Торговля топливом и бункеровка -Семинар 24 - 25 июля 2008, Сингапур

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Обращаем Ваше внимание на то, что семинар будет проводиться на английском языке, перевод на руссский язык не будет обеспечиваться.

International Oil Supply & Trading Seminar

"Fuel Oil Trading and Bunkering"

24-25 July, Singapore

This intensive course will provide a clear understanding of key drivers of oil value such as oil refining economics and product quality, market price structure, effective supply and trading and transportation.

Specific issues arising from fuel oil supply and trading related to marine bunker supplies are highlighted. Although it focuses on commercial and value adding aspects of supply, trading and price risk management, the course will also briefly cover relevant commercially important product quality issues.

Oil sale contract terms are considered, and various trading strategies such as arbitrage reviewed. The range of forward and futures markets, price risk management tools and the principles of hedging are explained.

The programme is highly interactive with numerous illustrations, worked examples and exercises based on real international market situations, for delegates to work on in small syndicate groups. This reinforces understanding and generates a high energy and enjoyable learning environment.

Participation in this course will allow you to obtain detailed practical information from experts with many years of experience. The course will also provide conclusions and forecasts from a large multi-client study: "Bukers and heavy fuel oil new market issues and future trends".

The course will cover the following issues in detail:

• Asia Pacific fuel oil supplies – overview, growth and supply challenges.Markets – China/ India
• Fuel oil pricing and bunker components’ costs. The importance of regional market values based on refining economics and location
• Price risk management of cargo sales / purchasing, bunker sales (retail) and inventory (stock)
• Marpol Annex VI – Implementation. Implications for EU / Asia Pacific international fuel oil trading
• Singapore bunker market
• Key characteristics of bunker residue and distillate fuels. Commercial importance of blending
• Freight costs, contract issues and negotiations

Programme:

DAY ONE

08.45 Registration

09.00 Introduction

• Course content, approach/ syndicates exercises, industry jargon/ definitions

09.30 Oil Markets and Oil Trading

• Global supply and demand; crude oil and oil products markets; major bunker fuels markets
• Regional balances, trade flows, market drivers
• Physical, forwards, futures and derivatives markets
• Why trade?
• Term and spot deals

Key Issues: Projections of international flows of oil products and implications for fuel oil and bunker traders, particularly in respect of low sulphur fuel oils.

10.15 Oil Refining

• Crude oil types, origin, crude oil assays
• Refinery types and key processes
• Products produced
• Yields
• Refinery economics and feedstock valuation - GPW, netbacks, refining margins
• Upgrading and conversion processes
• The basics of product quality and specifications
• Fuel oil – key specification issues

Key Issues: The key characteristics of bunker residue and distillate fuels and how they are produced by refinery processes and by blending operations.

11.00 Coffee

11.30 Shipping & Freight

• Tankers – types and characteristics
• Worldscale system
• Basic principles of chartering and types of charter; lay time and demurrage; Bunker fuels

Key Issues: How freight costs are calculated, their importance for determining trading economics and the importance of critical charter conditions for fuel oil/ bunker traders.

12.15 Asia Pacific Fuel Oil Supplies – Overview

• Markets – China/ India
• Supplies/ balances
• Sources for imports – Arabian Gulf, Former Soviet Union, US/ Caribbean
• Singapore bunker market – quality issues

Key Issues: Asia Pacific growth and supply challenges

13.00 Lunch

14.00 Exercise 1: Freight Exercise

Key Issues: Understanding how freight rates are calculated.

14.45 Oil Pricing

• Crude and product price markers
• Market reporting, price assessments, information sources and methodologies
• Pricing mechanisms
• Crude and product markers and formula pricing
• Flat prices, differentials, pricing periods

Key Issues: How oil is priced, simple and complex formulae, specifics for bunker fuel components (e.g. residues, distillate and cutter stocks).

15.30 Coffee Break

16.00 Exercise 2: Gross Product Worth/ Netback Value/ Refinery Margins

Key Issues: How the values of typical high and low sulphur crude oils in a refinery are affected by the market values of the products generated, in particular the fuel oil components used to make bunker fuel oil; how netbacks/ refining margins are calculated.

16.30 Basics of Physical Oil Contracts

• Outline structure and clauses
• General Terms and Conditions
• Types of sale: FOB, CIF, Delivered etc. – responsibilities of seller and buyer
• Standard provisions in GT& C’s
• Key clauses, disputes and claims. Issues and problems
• Doing a deal

Key Issues: Product specifications and general contract conditions are of fundamental importance to bunker fuels suppliers and traders.

17.15 Forward and Futures Markets

• BFO contract, partials, book outs
• Dubai/Oman, WTI, Tapis
• Futures exchanges and futures contracts
• Futures – operation and use
• Summary of crude, gasoil and gasoline contracts

Key Issues: How these markets work and the specific challenges facing bunker suppliers and traders in the absence of active/ liquid futures markets for fuel oil.

18.00 Refining Video

18.30 Close

DAY TWO

09.00 Price Risk and Hedging

• Price risk & exposure
• Long & short (mini-class exercise)
• Introduction to hedging and hedging tools; hedging examples

Key Issues: Basics of price risk management and choices facing bunker fuels traders and suppliers; cargo sales/ purchasing, bunker sales (retail) and inventory (stock) hedging, control systems.

09.45 Exercise 3: Hedging with Futures

Key Issues: Understanding price exposure and how trading activity and hedging actions affect the net price exposure position.

10.15 Fuel Oil Blending/ Key Issues

• Basic principles
• Linear blending
• Non-linear blending

Key Issues: Commercial importance of blending and basic blending to adjust sulphur, viscosity, metals; compatibility problems with straight-run/ cracked fuel oils.

11.00 Coffee

11.30 EU Legislation/ Marpol Annexe VI – Implementation

• Baltic SECA; area, regulations, vessel options, exhaust scrubbing
• North Sea/ English Channel SECA; extension, implications, supply options
• Implications for NWE low sulphur fuel oil supply balances and EU/ Asia Pacific international fuel oil trading
• New price drivers for bunker fuels

Key Issues: Affect of the new regulations on customers, suppliers and traders; forward supply/ demand balances for low sulphur residues; reaction of vessel owners/ operators and likely impact on demand patterns.

12.15 Bunker Business Profitability

• Supply sourcing
• Sales and marketing
• Cost control/ working capital
• Payment security
• Trading

Key issue: How to make money from bunker fuels?

13.00 Lunch

14.00 Trading Strategies/ Market Structure & Arbitrage

• Forward price curve
• Contango and backwardation
• Differentials, spread trading, crack spreads
• Arbitrage
• General principles
• Examples (includes mini-class exercise)

Key Issues: Appreciation of how market structure affects fuel oil traders’ and bunker suppliers’ trading and hedging activities.

14.45 Over the Counter Derivatives

• Summary and definitions
• CFD’s and Swaps
• Applications
• Documentation

Key Issues: Understanding of the importance of using derivatives for hedging fuel oil and bunker prices and managing international arbitrage trading opportunities, in particular the west-east fuel oil arbitrage (without access to appropriate futures markets).

15.30 Coffee Break

16.00 Exercise 4: Negotiation - Sale of a cargo of fuel oil

Key Issues: Concluding the transaction within the time constraints allowed ensuring main contract issues have been covered and agreed to the satisfaction of both negotiating parties.

17.15 Syndicate Reports on Exercise 4

17.45 Course Summary & Feedback; Final Remarks

18.00 Close

Participation Fee:
Delegates’ package is cost £ 1080 and include:

Participation in the training programme
Hand-out materials (in English)
Coffee-breakes and lunches
Cocktail-reception

Glossary

Crude oil - a mixture of hydrocarbons that exists as a liquid in natural underground reservoirs and remains liquid at atmospheric pressure after passing through surface separating facilities. Crude is the raw material which is refined into gasoline, heating oil, jet fuel, propane, petrochemicals, and other products.

Bunker fuels - fuel supplied to ships and aircraft, both domestic and foreign, consisting primarily of residual and distillate fuel oil for ships and kerosene-based jet fuel for aircraft. The term "international bunker fuels" is used to denote the consumption of fuel for international transport activities. Historically, bunker fuels have meant only ship fuel.

Fuel oil - a liquid petroleum product less volatile than gasoline, used as an energy source. Fuel oil includes distillate fuel oil (No. 1, No. 2, and No. 4), and residual fuel oil (No. 5 and No. 6).

HSFO - High sulfur fuel oil. Typically fuel oil containing 3.5% sulfur.

LSD - Low sulfur diesel fuel. Diesel fuel containing more than 15 but less than 500 parts per million (ppm) sulfur.

Refinery - a complex of facilities where crude oil is separated into light or heavy fractions which are then converted into useable products.

Demurrage is a daily compensation paid by the charterer to the owner of a ship for delays in loading and discharging beyond the time agreed in the charterparty (laydays).

Contango is a term used in the futures market to describe an upward sloping forward curve (as in the normal yield curve). One says that such a forward curve is "in contango" (or sometimes "contangoed").

Contango - market scenario when the forward price of a commodity is higher than the spot price. The opposite market condition to contango is known as backwardation.

Backwardation - market scenario when the spot price of a commodity is higher than the forward price

Hedging - the buying and selling of futures contracts so as to protect energy traders from unexpected or adverse price fluctuations

Shipping is physical process of transporting goods and cargo. Virtually every product ever made, bought, or sold has been affected by shipping. Despite the many variables in shipped products and locations, there are only three basic types of shipments: land, air, and sea.

Oil tankers, also known as petroleum tankers, or tankers are ships designed for the bulk transport of oil. There are two basic types of oil tanker: the crude tanker and the product tanker. Crude tankers move large quantities of unrefined crude oil from its point of extraction to refineries. Product tankers, generally much smaller, are designed to move petrochemicals from refineries to points near consuming markets. Oil tankers are often classified by their size as well as their occupation. The size classes range from inland or coastal tankers of a few thousand long tons of deadweight (DWT) to the mammoth supertankers of 650,000 DWT.

A barge is a flat-bottomed boat, built mainly for river and canal transport of heavy goods. Most barges are not self-propelled and need to be moved by tugboats towing or towboats pushing them. Barges on canals (towed by draft animals on an adjacent towpath) contended with the railway in the early industrial revolution but were outcompeted in the carriage of high value items due to the higher speed, falling costs, and route flexibility of rail transport.