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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, 24 November 14
CHOPPY WATERS IN DRY BULK - SGX
COALspot.com: Dry bulk freight rates have experienced a sharp rise in volatility in recent weeks as bulk commodity supply has ramped up, said SGX i ...
Monday, 24 November 14
Q1 2015 FOB NEWCASTLE COAL SWAP CLOSED AT $ 52.73
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery closed at US$ 52.73 on 21 November after losing US$ 0.40 (-0.75%) month ove ...
Monday, 24 November 14
CFR SOUTH CHINA COAL: Q2' 15 COAL SWAPS CLOSED LOWER COMPARED TO Q1' 15 SWAPS
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased US$ 0.63 (-0.99%) month over month and US$ 0.12 (-0.19%) da ...
Sunday, 23 November 14
SPOT FREIGHT RATES IMPROVED SLIGHTLY OVER PREVIOUS WEEK
COALspot.com: The BDI was up 5.41 pct week on week and closed at 1,324 points on Friday. All the segments were up this week except Panamax index.&n ...
Sunday, 23 November 14
ITALY'S STEAM COAL IMPORTS TO DROP BY 11% IN 2014 - ASSOCARBONI
COALspot.com: Italy’s steam coal imports expected to drop to 16 million tons in 2014 (-11% compared to 2013); coking coal imports to plunge t ...
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- Dalmia Cement Bharat India
- Formosa Plastics Group - Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Uttam Galva Steels Limited - India
- Planning Commission, India
- Electricity Authority, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Edison Trading Spa - Italy
- Chettinad Cement Corporation Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- PTC India Limited - India
- New Zealand Coal & Carbon
- Sakthi Sugars Limited - India
- Borneo Indobara - Indonesia
- Petron Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Bharathi Cement Corporation - India
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- Economic Council, Georgia
- Jorong Barutama Greston.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- White Energy Company Limited
- Bhushan Steel Limited - India
- Deloitte Consulting - India
- Indika Energy - Indonesia
- Port Waratah Coal Services - Australia
- Samtan Co., Ltd - South Korea
- Aditya Birla Group - India
- Ind-Barath Power Infra Limited - India
- Bulk Trading Sa - Switzerland
- Sojitz Corporation - Japan
- Kapuas Tunggal Persada - Indonesia
- Mjunction Services Limited - India
- Minerals Council of Australia
- Bayan Resources Tbk. - Indonesia
- Eastern Energy - Thailand
- GVK Power & Infra Limited - India
- Siam City Cement PLC, Thailand
- Heidelberg Cement - Germany
- Energy Link Ltd, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhatia International Limited - India
- Central Electricity Authority - India
- Star Paper Mills Limited - India
- Kideco Jaya Agung - Indonesia
- Indonesian Coal Mining Association
- Toyota Tsusho Corporation, Japan
- Ceylon Electricity Board - Sri Lanka
- Therma Luzon, Inc, Philippines
- Australian Coal Association
- Orica Australia Pty. Ltd.
- Gujarat Sidhee Cement - India
- Sindya Power Generating Company Private Ltd
- Antam Resourcindo - Indonesia
- CIMB Investment Bank - Malaysia
- Karaikal Port Pvt Ltd - India
- Singapore Mercantile Exchange
- Ambuja Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Orica Mining Services - Indonesia
- Wood Mackenzie - Singapore
- ASAPP Information Group - India
- Standard Chartered Bank - UAE
- Maharashtra Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Holcim Trading Pte Ltd - Singapore
- Commonwealth Bank - Australia
- Anglo American - United Kingdom
- Kumho Petrochemical, South Korea
- International Coal Ventures Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Siam City Cement - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Riau Bara Harum - Indonesia
- Savvy Resources Ltd - HongKong
- Central Java Power - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Attock Cement Pakistan Limited
- Salva Resources Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bangladesh Power Developement Board
- Simpson Spence & Young - Indonesia
- Pendopo Energi Batubara - Indonesia
- Oldendorff Carriers - Singapore
- The Treasury - Australian Government
- Kartika Selabumi Mining - Indonesia
- Africa Commodities Group - South Africa
- Coalindo Energy - Indonesia
- SMC Global Power, Philippines
- Ministry of Mines - Canada
- Gujarat Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Lanco Infratech Ltd - India
- The University of Queensland
- Interocean Group of Companies - India
- Carbofer General Trading SA - India
- SMG Consultants - Indonesia
- Larsen & Toubro Limited - India
- VISA Power Limited - India
- Price Waterhouse Coopers - Russia
- Coastal Gujarat Power Limited - India
- India Bulls Power Limited - India
- Romanian Commodities Exchange
- Sical Logistics Limited - India
- Kaltim Prima Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CNBM International Corporation - China
- Meenaskhi Energy Private Limited - India
- Manunggal Multi Energi - Indonesia
- Goldman Sachs - Singapore
- Indian Oil Corporation Limited
- Posco Energy - South Korea
- Mercuria Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- SN Aboitiz Power Inc, Philippines
- Rio Tinto Coal - Australia
- Leighton Contractors Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Neyveli Lignite Corporation Ltd, - India
- Malabar Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Trasteel International SA, Italy
- Wilmar Investment Holdings
- Intertek Mineral Services - Indonesia
- The State Trading Corporation of India Ltd
- ICICI Bank Limited - India
- Chamber of Mines of South Africa
- Iligan Light & Power Inc, Philippines
- Mercator Lines Limited - India
- Maheswari Brothers Coal Limited - India
- Madhucon Powers Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cigading International Bulk Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Vizag Seaport Private Limited - India
- Tamil Nadu electricity Board
- PNOC Exploration Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Agrawal Coal Company - India
- Barasentosa Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Latin American Coal - Colombia
- GN Power Mariveles Coal Plant, Philippines
- Thiess Contractors Indonesia
- Jaiprakash Power Ventures ltd
- Bhoruka Overseas - Indonesia
- Renaissance Capital - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Transport, Egypt
- Semirara Mining and Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Xindia Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Altura Mining Limited, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Marubeni Corporation - India
- Sarangani Energy Corporation, Philippines
- Energy Development Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Banpu Public Company Limited - Thailand
- Jindal Steel & Power Ltd - India
- Global Coal Blending Company Limited - Australia
- Parry Sugars Refinery, India
- TeaM Sual Corporation - Philippines
- Indogreen Group - Indonesia
- Coal and Oil Company - UAE
- GMR Energy Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Sinarmas Energy and Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Bukit Makmur.PT - Indonesia
- Indian Energy Exchange, India
- Independent Power Producers Association of India
- Mintek Dendrill Indonesia
- Videocon Industries ltd - India
- Medco Energi Mining Internasional
- MS Steel International - UAE
- Makarim & Taira - Indonesia
- Merrill Lynch Commodities Europe
- Georgia Ports Authority, United States
- European Bulk Services B.V. - Netherlands
- Kepco SPC Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Grasim Industreis Ltd - India
- PowerSource Philippines DevCo
- Metalloyd Limited - United Kingdom
- Parliament of New Zealand
- McConnell Dowell - Australia
- Semirara Mining Corp, Philippines
- Eastern Coal Council - USA
- Essar Steel Hazira Ltd - India
- Aboitiz Power Corporation - Philippines
- Australian Commodity Traders Exchange
- Straits Asia Resources Limited - Singapore
- Global Business Power Corporation, Philippines
- London Commodity Brokers - England
- Vedanta Resources Plc - India
- Baramulti Group, Indonesia
- Cement Manufacturers Association - India
- Meralco Power Generation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- LBH Netherlands Bv - Netherlands
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