Market eyes Gulf Coast Ammonia start up, Turkey CFR prices slide
Quantum Commodity Intelligence - Speculation over the start up of the Gulf Coast Ammonia plant in Texas grew on Thursday as Yara's Dancing Brave was confirmed to be heading to the plant's location at the port of Texas City on 26 March, by vessel trackers.
The ship was scheduled to load from Algeria this week and it is unclear if the vessel is delivering more cooling ammonia to the GCA plant, or is headed there to load a cargo.
Yara declined to comment on plans for the vessel.
Turkey
Sources told Quantum that cargoes were being offered into Turkey this week at the $405/mt CFR level, and not all of these offers were Iranian origin. Firm sales were not confirmed by press time, but sources indicated some Russian ammonia had been sold at lower levels.
The Turkey CFR price has been revised down to $425/mt for spot and $430-450/mt for contract cargoes, reflecting deliveries from freely-tradeable origins.
Vessel Max Star (formerly Wind 7) which looks to have loaded mid-February in Iran, is scheduled to arrive at Samsun in the coming days.
Waasmunster, chartered by Trafigura is expected to arrive at Samsun on 24 March. The ship loaded from the US.
ARY Holding, which owns Gemlik Gubre, has increased its share holding in Tefken Holding, the owner of Toros this week.
Russia
Ust Luga FOB prices dropped to $355/mt on Thursday, reflecting the drop in delivered prices to Turkey. Netbacks on sales to France and Belgium are potentially higher than this level, but no prices are disclosed on these deliveries.
Egypt
Trammo will load the Gas Utopia from EBIC shortly. The vessel was scheduled to arrive at Suez on Thursday.
Senegal
Trammo's Eco Enchanted ex-Trinidad delivered a cargo to Dakar on 8 April and the vessel is scheduled to discharge the balance for OCP, Morocco in the coming days.
Morocco
OCP has a firm import line up currently. The phosphate producer will receive Navigator Jorf ex-Donaldsonville on 18 March, Eco Oracle ex-Qatar on 28 March, Clipper Venus ex-Saudi on 2 April, as well as the balance cargo on Eco Enchanted in the coming days. The Pasco Odin still appears to be waiting to discharge at Jorf Lasfar following a long delay. The ship is scheduled to load from Libya later this month for Bayegan.
Libya
BGN is scheduled to load the Navigator Grace shortly from NOC at Mersa al Brega.
UK
Trammo MaryCam, which loaded from Algeria on 5 March, has arrived at Teesport to discharge a cargo.
Netherlands
The 40,000cbm Green Power is due to reach Rotterdam on 15 March, after departing Point Lisas on 3 March.
Spain
Hexagon's Sylvie is scheduled to discharge a cargo for UBE at Castellon this week. The vessel loaded in Algeria. The price of the cargo to UBE is not known, but Hexagon purchased an Algerian cargo last month at the $535/mt FOB level.
US
Ammonia deliveries out of terminals in the Midwest picked up pace this week, as Spring pre-paid volumes were moved out to direct application buyers. Sources said March ammonia was being offered at $630/st for much of the Corn Belt this week.
There have been significant volumes scheduled to move out of Donaldsonville in March. OCP's Navigator Jorf loaded a cargo early March, along with Waasmunter which is on charter with Trafigura and is heading to Turkey. Oceanic Moon is expected at the port on 13 March. Trafigura's Astor is expected at Donaldsonville on 19 March.
Yara's Dancing Brave is showing an ETA of 26 March at Texas City, presumed to be for the Gulf Coast Ammonia plant.
Oman
OQ's Gas Melody is scheduled to deliver a cargo via the Red Sea to Jordan again on 15 March. The Omani producer's ARD Horizon is on its way to Salalah (ETA 18/3) having passed through Suez following a delivery to Turkey,
Japan
Mitsui is understood to have secured part of the domestic supply contracts to Sumitomo, Asahi Kasei, and Toray, meaning it has a big chunk of the total annual requirement of 200,000 mt.
India
The Indian line-up for the week includes the Searambler, which will supply 10,000 mt to IFFCO on KIT's account on Saturday. That is followed by the Gas Venus, which is carrying 10,500 mt for Mahadhan Agritech (Deepak Fertilisers).
Indian green ammonia
Local sources indicate that the closing date for SECI's green ammonia tender for 750,000 mt has been pushed to the end of this month following amendments.
Vietnam
Parna Raya's Marianna 28 is expected to arrive at Haiphong port on Saturday, after departing Gresik port on 6 May, shipping data shows.
Conversely, the Annabella, which delivered a cargo to Haiphong on 6 March, is expected to arrive at Bontang port on Thursday.
Taiwan
Formosa will receive a 23,000 mt cargo from Yara on the Leo Sunrise under contract at the end of the month. The plastics maker has not scheduled any cargoes in April but will receive a 15,000 mt Middle Eastern cargo in early May.
Ammonia buyers in Taiwan were expecting demand to increase in Q2, but initial indications have not supported this sentiment.