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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, 20 January 15
INDONESIAN COAL OUTPUT SEEN RISING, DESPITE FALL IN ITS PRICE
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 declined month on month and week over week, but Indonesian Coal Output Seen Rising. T ...
Tuesday, 20 January 15
NEWCASTLE COAL SWAP FOR Q1' 2015 DELIVERY DECLINED 2.83% M-O-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery declined US$ 1.45 per MT (-2.83%) month over month and US$ 0.50 (-0.99%) we ...
Monday, 19 January 15
HBA FALL TO FRESH LOWS; COAL OVERSUPPLY WILL CONTINUE TO PUSH PRICE DOWN
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down Indonesian coal bench mark price this month to US$ 63.84. T ...
Monday, 19 January 15
CFR SOUTH CHINA COAL SWAPS REMAIN WEAK
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery declined US$ 3.37 (-5.63%) per MT month over month and US$ 0.74 (-1.29%) ...
Monday, 19 January 15
FOB RICHARDS BAY COAL SWAP FOR Q4 DELIVERY CLOSED 4% LOWER THAN Q1 DELIVERY PRICE
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q1' 2015 declined month over month and week over week.
The Q1 swap has f ...
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- Marubeni Corporation - India
- Power Finance Corporation Ltd., India
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement - Thailand
- Parliament of New Zealand
- Larsen & Toubro Limited - India
- Goldman Sachs - Singapore
- Romanian Commodities Exchange
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- Savvy Resources Ltd - HongKong
- Alfred C Toepfer International GmbH - Germany
- Sinarmas Energy and Mining - Indonesia
- PowerSource Philippines DevCo
- IHS Mccloskey Coal Group - USA
- Sarangani Energy Corporation, Philippines
- Ministry of Mines - Canada
- Petrochimia International Co. Ltd.- Taiwan
- Coastal Gujarat Power Limited - India
- Tamil Nadu electricity Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Link Ltd, New Zealand
- San Jose City I Power Corp, Philippines
- Standard Chartered Bank - UAE
- Cigading International Bulk Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Trasteel International SA, Italy
- Ambuja Cements Ltd - India
- Parry Sugars Refinery, India
- Mintek Dendrill Indonesia
- AsiaOL BioFuels Corp., Philippines
- Orica Australia Pty. Ltd.
- Indogreen Group - Indonesia
- Edison Trading Spa - Italy
- Thiess Contractors Indonesia
- Holcim Trading Pte Ltd - Singapore
- The State Trading Corporation of India Ltd
- Eastern Coal Council - USA
- Central Electricity Authority - India
- Formosa Plastics Group - Taiwan
- GMR Energy Limited - India
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining and Power Corporation, Philippines
- Cement Manufacturers Association - India
- Directorate Of Revenue Intelligence - India
- Star Paper Mills Limited - India
- Uttam Galva Steels Limited - India
- Agrawal Coal Company - India
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- Gujarat Sidhee Cement - India
- Iligan Light & Power Inc, Philippines
- Coalindo Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Independent Power Producers Association of India
- Karaikal Port Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Petron Corporation, Philippines
- Singapore Mercantile Exchange
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- SMG Consultants - Indonesia
- Orica Mining Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- The University of Queensland
- Makarim & Taira - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bharathi Cement Corporation - India
- Africa Commodities Group - South Africa
- Ministry of Transport, Egypt
- Tata Chemicals Ltd - India
- Price Waterhouse Coopers - Russia
- Australian Commodity Traders Exchange
- Carbofer General Trading SA - India
- Videocon Industries ltd - India
- Manunggal Multi Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Vizag Seaport Private Limited - India
- Bhatia International Limited - India
- Wilmar Investment Holdings
- South Luzon Thermal Energy Corporation
- Chamber of Mines of South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Global Business Power Corporation, Philippines
- PTC India Limited - India
- Altura Mining Limited, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Vedanta Resources Plc - India
- Port Waratah Coal Services - Australia
- Banpu Public Company Limited - Thailand
- IEA Clean Coal Centre - UK
- Xindia Steels Limited - India
- McConnell Dowell - Australia
- Sree Jayajothi Cements Limited - India
- Electricity Authority, New Zealand
- Dalmia Cement Bharat India
- Globalindo Alam Lestari - Indonesia
- India Bulls Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- VISA Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Bangladesh Power Developement Board
- Simpson Spence & Young - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Posco Energy - South Korea
- Malabar Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- London Commodity Brokers - England
- Planning Commission, India
- Georgia Ports Authority, United States
- Wood Mackenzie - Singapore
- PNOC Exploration Corporation - Philippines
- Rio Tinto Coal - Australia
- Madhucon Powers Ltd - India
- White Energy Company Limited
- Sakthi Sugars Limited - India
- Pendopo Energi Batubara - Indonesia
- Indian Oil Corporation Limited
- Global Green Power PLC Corporation, Philippines
- Attock Cement Pakistan Limited
- Therma Luzon, Inc, Philippines
- The Treasury - Australian Government
- Krishnapatnam Port Company Ltd. - India
- Renaissance Capital - South Africa
- Bhushan Steel Limited - India
- Economic Council, Georgia
- Ministry of Finance - Indonesia
- Maheswari Brothers Coal Limited - India
- Binh Thuan Hamico - Vietnam
- MS Steel International - UAE
- Merrill Lynch Commodities Europe
- Electricity Generating Authority of Thailand
- OPG Power Generation Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Grasim Industreis Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Indian Energy Exchange, India
- PetroVietnam Power Coal Import and Supply Company
- Intertek Mineral Services - Indonesia
- Oldendorff Carriers - Singapore
- Aboitiz Power Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Gujarat Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Billiton Holdings Pty Ltd - Australia
- Meralco Power Generation, Philippines
- New Zealand Coal & Carbon
- Thai Mozambique Logistica
- Minerals Council of Australia
- Toyota Tsusho Corporation, Japan
- Commonwealth Bank - Australia
- Jaiprakash Power Ventures ltd
- Sical Logistics Limited - India
- Baramulti Group, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pipit Mutiara Jaya. PT, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Coal and Oil Company - UAE
- Anglo American - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Energy Development Corp, Philippines
- Siam City Cement PLC, Thailand
- Sojitz Corporation - Japan
- Neyveli Lignite Corporation Ltd, - India
- Heidelberg Cement - Germany
- Borneo Indobara - Indonesia
- Indonesian Coal Mining Association
- GAC Shipping (India) Pvt Ltd
- Antam Resourcindo - Indonesia
- Mjunction Services Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- International Coal Ventures Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Latin American Coal - Colombia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Salva Resources Pvt Ltd - India
- Deloitte Consulting - India
- Chettinad Cement Corporation Ltd - India
- Kumho Petrochemical, South Korea
- TeaM Sual Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Indika Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Bukit Makmur.PT - Indonesia
- Mercuria Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- LBH Netherlands Bv - Netherlands
- Kobexindo Tractors - Indoneisa
- Eastern Energy - Thailand
- SMC Global Power, Philippines
- Bhoruka Overseas - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Medco Energi Mining Internasional
- Mercator Lines Limited - India
- CIMB Investment Bank - Malaysia
- Jindal Steel & Power Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Directorate General of MIneral and Coal - Indonesia
- GVK Power & Infra Limited - India
- ICICI Bank Limited - India
- Australian Coal Association
- Bulk Trading Sa - Switzerland
- Samtan Co., Ltd - South Korea
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