv - Netherlands
- Iligan Light & Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- ICICI Bank Limited - India
- PTC India Limited - India
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Gujarat Mineral Development Corp Ltd - India
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- San Jose City I Power Corp, Philippines
- Semirara Mining Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- South Luzon Thermal Energy Corporation
- Sree Jayajothi Cements Limited - India
- Intertek Mineral Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Ambuja Cements Ltd - India
- Carbofer General Trading SA - India
- Borneo Indobara - Indonesia
- Interocean Group of Companies - India
- Maharashtra Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- VISA Power Limited - India
- Bukit Makmur.PT - Indonesia
- Bhushan Steel Limited - India
- Semirara Mining and Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Electricity Authority, New Zealand
- Siam City Cement PLC, Thailand
- Merrill Lynch Commodities Europe
- Rashtriya Ispat Nigam Limited - India
- Orica Mining Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- SMG Consultants - Indonesia
- Essar Steel Hazira Ltd - India
- Xindia Steels Limited - India
- London Commodity Brokers - England
- Madhucon Powers Ltd - India
- Karaikal Port Pvt Ltd - India
- Coalindo Energy - Indonesia
- Commonwealth Bank - Australia
- Krishnapatnam Port Company Ltd. - India
- Sakthi Sugars Limited - India
- Energy Link Ltd, New Zealand
- Metalloyd Limited - United Kingdom
- Star Paper Mills Limited - India
- Minerals Council of Australia
- Orica Australia Pty. Ltd.
- Latin American Coal - Colombia
- Central Electricity Authority - India
- CNBM International Corporation - China
- India Bulls Power Limited - India
- Posco Energy - South Korea
- GAC Shipping (India) Pvt Ltd
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sarangani Energy Corporation, Philippines
- The State Trading Corporation of India Ltd
- Ministry of Mines - Canada
- Chamber of Mines of South Africa
- Holcim Trading Pte Ltd - Singapore
- Power Finance Corporation Ltd., India
- Planning Commission, India
- Indian Oil Corporation Limited
- Oldendorff Carriers - Singapore
- European Bulk Services B.V. - Netherlands
- Mercator Lines Limited - India
- Independent Power Producers Association of India
- Bulk Trading Sa - Switzerland
- Siam City Cement - Thailand
- Lanco Infratech Ltd - India
- Parry Sugars Refinery, India
- Mjunction Services Limited - India
- Heidelberg Cement - Germany
- Directorate Of Revenue Intelligence - India
- Attock Cement Pakistan Limited
- Tata Chemicals Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- New Zealand Coal & Carbon
- Medco Energi Mining Internasional
- Pendopo Energi Batubara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- PNOC Exploration Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Maheswari Brothers Coal Limited - India
- Edison Trading Spa - Italy
- International Coal Ventures Pvt Ltd - India
- PowerSource Philippines DevCo
- McConnell Dowell - Australia
- Standard Chartered Bank - UAE
- Sindya Power Generating Company Private Ltd
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- Central Java Power - Indonesia
- Baramulti Group, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sical Logistics Limited - India
- Port Waratah Coal Services - Australia
- Formosa Plastics Group - Taiwan
- Thai Mozambique Logistica
- Africa Commodities Group - South Africa
- Kartika Selabumi Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Global Green Power PLC Corporation, Philippines
- Coal and Oil Company - UAE
- SMC Global Power, Philippines
- Samtan Co., Ltd - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Tamil Nadu electricity Board
- Cigading International Bulk Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Parliament of New Zealand
- Vizag Seaport Private Limited - India
- TeaM Sual Corporation - Philippines
- Eastern Coal Council - USA
- Mercuria Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Uttam Galva Steels Limited - India
- Mintek Dendrill Indonesia
- Bangladesh Power Developement Board
- Jorong Barutama Greston.PT - Indonesia
- Bhatia International Limited - India
- Makarim & Taira - Indonesia
- Antam Resourcindo - Indonesia
- CIMB Investment Bank - Malaysia
- Anglo American - United Kingdom
- Jaiprakash Power Ventures ltd
- Kohat Cement Company Ltd. - Pakistan
- Wood Mackenzie - Singapore
- GN Power Mariveles Coal Plant, Philippines
- MS Steel International - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- The University of Queensland
- White Energy Company Limited
- Indonesian Coal Mining Association
- Deloitte Consulting - India
- IHS Mccloskey Coal Group - USA
- Altura Mining Limited, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Gujarat Sidhee Cement - India
- Billiton Holdings Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- The Treasury - Australian Government
- Wilmar Investment Holdings
- Salva Resources Pvt Ltd - India
- Videocon Industries ltd - India
- Global Coal Blending Company Limited - Australia
- Thiess Contractors Indonesia
- Manunggal Multi Energi - Indonesia
- Riau Bara Harum - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Petron Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Australian Commodity Traders Exchange
- Cement Manufacturers Association - India
- Sojitz Corporation - Japan
- Coastal Gujarat Power Limited - India
- Larsen & Toubro Limited - India
- Kumho Petrochemical, South Korea
- Chettinad Cement Corporation Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Indian Energy Exchange, India
- Straits Asia Resources Limited - Singapore
- Goldman Sachs - Singapore
- Leighton Contractors Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Directorate General of MIneral and Coal - Indonesia
- GMR Energy Limited - India
- Eastern Energy - Thailand
- Savvy Resources Ltd - HongKong
- Marubeni Corporation - India
- Trasteel International SA, Italy
- Dalmia Cement Bharat India
- Barasentosa Lestari - Indonesia
- Grasim Industreis Ltd - India
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