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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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Wednesday, 21 January 15
SHIFT IN INTERNATIONAL COAL TRADE TO THE PACIFIC BASIN WILL CONTINUE - IMF
COALspot.com: The shift in international coal trade to the Pacific Basin will continue, IMF said in its latest Medium-Term Coal Market Report.
...
Wednesday, 21 January 15
MARKET INSIGHT - VASSILIS LOGOTHETIS, INTERMODAL
The World Bank has lowered its forecast for global growth in 2015 to 3% down from its previous level of 3.4% amid rising concerns over the economic ...
Wednesday, 21 January 15
THERMAL COAL PRICE OUTLOOK DEPENDENT ON INDIAN IMPORT DEMAND - MATTHEW BOYLE, CRU
COALspot.com: Supply and demand side developments in India will be an important determinant of future market dynamics and prices for thermal coal a ...
Wednesday, 21 January 15
PORT OF NEWCASTLE COAL EXPORTS JUMP 16.19% ON MONTH TO 15.80 MIL MT IN DECEMBER' 14
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1.136 billi ...
Tuesday, 20 January 15
INDIA TO SURPASS THE UNITED STATES AND BECOME THE SECOND-LARGEST COAL CONSUMER IN THE WORLD BY 2019 - IMF
COALspot.com: In 2013, coal added more primary energy than any other fuel and was the fastest-growing fossil fuel, enhancing its position as the se ...
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- Borneo Indobara - Indonesia
- GMR Energy Limited - India
- Mintek Dendrill Indonesia
- South Luzon Thermal Energy Corporation
- Thai Mozambique Logistica
- Rio Tinto Coal - Australia
- Miang Besar Coal Terminal - Indonesia
- India Bulls Power Limited - India
- Larsen & Toubro Limited - India
- Semirara Mining and Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Electricity Authority, New Zealand
- European Bulk Services B.V. - Netherlands
- Global Business Power Corporation, Philippines
- Indian Oil Corporation Limited
- Metalloyd Limited - United Kingdom
- Sakthi Sugars Limited - India
- Global Green Power PLC Corporation, Philippines
- Goldman Sachs - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Samtan Co., Ltd - South Korea
- Commonwealth Bank - Australia
- Videocon Industries ltd - India
- Sree Jayajothi Cements Limited - India
- Manunggal Multi Energi - Indonesia
- Bangladesh Power Developement Board
- CIMB Investment Bank - Malaysia
- Kideco Jaya Agung - Indonesia
- Grasim Industreis Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sical Logistics Limited - India
- Kepco SPC Power Corporation, Philippines
- Parry Sugars Refinery, India
- Tamil Nadu electricity Board
- OPG Power Generation Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Malabar Cements Ltd - India
- Indian Energy Exchange, India
- Bayan Resources Tbk. - Indonesia
- Sarangani Energy Corporation, Philippines
- Lanco Infratech Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- SMC Global Power, Philippines
- Ceylon Electricity Board - Sri Lanka
- Mercator Lines Limited - India
- Georgia Ports Authority, United States
- Vijayanagar Sugar Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Eastern Coal Council - USA
- Ministry of Finance - Indonesia
- Cement Manufacturers Association - India
- Thiess Contractors Indonesia
- Meralco Power Generation, Philippines
- Toyota Tsusho Corporation, Japan
- Sojitz Corporation - Japan
- PetroVietnam Power Coal Import and Supply Company
- Baramulti Group, Indonesia
- Bukit Baiduri Energy - Indonesia
- Aditya Birla Group - India
- White Energy Company Limited
- IHS Mccloskey Coal Group - USA
- PNOC Exploration Corporation - Philippines
- Vedanta Resources Plc - India
- Rashtriya Ispat Nigam Limited - India
- Kapuas Tunggal Persada - Indonesia
- Pendopo Energi Batubara - Indonesia
- ASAPP Information Group - India
- Kobexindo Tractors - Indoneisa
- Jindal Steel & Power Ltd - India
- Central Electricity Authority - India
- Coal and Oil Company - UAE
- Xindia Steels Limited - India
- San Jose City I Power Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Barasentosa Lestari - Indonesia
- Star Paper Mills Limited - India
- Wilmar Investment Holdings
- Anglo American - United Kingdom
- CNBM International Corporation - China
- Independent Power Producers Association of India
- Orica Australia Pty. Ltd.
- Kohat Cement Company Ltd. - Pakistan
- Vizag Seaport Private Limited - India
- Intertek Mineral Services - Indonesia
- Gujarat Sidhee Cement - India
- Chamber of Mines of South Africa
- Orica Mining Services - Indonesia
- Siam City Cement PLC, Thailand
- Kartika Selabumi Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- New Zealand Coal & Carbon
- Standard Chartered Bank - UAE
- Eastern Energy - Thailand
- Chettinad Cement Corporation Ltd - India
- LBH Netherlands Bv - Netherlands
- Tata Chemicals Ltd - India
- Formosa Plastics Group - Taiwan
- Wood Mackenzie - Singapore
- Posco Energy - South Korea
- Attock Cement Pakistan Limited
- AsiaOL BioFuels Corp., Philippines
- Savvy Resources Ltd - HongKong
- Maheswari Brothers Coal Limited - India
- Billiton Holdings Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Australian Coal Association
- Price Waterhouse Coopers - Russia
- Gujarat Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Uttam Galva Steels Limited - India
- Bhatia International Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Globalindo Alam Lestari - Indonesia
- Indika Energy - Indonesia
- Edison Trading Spa - Italy
- Power Finance Corporation Ltd., India
- Krishnapatnam Port Company Ltd. - India
- Parliament of New Zealand
- VISA Power Limited - India
- Coastal Gujarat Power Limited - India
- The State Trading Corporation of India Ltd
- Planning Commission, India
- Banpu Public Company Limited - Thailand
- International Coal Ventures Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- GVK Power & Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- GAC Shipping (India) Pvt Ltd
- Siam City Cement - Thailand
- Kumho Petrochemical, South Korea
- Carbofer General Trading SA - India
- The Treasury - Australian Government
- Bukit Asam (Persero) Tbk - Indonesia
- Romanian Commodities Exchange
- The University of Queensland
- Latin American Coal - Colombia
- Kaltim Prima Coal - Indonesia
- Economic Council, Georgia
- Marubeni Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Generating Authority of Thailand
- SMG Consultants - Indonesia
- Renaissance Capital - South Africa
- Ambuja Cements Ltd - India
- Minerals Council of Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Transport, Egypt
- Semirara Mining Corp, Philippines
- Bulk Trading Sa - Switzerland
- Timah Investasi Mineral - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Mercuria Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Indo Tambangraya Megah - Indonesia
- McConnell Dowell - Australia
- Global Coal Blending Company Limited - Australia
- Deloitte Consulting - India
- Interocean Group of Companies - India
- Therma Luzon, Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Petron Corporation, Philippines
- Singapore Mercantile Exchange
- Essar Steel Hazira Ltd - India
- ICICI Bank Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Mines - Canada
- Heidelberg Cement - Germany
- Indonesian Coal Mining Association
- Karaikal Port Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Binh Thuan Hamico - Vietnam
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- MS Steel International - UAE
- Riau Bara Harum - Indonesia
- Iligan Light & Power Inc, Philippines
- Trasteel International SA, Italy
- Bahari Cakrawala Sebuku - Indonesia
- Coalindo Energy - Indonesia
- Oldendorff Carriers - Singapore
- Merrill Lynch Commodities Europe
- Bharathi Cement Corporation - India
- Madhucon Powers Ltd - India
- Australian Commodity Traders Exchange
- Medco Energi Mining Internasional
- Mjunction Services Limited - India
- Central Java Power - Indonesia
- PTC India Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Port Waratah Coal Services - Australia
- Directorate General of MIneral and Coal - Indonesia
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- Antam Resourcindo - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhushan Steel Limited - India
- Energy Link Ltd, New Zealand
- London Commodity Brokers - England
- Makarim & Taira - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Indogreen Group - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Africa Commodities Group - South Africa
- PowerSource Philippines DevCo
- Sindya Power Generating Company Private Ltd
- Energy Development Corp, Philippines
- Ind-Barath Power Infra Limited - India
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