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Wednesday, 20 July 16
EDIBLE OIL MARKETS ACROSS THE GLOBE REMAIN UNDER PRESSURE - STELIOS KOLLINTZAS
 The edible oil markets across the globe remain under pressure on the back of lackluster demand. Some of the main factors causing the low activity are seasonality, increased stocks and wet and dry weather conditions in the west and east respectively. While S. America activity has already been ‘’hit’’ by the summer seasonal cool-off, effects of El Nino are still evident on the palm oil exports from SE Asia. Needless to say that the impact of this has resulted in long lists of ships available and has pushed freight rates down to new lows. In the meantime, the CPP market in both the Atlantic and the Pacific has not provided support to Owners looking to escape the dull palm and vegetable oil market and has further extended their feeling of uncertainty.
Against Owners’ expectations, the traditional increase of demand before and after the Ramadan has failed to materialize this year. India and Pakistan, the main demand sources, have been very slow, while Europe and China have also been weak. However, the Middle East and Red Sea markets have experienced healthier activity, still not enough to absorb the ample tonnage around though. Palm oil shipments have been 8.5% lower in June compared to May, forcing a number of Owners to heavily compete for each cargo that becomes available in the market. Hire rates during the past month for the usual long haul MR TC Trip to Med-Continent-USA bss delivery at charterer's preferred load port, have dropped from $16,500 to $15,000 per day at the time of writing, the lowest fixing levels in a long time. As far as the regional SE Asia market is concerned, there has been a slight increase of cargoes quoted as charterers look to replenish their stocks, but overall the market is still far from achieving a balance.
After many months of a rather firm market, freight rates on the edible trade lanes from S. America have softened. Having been the strong leg on the triangulation trade for the dedicated on the edible oil market Owners, it has finally followed the rest of the routes on the downside. This is mainly the result of a sharp decrease in Indian demand, which has been traditionally the main destination of vegetable oils from S. America. However, the recent boost of CPP imports into Argentina has led many ships in the area, building as a result a long tonnage list and causing great supply/demand imbalance. On the other hand, there are serious delays on discharging those ships, which causes increased concern to Owners and Charterers that aim to get ships with firm itineraries. With ample tonnage available we do not expect MR veg oil freight rates to firm over the next few weeks. In fact, it is possible that they will soften further. At the moment, the rate for 40k mtons of cargo to India is about USD 36-38 pmt bss 2/2.
The outlook for the Black Sea/Med market is not very different compared to the previous months. Once again, activity is low and it is mostly small parcels that move around. However, there is better luck for FOSFA accepted vessels which are still in demand and able to negotiate better numbers. Despite the slow market, rates have been stable with the usual route to India on 12,000 tons fixing around $ mid/high 50s pmt bss 1/2.
As the summer months roll on, signs of recovery to 2015 levels remain scarce. More likely, palm oil exports/freight rates to India will remain slow until the next festive season of Diwali in October, as for rates ex-S. America things are more complicated, with Atlantic basket CPP fundamentals most likely being the key factor behind the performance of the market there.
By Stelios Kollintzas
Tanker Chartering - 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 reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Monday, 29 August 16
THE 5000 GAR THERMAL COAL INDEX HAS STRENGTHENED BY 9.90% SINCE JANUARY
COALspot.com: A rally in thermal coal prices over the past few months, after years of decline, is still continuing upward and it is expected to ral ...
Monday, 29 August 16
THE FREIGHT MARKET WAS STEADY AND FIRM THIS PAST WEEK; BCI ROSE 18.74%
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose and ending in a positive note this past week except ...
Friday, 26 August 16
WEEKLY US COAL OUTPUT UP 0.7% W/W TO 16 MMST: EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16 million short tons ...
Thursday, 25 August 16
SUPRAMAXES ARE BEING FIXED IN REGION OF $9000
Supramax
Due to Chinese coal imports which continues to source much of the tonnage in SE Asia combined with a good flow of mineral exports ex Aus ...
Wednesday, 24 August 16
MARKET INSIGHT
Brazil and the world bid farewell on Sunday to the first Olympic Games in South America in the midst of a finale meant to be both one last bash and ...
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- Semirara Mining and Power Corporation, Philippines
- Economic Council, Georgia
- Bharathi Cement Corporation - India
- Timah Investasi Mineral - Indoneisa
- Rio Tinto Coal - Australia
- GMR Energy Limited - India
- European Bulk Services B.V. - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Central Java Power - Indonesia
- Anglo American - United Kingdom
- Mercator Lines Limited - India
- Siam City Cement PLC, Thailand
- Savvy Resources Ltd - HongKong
- Parry Sugars Refinery, India
- Sindya Power Generating Company Private Ltd
- PNOC Exploration Corporation - Philippines
- Commonwealth Bank - Australia
- Global Green Power PLC Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Carbofer General Trading SA - India
- Vijayanagar Sugar Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Medco Energi Mining Internasional
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Africa Commodities Group - South Africa
- Parliament of New Zealand
- GVK Power & Infra Limited - India
- Australian Coal Association
- Siam City Cement - Thailand
- Indika Energy - Indonesia
- Antam Resourcindo - Indonesia
- Malabar Cements Ltd - India
- CNBM International Corporation - China
- Leighton Contractors Pty Ltd - Australia
- The Treasury - Australian Government
- Neyveli Lignite Corporation Ltd, - India
- Bayan Resources Tbk. - Indonesia
- Ambuja Cements Ltd - India
- PowerSource Philippines DevCo
- Orica Mining Services - Indonesia
- Therma Luzon, Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Global Business Power Corporation, Philippines
- PTC India Limited - India
- Eastern Coal Council - USA
- Ministry of Finance - Indonesia
- Jindal Steel & Power Ltd - India
- ICICI Bank Limited - India
- CIMB Investment Bank - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Aditya Birla Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Toyota Tsusho Corporation, Japan
- New Zealand Coal & Carbon
- Mjunction Services Limited - India
- Essar Steel Hazira Ltd - India
- Energy Development Corp, Philippines
- Madhucon Powers Ltd - India
- Kaltim Prima Coal - Indonesia
- Ministry of Mines - Canada
- Central Electricity Authority - India
- The University of Queensland
- Formosa Plastics Group - Taiwan
- Barasentosa Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Romanian Commodities Exchange
- Simpson Spence & Young - Indonesia
- Bhoruka Overseas - Indonesia
- Indian Oil Corporation Limited
- Samtan Co., Ltd - South Korea
- Trasteel International SA, Italy
- Coal and Oil Company - UAE
- GN Power Mariveles Coal Plant, Philippines
- Planning Commission, India
- Wood Mackenzie - Singapore
- Cigading International Bulk Terminal - Indonesia
- Coalindo Energy - Indonesia
- Xindia Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Petron Corporation, Philippines
- Cement Manufacturers Association - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Grasim Industreis Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Heidelberg Cement - Germany
- Ministry of Transport, Egypt
- IHS Mccloskey Coal Group - USA
- Lanco Infratech Ltd - India
- Maheswari Brothers Coal Limited - India
- Kepco SPC Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Sinarmas Energy and Mining - Indonesia
- Indogreen Group - Indonesia
- Latin American Coal - Colombia
- Sarangani Energy Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Karaikal Port Pvt Ltd - India
- Posco Energy - South Korea
- Iligan Light & Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Globalindo Alam Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Karbindo Abesyapradhi - Indoneisa
- LBH Netherlands Bv - Netherlands
- Makarim & Taira - Indonesia
- Energy Link Ltd, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Borneo Indobara - Indonesia
- Australian Commodity Traders Exchange
- Goldman Sachs - Singapore
- OPG Power Generation Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Electricity Generating Authority of Thailand
- Renaissance Capital - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Tata Chemicals Ltd - India
- Singapore Mercantile Exchange
- Metalloyd Limited - United Kingdom
- London Commodity Brokers - England
- Bukit Baiduri Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sical Logistics Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Altura Mining Limited, Indonesia
- Port Waratah Coal Services - Australia
- VISA Power Limited - India
- Vizag Seaport Private Limited - India
- Price Waterhouse Coopers - Russia
- SMC Global Power, Philippines
- Tamil Nadu electricity Board
- Ind-Barath Power Infra Limited - India
- Electricity Authority, New Zealand
- Indian Energy Exchange, India
- Jaiprakash Power Ventures ltd
- MS Steel International - UAE
- Merrill Lynch Commodities Europe
- Aboitiz Power Corporation - Philippines
- Bhushan Steel Limited - India
- Kumho Petrochemical, South Korea
- Bhatia International Limited - India
- Indonesian Coal Mining Association
- Meenaskhi Energy Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Thai Mozambique Logistica
- Thiess Contractors Indonesia
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- Directorate General of MIneral and Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Holcim Trading Pte Ltd - Singapore
- Binh Thuan Hamico - Vietnam
- Interocean Group of Companies - India
- India Bulls Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Straits Asia Resources Limited - Singapore
- Larsen & Toubro Limited - India
- White Energy Company Limited
- Intertek Mineral Services - Indonesia
- Minerals Council of Australia
- Bulk Trading Sa - Switzerland
- GAC Shipping (India) Pvt Ltd
- Vedanta Resources Plc - India
- Marubeni Corporation - India
- Videocon Industries ltd - India
- Power Finance Corporation Ltd., India
- ASAPP Information Group - India
- San Jose City I Power Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Standard Chartered Bank - UAE
- Kideco Jaya Agung - Indonesia
- Semirara Mining Corp, Philippines
- South Luzon Thermal Energy Corporation
- Georgia Ports Authority, United States
- Star Paper Mills Limited - India
- Wilmar Investment Holdings
- TeaM Sual Corporation - Philippines
- The State Trading Corporation of India Ltd
- Orica Australia Pty. Ltd.
- Attock Cement Pakistan Limited
- Kohat Cement Company Ltd. - Pakistan
- Petrochimia International Co. Ltd.- Taiwan
- AsiaOL BioFuels Corp., Philippines
- Gujarat Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Deloitte Consulting - India
- International Coal Ventures Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Meralco Power Generation, Philippines
- Baramulti Group, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Mintek Dendrill Indonesia
- Edison Trading Spa - Italy
- Maharashtra Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- IEA Clean Coal Centre - UK
- Agrawal Coal Company - India
- Eastern Energy - Thailand
- Dalmia Cement Bharat India
- SMG Consultants - Indonesia
- Sree Jayajothi Cements Limited - India
- Chamber of Mines of South Africa
- Sakthi Sugars Limited - India
- Mercuria Energy - Indonesia
- McConnell Dowell - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- Bahari Cakrawala Sebuku - Indonesia
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