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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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Sunday, 25 January 15
PANAMAX FREIGHT RATES STILL FALLING
COALspot.com: The BDI was slightly down this week to 720 points. The BDI lost 2.83 pct week on week.
The cape index continued its upward trend ...
Friday, 23 January 15
U.S. WEEKLY COAL PRODUCTION FOR WEEK ENDING JAN. 17 UP 2.5%
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.4 million short tons (mmst) of coal ...
Thursday, 22 January 15
PANAMAX: A SOFTER TONE AND OVERALL A SLUGGISH MARKET - FEARNLEYS
Handy
The handy and supra market has experienced yet another week with slow activity and softening rates in both hemispheres, broker Fearnleys AS ...
Thursday, 22 January 15
BUMI RESOURCES POSTS NET INCOME OF $13.3 MILLION 9M-2014
COALspot.com: Bumi Resources, Indonesia’s largest coal miner, reported today that, the company has recorded a net income of $13.3 million for ...
Wednesday, 21 January 15
PANAMAX MARKET MOVED SIDEWAYS OVERALL LAST WEEK - INTERMODAL
COALspot.com: The positive sentiment in which the week prior ended carried on through-out last week as well, the end of which marked the first posi ...
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- Borneo Indobara - Indonesia
- Vedanta Resources Plc - India
- Savvy Resources Ltd - HongKong
- GAC Shipping (India) Pvt Ltd
- Manunggal Multi Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Development Corp, Philippines
- GMR Energy Limited - India
- Sree Jayajothi Cements Limited - India
- Independent Power Producers Association of India
- Binh Thuan Hamico - Vietnam
- TeaM Sual Corporation - Philippines
- Global Business Power Corporation, Philippines
- SMG Consultants - Indonesia
- Orica Mining Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Eastern Energy - Thailand
- Larsen & Toubro Limited - India
- Standard Chartered Bank - UAE
- Directorate Of Revenue Intelligence - India
- AsiaOL BioFuels Corp., Philippines
- Cement Manufacturers Association - India
- Sical Logistics Limited - India
- SMC Global Power, Philippines
- Lanco Infratech Ltd - India
- European Bulk Services B.V. - Netherlands
- Goldman Sachs - Singapore
- LBH Netherlands Bv - Netherlands
- Ambuja Cements Ltd - India
- Energy Link Ltd, New Zealand
- Kideco Jaya Agung - Indonesia
- Indian Energy Exchange, India
- PNOC Exploration Corporation - Philippines
- Xindia Steels Limited - India
- Samtan Co., Ltd - South Korea
- Bukit Makmur.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Trasteel International SA, Italy
- Malabar Cements Ltd - India
- Chamber of Mines of South Africa
- Meenaskhi Energy Private Limited - India
- Coastal Gujarat Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Tata Chemicals Ltd - India
- Meralco Power Generation, Philippines
- Minerals Council of Australia
- Ministry of Finance - Indonesia
- Medco Energi Mining Internasional
- Kepco SPC Power Corporation, Philippines
- Indonesian Coal Mining Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Java Power - Indonesia
- Sojitz Corporation - Japan
- ASAPP Information Group - India
- The Treasury - Australian Government
- Carbofer General Trading SA - India
- Kalimantan Lumbung Energi - Indonesia
- Interocean Group of Companies - India
- MS Steel International - UAE
- Bangladesh Power Developement Board
- Petron Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Dalmia Cement Bharat India
- Georgia Ports Authority, United States
- Marubeni Corporation - India
- Rashtriya Ispat Nigam Limited - India
- PTC India Limited - India
- Bulk Trading Sa - Switzerland
- Indogreen Group - Indonesia
- Altura Mining Limited, Indonesia
- Globalindo Alam Lestari - Indonesia
- Barasentosa Lestari - Indonesia
- Coal and Oil Company - UAE
- GVK Power & Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Mintek Dendrill Indonesia
- Coalindo Energy - Indonesia
- Vizag Seaport Private Limited - India
- Makarim & Taira - Indonesia
- Agrawal Coal Company - India
- Ministry of Mines - Canada
- Riau Bara Harum - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Commonwealth Bank - Australia
- Formosa Plastics Group - Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining and Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- PowerSource Philippines DevCo
- Global Green Power PLC Corporation, Philippines
- Posco Energy - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Leighton Contractors Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- India Bulls Power Limited - India
- Aditya Birla Group - India
- Gujarat Sidhee Cement - India
- Heidelberg Cement - Germany
- Kartika Selabumi Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Mercator Lines Limited - India
- Thai Mozambique Logistica
- Baramulti Group, Indonesia
- Siam City Cement PLC, Thailand
- Edison Trading Spa - Italy
- Power Finance Corporation Ltd., India
- Deloitte Consulting - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Grasim Industreis Ltd - India
- International Coal Ventures Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Wood Mackenzie - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Sarangani Energy Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Bhatia International Limited - India
- Australian Coal Association
- Ministry of Transport, Egypt
- Kapuas Tunggal Persada - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Central Electricity Authority - India
- Maharashtra Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Sakthi Sugars Limited - India
- Gujarat Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Electricity Authority, New Zealand
- White Energy Company Limited
- Banpu Public Company Limited - Thailand
- IEA Clean Coal Centre - UK
- Latin American Coal - Colombia
- Eastern Coal Council - USA
- Romanian Commodities Exchange
- Sindya Power Generating Company Private Ltd
- ICICI Bank Limited - India
- Ceylon Electricity Board - Sri Lanka
- Kaltim Prima Coal - Indonesia
- Port Waratah Coal Services - Australia
- Simpson Spence & Young - Indonesia
- Salva Resources Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Petrochimia International Co. Ltd.- Taiwan
- Essar Steel Hazira Ltd - India
- Parliament of New Zealand
- Bhoruka Overseas - Indonesia
- CIMB Investment Bank - Malaysia
- Australian Commodity Traders Exchange
- VISA Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Ind-Barath Power Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- CNBM International Corporation - China
- Videocon Industries ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- McConnell Dowell - Australia
- Bharathi Cement Corporation - India
- Rio Tinto Coal - Australia
- PetroVietnam Power Coal Import and Supply Company
- Jaiprakash Power Ventures ltd
- Parry Sugars Refinery, India
- Star Paper Mills Limited - India
- Renaissance Capital - South Africa
- Chettinad Cement Corporation Ltd - India
- The State Trading Corporation of India Ltd
- New Zealand Coal & Carbon
- Bhushan Steel Limited - India
- Planning Commission, India
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Oldendorff Carriers - Singapore
- Krishnapatnam Port Company Ltd. - India
- Thiess Contractors Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Alfred C Toepfer International GmbH - Germany
- OPG Power Generation Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Bukit Asam (Persero) Tbk - Indonesia
- Mjunction Services Limited - India
- Iligan Light & Power Inc, Philippines
- Indika Energy - Indonesia
- Singapore Mercantile Exchange
- Price Waterhouse Coopers - Russia
- Madhucon Powers Ltd - India
- Anglo American - United Kingdom
- Jindal Steel & Power Ltd - India
- Mercuria Energy - Indonesia
- Electricity Generating Authority of Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Attock Cement Pakistan Limited
- Indo Tambangraya Megah - Indonesia
- Antam Resourcindo - Indonesia
- London Commodity Brokers - England
- Wilmar Investment Holdings
- Economic Council, Georgia
- Intertek Mineral Services - Indonesia
- The University of Queensland
- Kumho Petrochemical, South Korea
- Tamil Nadu electricity Board
- Maheswari Brothers Coal Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Bayan Resources Tbk. - Indonesia
- Africa Commodities Group - South Africa
- Metalloyd Limited - United Kingdom
- Indian Oil Corporation Limited
- Vijayanagar Sugar Pvt Ltd - India
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