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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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Saturday, 22 November 14
THE FALL IN BUNKER PRICES REDUCE FUEL COSTS SIGNIFICANTLY - BIMCO, PETER SAND
For a ship that burns 24 tonnes of fuel per day while steaming, fuel costs are reduced by as much as USD 1 million a year if current price level st ...
Saturday, 22 November 14
DRY BULKERS NEWBUILDING DELIVERIES REACHED 11.8 MILLION DWT DURING THIRD QUARTER, NET FLEET GROWTH FOR 2014 TO REACH 5% - HELLENIC SHIPPING NEWS
The dry bulk market has rebounded since its less than impressive performance since the start of the year, but overall, third quarter figures could ...
Friday, 21 November 14
BUMI ENTERS INTO CONDITIONAL SALE & PURCHASE AGREEMENT TO SELL FBS STAKE
COALspot.com: PT Bumi Resources Tbk, one of the Indonesia's largest coal producers confirms that it has executed a Conditional Sale and Purchas ...
Friday, 21 November 14
U.S LAST WEEK'S COAL PRODUCTION STAYS FLAT W-O-W
COALspot.com – United States the world's one of the largest coal producers, produced approximately 18.9 million short tons (mmst) of coal ...
Thursday, 20 November 14
MOST MAJOR ASIAN ECONOMIES TO BENEFIT FROM LOWER OIL - FITCH
COALspot.com: The 25% drop in the price of oil since July is likely to lift economic growth prospects, improve terms of trade, and have a pot ...
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- GMR Energy Limited - India
- Ministry of Transport, Egypt
- Kapuas Tunggal Persada - Indonesia
- Barasentosa Lestari - Indonesia
- PTC India Limited - India
- Krishnapatnam Port Company Ltd. - India
- Antam Resourcindo - Indonesia
- Sindya Power Generating Company Private Ltd
- ICICI Bank Limited - India
- The Treasury - Australian Government
- Malabar Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Larsen & Toubro Limited - India
- Attock Cement Pakistan Limited
- GVK Power & Infra Limited - India
- Eastern Coal Council - USA
- Directorate Of Revenue Intelligence - India
- Parliament of New Zealand
- Bukit Makmur.PT - Indonesia
- SMG Consultants - Indonesia
- Heidelberg Cement - Germany
- Eastern Energy - Thailand
- Cigading International Bulk Terminal - Indonesia
- MS Steel International - UAE
- Parry Sugars Refinery, India
- Bayan Resources Tbk. - Indonesia
- Global Coal Blending Company Limited - Australia
- Electricity Generating Authority of Thailand
- IHS Mccloskey Coal Group - USA
- Directorate General of MIneral and Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Mjunction Services Limited - India
- Deloitte Consulting - India
- Vedanta Resources Plc - India
- Kaltim Prima Coal - Indonesia
- Savvy Resources Ltd - HongKong
- New Zealand Coal & Carbon
- Rashtriya Ispat Nigam Limited - India
- PowerSource Philippines DevCo
- Africa Commodities Group - South Africa
- Thai Mozambique Logistica
- Global Green Power PLC Corporation, Philippines
- India Bulls Power Limited - India
- Medco Energi Mining Internasional
- Agrawal Coal Company - India
- Star Paper Mills Limited - India
- Indogreen Group - Indonesia
- Gujarat Sidhee Cement - India
- Toyota Tsusho Corporation, Japan
- GN Power Mariveles Coal Plant, Philippines
- CNBM International Corporation - China
- Cement Manufacturers Association - India
- Indian Energy Exchange, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Leighton Contractors Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- GAC Shipping (India) Pvt Ltd
- Anglo American - United Kingdom
- Indonesian Coal Mining Association
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- Singapore Mercantile Exchange
- Xindia Steels Limited - India
- Edison Trading Spa - Italy
- Gujarat Mineral Development Corp Ltd - India
- Coalindo Energy - Indonesia
- Siam City Cement - Thailand
- Economic Council, Georgia
- Salva Resources Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Altura Mining Limited, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Simpson Spence & Young - Indonesia
- Coal and Oil Company - UAE
- Billiton Holdings Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Madhucon Powers Ltd - India
- Standard Chartered Bank - UAE
- Sarangani Energy Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Globalindo Alam Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Miang Besar Coal Terminal - Indonesia
- Wood Mackenzie - Singapore
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Dalmia Cement Bharat India
- Latin American Coal - Colombia
- Bhushan Steel Limited - India
- Ministry of Finance - Indonesia
- Energy Development Corp, Philippines
- Jaiprakash Power Ventures ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Maheswari Brothers Coal Limited - India
- Interocean Group of Companies - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Petron Corporation, Philippines
- Bharathi Cement Corporation - India
- Minerals Council of Australia
- Marubeni Corporation - India
- PNOC Exploration Corporation - Philippines
- Tata Chemicals Ltd - India
- Ambuja Cements Ltd - India
- Makarim & Taira - Indonesia
- Uttam Galva Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Goldman Sachs - Singapore
- Coastal Gujarat Power Limited - India
- Siam City Cement PLC, Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- White Energy Company Limited
- TNB Fuel Sdn Bhd - Malaysia
- European Bulk Services B.V. - Netherlands
- Mercuria Energy - Indonesia
- Orica Australia Pty. Ltd.
- Sojitz Corporation - Japan
- Aditya Birla Group - India
- Sakthi Sugars Limited - India
- Posco Energy - South Korea
- Semirara Mining Corp, Philippines
- Price Waterhouse Coopers - Russia
- Independent Power Producers Association of India
- Neyveli Lignite Corporation Ltd, - India
- McConnell Dowell - Australia
- The State Trading Corporation of India Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Planning Commission, India
- Kalimantan Lumbung Energi - Indonesia
- Romanian Commodities Exchange
- Karaikal Port Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Oldendorff Carriers - Singapore
- Port Waratah Coal Services - Australia
- Aboitiz Power Corporation - Philippines
- Global Business Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Bukit Baiduri Energy - Indonesia
- Mercator Lines Limited - India
- Electricity Authority, New Zealand
- Formosa Plastics Group - Taiwan
- ASAPP Information Group - India
- Meenaskhi Energy Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- The University of Queensland
- Carbofer General Trading SA - India
- Bhatia International Limited - India
- Pendopo Energi Batubara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Tamil Nadu electricity Board
- Ministry of Mines - Canada
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bulk Trading Sa - Switzerland
- Kartika Selabumi Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Mintek Dendrill Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Ceylon Electricity Board - Sri Lanka
- London Commodity Brokers - England
- Commonwealth Bank - Australia
- Manunggal Multi Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Kideco Jaya Agung - Indonesia
- Australian Commodity Traders Exchange
- Grasim Industreis Ltd - India
- San Jose City I Power Corp, Philippines
- Kumho Petrochemical, South Korea
- Essar Steel Hazira Ltd - India
- Australian Coal Association
- Energy Link Ltd, New Zealand
- Merrill Lynch Commodities Europe
- Sinarmas Energy and Mining - Indonesia
- Renaissance Capital - South Africa
- Indika Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Java Power - Indonesia
- Sical Logistics Limited - India
- Therma Luzon, Inc, Philippines
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- Georgia Ports Authority, United States
- TeaM Sual Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Central Electricity Authority - India
- Indian Oil Corporation Limited
- Bhoruka Overseas - Indonesia
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
- Trasteel International SA, Italy
- Straits Asia Resources Limited - Singapore
- Borneo Indobara - Indonesia
- SMC Global Power, Philippines
- Sree Jayajothi Cements Limited - India
- South Luzon Thermal Energy Corporation
- Baramulti Group, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Chamber of Mines of South Africa
- Metalloyd Limited - United Kingdom
- Riau Bara Harum - Indonesia
- Vizag Seaport Private Limited - India
- VISA Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Intertek Mineral Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bangladesh Power Developement Board
- Wilmar Investment Holdings
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