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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, 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 ...
Tuesday, 25 November 14
SUB-BIT FOB INDONESIA COAL SWAP FOR Q2' 15 DELIVERY CLOSED AT $ 49.55
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month, gained week on week.
The Q1 swap has lost US$ 0.12 (-0.24%) ...
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- Ceylon Electricity Board - Sri Lanka
- Edison Trading Spa - Italy
- Sakthi Sugars Limited - India
- Larsen & Toubro Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Thiess Contractors Indonesia
- Coastal Gujarat Power Limited - India
- IHS Mccloskey Coal Group - USA
- Barasentosa Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Binh Thuan Hamico - Vietnam
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- Minerals Council of Australia
- Manunggal Multi Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Tata Chemicals Ltd - India
- Sojitz Corporation - Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Global Business Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Indika Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Independent Power Producers Association of India
- VISA Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Indogreen Group - Indonesia
- Ministry of Mines - Canada
- Malabar Cements Ltd - India
- Heidelberg Cement - Germany
- Vedanta Resources Plc - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- The State Trading Corporation of India Ltd
- Therma Luzon, Inc, Philippines
- Semirara Mining Corp, Philippines
- Mintek Dendrill Indonesia
- Alfred C Toepfer International GmbH - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sical Logistics Limited - India
- Siam City Cement PLC, Thailand
- Formosa Plastics Group - Taiwan
- Australian Commodity Traders Exchange
- Grasim Industreis Ltd - India
- Aboitiz Power Corporation - Philippines
- Singapore Mercantile Exchange
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Savvy Resources Ltd - HongKong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercator Lines Limited - India
- MS Steel International - UAE
- Trasteel International SA, Italy
- Iligan Light & Power Inc, Philippines
- Posco Energy - South Korea
- IEA Clean Coal Centre - UK
- Orica Mining Services - Indonesia
- Bhushan Steel Limited - India
- Mercuria Energy - Indonesia
- Chamber of Mines of South Africa
- Carbofer General Trading SA - India
- The Treasury - Australian Government
- Parry Sugars Refinery, India
- Medco Energi Mining Internasional
- GN Power Mariveles Coal Plant, Philippines
- Attock Cement Pakistan Limited
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- Africa Commodities Group - South Africa
- Directorate Of Revenue Intelligence - India
- Eastern Coal Council - USA
- Sinarmas Energy and Mining - Indonesia
- Commonwealth Bank - Australia
- Jorong Barutama Greston.PT - Indonesia
- Dalmia Cement Bharat India
- Energy Development Corp, Philippines
- McConnell Dowell - Australia
- Coal and Oil Company - UAE
- Kapuas Tunggal Persada - Indonesia
- Indian Oil Corporation Limited
- Indonesian Coal Mining Association
- Mjunction Services Limited - India
- Australian Coal Association
- SMC Global Power, Philippines
- Bharathi Cement Corporation - India
- London Commodity Brokers - England
- Sree Jayajothi Cements Limited - India
- Makarim & Taira - Indonesia
- Kideco Jaya Agung - Indonesia
- OPG Power Generation Pvt Ltd - India
- Cement Manufacturers Association - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Oldendorff Carriers - Singapore
- Interocean Group of Companies - India
- Holcim Trading Pte Ltd - Singapore
- Borneo Indobara - Indonesia
- ICICI Bank Limited - India
- Chettinad Cement Corporation Ltd - India
- PowerSource Philippines DevCo
- Georgia Ports Authority, United States
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Sidhee Cement - India
- SMG Consultants - Indonesia
- White Energy Company Limited
- The University of Queensland
- Toyota Tsusho Corporation, Japan
- Kumho Petrochemical, South Korea
- Meralco Power Generation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Kartika Selabumi Mining - Indonesia
- Aditya Birla Group - India
- Karbindo Abesyapradhi - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Anglo American - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Star Paper Mills Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Bukit Asam (Persero) Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Coalindo Energy - Indonesia
- Eastern Energy - Thailand
- Indo Tambangraya Megah - Indonesia
- ASAPP Information Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- India Bulls Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Timah Investasi Mineral - Indoneisa
- Antam Resourcindo - Indonesia
- Ambuja Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Petron Corporation, Philippines
- Latin American Coal - Colombia
- Goldman Sachs - Singapore
- Metalloyd Limited - United Kingdom
- Merrill Lynch Commodities Europe
- Petrochimia International Co. Ltd.- Taiwan
- Pendopo Energi Batubara - Indonesia
- CIMB Investment Bank - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- PNOC Exploration Corporation - Philippines
- Renaissance Capital - South Africa
- Central Java Power - Indonesia
- Siam City Cement - Thailand
- Deloitte Consulting - India
- Kaltim Prima Coal - Indonesia
- Electricity Generating Authority of Thailand
- PTC India Limited - India
- Meenaskhi Energy Private Limited - India
- Electricity Authority, New Zealand
- Karaikal Port Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- GMR Energy Limited - India
- Marubeni Corporation - India
- GVK Power & Infra Limited - India
- Tamil Nadu electricity Board
- Romanian Commodities Exchange
- Asmin Koalindo Tuhup - Indonesia
- Leighton Contractors Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Port Waratah Coal Services - Australia
- Parliament of New Zealand
- Ministry of Finance - Indonesia
- Bulk Trading Sa - Switzerland
- South Luzon Thermal Energy Corporation
- Simpson Spence & Young - Indonesia
- Price Waterhouse Coopers - Russia
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Makmur.PT - Indonesia
- Baramulti Group, Indonesia
- Bhatia International Limited - India
- Indian Energy Exchange, India
- Altura Mining Limited, Indonesia
- Orica Australia Pty. Ltd.
- Global Coal Blending Company Limited - Australia
- Rashtriya Ispat Nigam Limited - India
- Vizag Seaport Private Limited - India
- Wilmar Investment Holdings
- Banpu Public Company Limited - Thailand
- Rio Tinto Coal - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thai Mozambique Logistica
- Energy Link Ltd, New Zealand
- International Coal Ventures Pvt Ltd - India
- Xindia Steels Limited - India
- San Jose City I Power Corp, Philippines
- Planning Commission, India
- European Bulk Services B.V. - Netherlands
- Bukit Baiduri Energy - Indonesia
- CNBM International Corporation - China
- Agrawal Coal Company - India
- Videocon Industries ltd - India
- Wood Mackenzie - Singapore
- Salva Resources Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Bangladesh Power Developement Board
- Bhoruka Overseas - Indonesia
- Straits Asia Resources Limited - Singapore
- Ind-Barath Power Infra Limited - India
- Power Finance Corporation Ltd., India
- Krishnapatnam Port Company Ltd. - India
- Uttam Galva Steels Limited - India
- Standard Chartered Bank - UAE
- New Zealand Coal & Carbon
- Sarangani Energy Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Riau Bara Harum - Indonesia
- Intertek Mineral Services - Indonesia
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