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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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Thursday, 28 July 16
FITCH RAISES CORPORATE OIL PRICE ASSUMPTION FOR 2016 TO USD42
Fitch Ratings has raised the 2016 oil price assumptions it uses when rating energy-sector corporates, but expects record high inventories to slow a ...
Thursday, 28 July 16
LAST WEEK ENDING UP WITH BUSIER TONES FOR SUPRAMAXES NOW COOLING DOWN - FEARNLEYS
Supramax
Last week ending up with busier tones for Supramaxes now cooling down as with index being down to 684. Average daily earnings for Supram ...
Wednesday, 27 July 16
RATES FOR THE SMALLER SIZES OVER-PERFORMED THE MARKET LAST WEEK - INTERMODAL
The decline the BDI noted last week was somewhat expected given the fact that the market has been overall firming for almost a month no ...
Wednesday, 27 July 16
GLOBAL OIL SUPPLY IS EXPECTED TO REMAIN HIGHER THAN GLOBAL CONSUMPTION IN 2016 - CHRISTOPHER WHITTY
Global oil supply is expected to remain higher than global consumption in 2016, keeping oil prices at relatively low levels this summer compared wi ...
Tuesday, 26 July 16
NORTH P&I CLUB EXPLAINS HOW TO AVOID CLAIMS FOR SELF-COOKING SOYA BEANS
KNOWLEDGE TO ELEVATE
North P&I Club has advised its members to be extra vigilant during loading and transport of soya beans to ensure they ...
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- Heidelberg Cement - Germany
- Trasteel International SA, Italy
- Ceylon Electricity Board - Sri Lanka
- Deloitte Consulting - India
- Krishnapatnam Port Company Ltd. - India
- Attock Cement Pakistan Limited
- Maheswari Brothers Coal Limited - India
- OPG Power Generation Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Maharashtra Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Merrill Lynch Commodities Europe
- Global Green Power PLC Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Energy Link Ltd, New Zealand
- Vizag Seaport Private Limited - India
- Mintek Dendrill Indonesia
- CNBM International Corporation - China
- Pipit Mutiara Jaya. PT, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indian Oil Corporation Limited
- Bhatia International Limited - India
- Star Paper Mills Limited - India
- PNOC Exploration Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Goldman Sachs - Singapore
- Kaltim Prima Coal - Indonesia
- Eastern Coal Council - USA
- Bharathi Cement Corporation - India
- Rio Tinto Coal - Australia
- Australian Commodity Traders Exchange
- Binh Thuan Hamico - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Edison Trading Spa - Italy
- Global Coal Blending Company Limited - Australia
- Ambuja Cements Ltd - India
- Coalindo Energy - Indonesia
- Global Business Power Corporation, Philippines
- London Commodity Brokers - England
- Siam City Cement PLC, Thailand
- Sakthi Sugars Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Commonwealth Bank - Australia
- Gujarat Sidhee Cement - India
- Alfred C Toepfer International GmbH - Germany
- Gujarat Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Carbofer General Trading SA - India
- VISA Power Limited - India
- Independent Power Producers Association of India
- Vijayanagar Sugar Pvt Ltd - India
- Africa Commodities Group - South Africa
- Georgia Ports Authority, United States
- Ind-Barath Power Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Singapore Mercantile Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate Of Revenue Intelligence - India
- Borneo Indobara - Indonesia
- Bukit Makmur.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Baramulti Group, Indonesia
- Posco Energy - South Korea
- Chamber of Mines of South Africa
- Indian Energy Exchange, India
- Cigading International Bulk Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Parliament of New Zealand
- Renaissance Capital - South Africa
- Videocon Industries ltd - India
- Wood Mackenzie - Singapore
- Coastal Gujarat Power Limited - India
- Planning Commission, India
- ASAPP Information Group - India
- Economic Council, Georgia
- Interocean Group of Companies - India
- Oldendorff Carriers - Singapore
- Standard Chartered Bank - UAE
- Meenaskhi Energy Private Limited - India
- ICICI Bank Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sinarmas Energy and Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Central Electricity Authority - India
- Intertek Mineral Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Straits Asia Resources Limited - Singapore
- Minerals Council of Australia
- European Bulk Services B.V. - Netherlands
- Riau Bara Harum - Indonesia
- Kumho Petrochemical, South Korea
- Coal and Oil Company - UAE
- Port Waratah Coal Services - Australia
- Metalloyd Limited - United Kingdom
- Medco Energi Mining Internasional
- Electricity Generating Authority of Thailand
- Kartika Selabumi Mining - Indonesia
- Central Java Power - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- Salva Resources Pvt Ltd - India
- Parry Sugars Refinery, India
- Dalmia Cement Bharat India
- McConnell Dowell - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Vedanta Resources Plc - India
- South Luzon Thermal Energy Corporation
- Agrawal Coal Company - India
- Bukit Baiduri Energy - Indonesia
- Anglo American - United Kingdom
- Samtan Co., Ltd - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Energy Development Corp, Philippines
- Bulk Trading Sa - Switzerland
- Mjunction Services Limited - India
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
- Jindal Steel & Power Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Grasim Industreis Ltd - India
- GAC Shipping (India) Pvt Ltd
- Siam City Cement - Thailand
- Leighton Contractors Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Cement Manufacturers Association - India
- Electricity Authority, New Zealand
- Altura Mining Limited, Indonesia
- LBH Netherlands Bv - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Chettinad Cement Corporation Ltd - India
- Sojitz Corporation - Japan
- Meralco Power Generation, Philippines
- Mercator Lines Limited - India
- Bayan Resources Tbk. - Indonesia
- Wilmar Investment Holdings
- Thiess Contractors Indonesia
- Sree Jayajothi Cements Limited - India
- Aboitiz Power Corporation - Philippines
- White Energy Company Limited
- Therma Luzon, Inc, Philippines
- Barasentosa Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- MS Steel International - UAE
- PTC India Limited - India
- Formosa Plastics Group - Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Karaikal Port Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Bangladesh Power Developement Board
- Madhucon Powers Ltd - India
- PowerSource Philippines DevCo
- Latin American Coal - Colombia
- Simpson Spence & Young - Indonesia
- Kepco SPC Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Bhushan Steel Limited - India
- Indika Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Xindia Steels Limited - India
- Makarim & Taira - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Coal Association
- New Zealand Coal & Carbon
- Miang Besar Coal Terminal - Indonesia
- Indogreen Group - Indonesia
- Marubeni Corporation - India
- Tata Chemicals Ltd - India
- Mercuria Energy - Indonesia
- SMC Global Power, Philippines
- The University of Queensland
- Sindya Power Generating Company Private Ltd
- Toyota Tsusho Corporation, Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Savvy Resources Ltd - HongKong
- Bahari Cakrawala Sebuku - Indonesia
- The Treasury - Australian Government
- San Jose City I Power Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Malabar Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Uttam Galva Steels Limited - India
- Ministry of Finance - Indonesia
- IEA Clean Coal Centre - UK
- Indonesian Coal Mining Association
- Tamil Nadu electricity Board
- Antam Resourcindo - Indonesia
- Larsen & Toubro Limited - India
- CIMB Investment Bank - Malaysia
- Romanian Commodities Exchange
- Aditya Birla Group - India
- Ministry of Mines - Canada
- Orica Australia Pty. Ltd.
- Sical Logistics Limited - India
- Petron Corporation, Philippines
- Lanco Infratech Ltd - India
- Eastern Energy - Thailand
- Semirara Mining Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GMR Energy Limited - India
- Manunggal Multi Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Orica Mining Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- SN Aboitiz Power Inc, Philippines
- SMG Consultants - Indonesia
- Ministry of Transport, Egypt
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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