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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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Wednesday, 14 January 15
MARKET INSIGHT - TIMOS PAPADIMITRIOU
In Oil we trust! The Barrel price has declined by almost a third in comparison to the 2014 January and has being on the downhill since early last s ...
Wednesday, 14 January 15
COMMODITIES AREN'T PRIMED FOR A REBOUND DURING 2015: SHIPPING COULD BENEFIT FROM LOWER PRICES - ROUSSANOGLOU, HELLENIC SHIPPING NEWS
In the recent past, higher commodity prices were driven by an increase in demand from developing countries, which spelled good news for ship owners ...
Wednesday, 14 January 15
SUB-BIT FOB INDONESIA COAL SWAP FOR Q1 DELIVERY CLOSED AT US$ 46.97 PMT
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 declined month on month and week over week.
The Q1 swap has fell US$ 1.53 (-3.15 ...
Wednesday, 14 January 15
Q4' 15 FOB NEWCASTLE COAL SWAP CLOSED 4.51% LOWER COMPARED TO Q1' 15 PRICE
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery lost US$ 1.56 per MT (-3.0%) month over month and US$ 1.03 (-2.0%) week ove ...
Tuesday, 13 January 15
MORE PITFALLS FOR OWNERS LOOKING TO TERMINATE FOR UNPAID HIRE - INCE & CO
KNOWLEDGE TO ELEVATE
It is a debatable point whether or not the obligation to pay hire under a time charter is a condition of the contract or ...
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- Jaiprakash Power Ventures ltd
- Cigading International Bulk Terminal - Indonesia
- Aditya Birla Group - India
- Georgia Ports Authority, United States
- Krishnapatnam Port Company Ltd. - India
- Savvy Resources Ltd - HongKong
- Gujarat Sidhee Cement - India
- Bukit Baiduri Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Latin American Coal - Colombia
- Bhushan Steel Limited - India
- Anglo American - United Kingdom
- LBH Netherlands Bv - Netherlands
- Independent Power Producers Association of India
- Formosa Plastics Group - Taiwan
- Kideco Jaya Agung - Indonesia
- Mercator Lines Limited - India
- Commonwealth Bank - Australia
- Ministry of Mines - Canada
- Wood Mackenzie - Singapore
- Directorate Of Revenue Intelligence - India
- Thai Mozambique Logistica
- India Bulls Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vedanta Resources Plc - India
- Bukit Asam (Persero) Tbk - Indonesia
- Minerals Council of Australia
- Asmin Koalindo Tuhup - Indonesia
- Indo Tambangraya Megah - Indonesia
- Iligan Light & Power Inc, Philippines
- Eastern Energy - Thailand
- Ind-Barath Power Infra Limited - India
- Attock Cement Pakistan Limited
- Kapuas Tunggal Persada - Indonesia
- Central Java Power - Indonesia
- IEA Clean Coal Centre - UK
- Baramulti Group, Indonesia
- Standard Chartered Bank - UAE
- Medco Energi Mining Internasional
- Holcim Trading Pte Ltd - Singapore
- Salva Resources Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dalmia Cement Bharat India
- Aboitiz Power Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- PowerSource Philippines DevCo
- PetroVietnam Power Coal Import and Supply Company
- Sarangani Energy Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Coalindo Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- PNOC Exploration Corporation - Philippines
- Indian Energy Exchange, India
- Petron Corporation, Philippines
- Chamber of Mines of South Africa
- Sree Jayajothi Cements Limited - India
- Meralco Power Generation, Philippines
- Global Business Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Indogreen Group - Indonesia
- SMG Consultants - Indonesia
- GMR Energy Limited - India
- Trasteel International SA, Italy
- Edison Trading Spa - Italy
- Bukit Makmur.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Parry Sugars Refinery, India
- Siam City Cement - Thailand
- Mjunction Services Limited - India
- Leighton Contractors Pty Ltd - Australia
- Makarim & Taira - Indonesia
- CIMB Investment Bank - Malaysia
- Orica Australia Pty. Ltd.
- Kalimantan Lumbung Energi - Indonesia
- Australian Commodity Traders Exchange
- Xindia Steels Limited - India
- Videocon Industries ltd - India
- Thiess Contractors Indonesia
- Kumho Petrochemical, South Korea
- Toyota Tsusho Corporation, Japan
- Vijayanagar Sugar Pvt Ltd - India
- Deloitte Consulting - India
- Sojitz Corporation - Japan
- Alfred C Toepfer International GmbH - Germany
- Maharashtra Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Transport, Egypt
- Vizag Seaport Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Kohat Cement Company Ltd. - Pakistan
- The Treasury - Australian Government
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Finance - Indonesia
- Energy Link Ltd, New Zealand
- McConnell Dowell - Australia
- Power Finance Corporation Ltd., India
- Gujarat Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
- Malabar Cements Ltd - India
- Posco Energy - South Korea
- VISA Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- New Zealand Coal & Carbon
- Central Electricity Authority - India
- Directorate General of MIneral and Coal - Indonesia
- Singapore Mercantile Exchange
- Banpu Public Company Limited - Thailand
- Port Waratah Coal Services - Australia
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Gujarat Mineral Development Corp Ltd - India
- Orica Mining Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Coastal Gujarat Power Limited - India
- Goldman Sachs - Singapore
- Riau Bara Harum - Indonesia
- International Coal Ventures Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Borneo Indobara - Indonesia
- Therma Luzon, Inc, Philippines
- Sakthi Sugars Limited - India
- Wilmar Investment Holdings
- Madhucon Powers Ltd - India
- CNBM International Corporation - China
- Indian Oil Corporation Limited
- Mintek Dendrill Indonesia
- Larsen & Toubro Limited - India
- Romanian Commodities Exchange
- SMC Global Power, Philippines
- Star Paper Mills Limited - India
- ASAPP Information Group - India
- South Luzon Thermal Energy Corporation
- Karaikal Port Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Marubeni Corporation - India
- Samtan Co., Ltd - South Korea
- Simpson Spence & Young - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kartika Selabumi Mining - Indonesia
- Parliament of New Zealand
- Kobexindo Tractors - Indoneisa
- Indonesian Coal Mining Association
- Cement Manufacturers Association - India
- Manunggal Multi Energi - Indonesia
- Uttam Galva Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Sical Logistics Limited - India
- Indika Energy - Indonesia
- Mercuria Energy - Indonesia
- Lanco Infratech Ltd - India
- Economic Council, Georgia
- Carbofer General Trading SA - India
- Heidelberg Cement - Germany
- Australian Coal Association
- Bulk Trading Sa - Switzerland
- Africa Commodities Group - South Africa
- Bhoruka Overseas - Indonesia
- Eastern Coal Council - USA
- Electricity Generating Authority of Thailand
- Intertek Mineral Services - Indonesia
- ICICI Bank Limited - India
- Kepco SPC Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Renaissance Capital - South Africa
- Siam City Cement PLC, Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Metalloyd Limited - United Kingdom
- Electricity Authority, New Zealand
- Straits Asia Resources Limited - Singapore
- Agrawal Coal Company - India
- Tamil Nadu electricity Board
- Ceylon Electricity Board - Sri Lanka
- Planning Commission, India
- White Energy Company Limited
- GVK Power & Infra Limited - India
- Semirara Mining Corp, Philippines
- Interocean Group of Companies - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ambuja Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Essar Steel Hazira Ltd - India
- Chettinad Cement Corporation Ltd - India
- Meenaskhi Energy Private Limited - India
- Sindya Power Generating Company Private Ltd
- MS Steel International - UAE
- Billiton Holdings Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- Bangladesh Power Developement Board
- The University of Queensland
- Bhatia International Limited - India
- GAC Shipping (India) Pvt Ltd
- The State Trading Corporation of India Ltd
- Energy Development Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Antam Resourcindo - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PTC India Limited - India
- Timah Investasi Mineral - Indoneisa
- Bharathi Cement Corporation - India
- Tata Chemicals Ltd - India
- Altura Mining Limited, Indonesia
- Coal and Oil Company - UAE
- Petrochimia International Co. Ltd.- Taiwan
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