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VituVingiSana
#1401 Posted : Tuesday, March 01, 2011 8:59:39 AM
Rank: Chief


Joined: 1/3/2007
Posts: 18,261
Location: Nairobi
milken wrote:
milken wrote:
@ VituVingiSana

MOE will have to call for an emergency tender that those marketers will win.

An emergency tender for 45,000MT of AGO was floated yesterday. The winning bid was US$34.5. Remember NOCK had bid US$13. See Daily Nation Smart Company pg9.
NOCK should pay the difference to the OMCs [or taxpayers] for the losses. Apparently the purchase price of the AGO will also be higher!

Why NOCK is blaming Shell for their predicament/inefficiency?
http://www.businessdaily.../-/1591q90/-/index.html

If NOCK was contracted to deliver on 19 Feb & has not done so by 1 March [barring any catastrophe] then it should be fined or barred. Blaming others for its incompetence makes no sense!

Or NOCK should have partnered with another OMC & learnt the ropes...!
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Gordon Gekko
#1402 Posted : Tuesday, March 01, 2011 9:01:02 AM
Rank: Elder


Joined: 5/27/2008
Posts: 3,760
milken wrote:
[quote=milken]An emergency tender for 45,000MT of AGO was floated yesterday. The winning bid was US$34.5. Remember NOCK had bid US$13. See Daily Nation Smart Company pg9.


But NOCK's bid was NOT for AGO!!!! The MD said herself!!!
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milken
#1403 Posted : Tuesday, March 01, 2011 9:05:52 AM
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@VituVingiSana
This industry is so screwed. From the word go NOCK was baited to fail but they swallowed it Hook, line, and sinker.
Itari muting'oe ihuragwo ngi ni Ngai
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milken
#1404 Posted : Tuesday, March 01, 2011 9:08:16 AM
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Posts: 192
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@ Gordon Gekko

Wee wacha hii maneno. The tender was for AGO;just follow VituVingiSana link.
Itari muting'oe ihuragwo ngi ni Ngai
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VituVingiSana
#1405 Posted : Tuesday, March 01, 2011 9:25:04 AM
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Posts: 18,261
Location: Nairobi
milken wrote:
@VituVingiSana
This industry is so screwed. From the word go NOCK was baited to fail but they swallowed it Hook, line, and sinker.
NOCK is blaming everyone else but from what I have read:
1) NOCK won the contract/tender to import 2 loads of AGO
2) It missed the delivery of #1 [supposed to be 19 Feb 2011]
3) Kenya Shell [& other OMCs] claim that NOCK did not tell them of the delay. Then lenga'd them again until OMCs [including Shell] wrote to MoE asking WTF?
4) NOCK came out saying #1 will be delivered 1-3 March & #2 is on schedule.
5) Shell (obviously) did not believe NOCK & canceled its share. NOCK could have 'absorbed' it or asked others within the industry to share Shell's quota.
6) NOCK canceled the Tender. Hold on... Did NOCK really contract for the 2 shipments [#1 on the sea & the #2 ready for delivery] or they are using Shell cancellation as a bluff?

IMHO, NOCK had not even bought the AGO. They screwed up OR someone at MoE [& cronies] wanted to take a cut!

Losers: TAXPAYERS!!! Coz NOCK is 100% owned by us the taxpayers!

Winners: kiraitu, nyoike & their friends!
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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milken
#1406 Posted : Tuesday, March 01, 2011 9:48:21 AM
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Posts: 192
Location: Nairobi
These tenders are a bit complicated in this sense. You will quote say US$13 for the industry product say 35KT. But to make money, you have to get other private imports (from other OMCs)of about 25KT and charge a premium of say US$80 and above. I do not think NOCK thought this thro or if they did then a trader must have misled them on the premiums.



Itari muting'oe ihuragwo ngi ni Ngai
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VituVingiSana
#1407 Posted : Tuesday, March 01, 2011 9:56:58 AM
Rank: Chief


Joined: 1/3/2007
Posts: 18,261
Location: Nairobi
milken wrote:
These tenders are a bit complicated in this sense. You will quote say US$13 for the industry product say 35KT. But to make money, you have to get other private imports (from other OMCs)of about 25KT and charge a premium of say US$80 and above. I do not think NOCK thought this thro or if they did then a trader must have misled them on the premiums.

What I was told was that the premiums [under OTS] are quite tight:
- Either you have a shipper ready to go at a 'good' price OR
- you have a contract with a regular shipper who offers a good price
- The purchase price of the AGO is 'fixed' so it is only the delivery that constitutes the premium.

I am not sure how NOCK thought $13 made sense when the rest were at $30+. Anyway, as @milken said NOCK thought they could have others use them at $80... Sounds stupid on NOCK's part unless the orders were for small quantities!
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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VituVingiSana
#1408 Posted : Tuesday, March 01, 2011 10:06:12 PM
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Joined: 1/3/2007
Posts: 18,261
Location: Nairobi
So NOCK blames everyone else for their incompetence...
http://www.businessdaily.../-/16anqwz/-/index.html

“Delayed delivery of diesel has resulted in significant supply interruptions. This is the first time that we have had a default under OTS. This development is significant and we need assurance that Nock, as a signatory, will adhere to the laid (out) terms and conditions,” said the CEOs.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Gordon Gekko
#1409 Posted : Thursday, March 03, 2011 2:02:42 PM
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Joined: 5/27/2008
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Whats happened? We are close to 10/-
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milken
#1410 Posted : Thursday, March 03, 2011 2:22:40 PM
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Location: Nairobi
VituVingiSana wrote:

I am not sure how NOCK thought $13 made sense when the rest were at $30+. Anyway, as @milken said NOCK thought they could have others use them at $80... Sounds stupid on NOCK's part unless the orders were for small quantities!


Apparently, we are yet to see more drama. NOCK has informed OMC's that the cargo they brought yesterday will be priced on March Average. This is absurd since there is no way this vessel loaded in March but NOCK are claiming that they did a Ship to Ship transfer (which is prohibited under OTS terms). OTS terms are very clear that cargoes brought before 15th should be on last month's average. Additionally ERC pricing is calculated on last month's basis.

For the last two days the prices are US$70.50 per ton (about Kes6.74 per Lt)higher that Feb average. Which begs the question, how on earth are OMCs supposed to price product whose real cost will be known on April 1st?

The only way NOCK can go around this is to have MOE issue a waiver and have ERC incorporate NOCK's cargo in March pricing. Of course somebody will take home about US$4M (i.e 56,000MT multiplied by US$70.5) which the Kenyan motorist will pay.

Now do you see how NOCK was able to quote a half of everybody else?

Itari muting'oe ihuragwo ngi ni Ngai
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VituVingiSana
#1411 Posted : Thursday, March 03, 2011 2:39:25 PM
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Joined: 1/3/2007
Posts: 18,261
Location: Nairobi
@milken - See why I am so anti-NOCK?

They [with MoE] are a bunch of crooks!
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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milken
#1412 Posted : Thursday, March 03, 2011 2:46:01 PM
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VituVingiSana wrote:
@milken - See why I am so anti-NOCK?

They [with MoE] are a bunch of crooks!


This is so much Sh*t. Nyoike should go home!
Itari muting'oe ihuragwo ngi ni Ngai
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youcan'tstopusnow
#1413 Posted : Friday, March 04, 2011 9:44:32 AM
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Joined: 3/24/2010
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Share opening at 10.50 though
GOD BLESS YOUR LIFE
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Gordon Gekko
#1414 Posted : Friday, March 04, 2011 10:10:01 AM
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youcan'tstopusnow wrote:
Share opening at 10.50 though

Was the opening deal. Now at 9.80.
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VituVingiSana
#1415 Posted : Monday, March 07, 2011 8:23:55 AM
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More crap coming up! NOCK now wants to screw us over AGAIN...
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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VituVingiSana
#1416 Posted : Tuesday, March 08, 2011 12:07:27 AM
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Joined: 1/3/2007
Posts: 18,261
Location: Nairobi
VituVingiSana wrote:
More crap coming up! NOCK now wants to screw us over AGAIN...
I told you!
http://www.standardmedia...030680&cid=457&
Just one of MANY reasons why NOCK shoule be scrapped or sold to the public, why kiraitu & nyoike should be fired, etc...
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Aguytrying
#1417 Posted : Tuesday, March 08, 2011 7:25:55 AM
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Joined: 7/11/2010
Posts: 5,040
Nock is doing more harm than good, they are supposed to cause prices to come down, but very soon diesel will be sold at a record high price. Because of them. were better of without them
The investor's chief problem - and even his worst enemy - is likely to be himself
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mlennyma
#1418 Posted : Tuesday, March 08, 2011 8:59:03 AM
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Joined: 7/21/2010
Posts: 6,192
Location: nairobi
Can somebody shed some light on our 4b case or even segman is in darkness.
"Don't let the fear of losing be greater than the excitement of winning."
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VituVingiSana
#1419 Posted : Tuesday, March 08, 2011 9:02:21 AM
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Joined: 1/3/2007
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mlennyma wrote:
Can somebody shed some light on our 4b case or even segman is in darkness.
What is 'our 4b case'?
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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cnn
#1420 Posted : Tuesday, March 08, 2011 9:08:19 AM
Rank: Veteran


Joined: 6/17/2009
Posts: 1,622
@VVs,he may be referring to the matter between KK and another in the axis of evil,read KPC.
All has gone quiet on that front.
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