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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, 13 January 15
Q2 CFR SOUTH CHINA COAL SWAP DECLINED 8.66% M-O-M
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery declined by US$ 3.48 (-5.73%) month over month and US$ 2.35 (-3.94%) week ...
Tuesday, 13 January 15
Q1' 2015 RICHARDS BAY COAL SWAP SLIGHTLY HIGHER THAN Q2 & Q4 2015 SWAPS
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q1' 2015 lost month on month and week over week.
The Q1 swap has lost US$ 7.21 ...
Monday, 12 January 15
COAL: LOW PRICES ARE EXPECTED TO DRIVE A SUPPLY-DRIVEN RECOVERY IN THE MEDIUM TERM - SGX
COALspot.com: Thermal coal prices dropped to six-year lows in 2014 driven by persistent oversupply, SGX says in its “ Commodities 2014 - A ye ...
Monday, 12 January 15
FREIGHT MARKET: 2015 FLEET SUPPLY GROWTH IS EXPECTED TO REMAIN SLIGHTLY AHEAD OF CARGO GROWTH - SGX
COALspot.com: The dry bulk freight market was forced to digest a number of negatives in 2014 leading the Baltic Dry Index to fall 66% through the y ...
Monday, 12 January 15
SHIPPING - CHALLENGES AND RESOLUTIONS - EVA TZIMA
Last year has without a doubt been another challenging one both for both our industry and our country. As Greece is currently dominated by election ...
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- Banpu Public Company Limited - Thailand
- Indika Energy - Indonesia
- Goldman Sachs - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Mercator Lines Limited - India
- GMR Energy Limited - India
- Simpson Spence & Young - Indonesia
- Karaikal Port Pvt Ltd - India
- Agrawal Coal Company - India
- Energy Link Ltd, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Electricity Generating Authority of Thailand
- Meenaskhi Energy Private Limited - India
- Sical Logistics Limited - India
- AsiaOL BioFuels Corp., Philippines
- Chettinad Cement Corporation Ltd - India
- Heidelberg Cement - Germany
- Posco Energy - South Korea
- Orica Mining Services - Indonesia
- SMC Global Power, Philippines
- Orica Australia Pty. Ltd.
- Romanian Commodities Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Ambuja Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Mercuria Energy - Indonesia
- Indogreen Group - Indonesia
- Attock Cement Pakistan Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Sidhee Cement - India
- PTC India Limited - India
- Mintek Dendrill Indonesia
- Sree Jayajothi Cements Limited - India
- GAC Shipping (India) Pvt Ltd
- Larsen & Toubro Limited - India
- Binh Thuan Hamico - Vietnam
- White Energy Company Limited
- Baramulti Group, Indonesia
- Dalmia Cement Bharat India
- Madhucon Powers Ltd - India
- Indonesian Coal Mining Association
- ASAPP Information Group - India
- Intertek Mineral Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Petron Corporation, Philippines
- Meralco Power Generation, Philippines
- Bulk Trading Sa - Switzerland
- Asmin Koalindo Tuhup - Indonesia
- Trasteel International SA, Italy
- Salva Resources Pvt Ltd - India
- Wood Mackenzie - Singapore
- International Coal Ventures Pvt Ltd - India
- McConnell Dowell - Australia
- Kartika Selabumi Mining - Indonesia
- Minerals Council of Australia
- Star Paper Mills Limited - India
- Kalimantan Lumbung Energi - Indonesia
- London Commodity Brokers - England
- PetroVietnam Power Coal Import and Supply Company
- Pendopo Energi Batubara - Indonesia
- CNBM International Corporation - China
- GVK Power & Infra Limited - India
- Borneo Indobara - Indonesia
- Kobexindo Tractors - Indoneisa
- CIMB Investment Bank - Malaysia
- Samtan Co., Ltd - South Korea
- Karbindo Abesyapradhi - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Bukit Makmur.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chamber of Mines of South Africa
- Siam City Cement PLC, Thailand
- Bhushan Steel Limited - India
- Price Waterhouse Coopers - Russia
- Thiess Contractors Indonesia
- Independent Power Producers Association of India
- IHS Mccloskey Coal Group - USA
- Merrill Lynch Commodities Europe
- Latin American Coal - Colombia
- Vizag Seaport Private Limited - India
- Jaiprakash Power Ventures ltd
- Bahari Cakrawala Sebuku - Indonesia
- Interocean Group of Companies - India
- Standard Chartered Bank - UAE
- Africa Commodities Group - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Toyota Tsusho Corporation, Japan
- Metalloyd Limited - United Kingdom
- LBH Netherlands Bv - Netherlands
- Indian Energy Exchange, India
- Coastal Gujarat Power Limited - India
- Sakthi Sugars Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cement Manufacturers Association - India
- Siam City Cement - Thailand
- Bharathi Cement Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Anglo American - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Bhoruka Overseas - Indonesia
- Deloitte Consulting - India
- Lanco Infratech Ltd - India
- Uttam Galva Steels Limited - India
- Central Java Power - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Global Green Power PLC Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Commonwealth Bank - Australia
- Port Waratah Coal Services - Australia
- Tamil Nadu electricity Board
- SN Aboitiz Power Inc, Philippines
- Makarim & Taira - Indonesia
- Sindya Power Generating Company Private Ltd
- Leighton Contractors Pty Ltd - Australia
- The University of Queensland
- Oldendorff Carriers - Singapore
- PowerSource Philippines DevCo
- Timah Investasi Mineral - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Savvy Resources Ltd - HongKong
- Formosa Plastics Group - Taiwan
- Wilmar Investment Holdings
- Mjunction Services Limited - India
- Aboitiz Power Corporation - Philippines
- Power Finance Corporation Ltd., India
- Bangladesh Power Developement Board
- IEA Clean Coal Centre - UK
- Gujarat Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- European Bulk Services B.V. - Netherlands
- Global Business Power Corporation, Philippines
- Coal and Oil Company - UAE
- Rio Tinto Coal - Australia
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Finance - Indonesia
- New Zealand Coal & Carbon
- Planning Commission, India
- MS Steel International - UAE
- Directorate Of Revenue Intelligence - India
- Edison Trading Spa - Italy
- Manunggal Multi Energi - Indonesia
- Central Electricity Authority - India
- Medco Energi Mining Internasional
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Kumho Petrochemical, South Korea
- VISA Power Limited - India
- Thai Mozambique Logistica
- Cigading International Bulk Terminal - Indonesia
- Videocon Industries ltd - India
- South Luzon Thermal Energy Corporation
- Offshore Bulk Terminal Pte Ltd, Singapore
- Globalindo Alam Lestari - Indonesia
- The Treasury - Australian Government
- Bayan Resources Tbk. - Indonesia
- India Bulls Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Electricity Authority, New Zealand
- Indian Oil Corporation Limited
- Jindal Steel & Power Ltd - India
- Semirara Mining Corp, Philippines
- Parliament of New Zealand
- San Jose City I Power Corp, Philippines
- Eastern Coal Council - USA
- Billiton Holdings Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Energy - Thailand
- Gujarat Mineral Development Corp Ltd - India
- ICICI Bank Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Singapore Mercantile Exchange
- Neyveli Lignite Corporation Ltd, - India
- Carbofer General Trading SA - India
- Global Coal Blending Company Limited - Australia
- Directorate General of MIneral and Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Parry Sugars Refinery, India
- Xindia Steels Limited - India
- Malabar Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Sojitz Corporation - Japan
- TeaM Sual Corporation - Philippines
- Renaissance Capital - South Africa
- Ceylon Electricity Board - Sri Lanka
- Ministry of Transport, Egypt
- Economic Council, Georgia
- Energy Development Corp, Philippines
- Coalindo Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Essar Steel Hazira Ltd - India
- OPG Power Generation Pvt Ltd - India
- Australian Commodity Traders Exchange
- Ind-Barath Power Infra Limited - India
- Aditya Birla Group - India
- Bhatia International Limited - India
- Antam Resourcindo - Indonesia
- Kaltim Prima Coal - Indonesia
- Ministry of Mines - Canada
- Australian Coal Association
- Barasentosa Lestari - Indonesia
- Marubeni Corporation - India
- Grasim Industreis Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Rashtriya Ispat Nigam Limited - India
- The State Trading Corporation of India Ltd
- SMG Consultants - Indonesia
- Tata Chemicals Ltd - India
- Straits Asia Resources Limited - Singapore
- PNOC Exploration Corporation - Philippines
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