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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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Monday, 09 February 15
Q2' CFR SOUTH CHINA COAL SWAP DECLINED 3.28% TO $ 56.92 W-O-W
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery declined US$ 1.93 (-3.28%) per MT month over month and US$ 0.10 (-0 ...
Sunday, 08 February 15
BDI FELL CONTINUOUSLY HIT A THREE DECADES LOW
COALspot.com: This week Baltic Exchange Dry Freight Index (BDI) fell continuously hit a three decades low.
The BDI continuously fell and was d ...
Friday, 06 February 15
WEEKLY U.S. COAL PRODUCTION UP AN ESTIMATED 1.1% FROM LAST WEEK - EIA
COALspot.com – United States the world's one of the largest coal producers, produced approximately 20.1 million short tons (mmst) of coal ...
Friday, 06 February 15
SHIP DAMAGED BY FIRE CAUSED BY PIRATES FOUND TO BE CONSTRUCTIVE TOTAL LOSS - TAYLOR WESSING
KNOWLEDGE TO ELEVATE
The High Court was asked to determine a number of preliminary issues, including whether a vessel was a constructive total ...
Thursday, 05 February 15
BDI HAS NOW FALLEN A LEVEL CLOSE TO THE INDEX'S HISTORIC LOW - INTERMODAL
They say a picture is worth a thousand words and in this instance just one look at the tables above is enough to understand the great pressure the ...
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- Samtan Co., Ltd - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Kapuas Tunggal Persada - Indonesia
- SMG Consultants - Indonesia
- Therma Luzon, Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Central Java Power - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Global Business Power Corporation, Philippines
- Petron Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Sakthi Sugars Limited - India
- Power Finance Corporation Ltd., India
- Globalindo Alam Lestari - Indonesia
- Larsen & Toubro Limited - India
- Coal and Oil Company - UAE
- Xindia Steels Limited - India
- Australian Coal Association
- Semirara Mining and Power Corporation, Philippines
- Mercator Lines Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Madhucon Powers Ltd - India
- Planning Commission, India
- Essar Steel Hazira Ltd - India
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- Ambuja Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Orica Australia Pty. Ltd.
- Anglo American - United Kingdom
- Thai Mozambique Logistica
- Indogreen Group - Indonesia
- Pendopo Energi Batubara - Indonesia
- Chamber of Mines of South Africa
- Aditya Birla Group - India
- Mercuria Energy - Indonesia
- Orica Mining Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Grasim Industreis Ltd - India
- San Jose City I Power Corp, Philippines
- Energy Development Corp, Philippines
- Meralco Power Generation, Philippines
- Attock Cement Pakistan Limited
- Agrawal Coal Company - India
- Sical Logistics Limited - India
- Barasentosa Lestari - Indonesia
- Bhatia International Limited - India
- The University of Queensland
- Thiess Contractors Indonesia
- Binh Thuan Hamico - Vietnam
- Riau Bara Harum - Indonesia
- Timah Investasi Mineral - Indoneisa
- PTC India Limited - India
- CNBM International Corporation - China
- Dalmia Cement Bharat India
- Siam City Cement - Thailand
- McConnell Dowell - Australia
- Straits Asia Resources Limited - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Generating Authority of Thailand
- Metalloyd Limited - United Kingdom
- Sindya Power Generating Company Private Ltd
- Cigading International Bulk Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Economic Council, Georgia
- Independent Power Producers Association of India
- AsiaOL BioFuels Corp., Philippines
- Intertek Mineral Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Mjunction Services Limited - India
- Kideco Jaya Agung - Indonesia
- Kumho Petrochemical, South Korea
- Jorong Barutama Greston.PT - Indonesia
- White Energy Company Limited
- Sarangani Energy Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Parliament of New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Eastern Energy - Thailand
- MS Steel International - UAE
- Commonwealth Bank - Australia
- Rio Tinto Coal - Australia
- Kaltim Prima Coal - Indonesia
- Port Waratah Coal Services - Australia
- Antam Resourcindo - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Indian Energy Exchange, India
- PNOC Exploration Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMC Global Power, Philippines
- Medco Energi Mining Internasional
- Gujarat Mineral Development Corp Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tamil Nadu electricity Board
- Jaiprakash Power Ventures ltd
- Mintek Dendrill Indonesia
- Kartika Selabumi Mining - Indonesia
- Altura Mining Limited, Indonesia
- Deloitte Consulting - India
- India Bulls Power Limited - India
- GMR Energy Limited - India
- Romanian Commodities Exchange
- Maheswari Brothers Coal Limited - India
- Merrill Lynch Commodities Europe
- Tata Chemicals Ltd - India
- Indonesian Coal Mining Association
- Bukit Makmur.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Billiton Holdings Pty Ltd - Australia
- Ministry of Finance - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Ind-Barath Power Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Wilmar Investment Holdings
- ASAPP Information Group - India
- Gujarat Sidhee Cement - India
- Coalindo Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- VISA Power Limited - India
- Kobexindo Tractors - Indoneisa
- Indika Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- OPG Power Generation Pvt Ltd - India
- Latin American Coal - Colombia
- Oldendorff Carriers - Singapore
- Kalimantan Lumbung Energi - Indonesia
- The State Trading Corporation of India Ltd
- Eastern Coal Council - USA
- The Treasury - Australian Government
- London Commodity Brokers - England
- Marubeni Corporation - India
- Standard Chartered Bank - UAE
- Global Green Power PLC Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Australian Commodity Traders Exchange
- Baramulti Group, Indonesia
- Uttam Galva Steels Limited - India
- PowerSource Philippines DevCo
- Indo Tambangraya Megah - Indonesia
- Interocean Group of Companies - India
- Georgia Ports Authority, United States
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maharashtra Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Price Waterhouse Coopers - Russia
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement PLC, Thailand
- Minerals Council of Australia
- GVK Power & Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Indian Oil Corporation Limited
- IHS Mccloskey Coal Group - USA
- Petrochimia International Co. Ltd.- Taiwan
- Leighton Contractors Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Malabar Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Sojitz Corporation - Japan
- Sree Jayajothi Cements Limited - India
- Carbofer General Trading SA - India
- European Bulk Services B.V. - Netherlands
- Posco Energy - South Korea
- Bulk Trading Sa - Switzerland
- Lanco Infratech Ltd - India
- Goldman Sachs - Singapore
- New Zealand Coal & Carbon
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Vizag Seaport Private Limited - India
- Star Paper Mills Limited - India
- Aboitiz Power Corporation - Philippines
- Bangladesh Power Developement Board
- Singapore Mercantile Exchange
- Makarim & Taira - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- South Luzon Thermal Energy Corporation
- ICICI Bank Limited - India
- Jindal Steel & Power Ltd - India
- GAC Shipping (India) Pvt Ltd
- Wood Mackenzie - Singapore
- Ministry of Transport, Egypt
- Trasteel International SA, Italy
- Borneo Indobara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining Corp, Philippines
- TeaM Sual Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vedanta Resources Plc - India
- Coastal Gujarat Power Limited - India
- Renaissance Capital - South Africa
- Africa Commodities Group - South Africa
- Edison Trading Spa - Italy
- Bhushan Steel Limited - India
- Bharathi Cement Corporation - India
- Ministry of Mines - Canada
- Bayan Resources Tbk. - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Cement Manufacturers Association - India
- Heidelberg Cement - Germany
- Electricity Authority, New Zealand
- Energy Link Ltd, New Zealand
- IEA Clean Coal Centre - UK
- SN Aboitiz Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Central Electricity Authority - India
- Parry Sugars Refinery, India
- Pipit Mutiara Jaya. PT, Indonesia
- CIMB Investment Bank - Malaysia
- Banpu Public Company Limited - Thailand
- Salva Resources Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
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