Squeezing the Bunker Barrel
|
|
- Bruno Hudson
- 6 years ago
- Views:
Transcription
1 Squeezing the Bunker Barrel Negating High Cost and volatility : Shifts in Procurement Strategies Wade DeClaris Senior Vice President of Business Development World Fuel Services, Inc. BunkerWorld Forum -Nov 2006
2 Ship owners and Suppliers Trends : Ship owner trends Focus on core marine businesses Market consolidations Uncertain freight markets drive uncertainty and higher risk Need for market visibility as more shipping is involved in the public sector Desire efficiencies and cost savings Continual outsourcing of noncore functions Supplier trends Focus is upstream it more profitable Refiners operating at capacity Refiners focus on upgrading refining for light ends vs. expanding capacity Desire efficiencies and cost savings Rationalize downstream marketing costs Global Independents need capital to expand needed assets and manage cash flow
3 Why are prices up and more volatility Increase demand in China and India Globalization of Markets Hedge Funds Lack of Refining Capacity to meet demand Political Uncertainties Weather related disruption Opec Quotas Now Russia trying to influence supply and price? Legislation of Greener Fuels?
4 Volatile Market Conditions How Much Market Volatility is there?
5 Freight Rates USD per Day $250,000 $200,000 $150,000 $100,000 $50,000 $0 Jan-00 May-00 Tanker Earnings (VLCC/Suez/Aframax Average) Bulker Earnings (Cape/Panama Average) Container Earnings (Trans Pacific/Asia Europe/ Trans Atlantic) Sep-00 Jan-01 May-01 Sep-01 Jan-02 May-02 Sep-02 Jan-03 May-03 Sep-03 Jan-04 May-04 Sep-04 Jan-05 May-05 Sep-05 Jan-06 May-06
6 $78/BBL $470/MT $420/MT $370/MT $320/MT $270/MT $220/MT $170/MT $120/MT Rotterdam 380 CST Singapore 380 CST New York 380 CST WTI Crude ($/BBL) Jan-03 Apr-03 Jul-03 Oct-03 Jan-04 Apr-04 Jul-04 Oct-04 Jan-05 Apr-05 Jul-05 Oct-05 Jan-06 Apr-06 Jul-06 Nov-06 Q1-07 Q2-07 Q3-07 Q4-07 $68/BBL $58/BBL $48/BBL $38/BBL $28/BBL $18/BBL
7 Volatility Marine IFO 380cst $325 $320 $315 $310 (Oct 05 - Sep 06) Average High & Low Differential $98 $100 $98 $96 $20 $15 $10 $5 $- Daily Price Movement Ave 1.1% $3.71 $3.20 $3.11 $3.13 $3.65 Rdam Hou NY LA Spore $305 $300 $295 $92 $92 $92 $89 $94 $92 $90 $20 $15 $10 $5 $6.34 Weekly Price Movement Ave 2.5% $8.03 $8.17 $8.90 $6.77 $290 $- Rdam Hou NY LA Spore $285 $280 $275 $ $ $ $ $ Rotterdam Houston New York Los Angeles Singapore $88 $86 $84 $20 $15 $10 $5 $14.75 Monthly Price Movement $18.01 $16.56 Ave 5.2% $17.34 $15.31 $- Rdam Hou NY LA Spore
8 How to deal with this volatile market Bunker Price Risk Exposure Ship Owners now recognize they are exposed to significant Bunker Price Risk Strategy Important to define a strategy to manage this exposure Manage Risk Exposure Manage risk exposure in order to position assets to achieve their highest possible returns
9 Procurement Strategies are about Managing Risk Price Risk Financial & Commercial Risk Operational Risk
10 In the News!!!! Which is Correct? Some Airlines Turning to Fuel Hedging Again MONDAY, SEPTEMBER 04, 2006 Associated press Wilhelmsen bet on bunker price rips into profits Lloyds List October 30, 2006
11 Risk vs Speculation 1. Risk management = the act of managing an inherent risk and a means of transferring risk away from the organization. Risk management is NOT a means of speculating on future price behavior. 2. Speculation is the act of taking more risk for a profit potential. As such, hedging strategies should never be viewed as a profit center or as a means to secure below market prices. The act of hedging is a risk mitigation tool and therefore the success of a program is not measured in conventional profitability terms. To do so demostrates an immature view of the subject...
12 Price Risk Management Trends Shipowners recognized with high prices and volatility they have significant risk. No risk program is only speculating Hedging is strategic and not transactional Use of derivatives by shipowners has increased over the last three years by 200 pct. New solutions in the market place on contract pricing blending in hedging tools and physical supply
13 Operational Risk Trends True cost of bunkers is being evaluated by Shipowners. Quantities are being micromanaged Quality vs. Lowest Price Avoiding delays vs. the lowest price Securing supply contracts in major ports Flexibility of onboard operations to handle alternative greener fuels
14 Financial and Commercial Risk Trends Shipowners want creditable and reliable counterparties as long term partners Shipowners want and need transparency with vetted supply partners Terms and Conditions are being vetted and negotiated Shipowners want to understand true market related performance and scorecards Shipowners want to maintain positive cash flow and preserve the profits of the good years
15 Conclusions Shipowners have realized that they need to manage many risk. Shipowners need to set strategic plans to manage Price, Operational and Financial and Commercial Risk Contractual Risk. Shipowners are looking for solutions from the market place to manage these risk and execute their strategies!
Managing The Financial Position-Minimising Risks. Can Ertem Managing Analyst EMEA
Managing The Financial Position-Minimising Risks Can Ertem Managing Analyst EMEA Today s Agenda About OI. Risks associated with the bunker industry and how to minimise them. 2 Who are we? Founded by Adam
More informationJet Fuel Spot Markets & Price Reporting
Airline Treasury & Risk Management Forum Jet Fuel Spot Markets & Price Reporting Andrew Bonnington, Platts JET FUEL SPOT MARKETS AND PRICE REPORTING Andrew Bonnington Editorial Director, Strategic Oil
More informationCommodity Hedging Overview November 19, 2008
Commodity Hedging Overview November 19, 2008 The following information is current as of November 19, 2008. Eagle Rock plans to provide updates to this information whenever material changes are made to
More informationChallenges & Changes in the Bunker
Challenges & Changes in the Bunker M Market: k t 2011 & Beyond Tom Reilly - Chief Executive Officer Asia Bunker Forum 2011 September 7, 2011 STATE OF THE BUNKER INDUSTRY 2011 Year of the Golden Rabbit
More informationIntroduction to Commodities
The information provided herein may include certain non-gaap financial measures. The reconciliation of such measures to the comparable GAAP figures are included in the Company s Annual Reports on Form
More informationAegean Marine Petroleum Network Inc. Announces Third Quarter 2017 Financial Results
Aegean Marine Petroleum Network Inc. Announces Third Quarter 2017 Financial Results New York, NY, November 15, 2017 Aegean Marine Petroleum Network Inc. (NYSE: ANW) ( Aegean or the Company ) today announced
More informationCommodity Hedging Overview March 9, 2009
Commodity Hedging Overview March 9, 2009 The following information is current as of March 9, 2009. Eagle Rock plans to provide updates to this information whenever material changes are made to its commodity
More informationCommodity Exchange Traded Funds
Commodity Exchange Traded Funds Tim Simard NBC Commodities 14-person Calgary-based team running both a client-driven and strategic trading operation Collective team experience in excess of 250 years in
More informationToday s Presenters. Spyros Gianniotis Chief Financial Officer. Justin Yagerman Senior Vice President Investor Relations and Business Strategy
Today s Presenters Jonathan McIlroy President Spyros Gianniotis Chief Financial Officer Justin Yagerman Senior Vice President Investor Relations and Business Strategy 2 Who We Are Q3 Performance Overview
More information1 6 A u g u s t Q RESULTS TELECONFERENCE
1 6 A u g u s t 2 0 1 7 Q2 2017 RESULTS TELECONFERENCE SAFE HARBOR STATEMENT Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current
More informationAmerican Shipping Company ASA
American Shipping Company ASA Presentation of Q2 2018 23 August 2018 Important information Nothing herein shall create any implication that there has been no change in the affairs of American Shipping
More informationBusiness & Financial Presentation FY
The Great Eastern Shipping Company Ltd. Business & Financial Presentation FY 2004-05 April 29, 2005 1 Forward Looking Statements Except for historical information, the statements made in this presentation
More information1 6 M a y Q RESULTS TELECONFERENCE
1 6 M a y 2 0 1 7 Q1 2017 RESULTS TELECONFERENCE SAFE HARBOR STATEMENT Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views
More informationAEGEAN MARINE PETROLEUM NETWORK INC. 2
Cautionary Statement This presentation contains forward-looking statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements,
More informationRESULTS FOR Q ANALYST TELECONFERENCE
RESULTS FOR Q2 217 ANALYST TELECONFERENCE Market 1 2 Operation Financials 3 2 Market 1 3 4 217 Second Quarter Market Conditions Supply Disruptions Increase in middle distillate demand High import requirements
More informationAir BP Managed price physical supply. Global expert, local partner.
Air BP Managed price physical supply Global expert, local partner. Making progress against price headwinds Oil markets can be volatile. Even minor changes in world events can cause large and sudden fluctuations
More informationFinancial institutions participation in derivatives markets
Financial institutions participation in derivatives markets Susan Thomas IGIDR for the IGIDR-MCX workshop on Institutional participation in commodity derivatives markets 20 June, 2017 Goals The financial
More informationCommodity and Interest Rate Hedging Overview
Commodity and Interest Rate Hedging Overview November 1, 2016 The following information is current as of November 1, 2016. Memorial Production Partners LP (MEMP) intends to update this information quarterly
More informationAegean Marine Petroleum Network Inc. Announces Second Quarter 2017 Financial Results
Aegean Marine Petroleum Network Inc. Announces Second Quarter 2017 Financial Results New York, NY, August 10, 2017 Aegean Marine Petroleum Network Inc. (NYSE: ANW) ( Aegean or the Company ) today announced
More informationThe Great Eastern Shipping Company Ltd. A Review of Financial Year
The Great Eastern Shipping Company Ltd. A Review of Financial Year 04 April 30, 2004 Forward Looking Statement This presentation contains certain forward looking information through statements, which are
More information1 7 M a y Q RESULTS TELECONFERENCE
1 7 M a y 2 0 1 8 Q1 2018 RESULTS TELECONFERENCE SAFE HARBOR STATEMENT Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views
More informationIntroduction to Fuel Hedging. 23 rd April 2010
Introduction to Fuel Hedging 23 rd April 2010 1 NAB Commodity Risk Management National Australia Bank & YB/CB is at the forefront of helping our global banking clients manage the impact of commodity prices
More informationResponsive Maritime Partners. Risk management
Responsive Maritime Partners Risk management LOWER AND MANAGE YOUR BUNKER COSTS WITH RISK MANAGEMENT KPI BRIDGE OIL CAN SOLVE YOUR PROBLEMS WHEN Bunker price increases hurt your business You need bunker
More information8 M a r c h FY 2017 RESULTS TELECONFERENCE
8 M a r c h 2 0 1 8 FY 2017 RESULTS TELECONFERENCE SAFE HARBOR STATEMENT Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views
More informationEmerging Trends in the Energy Industry. Paul Horak Partner, Audit and Enterprise Risk Services Deloitte & Touche LLP
Emerging Trends in the Energy Industry Paul Horak Partner, Audit and Enterprise Risk Services Deloitte & Touche LLP August 2016 Agenda Introduction Drilling and Production Trends Crude Oil and Refined
More informationCHEVRON ISSUES INTERIM UPDATE FOR FOURTH QUARTER 2007
Chevron Corporation Policy, Government and Public Affairs Post Office Box 6078 San Ramon, CA 94583-0778 www.chevron.com FOR IMMEDIATE RELEASE CHEVRON ISSUES INTERIM UPDATE FOR FOURTH QUARTER 2007 SAN RAMON,
More informationAegean Marine Petroleum Network Inc. Announces First Quarter 2017 Financial Results
4 Aegean Marine Petroleum Network Inc. Announces First Quarter 2017 Financial Results New York, NY, May 23, 2017 Aegean Marine Petroleum Network Inc. (NYSE: ANW) ( Aegean or the Company ) today announced
More informationThe Oil Market: From Boom to Gloom
The Oil Market: From Boom to Gloom Mine Yücel Senior Vice President and Director of Research February 12, 216 The views expressed are those of the speaker and should not be attributed to the or the Federal
More informationBusiness Performance in FY2015 and Outlook for FY2016. April 28, 2016
Business Performance in FY2015 and Outlook for FY2016 April 28, 2016 HP Contents FY2015 Full-year Results [Consolidated] 2 Outline of FY2015 Full-year Results [Consolidated] 4 FY2016 Full-year Forecast
More informationKey Priorities and Challenges for Canadian Oil
Key Priorities and Challenges for Canadian Oil Canadian Heavy Oil Association April 15, 2013 Greg Stringham 1 Photo: Cenovus Enabling Responsible Development 2 Global Primary Energy Demand 20,000 18,000
More informationbpriskmanager stability in energy markets bpriskmanager
stability in energy markets 1st International Meeting on Enterprise Risk Management November 4, 2002 Presenters: Konstantin Babourine Georges Tijbosch Agenda 1. BP Risk Management Team who we are 2. Oil
More informationRecent Events in Energy Markets
Recent Events in Energy Markets A Market View Glen Swindle Scoville Risk Partners Oct 28, 2015 c Glen Swindle: All rights reserved 1 / 15 Context A lot happened in the last decade. Benchmark prices spanned
More informationOil Markets: Where next?
Oil Markets: Where next? Christof Rühl, Global Head of Research Singapore September 2016 1 Content Oil and the economy: Recap Why did lower oil prices not support economic growth? OPEC vs. US two sides
More informationPricing of Canadian Oil Sands Blends
Pricing of Canadian Oil Sands Blends Presented to: Edmonton CFA Society Investing In Alberta s Oil Sands Conference Edmonton, Alberta June 8, 2006 Steve Fekete Senior Principal Calgary, Alberta 403-266-7086
More informationLatin American E&P Outlook
Latin American E&P Outlook Society of Petroleum Engineers April 20, 2017 www.stratasadvisors.com UPSTREAM MIDSTREAM DOWNSTREAM FUEL & TRANSPORT Who We Are Stratas Advisors is a global consulting and advisory
More informationManaging Oil Price Risks Against the Current Volatile Market
Managing Oil Price Risks Against the Current Volatile Market Petroleum Industry Workshop - by SPC & S&P Global Platts Auckland, New Zealand 22 March 2017 Presenter: Wu Tuck Leong Manager, Commodity Risk
More informationRESULTS FOR Q ANALYST TELECONFERENCE
RESULTS FOR Q3 217 ANALYST TELECONFERENCE Market 1 2 Operation Financials 3 Market 1 217 Third Quarter Market Conditions Fires & Strikes in Europe Harsh Hurricane Season in United States Increase in Global
More informationQ Results August 29, 2012
Q2 2012 Results August 29, 2012 Forward looking statements MATTERS DISCUSSED IN THIS DOCUMENT MAY CONSTITUTE FORWARD-LOOKING STATEMENTS. THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 PROVIDES SAFE
More information1Q 2013 Performance Review. 14 May 2013
1Q 2013 Performance Review 14 May 2013 Forward Looking Statements The following presentation includes forward-looking statements, which involve known and unknown risks and uncertainties, that could cause
More informationSNAPSHOT OF COMMERCIAL INDICATORS. Week 17 / 2018 (23-27 APRIL)
SNAPSHOT OF COMMERCIAL INDICATORS Week 17 / 2018 (23-27 APRIL) "It is one of the blessings of old friends that you can afford to be stupid with them." Ralph Waldo Emerson, American - Poet (1803-1882) Introductory
More informationFinancial Statements Matti Lievonen, President & CEO 7 February 2018
Financial Statements 2017 Matti Lievonen, President & CEO 7 February 2018 Agenda 1. Year 2017 2. Group financials 2017 3. Segment reviews 4. Current topics 5. Appendix 2 Disclaimer The following information
More informationFirst quarter 2018 earnings conference call and webcast
First quarter 2018 earnings conference call and webcast Pat Yarrington Vice President and Chief Financial Officer Mark Nelson Vice President, Midstream, Strategy and Policy Frank Mount / Wayne Borduin
More informationInvestor Presentation April 2012
Investor Presentation April 2012 Safe Harbor Provision Delek US Holdings is traded on the New York Stock Exchange in the United States under the symbol DK and, as such, is governed by the rules and regulations
More informationOrient Overseas (International) Ltd. Media Presentation Annual Results
Orient Overseas (International) Ltd Media Presentation 2014 Annual Results March 9th 2015 1 OOIL Profile Headquartered in Hong Kong Principal business activities: container transport and logistics Over
More informationXML Publisher Balance Sheet Vision Operations (USA) Feb-02
Page:1 Apr-01 May-01 Jun-01 Jul-01 ASSETS Current Assets Cash and Short Term Investments 15,862,304 51,998,607 9,198,226 Accounts Receivable - Net of Allowance 2,560,786
More informationPRESS RELEASE EAGLE ENERGY TRUST APPOINTS VICE PRESIDENT, FINANCE AND PROVIDES SECOND QUARTER FINANCIAL INFORMATION, OUTLOOK AND OPERATIONAL UPDATE
PRESS RELEASE FOR IMMEDIATE RELEASE: August 10, 2012 EAGLE ENERGY TRUST APPOINTS VICE PRESIDENT, FINANCE AND PROVIDES SECOND QUARTER FINANCIAL INFORMATION, OUTLOOK AND OPERATIONAL UPDATE Calgary, Alberta:
More information3 rd QUARTER 2018 EARNINGS WEBCAST. November 12 th, 2018
3 rd QUARTER 2018 EARNINGS WEBCAST November 12 th, 2018 1 Important notice Safe harbor statement under the US Private Securities Litigation Reform Act of 1995. This document contains statements that YPF
More informationForties pipeline outage opens way to US Gulf benchmarking
Forties pipeline outage opens way to US Gulf benchmarking Shutdown highlights vulnerability of Dated Brent A hairline crack on a single pipeline has exposed the vulnerability of Dated Brent, the world
More informationRIDGEBURY CRUDE TANKERS LLC 33 Riverside Ave Westport CT 06880
RIDGEBURY CRUDE TANKERS LLC 33 Riverside Ave Westport CT 06880 QUARTERLY REPORT (UNAUDITED) June 30, 2015 Westport, Connecticut, August 20, 2015 Ridgebury Crude Tankers LLC ( RCT or Ridgebury Crude ) is
More informationCME Group and the Benefits of the Tighter WTI Specifications
CME Group and the Benefits of the Tighter WTI Specifications Daniel Brusstar Denver, May 23, 2018 COQA CCQTA Joint Meeting Agenda Update on the Phase-in of the additional WTI tests The benefits of adopting
More informationINTERIM RESULTS 2009
AGENDA Overview & Operating Environment Performance Long Haul Airline Short Haul Airline Domestic Tasman & Pacific Islands Other businesses Strategy Financial Management Outlook 2 OVERVIEW Normalised earnings*
More information1Q 2017 IFRS Financial Results May 31, 2017
Always moving forward 1Q 2017 IFRS Financial Results May 31, 2017 Forward-Looking Statements Certain statements in this presentation are not historical facts and are forward-looking. Examples of such forwardlooking
More informationChapter 1 International economy
Chapter International economy. Main points from the OECD's Economic Outlook A broad-based recovery has taken hold Asia, the US and the UK have taken the lead. Continental Europe will follow Investment
More informationOperating profit is arrived at after charging/(crediting) the following:
Financial Statement SINGAPORE PETROLEUM COMPANY LIMITED 1 UNAUDITED RESULTS FOR THE FIRST QUARTER ENDED 31 MARCH 2004 The Directors of Singapore Petroleum Company Limited (SPC) advise the following unaudited
More informationMarket Watch Presentation
Special Presentation Market Watch Presentation Petrotech Johannes Benigni December 2016 Disclaimer All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements.
More information1 2 Ma y Q RESULTS TELECONFERENCE
1 2 Ma y 2 0 1 6 Q1 2016 RESULTS TELECONFERENCE SAFE HARBOR STATEMENT Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views with
More informationAegean Marine Petroleum Network Inc. Announces First Quarter 2016 Financial Results. Generates Record Sales Volumes and Solid Operational Efficiency
Aegean Marine Petroleum Network Inc. Announces First Quarter 2016 Financial Results Generates Record Sales Volumes and Solid Operational Efficiency New York, NY, May 24, 2016 Aegean Marine Petroleum Network
More informationAmerican Shipping Company ASA
American Shipping Company ASA Pareto Oil & Offshore Conference 13 September 2018 Company Presentation Important information This Company Presentation is current as of September 2018. Nothing herein shall
More informationAegean Marine Petroleum Network Inc. Announces Fourth Quarter 2017 Financial Results
Aegean Marine Petroleum Network Inc. Announces Fourth Quarter 2017 Financial Results Reiterates Financial and Operational Benefits of HEC Transaction New York, NY, March 7, 2018 Aegean Marine Petroleum
More informationPareto Seminar, 1 December Roland M. Andersen, CFO
Pareto Seminar, 1 December 2009 Roland M. Andersen, CFO 1 Introduction to TORM and key facts Global footprint based on regional power and presence Superior advantage through modern product tanker fleet,
More informationThe Great Eastern Shipping Co. Ltd.
The Great Eastern Shipping Co. Ltd. 1 Forward looking information This presentation contains certain forward looking information through statements, which are based on management s current expectations
More informationHedging Lessons Learned and Impact on Current Strategies
Hedging Lessons Learned and Impact on Current Strategies Louisiana Energy Conference June 1, 2017 Sean Levine, Director Research and Product Development Energy Capital Research Group A Nightmare on Hedge
More informationNestlé Investor Seminar 2008
Nestlé Investor Seminar 2008 Procurement of Raw Materials at Nestlé Malcolm Harrison Head of Procurement 1 Nestlé Investor Seminar Vevey 16-17 June 2008 Disclaimer This presentation contains forward looking
More informationLooking Ahead: Key Themes for the Drybulk Market
Marine Money Ship Finance Forum November 12 th, 2014 Looking Ahead: Key Themes for the Drybulk Market Forward Looking Statements This presentation contains certain statements that may be deemed to be forward-looking
More informationSNAPSHOT OF COMMERCIAL INDICATORS. Week 44 / 2018 (29 Oct 2 Nov)
SNAPSHOT OF COMMERCIAL INDICATORS Week 44 / 2018 (29 Oct 2 Nov) "The early bird gets the worm, but the second mouse gets the cheese." Willie Hugh Nelson, American musician, singer, songwriter, author,
More informationDRY BULK FORWARD FREIGHT AGREEMENTS
DRY BULK FORWARD FREIGHT AGREEMENTS SSY Futures Ltd are authorised and regulated by the Financial Conduct Authority. The material contained herein is for information purposes only and should not be seen
More informationGlobal Energy Markets & Pricing
An Intensive 5 Day Training Course Global Energy Markets & Pricing 24-MAY-17 25-29 Sep 2017, London Global Energy Markets & Pricing Why Chse this Training Course? This 5-day accelerated training course
More informationOther Segments and Corporate Development Mike Morgan
Other Segments and Corporate Development Mike Morgan Agenda Terminals Retail Power Acquisition Update TransColorado Dropdown Financing Acquisitions KMR vs. KMP Price Distribution Management Policy 2 Terminals
More informationDevelopment Fund for Iraq
IAMB & COFE Meeting May 1213, 2008 Summary Audit Results December 31, 2007 Content Scope of work and deliverables Entities covered Financial statement Outstanding data Key issues Internal control material
More informationAnalyst Meeting. 2Q09 Performance. Friday 14 August 2009
Analyst Meeting 2Q9 Performance Friday 14 August 29 Agenda 2Q9 Management Highlights Operation Performance CAPEX Financial Performance Industry Outlooks 2 2Q9 Highlights Overview Operation Improving in
More information30 October 2018 BP 3Q 2018 RESULTS. Secret BP 3Q 2018 RESULTS
30 October 2018 BP 3Q 2018 RESULTS 1 Craig Marshall Head of Investor Relations 2 Cautionary statement Forward-looking statements - cautionary statement In order to utilize the safe harbor provisions of
More informationU.S. Steel Market Outlook. Amy Ebben ArcelorMittal USA November 30, 2018
U.S. Steel Market Outlook Amy Ebben ArcelorMittal USA November 30, 2018 Agenda ArcelorMittal introduction U.S. steel industry performance and trade Global steel industry Review of steel markets 1 About
More informationIINO KAIUN KAISHA, LTD. (IINO LINES)
October 30, 2015 Consolidated Financial Results For the Six Months Ended September 30, 2015 - under Japanese GAAP IINO KAIUN KAISHA, LTD. (IINO LINES) Stock code: 9119 URL: http://www.iino.co.jp/kaiun/english/
More informationNatural Gas & Electricity Procurement Program
Reported to the Board of Trustees May 31, 2012 Natural Gas & Electricity Procurement Program Status Report to the Board of Trustees May 31, 2012 PROGRESS TO DATE The procurement activity under the Board
More informationKinder Morgan Canada
*Information contained in this presentation is dated as of 3/24/2011. For current project scope and information on the Trans Mountain Pipeline expansion project, please see www.transmountain.com Kinder
More information[Check against delivery] December 5, :00 a.m. Calgary time
[Check against delivery] December 5, 2007 9:00 a.m. Calgary time Thacker: Good morning everyone. Thank you for joining us today to discuss this morning s press release. With me in the room are Mr. John
More informationInvestor Presentation August 2012
Investor Presentation August 2012 Safe Harbor Provision Delek US Holdings is traded on the New York Stock Exchange in the United States under the symbol DK and, as such, is governed by the rules and regulations
More informationCONCORDIA MARITIME AB (PUBL) Capital Link London Conference October 2015
CONCORDIA MARITIME AB (PUBL) Capital Link London Conference October 2015 Kim Ullman, CEO Ola Helgesson, CFO Vision and business concept Concordia Maritime is an international shipping company Founded
More informationRIM BUNKER INTELLIGENCE DAILY NO.7452 Apr COPYRIGHT(C) 2014 RIM INTELLIGENCE CO. ALL RIGHTS RESERVED. --TOKYO, 13:00 JST Apr
Rim Bunker Oil Intelligence Daily RIM INTELLIGENCE DAILY NO.7452 Apr 03 2015 COPYRIGHT(C) 2014 CO. ALL RIGHTS RESERVED. --TOKYO, 13:00 JST Apr 03 2015 Information Today's RECX-22 rose by 0.99 from the
More informationMANAGING NATURAL GAS PRICE VOLATILITY
MANAGING NATURAL GAS PRICE VOLATILITY May 2008 Page 1 141 W Jackson Blvd Suite 1521 Chicago, IL 60604 312.373.8250 info@riskmgmt.net TABLE OF CONTENTS Section 1 Macro Economic Influences on Commodity Pricing
More informationBUDGETWATCH January 2018 Special 2017 Year-End Flash Report
January 2018 Special 2017 Year-End Flash Report Overall The January Budgetwatch is a flash look focusing on some very preliminary 2017 actual revenue results, along with debt service, compared with the
More informationApproaching the Redline. Dr. Mark G. Dotzour College Station, Texas
Approaching the Redline Dr. Mark G. Dotzour College Station, Texas mdotzour@gmail.com Redline A set amount of RPMs which your engine can put out before you pretty much blow it up. This is usually where
More informationProspects for a Closer Brent/WTI Relationship in Europe Platts proposes adding U.S. crude to Brent assessment.
? Prospects for a Closer Brent/WTI Relationship in Europe Platts proposes adding U.S. crude to Brent assessment. Morningstar Commodities Research Oct. 15, 2018 Sandy Fielden Director, Oil and Products
More informationWeekly Market Review
Key Shipping Indicators Irish Maritime News: Brexit: Stena Line Discuss the Impact of Brexit As reported by walesonline, Stena Line has said it will have to assess how Brexit could impact the UK. The Swedish
More informationEURONAV ANNOUNCES THIRD QUARTER RESULTS 2017
Tuesday 31 October 8 a.m. CET EURONAV ANNOUNCES THIRD QUARTER RESULTS HIGHLIGHTS Challenging freight market throughout quarter toughest since Q3 2013 Oversupply of tonnage and new vessel deliveries the
More information3. TREASURY AND COMMODITIES GROUP
3. TREASURY AND COMMODITIES GROUP Andrew Downe Group Head Macquarie Group Limited Operational Briefing 5 February 2009 Presentation to Investors and Analysts Volumes are beginning to trend downwards Activity
More informationBUDGETWATCH March 2018 Flash Report
March 2018 Flash Report Overall Latest Condition (reporting on operations through February and subsidies through March): Passenger revenues were $6 million unfavorable in February, increasing the unfavorable
More informationAmerican Shipping Company ASA. Noble Capital Markets Fourteenth Annual Investor Conference
American Shipping Company ASA Noble Capital Markets Fourteenth Annual Investor Conference 29-30 th January 2018 Important information This Company Presentation is current as of January 2018. Nothing herein
More informationCredit Suisse Financial Services Conference
Credit Suisse Financial Services Conference David H. Sidwell, Executive Vice President & Chief Financial Officer John A. Shapiro, Managing Director & Global Head of Commodities February 7, 2007 Notice
More informationCOMPARATIVE ANALYSIS OF MONTHLY REPORTS ON THE OIL MARKET
COMPARATIVE ANALYSIS OF MONTHLY REPORTS ON THE OIL MARKET AN INTERNATIONAL ENERGY FORUM PUBLICATION AUGUST 2018 RIYADH, SAUDI ARABIA AUGUST 2018 SUMMARY FINDINGS FROM A COMPARISON OF DATA AND FORECASTS
More informationCHEVRON ISSUES INTERIM UPDATE FOR SECOND QUARTER 2008
Chevron Corporation Policy, Government and Public Affairs Post Office Box 6078 San Ramon, CA 94583-0778 www.chevron.com FOR IMMEDIATE RELEASE CHEVRON ISSUES INTERIM UPDATE FOR SECOND QUARTER 2008 SAN RAMON,
More informationCOMPARATIVE ANALYSIS OF MONTHLY REPORTS ON THE OIL MARKET
COMPARATIVE ANALYSIS OF MONTHLY REPORTS ON THE OIL MARKET AN INTERNATIONAL ENERGY FORUM PUBLICATION NOVEMBER 2018 RIYADH, SAUDI ARABIA NOVEMBER 2018 SUMMARY FINDINGS FROM A COMPARISON OF DATA AND FORECASTS
More information11 May Energy Coal
11 May 217 Energy Coal Energy coal: dislocation from fundamentals Size of the Asia Pacific market 2 Energy Coal Market Volumes by Basin (Million Tonnes) 1, 9 8 7 6 5 4 3 2 1 The Asia-Pacific market is
More informationNotice on Forward Looking Statements
1 1 Notice on Forward Looking Statements This presentation contains certain forward-looking statements (as such term is defined in Section 21E of the Securities Exchange Act of 1934, as amended), which
More informationFULL YEAR May, 2018
FULL YEAR 2017 3 May, 2018 Presenters Petter Holland CEO Gunilla Spongh CFO 2 Disclaimer This presentation has been prepared by Corral Petroleum Holdings AB (publ) and/or its subsidiaries and affiliates
More informationFinancial markets in an interconnected world
Financial markets in an interconnected world Hyun Song Shin* Bank for International Settlements CFS Colloquium Seminar, Goethe University 23 March 2015 * Views expressed are my own, not necessarily those
More informationBUDGETWATCH March 2016 Flash Report
March 2016 Flash Report Summary of February Budgetwatch (reporting on operations through January and subsidies through February): Overall results through February were slightly favorable. Net operating
More informationDiscussions with the CFTC
Discussions with the CFTC Position Limits The Goldman Sachs Group, Inc. September 2010 Agenda Dealers role in commodities markets Existing position limit framework Dodd/Frank position limit mandate Approach
More informationImperial announces third quarter 2017 financial and operating results
Q3 News Release Calgary, October 27, 2017 Imperial announces third quarter 2017 financial and operating results 18 percent increase in upstream production from the second quarter of 2017 Petroleum product
More informationCorral Q May 2017
Corral Q1 2017 May 2017 Disclaimer This presentation has been prepared by Corral Petroleum Holdings AB (publ) and/or its subsidiaries and affiliates ( Corral ). The information contained in this presentation
More information