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VLGC This has been another quiet week on the spot market and the current shipping balance outweighs cargo availability leading to a continued downward trend for freight rates and the Baltic Index. There have been some FOB cargoes tendered, but they have mostly been awarded to traders with their own tonnage leaving the spot market bereft of enquiry. The Christmas week is traditionally quiet, so for now it looks as though the pressure on rates could continue at least for some time as vessels continue to arrive into the Middle East loading area adding to the list of prompt tonnage. West of Suez we have seen some activity with exports out of Houston picking up along with the opening of the US to Europe propane arbitrage. In addition there has been a fair amount of vessels fixed or scheduled out of other Western load areas. This in combination with the number of VLGCs ballasting back to the Middle East Gulf has improved the tonnage balance somewhat.
regional although with the arbitrage window to the US open, one isobutane cargo is heard being worked transatlantic as well as some normal butane cargoes. In the Caribs, PDVSA covered their time charter requirement on the Sloman Ariadne for 3 option 3 months. There is some enquiry seen for petchem cargoes both ex Mediterranean and NW Europe although this is generally only on a part cargo basis. COASTER Shipping this week has been heavily affected by storms with weather causing delays from Norway and down through to Spain across the Bay of Biscay. This has tightened up availability and left traders needing to charter in tonnage to cover their programmes. In general though cargo availability is quite thin and the market seems fundamentally longer in Europe. It is rumoured that Repsol will close their ethanol plant in Portugal for maintenance during first quarter 2012, which could lead to some additional shipping length in the early part of next year.
NH3 In the US the January Tampa Cfr price for January was settled at US$ 555, down US$ 95 from the previous month. This is on the back of the declining industrial as well as agricultural demand and unsold FSU cargoes from Yuzhnyy. This week we have seen Yuzhnyy prices coming further down with product traded at US$ 470 Fob and bids now at mid 500 US$. The Middle East Gulf prices finally came under strong pressure following the sale of a cargo from Yuzhnyy to India last week. More demand for product in January will be required to absorb the supply we can expect from Qatar with Qafco III up and running and Qafco V staring up ammonia production in early January. The Yuzhnyy line up for December is expected to settle at about 260 000 tons, while only 35 000 tons have been concluded so far for January.
LPG North West Europe propane prices ended the week lower on faltering crude and naphtha prices and a lack of prompt demand. Weather demand was still slow due to above normal wither temperatures and petrochemical demand was absent. Activity in Middle East Gulf was slow. Higher prices early in the week were reversed as crude came under pressure from weak macroeconomic indicators. The outlook for the January CP eased to just a slight premium over December. The September-November rolling maintenance to Qatargas trains 5, 6 and 7 was completed and the trains are now reported to be operating. This is expected to add back 2-3 large cargoes per month. Asian demand picked up with renewed buying interest from China. Prices came under some pressure from weaker crude as the week went by, but were maintained at higher levels relative to Europe. Butane premiums to propane were maintained at about US$ 50.
HANDY Spot activity on LPG in North West Europe has picked up of late and looks set to continue. The region once again looks set to be a realistic loading area for vessels plying the spot market. Most of the activity is inter
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The US NGLs market weakened more than in the overseas markets and the propane arbitrage to Europe opened up. Propane was priced at 60% of crude. Strong butane demand from refineries maintained the grade at 85% of crude. US propane stocks declined just short of 0.5 million barrels, which was less than anticipated.
LNG In the US, NYMEX softened to US$ 3.13/mmBtu from US$ 3.42 last week. In the UK, the day-ahead price eased to 57.50/therm, equivalent to US$ 8.93/mmBtu compared to 59.60p/term last week. Israel Land Development Energy has signed an agreement with a unit of Daewoo to cooperate in constructing a LNG FPSO for its offshore Myra and Sarah gas fields. Depending on the final gas estimate results, the companies will hold talks on a gas sales agreement. The statement listed a minimum annual purchase of three million tons of LNG for 15-20 years. Any tax regime for gas produced at the Shtokman field would probably be similar to the one introduced to the Yamal LNG project according to Russian Deputy Finance Minister Sergei Shatalov. Any decision on the introduction of a tax break for the Shtokman project is unlikely to be made by the end of this year. The Shtokman project is a joint development created by three industry leaders Gazprom (51%), Total S.A. (25%) and Statoil ASA (24%). The Shtokman field will become a resource base for building up Russian pipeline gas and liquefied natural gas supplies to the domestic and foreign markets.
Fixtures SPOT
Vessel CBM 82 82 81 82 33 18 35 44 33 44 MT 44 44 44 44 1 FC 1 2 1.6 FC CARGO LPG LPG LPG LPG But Prop But Prop Prp But LOAD/DISCH Bethioua/NWE Kaarstoe/Opts FSO off Mauritius Iran/ Opts Frederica/ Brofjorden Fredericia/Brofjorden Whitegate/Immingham Flotta/ Dunkirk Lavera Barcelona Kaarstoe/ Opts LAYCAN 18 Dec 24-26 Dec 25-27 Dec 25-27 Dec 14-16 Dec 14-16 Dec 16-18 Dec 16-18 Dec 16-18 Dec 16-18 Dec RATE USD RNR RNR RNR RNR RNR RNR RNR RNR RNR RNR CHARTERER Total Statoil Petredec Petredec Shell Statoil Conoco ENI SHV Petredec
VLGC
Devon Maran Gas Vergina Mill Reef Mill House
Sub 25000
Luke B Gas Linda Lady Martine Kosan TBN Matthew Gitta Kosan
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Rates
Note: We have changed the criteria for calculating the weekly time charter equivalent for a VLGC to a more representative vessel with a consumption of 55 tons per day average at 16 knots, 5 % sea margin and 0.5 day for bunkering.
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0,00 % 1,94 %
GAS DEPARTMENT
Name Brokers Riley, Helen Lalim, Anders Hals, Martin Engelsen Strm, Gustav Stokkmo, Rolv Li, Danica Peh, Delson Research Stangebye Olsen, Knut Operation Teigland, Hvard Email: lorgas@lorstem.no (+47) 22 52 77 33 Phone: (+47) 22 52 78 86 (+47) 980 43 763 Fax: (+47) 22 52 78 64 havardteigland (+47) 22 52 77 03 (+47) 952 48 490 knutstangebyeolsen (+65) 63498413 (+47) 22 52 77 20 (+47) 22 52 77 07 (+47) 22 52 77 83 (+47) 22 52 77 55 (+65) 62273390 (+47) 970 99 001 (+47) 905 30 930 (+47) 909 39 949 (+47) 906 19 063 (+65) 84287103 (+86) 13609786019 (+65) 6591779945 helen_ekerholt la_limno martinengelsenhals gustav.strom rolv532000 lpgbiz jiarongdelson Office Mobile Yahoo Messenger
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PO Box 7 Lilleaker, N-0216 Oslo, Norway Phone +47 22 52 77 00 e-mail: lorgas@lorstem.no Telefax +47 22 52 78 64