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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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Tuesday, 27 January 15
Q1 FOB INDONESIA COAL SWAP CLOSED AT $ 47.87 FOR WEEK ENDING JAN. 23
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 gain week over week and declined month on month.
The Q1 swap has decline US$ 0.9 ...
Tuesday, 27 January 15
Q2 FOB NEWCASTLE COAL SWAP UP 4.5% W-O-W
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery declined US$ 0.28 per MT (-0.54%) month over month and increased US$ 1.23 ( ...
Monday, 26 January 15
OVERSUPPLY, AMPLE STOCKPILES, AND LACKLUSTER UNDERLYING STEEL DEMAND KEPT COKING COAL PRICES LOW IN 2014
COALspot.com: Coking coal prices (FOB & CFR) fell 15% and 18% respectively during the year, amidst persistent oversupply, ample inventory and s ...
Monday, 26 January 15
FOB RICHARDS BAY Q2 COAL SWAP CLOSED LOWER THAN Q1 CLOSING
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q1' 2015 declined month over month and day on day.
The Q1 swap has fell ...
Monday, 26 January 15
API 8 CFR SOUTH CHINA COAL SWAP CONTINUE TO SLIDE M-O-M; ROSE W-O-W
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery declined US$ 0.79 (-1.33%) per MT month over month and gained US$ 2.10&nb ...
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- Ambuja Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Electricity Generating Authority of Thailand
- Bharathi Cement Corporation - India
- Kepco SPC Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Asmin Koalindo Tuhup - Indonesia
- CIMB Investment Bank - Malaysia
- Marubeni Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Energy Exchange, India
- CNBM International Corporation - China
- White Energy Company Limited
- The Treasury - Australian Government
- Minerals Council of Australia
- Meralco Power Generation, Philippines
- Baramulti Group, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Latin American Coal - Colombia
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Timah Investasi Mineral - Indoneisa
- Binh Thuan Hamico - Vietnam
- Uttam Galva Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Independent Power Producers Association of India
- The State Trading Corporation of India Ltd
- Intertek Mineral Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Commonwealth Bank - Australia
- Makarim & Taira - Indonesia
- Merrill Lynch Commodities Europe
- Anglo American - United Kingdom
- Riau Bara Harum - Indonesia
- Romanian Commodities Exchange
- Posco Energy - South Korea
- Borneo Indobara - Indonesia
- London Commodity Brokers - England
- Kapuas Tunggal Persada - Indonesia
- Price Waterhouse Coopers - Russia
- Heidelberg Cement - Germany
- Malabar Cements Ltd - India
- Siam City Cement - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Directorate Of Revenue Intelligence - India
- Samtan Co., Ltd - South Korea
- Indo Tambangraya Megah - Indonesia
- Edison Trading Spa - Italy
- LBH Netherlands Bv - Netherlands
- Pendopo Energi Batubara - Indonesia
- SMG Consultants - Indonesia
- Sical Logistics Limited - India
- IHS Mccloskey Coal Group - USA
- Manunggal Multi Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Global Business Power Corporation, Philippines
- Thiess Contractors Indonesia
- Ceylon Electricity Board - Sri Lanka
- Georgia Ports Authority, United States
- Economic Council, Georgia
- Parry Sugars Refinery, India
- GMR Energy Limited - India
- OPG Power Generation Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Salva Resources Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Chamber of Mines of South Africa
- Toyota Tsusho Corporation, Japan
- Directorate General of MIneral and Coal - Indonesia
- Bangladesh Power Developement Board
- Rashtriya Ispat Nigam Limited - India
- Xindia Steels Limited - India
- Aditya Birla Group - India
- Ind-Barath Power Infra Limited - India
- Mercuria Energy - Indonesia
- McConnell Dowell - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sindya Power Generating Company Private Ltd
- SN Aboitiz Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Pipit Mutiara Jaya. PT, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- New Zealand Coal & Carbon
- SMC Global Power, Philippines
- Orica Mining Services - Indonesia
- Ministry of Finance - Indonesia
- Eastern Coal Council - USA
- Energy Link Ltd, New Zealand
- Standard Chartered Bank - UAE
- Indika Energy - Indonesia
- Sojitz Corporation - Japan
- Coastal Gujarat Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Medco Energi Mining Internasional
- Videocon Industries ltd - India
- Barasentosa Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Altura Mining Limited, Indonesia
- Antam Resourcindo - Indonesia
- Global Coal Blending Company Limited - Australia
- Chettinad Cement Corporation Ltd - India
- Jaiprakash Power Ventures ltd
- Bayan Resources Tbk. - Indonesia
- Interocean Group of Companies - India
- Maheswari Brothers Coal Limited - India
- Bulk Trading Sa - Switzerland
- Karaikal Port Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Mercator Lines Limited - India
- Grasim Industreis Ltd - India
- Agrawal Coal Company - India
- Vedanta Resources Plc - India
- Energy Development Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Goldman Sachs - Singapore
- Gujarat Sidhee Cement - India
- Indogreen Group - Indonesia
- IEA Clean Coal Centre - UK
- Jorong Barutama Greston.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Essar Steel Hazira Ltd - India
- Rio Tinto Coal - Australia
- Lanco Infratech Ltd - India
- Parliament of New Zealand
- Simpson Spence & Young - Indonesia
- Larsen & Toubro Limited - India
- Carbofer General Trading SA - India
- PowerSource Philippines DevCo
- Indian Oil Corporation Limited
- Cement Manufacturers Association - India
- Ministry of Mines - Canada
- VISA Power Limited - India
- Sree Jayajothi Cements Limited - India
- Singapore Mercantile Exchange
- Global Green Power PLC Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Wilmar Investment Holdings
- Maharashtra Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sinarmas Energy and Mining - Indonesia
- Mintek Dendrill Indonesia
- Trasteel International SA, Italy
- Planning Commission, India
- Power Finance Corporation Ltd., India
- Ministry of Transport, Egypt
- AsiaOL BioFuels Corp., Philippines
- Indonesian Coal Mining Association
- Orica Australia Pty. Ltd.
- Miang Besar Coal Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Port Waratah Coal Services - Australia
- Therma Luzon, Inc, Philippines
- Coal and Oil Company - UAE
- Madhucon Powers Ltd - India
- TeaM Sual Corporation - Philippines
- Renaissance Capital - South Africa
- PTC India Limited - India
- Kideco Jaya Agung - Indonesia
- Bukit Makmur.PT - Indonesia
- Central Electricity Authority - India
- Bhatia International Limited - India
- Kartika Selabumi Mining - Indonesia
- Attock Cement Pakistan Limited
- Coalindo Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Sakthi Sugars Limited - India
- Aboitiz Power Corporation - Philippines
- Central Java Power - Indonesia
- Australian Coal Association
- GVK Power & Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Tata Chemicals Ltd - India
- PNOC Exploration Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- South Luzon Thermal Energy Corporation
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ASAPP Information Group - India
- Jindal Steel & Power Ltd - India
- Bhushan Steel Limited - India
- Star Paper Mills Limited - India
- Sarangani Energy Corporation, Philippines
- Australian Commodity Traders Exchange
- Vizag Seaport Private Limited - India
- MS Steel International - UAE
- San Jose City I Power Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Eastern Energy - Thailand
- Thai Mozambique Logistica
- Petron Corporation, Philippines
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Oldendorff Carriers - Singapore
- Metalloyd Limited - United Kingdom
- Electricity Authority, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Tamil Nadu electricity Board
- The University of Queensland
- Bahari Cakrawala Sebuku - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- India Bulls Power Limited - India
- Deloitte Consulting - India
- Wood Mackenzie - Singapore
- Mjunction Services Limited - India
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