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Physical, shipping & contractual aspects of trading are what is driving the show in the energy marine trade. In this article, I will first give explanations about limitations occurring at refined products terminals. Secondly, I will introduce the BPVOY 4 and … Continue reading →
Posted in Energy marine trade, Shipping Tagged Angeliki Frangou, Beepeevoy 4, BP shipping, Buckeye Partners, cbob, clean products, Eddie Kulukundis, EUROBOB, eurogas, Evangelos Marinakis, flush a line, Indian Oil Corporation Ltd, L.P., Macquarie Group, Motiva Enterprises, Nikolas Tsakos, nop, nor, pbob, pipeline flushing, rbob, refined products, tanker demurrage, terminal flush, Tsakos Energy Navigation Ltd (TEN), Vassilis C. Constantakopoulos, voyage charter, wattco
Why Canadian wheat has not been to the Brazilian market? By Gabriel Ferreira The Argentine planting was far short of its potential in the 2013 crop losses from drought in the American wheat crop in 2014, local prices increased … Continue reading →
Posted in Agriculturals, Grain Tagged ADMIntermare, argentinian wheat, brazilian wheat, cagsa, Cagsa Compania Argentina de Granos S.A., camex, canadian wheat, ecsa grain, ecsa grain season, grain markets, hrw, Mario Crusizio, rio de la plata, wheat basis
Charterers Rio Tinto, Anglo American Cargill, Vitol are in the driver seat; Owners in the backseat. The collapse of Iron Ore prices and economic woes in China have received an unprecedented attention level in the dry-bulk shipping and in the mining … Continue reading →
Posted in Basis and spreads, Drybulk Commodities, Drybulk shipping, Shipping, Trade Tagged alcoa, anglo american, ArcelorMittal S.A, banga, bhp billiton, capesize, Caravel commodity, Caravel group, cargill, cargill international sa, chinalco, dry-bulk, FFAs, fixed basis, Freight Investor Services, glencore AG, hindalco, iron ore cartel, iron ore lump sump, Noble Group, panacore, Peabody, rio tinto, rio tinto alcan, roger Janson cargill, RUSAL, shipfed, Shipping Asset Management (SAM) SA, swiss marine, ThyssenKrupp, Trafigura, vale, vitol
Oil and Wheat are “Smiling”. Commodity risk management Black-Sea is crucial in the commodity trade especially for Energy and Grains. The Ukrainian crisis increases probabilities of tail events or extreme events in Oil and Wheat. Here comes the challenges: Dealing with the constant … Continue reading →
Posted in Energy complex, Finance, Grain Tagged AGROTRADE Group, black sea grain, black sea grain markets, cme group, commodities options, Contract Performance Risk, GAP SA Grains & Produits, General Authority For Supply Commodities (GASC), global grain, global grain traders, hrw, implied volatility, Ingredion, kiev, kraft, mgex, roger Janson cargill, russia, Seagrain LLC v Glencore Grain BV, Soren Schroder bunge, Ukraine risks, volatility skew, Wheat exports, Wheat prices, Yanukovych
What is FOB ? Do you know what does it mean ? I thought so. However, as demonstrated by Mr. Laurence Bacon, in a transaction FOB can mean pretty anything. How to Avoid Unnecessary Disputes in Trading Contracts ? FOB Question. … Continue reading →
Posted in Trade Tagged Bill of ladings, BoL, Commodity Trade Finance, f.o.b, fob risk transfer, free on board, How to Avoid Unnecessary Disputes in Trading Contracts ?, incoterms 2010, L/C, laurence bacon, letter of credits, trade finance
The Economics of Commodity Trading firms demystified the commodity trading business.
This paper is sponsored by Trafigura and is authored by Professor Craig Pirrong.The text is thick, (a 2-3 hours minimum reading),
source: Trafigura
Quote 1: “The shale gas boom in the United States, and the resulting decline in natural gas prices, has substantially reduced the demand for coal for electricity generation in the United States. This freed substantial quantities of coal for export, but there is inadequate infrastructure to accommodate an increase in export flows. Trafigura determined that the Burnside Terminal is ideally placed to alleviate this bottleneck“.
Quote 2: “A primary advantage of private ownership is the superior alignment of incentives between managers and equity owners. Managers who own small (or no) stake in an enterprise have an incentive to act in ways that benefit themselves, but are harmful to equity holders. For instance, they may consume excessive perquisites, invest in low-returning prestige or empire-building projects, or run ill-advised risks: the managers enjoy the benefits of these activities, but the outside investors bear the costs.”
I wonder who he meant, any suggestions readers ?
Pirrong is professor at University of Houston and has worked for the CME and Trafigura, If I’m not mistaken, he is also blogging as the Streetwiseprofessor. -:)
© 2014 -The Trade, Shipping and Finance Wizard
Appetizers:
“Traders – Secrets and Commodities Part 1
“Traders – Secrets and Commodities Part 2
Posted in Basis and spreads, Finance, Trade Tagged basis risk, Burnside Terminal, commodity firm asset ownership and vertical integration, commodity firm financing capital structure and ownership, Commodity Trading, craig pirrong, CVaR, flat risk, freight risk, galena asset management, koch industries, liquidity risk, off-take financing, paper trading, physical asset intensity of commodity trading firms, pirrong, Platts, systemic risk and commodity trading, Trafigura, VaR
click here for higher resolution 4/30/2014 Record-High non-commercial short position, corn price demand elasticity ( from ethanol, exports, feeds), On-Farm Storage and Ukraine have triggered a rally in Corn. Record-high non commercial short positions (funds), before the rally. Hog farmers to slaughter … Continue reading →
Posted in Basis and spreads, Grain Tagged Bunge SA v Nidera BV and Seagrain v Glencore BV, canola, Corn, durum, ethanol, gafta, grain basis, grain storage costs, grain strorage risk, Oh Canada, pricing risk, Seasonal logistics, soybean basis, Soybeans
EIA forecasts average delivered coal prices the electric power industry will be $2.35/MMBtu in 2014. Coal delivered to German utilities along the Rhin can fetch $4/MMBTU while gas is often priced above $12/MMBTU.
In Europe, gas prices and Russia woes increase appetite for pulling the coal-to-gas switch. Prices are incentivizing unused coal capacity to come on and back out natural gas demand.
Meanwhile, investments in coal supply and coal power generation face high investment risk because of the climate policy uncertainty so coal mines have turned to coal traders with the aim of securing the financing and marketing of their coal.
-The Trade, Shipping and Finance Wizard
Navigating the commodities markets with Freight and Spreads
Posted in Basis and spreads, Drybulk Commodities, Drybulk shipping Tagged ARA-FOB CSX spread, Genscape, germany, RWE S&T, rwe supply & trading
Arbs have no predetermined logic, they arise from the freewill of the market. After Fukushima and a subsequent shutdown of the japan nuclear power industry, Japan has been buying 120 LNG cargoes/month. Consider Japan PM Abe turning-on its nuke power plants … Continue reading →
Posted in Basis and spreads, Energy marine trade Tagged ara coal, ARA-FOB CSX spread, baltic, coal arb, Enterprise Products Partners LP, japan, Karatzas Marine Advisors & Co, LPG, Mt. Belvieu, ngls, persian gulf, T/A coal arb, TX., usgc fob lpg, vlgc
Cargill losses Minneapolis-based Cargill, a top global commodities trader, was hit by a triple-whammy of unexpected events, including a surge in energy prices in January, rail backlogs, and the rejection of U.S. corn shipments by China. *Reuters, April 8th Back in … Continue reading →
Posted in Agriculturals, Grain, Trade Tagged adm cargill, cargill china, cargill inc, cargill international sa, counterparty risk, L/C, LoC, pjm, pjm interconnection, roger janson, roger Janson cargill, volume risk
More about the JA Jones Act: Freight and Energy Markets. U.S CBP, NAFTA, Jones Act Compliance for the U.S Energy Trade. Private Equity and The Joneses
Posted in Energy marine trade Tagged jones act and energy markets, Jones Act Gasoline, NAFTA, U.S. Jones Act market
The Short Haul Ural/Brent dated is one of the most dynamic semi-arbitrages that exists in the oil market. The spread is the bread and butter of many energy traders a good gauge of liquidity and demand for this sour grade … Continue reading →
Posted in Basis and spreads, Energy marine trade Tagged afra, AFRA TCEs, aframax, baltic ukc russia, Black sea med, BSEA/Med, Crimea crisis, Примо́рск, eni, fuel oil forward curve, kerch, kerch sts, Litasco, negative tce, NWE-ARA-UK., physical oil trading, russian fo, russian urals, ural brent nwe, Urals-Brent vs Baltic/UKC, vlccs
In the LPG, Spot freight rates assessed daily by the Baltic Exchange were at record levels of this month. 2014/03/07 I previously reported LPG TANKER C/P BW MAPLE 2007 BLT , LD PT TARGA GALENA PARK USG DIS PRT ARA/NWE. … Continue reading →
Posted in Energy marine trade Tagged balboa panama, Baltic Exchange, Cristóbal, Enterprise Products Partners LP, galena lpg terminal, Gross profit, Houston Channel and Offshoots, Houston Shipping Channel, houston-carib, LPG, lpg arbitrage, rbn energy, Trader, USG/ara, vlgc tankers
U.S. Customs and Border Protection (CBP) and NAFTA(North American Free Trade Agreement) allow Canadian and American traders to maintain a continual flow of energy products between borders without problems- Largely duty-free. It is the responsibility of each company to understand and comply with … Continue reading →
Posted in Energy complex, Energy marine trade Tagged American Petroleum Institute, API, CBSA, E-Manifest, EUROBOB, foreign flagged vessel, gasoline & distillates, Jones Act, NAFTA, NAFTA Certificates of Origin, NAFTA eligibility, NAFTA energy proportionality clause, NAFTA proportionality clause, NAFTA proportionality clause at works, NAFTA-originating, preferential NAFTA treatment, roger Janson cargill, Tariff shift, U.S CBP, U.S Energy Trade, U.S Patriot Act, U.S. Customs and Border Protection, U.S. Jones Act market, Valero
Previously I’ve discuss the subject of the Crude by Rail business, its profitability and its ups and downs Not a good time to buy “Crude-By-Rail Puts” http://wp.me/p3k7lL-12M In the light of continued dangers associated with crude oil by rail, the United … Continue reading →
Posted in Energy complex Tagged brent-wti spread, Brent/WTI, crude by-rail, crude oil offeror, crude oil shipper, DOT-111, DOT-111 rule, DOT-OST-2014-0025, ice brent wti, pbf energy, Railroads own less than 1 percent of tank cars in North America, tesoro
AGEFI (l’agence économique et financière à Genève), AGEFI is seen as the”WSJ ” of Geneva: it is a highly regarded financial information provider. This month, AGEFI Indices has a special edition produced by members of the Geneva Trading & Shipping Association (GTSA), the Association is … Continue reading →
Posted in Finance, Trade Tagged Cottonex Anstalt, ED&F Man Sugar, Geneva Trading & Shipping Association, gtsa, gunvor, Kazmunaygaz Trading AG, lia oil, Mercuria, Mercuria Energy Asset Management BV, Noble Ressources, OMV Supply and Trading AG, Proton Energy Group SA, shipping asset management, sucafina, Trafigura, Trafigura Beheer BV, Transatlantica Commodities SA, Vector Energy AG, vitol sa
February 24th Charts are taking advantage of rates available to cover their 2014 freight at very low levels: Dry-Bulk Shipping Capesize/Panamax daily rate ratio dropped to a 15-year Low Panamax This week Viterra/Glencore Grain has fixed a 77,525 DWT 2014 BLT Panamax $15,800 … Continue reading →
Posted in Drybulk shipping, Shipping Tagged cargill international sa, cargill sa, Clarksons, dry bulk ffa, grain trading, LDC commodities, Louis Dreyfus Commodities Suisse S.A., MSC Mediterranean Shipping Co. S.A., Ocean Freight, panamax forward curve, panamax trading, Riverlake Group S.A., Thierry de Folmont, Viterra/Glencore Grain
HSFC55 over Sugar Monthly 1999-2014 On the international market Sugar is at 14c/pound, imported sugar delivered in NY is at 19c/pound while Corn HFCS 55 is priced at 29c/pound. North American Food Industry will adapt their Recipe/blend in 14′ because … Continue reading →
Posted in Agriculturals, Drybulk Commodities Tagged Corn HFCS, North American Food Industry
Corn Demand Renaissance driven by Ethanol Sunday, February 9, 2014 U.S. produced corn-ethanol is the world’s lowest cost liquid transportation fuel because of relationship between Ethanol, its co-products(DDGS) and feedstocks (NG, Corn…) USA has cheapest NG in the world … Continue reading →
Posted in Basis and spreads, Drybulk Commodities, Energy complex, Grain, Trade Tagged biofuels, Cargill Inc. Archer-Daniels-Midland Co. Tate & Lyle Plc. and Ingredion Incorporated., Cash Ethanol vs Cash Corn Iowa, corn ethanol, ethanol basis
Sunday, February 9, 2014 Dry-Bulk Shipping In September 2009 Capesize/Panamax daily ratio has sank to parity, at that point preceded a strong rally in the Capesize. With the exception of acutely depressed markets such as the 4Q-08, the Capsize and Panamax … Continue reading →
Posted in Drybulk shipping, Shipping Tagged capesize, drybulk, ecsa grain season, Panamax
Although cocoa is one of the world’s smallest soft commodity markets, it has global implications on cocoa importers and exporters, food and candy producers, and the retail industry. Historically, from 1960 to 2014, Cocoa has reached an all time high of … Continue reading →
Posted in Agriculturals, Drybulk Commodities Tagged ADM Cocoa Guittard Chocolate Co. Barry Callebaut The Hershey Company The Blommer Chocolate Co. Mars Chocolate North America Cargill Cocoa & Chocolate Co. Nestle Chocolate & Confections ECOM Wo, cocoa, cocoa costa rica, cocoa cote d'ivoire, cocoa vietnam, Inc. Ghirardelli Chocolate Co., Taxes inefficiencies, Taxes inefficiencies cote d'ivoire
Back in November 2013, I postulated that the Energy Marine Trade was discounting Libyan oil for the oil markets. Idea was then that N.Afr/Euromed Spot Aframax was reflecting Libya in terms of oil market expectations. Chart 1) Spot WS aframax during 2013 Chart 2) Spot … Continue reading →
Posted in Energy marine trade Tagged AFRA TCEs, Aframax 80kt Sidir Kerir, Bosphorus, Capital Links Market reports, CMA luncheons, France, Libya to Lavera refinery near Marseille, Libyan Oil, poten & partner, rbn energy, roger Janson cargill
It’s Chinese New Year, I’d like to start by wishing Happy New Year wishing prosperity to you and your family. During this period of the year we regrettably lose contact with our Chinese friends in the Dry-Bulk cargo trade, our RFPs are left … Continue reading →
Posted in Energy complex, Energy marine trade Tagged AGT, american tanker rates schedule, ARA, Baltic Dry Index, Bigjohn, Brent diet, Brent/WTI, Canaport LNG, cme natural gas, Conway, conway/mt belvieu spread, Dry-Freight FFA, EDF LNG, EDF neptune, Energy complex, Everett, gas-linked contracts, GLSL, ice brent/wti, iso-ne, Jones Act, KS LPG, Libyan Oil, LNG, MR-size, Natural gas basis, nepool, NU, NU:US, NWE/USNE, Panamax, poho spread, roger Janson cargill, suezmax tanker, Tanker FFAs, Transco Z6, USNE, XOM:US
French-German TV network ARTE did a documentary on commodities during the rapid expansion of this global trade from the mid 2000′s to nowadays. I’ve watched it a couple of times, each time I see different angles. “Traders -Le marché secret … Continue reading →
Posted in Agriculturals, Drybulk Commodities, Energy complex, Trade Tagged @tradax01, abcd grain, Addax, adm, André & Cie, arte, BP IST, BUNGE, calgary oil trading hub, cargill, cereals, Citgo, Commodity Trade Finance, continental grain, Elf, geneva, Gilles Chautard, glencore AG, gunvor, jean pierre boris, Litasco, matieres premieres, Mercuria, PDVSA, riverlake chartering, roger Janson cargill, softs, Total, Totsa, trade finance, Trafigura, vitol, vitol sa, vitol trading
Traders have some major economic functions: balancing supply between regions, providing liquidity and relieving refiners from their inventories. It is a game of expectations; these guys take risks to load cargoes, not always knowing who will be the buyer, and pay … Continue reading →
Posted in Basis and spreads, Energy complex Tagged HOGO spread, Jones Act, Middle Distillates and Dirty cargoes, weather risk differential, WTI Crude-ICE Brent Futures March
Ural/Brent dated is one of the most dynamic arbitrage in the oil market. The spread is a good gauge of liquidity and demand for this sour grade in NWE. Urals FOB Ust-Luga* discount on Brent Dated in NWE is under 2$, … Continue reading →
Posted in Energy marine trade Tagged BALTIC EXCHANGE DIRTY TANKER INDEX, international dirty tanker routes, oil trading, russian urals dated brent
Grain Markets are down these days but grain is still moving down in the supply chain from farms to markets. Yesterday, the first wheat cargo of 2014 (a 55,000 MT soft red wheat cargo destination: N. Afr. ) was fixed … Continue reading →
Posted in Basis and spreads, Drybulk Commodities, Drybulk shipping, Grain, Shipping Tagged Baltic Panamax Index, H.S.S/Panamax 4TC ratio, japan, Panamax, USGC/PNW Corn FOB spread
The views and opinions expressed are those of the author and do not reflect the views of consultants mentioned. The information provided is designed to assist in your analysis and strategy evaluation. The markets and your competitive landscape is changing. Discipline, Discipline, Discipline ! You must … Continue reading →
Posted in Agriculturals, Basis and spreads, Drybulk Commodities, Drybulk shipping, Energy complex, Energy marine trade, Finance, Grain, Shipping, Trade Tagged bhp billiton, Bid-up the dollar, bunge corp, capesize basis change, central bank u.s dollar reserves, china policies, china stockpiling to subsidizing, Condensates Market, crude by-rail, dirty/clean spread, ethanol margins, Freight volatility, full refining value, glencore, ibrahim jadran, jadran, Low returns/ Higher risks, rins, supply risk middle east mena, Tight Range for the Brent/WTI, tradethefarm, U.S Federal Reserve tapering, vale, war zones
Do you remember when the runaway train transporting crude exploded and killed 47 people in the Quebec town of Lac-Megantic last July ? Just two days before the end of 2013, a train carrying grain derailed first, then knocked several … Continue reading →
Posted in Energy complex, Finance Tagged BNSF Railway, buy puts when you can not when you must, Casselton, Casselton North Dakota, cme group, commodity risk management, condensate price ohio, crude by-rail, Derailment, National Transportation Safety Board, North Dakota, Quebec, Rail transport
Kinder Morgan Energy Partners, L.P. (NYSE: KMP) announced that it has entered into a definitive agreement to acquire American Petroleum Tankers (APT) and State Class Tankers (SCT) for $962 million. So why Kinder Morgan (KM) wants to integrate marine trade into their … Continue reading →
Posted in Energy marine trade, Shipping Tagged american tanker rates schedule, Americas, atrs rates, Bdp1 Consulting Ltd., Blackstone Group, Dispatches, Finance & Insurance, Karatzas Marine Advisors & Co, Kinder Morgan (KM), Merchant Marine Act of 1920, MR-size, Private equity firm, Tankers, Venture capital
Short Covering and Commodities Re-Stocking The papers have cover in early Nov. The heavy Dec iron ore demand (re-stocking might be a more correct term) appears to have contributed to the last month rally. Arb Participants have taken advantage of a Long … Continue reading →
Posted in Basis and spreads, Drybulk Commodities, Drybulk shipping, Finance Tagged BoL, Capesize/Panamax Dry Bulk Freight (FFAs) Spread, cbot dalian spread, China, Commodity Trade Finance, Dec, Dry-Freight FFA, freight swaps, Iron ore, panamax shipping market, Price, Shadow banking in China, tobin tax, triangulate rates, Yuan appreciation, yuan-denominated Letters of Credits (L/Cs)
During 2008-2012, Billions of dollars were poured into structures created by banks (ex: ETF physically backed by Oil) and after Lehman collapse, oil was a reasonable price and bets in the oil curve were stable on the rise. Production was rising, prices were … Continue reading →
Posted in Basis and spreads, Energy complex Tagged brent-wti spread, Cushing, Cushing Oklahoma, Keystone Pipeline, Texas, WCS/WTI spread
Summary: Shipping Tar-Sands from Alberta to the pacific coast is believed to be the fastest and cheapest route to the world-market but the reality is maybe different for Canadian Heavy Sour*. Where is the refining demand for Heavy Sour ? … Continue reading →
Posted in Energy complex Tagged Athabasca oil sands, Catalytic Reforming, challenging crudes, Energy complex, Northern Light, Oil & Gas Journal, Oil sands, WCS brent spread, western canadian select
Canada has the ambition to become an energy superpower. By 2025, Alberta oil output will more than double to 3.5 million barrels a day.[1] One persisting enigma is that Canada still buy imported crude from the Atlantic Basin priced on Brent and sells low its … Continue reading →
Posted in Energy complex Tagged 1982, alison redford, B.C's claims on Alberta, Catalytic Cracking Catalytic Reforming units, chevron canada, chevron corp bc, christie clark chevron, Constitution Act, East-West Equalization Conundrum, Energy East, energy east frank mckenna, Equalization Conundrum, keystone xl, Kinder Morgan (KM), kitimat lng, Northern Light b.c, quebec hydro equalization, transcanada pipelines, WCS brent spread
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Posted in Drybulk shipping, Energy marine trade Tagged Baltic Exchange, capesize, Capesize/Panamax Dry Bulk Freight (FFAs) Spread, cargill cape, clarksons ffas, dryships, FFAs dry bulk, how to trade cape/panamax spread, Panamax, Transportation and Logistics
Context: Bernd is a young trader with a major house based in the Canton of Zürich. What he told us is that to be a good trader (small or big), you need to analyze the market to foresee the trading opportunity, … Continue reading →
Posted in Drybulk Commodities Tagged Axpo Trading AG, swiss commodity trader
Libya has been extremely disruptive for oil markets until recently. It now seems that disruptions are contained more inside Libya, (or they still moving world markets but to a lesser extent)… According to Platts(London), Shipowners have started asking additional payments from charterers … Continue reading →
Posted in Energy complex, Energy marine trade, Shipping, Trade Tagged aframax shipowners, cesser clause, es sider dated brent, force majeure, Libya, London, LS lumpsum, lybian oil discount, Mellitah, MELLITAH TERMINAL ws, north africa euromed, Platts, platts london, Shipbroking
A word about Fertilizers: Nitrogen deleveraging EPA released the new proposal for advanced biofuels implying a corn ethanol mandate range of 12.7 billion to 13.2 billion gallons. Based on the 14.4 billion gallons market expectations, the new range proposal will remove between [-10,9 and -15.42] millions … Continue reading →
Posted in Agriculturals, Basis and spreads, Drybulk Commodities Tagged Chinese urea back-haul trade, Corn Nitrogen Spread., EPA RVO guidance, Nitrogen deleveraging, Nitrogen pricing usgc, urea new orleans, USGC grain exports
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Posted in Drybulk shipping Tagged capesize, Capesize/Panamax Dry Bulk Freight (FFAs) Spread, clarksons ffas, drybulk ffas, how to trade cape/panamax spread, panamax ffa, X Baltic ExchangeX calendar spread effect on futuresX capesizeX Capesize/Panamax Dry Bulk Freight (FFAs) SpreadX ChinaX clarksons ffasX clear exchangeX coal tradeX dry bulk shippingX FFAs dry bulkX ir
Baltic is one good barometer of the world economy. It measures freight market S/D and the cargo movements intensity in dry bulk commodities. Taking in 23 shipping routes measured on a timecharter basis USD/day, the index covers Handysize, Supramax, Panamax, and Capesize … Continue reading →
Posted in Drybulk shipping Tagged Baltic Dry Index, Bloomberg L.P., capesize, cargill ocean transportation cot, daily hire, dryships, FFAs, grain coal freight, Panamax, panamax grain USG, Panamax Index BASIS, roger Janson cargill, Spot 4 TCE Average, Supramax, T/C, Time-Charter Equivalent (TCE), US PNW JAPAN GRAIN, usg/japan index, USGC, Voyage vs T/C
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Posted in Agriculturals, Drybulk Commodities, Grain Tagged Ag Planet, algos, casino futures, futures gambling, grain gambling, grain roulette, Roulette, troubled traders, usda bias
When two parties arrange for the sale and shipping of bulk commodities products there are typically 3 types of contracts: Trade, Shipping and Finance one Trade contract outlines the commodity transaction between a seller and buyer: SPAs (Sales and … Continue reading →
Posted in Drybulk shipping, Energy marine trade, Finance Tagged (2011) 822 LMLN 1, Arbitration and Dispute Resolution, Arrived Ship, Asbatankvoy, Avoiding Unnecessary Disputes in Trading Contracts, Berth Reachable On Arrival, Bill of lading, bimco, BoL, BPVOY4, Bunge/Itochu/STX export terminal, Bunkering, C & F and CIF Sales Contracts The Relevance of Demurrage in Trading, carboex, Cargo, Charter-Party, coal, Companies' General Term and Conditions, Deballasting and Ballasting, Demurrage, Demurrage rate, demurrage risk, despatch, despatch bonus, Detention Weather Delays Slow Pumping Crude Oil Washing Letters of Protest Deviation Exceptions to Laytime - Comparison between Charter Parties Demurrage in FOB, Documentation for Claims, Examination of important Legal Cases, FERTIVOY88, FONASBA, gafta, Global Demurrage Analysts, grain, Hours for Loading and Discharge, lagos port demurrage, Laydays, Laytime, Laytime allowance, Laytime and Demurrage in the Oil Industry, Letter of credit, Lighterage, lmaa, Louis Dreyfus Commodities Suisse S.A., Making a Profit from Demurrage Claims, Maritime Arbitration in New York, non reversible laytime, norgrain, North american grain export charterparty 1973, Notice of Readiness, NPK trade, Pro Rata Settlements of Contract Chains, Pro Rating, roger Janson cargill, SFOA, Shellvoy 5, Shifting Time to Berth and Shifting between Berths, Ship-owner, Ship/shore stoppages, shipping, Singapore Chamber of Maritime Arbitration (SCMA), SP&A, suezmax tanker, Time Bars, Time between Different Owners of the Cargo, trader operator, US PNW JAPAN GRAIN, wipon wibon, ws demurrage
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Posted in Basis and spreads, Drybulk Commodities, Grain Tagged canadian wheat spring, crops, HSW/HRW spread, market, Minneapolis Spring wheat, protein basis, wheat market, wheat spreads
Dalian Commodity Exchange 英文 : Changing the Iron Ore Trade Game. Iron ore futures for physical delivery debuted on the Dalian Commodity Exchange on Oct 18th 2013. DCE are the first contracts with physical delivery in the world, and it is hoped that the … Continue reading →
Posted in Drybulk Commodities, Finance, Trade Tagged Capesize/Panamax Dry Bulk Freight (FFAs) Spread, dalian Exchange for Physical, iron ore trade, JP Morgan Commodities
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Posted in Basis and spreads, Drybulk shipping, Shipping Tagged Baltic Exchange, Bulk cargo, Calendar spread, capesize, credit suisse commodities, dalian iron ore, FFA, London, Mill Margins, Panamax, positive roll yield, positive yield spread, roger Janson cargill, X Baltic ExchangeX calendar spread effect on futuresX capesizeX Capesize/Panamax Dry Bulk Freight (FFAs) SpreadX ChinaX clarksons ffasX clear exchangeX coal tradeX dry bulk shippingX FFAs dry bulkX ir
In US Oil Embargo? by Karatzas Marine Advisors & Co, the context is a reaction to one editorial made by our colleagues at the Financial Times urging America to lift its ban on crude exports. Let’s put Shipping aside, for a moment. US=Demand U.S … Continue reading →
Posted in Basis and spreads, Energy complex Tagged Africa, airlines, amoco, argus, Argus LLS Swap, Argus LLS/ WTI spread, Asia Canada, Biofuel, brazil, brent-wti spread, China, cme group, crude, drilling, EIA, ethanol, europe, finance, fracking, fuel oil, fundamentals, gasoline, gulf of mexico, india, iraq, japan, Karatzas Marine Advisors & Co, keystone xl, latin america, LNG, middle east, nigeria, nymex, oil, oilgram news, opec, pipelines, Platts, power generation prices, refining, russia, sandoil, saudi arabia, shale gas, spills, upstream, WCS/WTI spread
thinking yield corn soy Yield, Price and Profit/Acre… Why many Corn farmers are still winning in the Bear Run ? Use this Spreadsheet, to see how farmers will make a better profit $ /acre, ROI with Yield despite a Bear … Continue reading →
Posted in Agriculturals, Drybulk Commodities, Grain Tagged Corn, heartland coop, impeach usda, living without usda, profit, repeal usda, Soybeans, usda manipulation, usda shutdown, yield
There is no excerpt because this is a protected post.
Posted in Basis and spreads, Drybulk shipping, Shipping Tagged Baltic Exchange, calendar spread effect on futures, capesize, Capesize/Panamax Dry Bulk Freight (FFAs) Spread, China, clarksons ffas, clear exchange, coal trade, dry bulk shipping, FFAs dry bulk, iron ore swap, iron ore trade, Morgan Stanley Commodities, Panamax Cape spread, roger Janson cargill
Again and again the Oil Market Structure is affected by disruptive elements coming out from Libya. Political upheaval and Confusion. The guys that were hired by the Libyan central government to watch the oil are now turning back against their government. … Continue reading →
Posted in Basis and spreads, Energy complex Tagged Dated Brent Crude Oil Swap vs. Euro 3.5 Fuel Oil Sw on CLEAR, Dated Brent/HSFO NWE spread, Libyan Oil, Libyan PM Zeidan, light Heavy NWE spread, Light/Heavy spreads
Agricultural Markets: Have they ceased to exist since the USDA shutdown? Ask Markets: No. Since the USDA shutdown, the partisans of the free markets in the U.S Agriculture are getting a test drive of their ideas. http://www.cato.org/multimedia/daily-podcast/downsizing-usda Context: Over the … Continue reading →
Posted in Agriculturals, Drybulk Commodities, Grain Tagged abcd grain, Agricultural Adjustment Act of 1938, basis grain, cash futures basis usda, cato usda, Corn, futures, Government shutdown, ngfa, repeal usda, Roscoe Filburn, U.S. government, United States, United States Department of Agriculture, USDA, usda adm cargill lobby, usda corruption, usda crooks, usda ethanol lobby, usda farmer destruction, usda liars, usda lies, usda manipulation, usda market distortion, Wickard v. Filburn 