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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.
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Friday, 30 January 15
U.S. YEAR-TO-DATE COAL PRODUCTION REACHED 65.7 MMST
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.9 million short tons (mmst) of coal ...
Friday, 30 January 15
CAN BULKER CONVERSIONS SPOIL THE TANKER MARKET'S PARTY? - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Oversupply of tonnage has always been in the back of the head of ship owners when it comes to taking advantage of favorable market conditions. As s ...
Thursday, 29 January 15
CHINA ENERGY DEMAND MUST BE REVIEWED DUE TO FUNDAMENTAL ECONOMIC CHANGES - WOOD MACKENZIE
New patterns emerging as energy demand growth decoupled significantly from GDP growth for the first time in 2014
Wood Mackenzie says 2014 was ...
Thursday, 29 January 15
CAPE MARKET IS STILL STRUGGLING WITH LOW DEMAND AND LOW COMMODITY PRICES
Handy
Supramax rates are heading south with slipping rates all across the block. USG activity is slow with mid-week levels in the mid 8.000s, Fea ...
Wednesday, 28 January 15
CAPES CONTINUED THEIR UPWARD MOVEMENT LAST WEEK - INTERMODAL
COALspot.com: The Dry Bulk market displayed a mirror performance of that of the week prior, with the Capesize market correcting further upwards and ...
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- Jorong Barutama Greston.PT - Indonesia
- Vizag Seaport Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Standard Chartered Bank - UAE
- Cigading International Bulk Terminal - Indonesia
- Renaissance Capital - South Africa
- GVK Power & Infra Limited - India
- Edison Trading Spa - Italy
- Eastern Coal Council - USA
- Coalindo Energy - Indonesia
- Port Waratah Coal Services - Australia
- Heidelberg Cement - Germany
- Sree Jayajothi Cements Limited - India
- Directorate Of Revenue Intelligence - India
- Indo Tambangraya Megah - Indonesia
- Jindal Steel & Power Ltd - India
- Ministry of Transport, Egypt
- Deloitte Consulting - India
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Generating Authority of Thailand
- Bukit Makmur.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Georgia Ports Authority, United States
- Bhoruka Overseas - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Coal and Oil Company - UAE
- Trasteel International SA, Italy
- Kohat Cement Company Ltd. - Pakistan
- International Coal Ventures Pvt Ltd - India
- Ministry of Mines - Canada
- Gujarat Sidhee Cement - India
- Ministry of Finance - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Anglo American - United Kingdom
- Uttam Galva Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Romanian Commodities Exchange
- Agrawal Coal Company - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Baiduri Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercator Lines Limited - India
- Meenaskhi Energy Private Limited - India
- Power Finance Corporation Ltd., India
- CIMB Investment Bank - Malaysia
- PNOC Exploration Corporation - Philippines
- Vedanta Resources Plc - India
- Star Paper Mills Limited - India
- Maharashtra Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Central Java Power - Indonesia
- Bharathi Cement Corporation - India
- Intertek Mineral Services - Indonesia
- TeaM Sual Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Attock Cement Pakistan Limited
- ASAPP Information Group - India
- Petron Corporation, Philippines
- Siam City Cement PLC, Thailand
- Riau Bara Harum - Indonesia
- Aditya Birla Group - India
- Kaltim Prima Coal - Indonesia
- Rio Tinto Coal - Australia
- Bayan Resources Tbk. - Indonesia
- Iligan Light & Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Therma Luzon, Inc, Philippines
- Altura Mining Limited, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Electricity Authority, New Zealand
- Australian Coal Association
- Jaiprakash Power Ventures ltd
- Essar Steel Hazira Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Marubeni Corporation - India
- Indonesian Coal Mining Association
- Cement Manufacturers Association - India
- VISA Power Limited - India
- Bhatia International Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sical Logistics Limited - India
- Makarim & Taira - Indonesia
- Samtan Co., Ltd - South Korea
- Australian Commodity Traders Exchange
- Gujarat Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Interocean Group of Companies - India
- SMG Consultants - Indonesia
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
- Africa Commodities Group - South Africa
- IHS Mccloskey Coal Group - USA
- GN Power Mariveles Coal Plant, Philippines
- Bangladesh Power Developement Board
- Planning Commission, India
- Semirara Mining Corp, Philippines
- Mintek Dendrill Indonesia
- GAC Shipping (India) Pvt Ltd
- Goldman Sachs - Singapore
- Bhushan Steel Limited - India
- Binh Thuan Hamico - Vietnam
- Banpu Public Company Limited - Thailand
- Maheswari Brothers Coal Limited - India
- Sindya Power Generating Company Private Ltd
- The State Trading Corporation of India Ltd
- Malabar Cements Ltd - India
- The University of Queensland
- Orica Mining Services - Indonesia
- Thai Mozambique Logistica
- McConnell Dowell - Australia
- Kalimantan Lumbung Energi - Indonesia
- Singapore Mercantile Exchange
- OPG Power Generation Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- White Energy Company Limited
- Salva Resources Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Indogreen Group - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Independent Power Producers Association of India
- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Indian Energy Exchange, India
- Sinarmas Energy and Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Metalloyd Limited - United Kingdom
- Tata Chemicals Ltd - India
- Formosa Plastics Group - Taiwan
- Coastal Gujarat Power Limited - India
- Price Waterhouse Coopers - Russia
- Dalmia Cement Bharat India
- Videocon Industries ltd - India
- Thiess Contractors Indonesia
- Ambuja Cements Ltd - India
- Eastern Energy - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Orica Australia Pty. Ltd.
- Timah Investasi Mineral - Indoneisa
- Sojitz Corporation - Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ICICI Bank Limited - India
- Indian Oil Corporation Limited
- Wood Mackenzie - Singapore
- Chettinad Cement Corporation Ltd - India
- The Treasury - Australian Government
- Savvy Resources Ltd - HongKong
- Economic Council, Georgia
- Mercuria Energy - Indonesia
- Commonwealth Bank - Australia
- Parliament of New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sakthi Sugars Limited - India
- MS Steel International - UAE
- PowerSource Philippines DevCo
- New Zealand Coal & Carbon
- Grasim Industreis Ltd - India
- Parry Sugars Refinery, India
- Kumho Petrochemical, South Korea
- Kobexindo Tractors - Indoneisa
- Global Coal Blending Company Limited - Australia
- Karaikal Port Pvt Ltd - India
- Medco Energi Mining Internasional
- Sarangani Energy Corporation, Philippines
- Antam Resourcindo - Indonesia
- Globalindo Alam Lestari - Indonesia
- Central Electricity Authority - India
- LBH Netherlands Bv - Netherlands
- Wilmar Investment Holdings
- Bulk Trading Sa - Switzerland
- Xindia Steels Limited - India
- European Bulk Services B.V. - Netherlands
- South Luzon Thermal Energy Corporation
- London Commodity Brokers - England
- PTC India Limited - India
- SMC Global Power, Philippines
- Ind-Barath Power Infra Limited - India
- San Jose City I Power Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Billiton Holdings Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Baramulti Group, Indonesia
- Global Business Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- India Bulls Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Meralco Power Generation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement - Thailand
- Mjunction Services Limited - India
- Borneo Indobara - Indonesia
- Barasentosa Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Larsen & Toubro Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Energy Development Corp, Philippines
- Indika Energy - Indonesia
- Tamil Nadu electricity Board
- Latin American Coal - Colombia
- Lanco Infratech Ltd - India
- CNBM International Corporation - China
- Aboitiz Power Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Minerals Council of Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
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