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Wednesday, 28 January 15
MARKET INSIGHT - STELIOS KOLLINTZAS
 With most traders having returned to action from year end festivities, we have already seen signs of activity in the specialized product markets. Long-haul trades, - namely vegetable oil shipments from South America and the deep-sea MR market from Southeast Asia to Med/Continent - are increasingly active. On the other hand, the demand across the inter-regional palm oil trade lanes has weakened.
The slow pace of enquiry to India and China for palm oils during the year end, has remained evident in the first days of 2015. A small number of car-goes in January and sporadic cargo enquiries already quoted for February, have resulted in increased availability of prompt tonnage and lower freight rates. The rates for Straits/WCI bss 10-12k shipments are between 29-31 US$/pmt and 27-29 US$/pmt bss 10-12k shipments to ECI.
Analysts say that recent major floods in high-producing palm oil areas of Malaysia, the world’s second-largest grower, will take a toll on the country’s outputs and they are likely to fall further. As such, and in view of increased exports due to the upcoming Chinese New Year festivities, we expect the market to experience some activity with a positive effect on freight rates.
While many traders expected hire-rates for long-haul MR trips to fall at the start of the year, the market has proved them wrong. The continuous delays in both new-building scheduled deliveries and ships discharging soft oils in India are the main factors that keep hire rate levels around 20,000-22,000 pd; with the higher rates being attributed to the ‘’ECO-MRs’’.
It is true however, that with a 40-50% drop on bunker prices over the last months, the operational cost advantage is not so evident for the latter, as charterers might end-up with a cheaper solution when taking a ‘’normal MR’’ at a lower hire rate. Finally 33-40,000 shipments to Continent are still earning around low 60 US$/pmt and 55 US$/pmt on voyage bss.
Overall, there has been a fair amount of activity out of South America for soya been oil exports during the start of the year. The driving forces behind this demand have been India and Europe while China has been almost obsolete. While the Atlantic CPP market is slightly cooling off, but still at healthy rates, there might be other ships apart from the non-CPP players and the older candidates, that would look at veg oil out of South America. As such, this might give charterers, the opportunity to push rates back.
The situation ex - Black Sea is similar. While the cross-Med CPP market has slightly softened, it is still far from poor and leaves owners with better earnings than a veg oil voyage. Despite increased activity towards all destinations, Westbound cargoes are preferable especially to ice-class candidates, as the ice-season has arrived; unless you are an Owner with older tonnage or have contractual commitments in the East. In any case, it seems that charterers will not get a very competitive rate, for either taking a higher-spec vessel West or taking a dedicated CPP trader East.
On a last note, it is certain that the continuous drop of bunker and crude oil prices will have a great impact on the shipping markets during 2015 as well. But to what extend this trend will continue translating into higher freight rates, is probably the right question to ask.
By: Stelios Kollintzas
Specialized Products Desk
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms. Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Thursday, 12 February 15
DRY BULK OWNERS SCRAP MORE VESSELS, AS MARKET REACHES HISTORICAL LOWS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has reached historical lows this week, with the Baltic Dry Index (BDI) now trading at levels below operating expense levels for ...
Thursday, 12 February 15
INDONESIAN COAL PRICE REFERENCE INCHED DOWN 1.44% IN FEBRUARY
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down Indonesian coal bench mark price this month to US$ 62.92 pe ...
Thursday, 12 February 15
NEWBUILDING ORDERING ACTIVITY DRAGS ON, AS OWNERS ARE LOOKING FOR LOWER PRICES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Ship owners appear to be waiting for lower prices in their dealings with Asian shipyards, as the dry bulk market is at historical lows. According t ...
Wednesday, 11 February 15
DRY BULK MARKET REMAINED UNDER PRESSURE : STABILIZING CAPE MARKET HARDLY HELPED SENTIMENT
COALspot.com: The Dry Bulk market remained under pressure last week, while the stabilizing Cape market hardly helped sentiment.
Greece based s ...
Wednesday, 11 February 15
BDI HITTING THE ALL-TIME LOW; FFA MARKETS NOT SHOWING ANY POSITIVE SIGNS
With the BDI hitting the all-time low and with FFA markets not showing any positive signs for a possible recovery in the near future, pessimism is ...
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- Merrill Lynch Commodities Europe
- Central Java Power - Indonesia
- Price Waterhouse Coopers - Russia
- New Zealand Coal & Carbon
- Marubeni Corporation - India
- San Jose City I Power Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Larsen & Toubro Limited - India
- Ind-Barath Power Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- ASAPP Information Group - India
- Sakthi Sugars Limited - India
- Goldman Sachs - Singapore
- IEA Clean Coal Centre - UK
- Energy Development Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Alfred C Toepfer International GmbH - Germany
- Asmin Koalindo Tuhup - Indonesia
- Mjunction Services Limited - India
- Bulk Trading Sa - Switzerland
- Australian Commodity Traders Exchange
- Kartika Selabumi Mining - Indonesia
- Power Finance Corporation Ltd., India
- Bhushan Steel Limited - India
- Vedanta Resources Plc - India
- Electricity Authority, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Coastal Gujarat Power Limited - India
- Edison Trading Spa - Italy
- Miang Besar Coal Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Bharathi Cement Corporation - India
- Parliament of New Zealand
- Global Coal Blending Company Limited - Australia
- Ceylon Electricity Board - Sri Lanka
- Madhucon Powers Ltd - India
- Minerals Council of Australia
- Mintek Dendrill Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Economic Council, Georgia
- Holcim Trading Pte Ltd - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement PLC, Thailand
- Indika Energy - Indonesia
- Riau Bara Harum - Indonesia
- Petron Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ambuja Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Coalindo Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Savvy Resources Ltd - HongKong
- Altura Mining Limited, Indonesia
- Electricity Generating Authority of Thailand
- MS Steel International - UAE
- PNOC Exploration Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Rio Tinto Coal - Australia
- Interocean Group of Companies - India
- CIMB Investment Bank - Malaysia
- Gujarat Sidhee Cement - India
- Australian Coal Association
- Ministry of Transport, Egypt
- PowerSource Philippines DevCo
- Grasim Industreis Ltd - India
- Eastern Coal Council - USA
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- Kaltim Prima Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- The Treasury - Australian Government
- Energy Link Ltd, New Zealand
- Barasentosa Lestari - Indonesia
- PTC India Limited - India
- Tamil Nadu electricity Board
- Makarim & Taira - Indonesia
- Kobexindo Tractors - Indoneisa
- Parry Sugars Refinery, India
- Intertek Mineral Services - Indonesia
- Thai Mozambique Logistica
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Finance - Indonesia
- Semirara Mining Corp, Philippines
- South Luzon Thermal Energy Corporation
- Straits Asia Resources Limited - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- London Commodity Brokers - England
- Indian Energy Exchange, India
- Sindya Power Generating Company Private Ltd
- McConnell Dowell - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Samtan Co., Ltd - South Korea
- Sinarmas Energy and Mining - Indonesia
- India Bulls Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Heidelberg Cement - Germany
- Meralco Power Generation, Philippines
- Simpson Spence & Young - Indonesia
- Manunggal Multi Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Bukit Baiduri Energy - Indonesia
- The State Trading Corporation of India Ltd
- Therma Luzon, Inc, Philippines
- VISA Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Global Business Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- CNBM International Corporation - China
- Ministry of Mines - Canada
- Gujarat Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Port Waratah Coal Services - Australia
- GMR Energy Limited - India
- Latin American Coal - Colombia
- Indian Oil Corporation Limited
- Salva Resources Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Videocon Industries ltd - India
- Agrawal Coal Company - India
- Sical Logistics Limited - India
- Tata Chemicals Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Deloitte Consulting - India
- Kohat Cement Company Ltd. - Pakistan
- GN Power Mariveles Coal Plant, Philippines
- Planning Commission, India
- Chamber of Mines of South Africa
- Mercator Lines Limited - India
- Iligan Light & Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Oldendorff Carriers - Singapore
- Aditya Birla Group - India
- Kumho Petrochemical, South Korea
- Binh Thuan Hamico - Vietnam
- Malabar Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Cement Manufacturers Association - India
- GVK Power & Infra Limited - India
- Attock Cement Pakistan Limited
- Uttam Galva Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Medco Energi Mining Internasional
- SMG Consultants - Indonesia
- Karaikal Port Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jaiprakash Power Ventures ltd
- Star Paper Mills Limited - India
- Standard Chartered Bank - UAE
- Aboitiz Power Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Wilmar Investment Holdings
- Romanian Commodities Exchange
- Posco Energy - South Korea
- Sarangani Energy Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Timah Investasi Mineral - Indoneisa
- Anglo American - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Central Electricity Authority - India
- Orica Mining Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- The University of Queensland
- Siam City Cement - Thailand
- Wood Mackenzie - Singapore
- Eastern Energy - Thailand
- Indonesian Coal Mining Association
- SN Aboitiz Power Inc, Philippines
- Commonwealth Bank - Australia
- European Bulk Services B.V. - Netherlands
- Vizag Seaport Private Limited - India
- Independent Power Producers Association of India
- Indogreen Group - Indonesia
- ICICI Bank Limited - India
- PetroVietnam Power Coal Import and Supply Company
- SMC Global Power, Philippines
- Thiess Contractors Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Baramulti Group, Indonesia
- Coal and Oil Company - UAE
- Africa Commodities Group - South Africa
- Billiton Holdings Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Renaissance Capital - South Africa
- Orica Australia Pty. Ltd.
- Toyota Tsusho Corporation, Japan
- Banpu Public Company Limited - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Lanco Infratech Ltd - India
- Carbofer General Trading SA - India
- Global Green Power PLC Corporation, Philippines
- Sojitz Corporation - Japan
- Directorate Of Revenue Intelligence - India
- Mercuria Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Trasteel International SA, Italy
- Borneo Indobara - Indonesia
- Singapore Mercantile Exchange
- White Energy Company Limited
- Bayan Resources Tbk. - Indonesia
- Antam Resourcindo - Indonesia
- Xindia Steels Limited - India
- Dalmia Cement Bharat India
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