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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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Sunday, 18 January 15
INDONESIA TO INDIA SUPRAMAX FREIGHT RATES ARE EXPECTED TO REMAIN WEAK NEXT WEEK
COALspot.com: The BDI was up 4.51 pct week on week on Friday 16, January 2015. The BDI closed at 741 points on this Friday after gaining arou ...
Friday, 16 January 15
U.S. WEEKLY COAL PRODUCTION UP 7.3% W-O-W
COALspot.com – United States the world's one of the largest coal producers, produced approximately 18.9 million short tons (mmst) of coal ...
Thursday, 15 January 15
PANAMAX : MARKET CONTINUE ON LOW PACE - FEARNLEYS
Handy
On a general basis we can say that rates are softening in both hemispheres. Although for some specific trades we can see premiums being ach ...
Thursday, 15 January 15
LOW CASH COSTS, GOOD LIQUIDITY HELP ASIAN OIL COMPANIES IN PRICE ROUT - FITCH
Fitch Ratings says that rated oil and gas production companies in Asia can comfortably operate under low oil prices for some time given their gener ...
Wednesday, 14 January 15
DRY BULK MARKET NOTED ANOTHER WEEKLY DECLINE - INTERMODAL
COALspot.com: The Dry bulk market noted another weekly decline on Friday, with the performance of the Capesize market still weighing down on the re ...
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- Salva Resources Pvt Ltd - India
- Larsen & Toubro Limited - India
- Deloitte Consulting - India
- Straits Asia Resources Limited - Singapore
- Vedanta Resources Plc - India
- Therma Luzon, Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Georgia Ports Authority, United States
- Electricity Generating Authority of Thailand
- New Zealand Coal & Carbon
- The Treasury - Australian Government
- PNOC Exploration Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Australian Commodity Traders Exchange
- Singapore Mercantile Exchange
- Global Green Power PLC Corporation, Philippines
- Economic Council, Georgia
- TeaM Sual Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Essar Steel Hazira Ltd - India
- The University of Queensland
- Wilmar Investment Holdings
- Sarangani Energy Corporation, Philippines
- Standard Chartered Bank - UAE
- San Jose City I Power Corp, Philippines
- Antam Resourcindo - Indonesia
- McConnell Dowell - Australia
- MS Steel International - UAE
- Gujarat Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Miang Besar Coal Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sical Logistics Limited - India
- Ministry of Finance - Indonesia
- Intertek Mineral Services - Indonesia
- Renaissance Capital - South Africa
- Trasteel International SA, Italy
- Videocon Industries ltd - India
- Central Electricity Authority - India
- Dalmia Cement Bharat India
- Mjunction Services Limited - India
- Energy Development Corp, Philippines
- Kaltim Prima Coal - Indonesia
- London Commodity Brokers - England
- Eastern Energy - Thailand
- PowerSource Philippines DevCo
- Latin American Coal - Colombia
- Oldendorff Carriers - Singapore
- Alfred C Toepfer International GmbH - Germany
- Lanco Infratech Ltd - India
- SN Aboitiz Power Inc, Philippines
- Central Java Power - Indonesia
- Simpson Spence & Young - Indonesia
- Formosa Plastics Group - Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Marubeni Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Parry Sugars Refinery, India
- Cement Manufacturers Association - India
- CNBM International Corporation - China
- Riau Bara Harum - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sindya Power Generating Company Private Ltd
- OPG Power Generation Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Energy Link Ltd, New Zealand
- Bulk Trading Sa - Switzerland
- TNB Fuel Sdn Bhd - Malaysia
- Independent Power Producers Association of India
- LBH Netherlands Bv - Netherlands
- Kobexindo Tractors - Indoneisa
- Borneo Indobara - Indonesia
- Maheswari Brothers Coal Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Heidelberg Cement - Germany
- Ministry of Mines - Canada
- Meenaskhi Energy Private Limited - India
- White Energy Company Limited
- PetroVietnam Power Coal Import and Supply Company
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Barasentosa Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- PTC India Limited - India
- Australian Coal Association
- Kepco SPC Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kideco Jaya Agung - Indonesia
- Global Business Power Corporation, Philippines
- Electricity Authority, New Zealand
- IEA Clean Coal Centre - UK
- Anglo American - United Kingdom
- Tata Chemicals Ltd - India
- Siam City Cement PLC, Thailand
- Wood Mackenzie - Singapore
- Krishnapatnam Port Company Ltd. - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- European Bulk Services B.V. - Netherlands
- CIMB Investment Bank - Malaysia
- Ministry of Transport, Egypt
- Siam City Cement - Thailand
- Banpu Public Company Limited - Thailand
- Sinarmas Energy and Mining - Indonesia
- ASAPP Information Group - India
- Agrawal Coal Company - India
- Savvy Resources Ltd - HongKong
- Posco Energy - South Korea
- Ind-Barath Power Infra Limited - India
- Power Finance Corporation Ltd., India
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- Indika Energy - Indonesia
- Sojitz Corporation - Japan
- Metalloyd Limited - United Kingdom
- Ambuja Cements Ltd - India
- ICICI Bank Limited - India
- India Bulls Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Sidhee Cement - India
- Minerals Council of Australia
- Global Coal Blending Company Limited - Australia
- Bukit Baiduri Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Aditya Birla Group - India
- Bangladesh Power Developement Board
- Sakthi Sugars Limited - India
- Semirara Mining Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Indian Oil Corporation Limited
- Leighton Contractors Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indogreen Group - Indonesia
- Karaikal Port Pvt Ltd - India
- Attock Cement Pakistan Limited
- Africa Commodities Group - South Africa
- Toyota Tsusho Corporation, Japan
- Romanian Commodities Exchange
- IHS Mccloskey Coal Group - USA
- Jorong Barutama Greston.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Coal Council - USA
- GVK Power & Infra Limited - India
- Commonwealth Bank - Australia
- VISA Power Limited - India
- Kartika Selabumi Mining - Indonesia
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Globalindo Alam Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Tamil Nadu electricity Board
- Planning Commission, India
- Karbindo Abesyapradhi - Indoneisa
- Port Waratah Coal Services - Australia
- Bhushan Steel Limited - India
- Indo Tambangraya Megah - Indonesia
- Kumho Petrochemical, South Korea
- Chamber of Mines of South Africa
- Meralco Power Generation, Philippines
- Timah Investasi Mineral - Indoneisa
- Xindia Steels Limited - India
- SMC Global Power, Philippines
- Coalindo Energy - Indonesia
- Thai Mozambique Logistica
- GN Power Mariveles Coal Plant, Philippines
- Interocean Group of Companies - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Makarim & Taira - Indonesia
- Pendopo Energi Batubara - Indonesia
- The State Trading Corporation of India Ltd
- Goldman Sachs - Singapore
- Bharathi Cement Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Thiess Contractors Indonesia
- Directorate Of Revenue Intelligence - India
- Sree Jayajothi Cements Limited - India
- Ceylon Electricity Board - Sri Lanka
- Jindal Steel & Power Ltd - India
- Star Paper Mills Limited - India
- SMG Consultants - Indonesia
- South Luzon Thermal Energy Corporation
- Bukit Asam (Persero) Tbk - Indonesia
- Coal and Oil Company - UAE
- Coastal Gujarat Power Limited - India
- Orica Mining Services - Indonesia
- Baramulti Group, Indonesia
- Carbofer General Trading SA - India
- Grasim Industreis Ltd - India
- Altura Mining Limited, Indonesia
- Mercator Lines Limited - India
- Edison Trading Spa - Italy
- Indonesian Coal Mining Association
- Mintek Dendrill Indonesia
- Neyveli Lignite Corporation Ltd, - India
- International Coal Ventures Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Mercuria Energy - Indonesia
- Malabar Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Orica Australia Pty. Ltd.
- Petron Corporation, Philippines
- Bhatia International Limited - India
- Indian Energy Exchange, India
- Parliament of New Zealand
- AsiaOL BioFuels Corp., Philippines
- Iligan Light & Power Inc, Philippines
- Madhucon Powers Ltd - India
- Jaiprakash Power Ventures ltd
- Merrill Lynch Commodities Europe
- Uttam Galva Steels Limited - India
- Vizag Seaport Private Limited - India
- Samtan Co., Ltd - South Korea
- Vijayanagar Sugar Pvt Ltd - India
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