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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, 25 July 16
STRONG BUYER DEMAND PUSHING UP INDONESIAN THERMAL COAL INDICES
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose 0.73 percent week over week to averaging $40.83 per ton this past week, shows C ...
Monday, 25 July 16
THE BDI FELL ON WEAKER RATES FOR CAPESIZE & PANAMAX VESSELS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities slide slightly as Cape and Panamax segments ending in neg ...
Friday, 22 July 16
U.S COAL OUTPUT ROSE 17.2% WEEK OVER WEEK - EIA
COALspot.com – U.S, world’s second largest coal producers has produced approximately totalled an estimated 15.1 million short tons (mms ...
Thursday, 21 July 16
WHAT TO DO WHEN YOU DON'T GET PAID - SHIPOWNERS CLUB
Present market conditions have led to an increase in claims related to unpaid hire. To recover unpaid hire, Owners need to fully understand who the ...
Thursday, 21 July 16
CONSTRUCTIVE TOTAL LOSS: WHAT GOES IN TO CALCULATING QUANTUM? - HILL DICKINSON
KNOWLEDGE TO ELEVATE
The Commercial Court recently delivered its judgment in an important case (Connect Shipping Inc and Machrimar Management ...
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- Carbofer General Trading SA - India
- Cigading International Bulk Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Australian Commodity Traders Exchange
- Orica Mining Services - Indonesia
- Price Waterhouse Coopers - Russia
- MS Steel International - UAE
- GVK Power & Infra Limited - India
- Sakthi Sugars Limited - India
- Sical Logistics Limited - India
- Grasim Industreis Ltd - India
- PNOC Exploration Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Aboitiz Power Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Thai Mozambique Logistica
- Madhucon Powers Ltd - India
- Wood Mackenzie - Singapore
- Interocean Group of Companies - India
- Mercator Lines Limited - India
- Parliament of New Zealand
- Heidelberg Cement - Germany
- Neyveli Lignite Corporation Ltd, - India
- New Zealand Coal & Carbon
- Tamil Nadu electricity Board
- OPG Power Generation Pvt Ltd - India
- Bharathi Cement Corporation - India
- Dalmia Cement Bharat India
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining Corp, Philippines
- Vizag Seaport Private Limited - India
- The University of Queensland
- Altura Mining Limited, Indonesia
- Planning Commission, India
- Indo Tambangraya Megah - Indonesia
- Banpu Public Company Limited - Thailand
- Ministry of Finance - Indonesia
- Siam City Cement PLC, Thailand
- Ambuja Cements Ltd - India
- Indian Energy Exchange, India
- Attock Cement Pakistan Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Transport, Egypt
- TNB Fuel Sdn Bhd - Malaysia
- Kideco Jaya Agung - Indonesia
- Indogreen Group - Indonesia
- Bulk Trading Sa - Switzerland
- Leighton Contractors Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Latin American Coal - Colombia
- McConnell Dowell - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kalimantan Lumbung Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Global Coal Blending Company Limited - Australia
- Holcim Trading Pte Ltd - Singapore
- London Commodity Brokers - England
- Ind-Barath Power Infra Limited - India
- Malabar Cements Ltd - India
- Orica Australia Pty. Ltd.
- Agrawal Coal Company - India
- Indonesian Coal Mining Association
- Directorate General of MIneral and Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Renaissance Capital - South Africa
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- San Jose City I Power Corp, Philippines
- Makarim & Taira - Indonesia
- Bangladesh Power Developement Board
- Ceylon Electricity Board - Sri Lanka
- Anglo American - United Kingdom
- TeaM Sual Corporation - Philippines
- PowerSource Philippines DevCo
- Global Business Power Corporation, Philippines
- Energy Development Corp, Philippines
- Mercuria Energy - Indonesia
- Thiess Contractors Indonesia
- Meralco Power Generation, Philippines
- Rio Tinto Coal - Australia
- Bukit Baiduri Energy - Indonesia
- Petron Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Sojitz Corporation - Japan
- Therma Luzon, Inc, Philippines
- Cement Manufacturers Association - India
- Electricity Generating Authority of Thailand
- Maheswari Brothers Coal Limited - India
- Manunggal Multi Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Tata Chemicals Ltd - India
- Kaltim Prima Coal - Indonesia
- Lanco Infratech Ltd - India
- Economic Council, Georgia
- Global Green Power PLC Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Gujarat Sidhee Cement - India
- Posco Energy - South Korea
- Bayan Resources Tbk. - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Minerals Council of Australia
- Star Paper Mills Limited - India
- PTC India Limited - India
- Deloitte Consulting - India
- Goldman Sachs - Singapore
- Kobexindo Tractors - Indoneisa
- Intertek Mineral Services - Indonesia
- Central Electricity Authority - India
- Bhatia International Limited - India
- IHS Mccloskey Coal Group - USA
- SMC Global Power, Philippines
- Baramulti Group, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Oil Corporation Limited
- Karbindo Abesyapradhi - Indoneisa
- Wilmar Investment Holdings
- Salva Resources Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Chamber of Mines of South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Barasentosa Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Merrill Lynch Commodities Europe
- Kapuas Tunggal Persada - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Antam Resourcindo - Indonesia
- Borneo Indobara - Indonesia
- Singapore Mercantile Exchange
- Coalindo Energy - Indonesia
- Independent Power Producers Association of India
- Bhushan Steel Limited - India
- Vedanta Resources Plc - India
- Eastern Coal Council - USA
- Ministry of Mines - Canada
- Formosa Plastics Group - Taiwan
- VISA Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Mjunction Services Limited - India
- Sarangani Energy Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Straits Asia Resources Limited - Singapore
- Karaikal Port Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Marubeni Corporation - India
- Toyota Tsusho Corporation, Japan
- Indika Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- Xindia Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Medco Energi Mining Internasional
- Videocon Industries ltd - India
- ICICI Bank Limited - India
- Bukit Makmur.PT - Indonesia
- White Energy Company Limited
- Gujarat Mineral Development Corp Ltd - India
- European Bulk Services B.V. - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMG Consultants - Indonesia
- Samtan Co., Ltd - South Korea
- Africa Commodities Group - South Africa
- AsiaOL BioFuels Corp., Philippines
- SN Aboitiz Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Binh Thuan Hamico - Vietnam
- India Bulls Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Oldendorff Carriers - Singapore
- Power Finance Corporation Ltd., India
- Coastal Gujarat Power Limited - India
- Parry Sugars Refinery, India
- Iligan Light & Power Inc, Philippines
- The Treasury - Australian Government
- Directorate Of Revenue Intelligence - India
- Jaiprakash Power Ventures ltd
- CNBM International Corporation - China
- Edison Trading Spa - Italy
- Electricity Authority, New Zealand
- Siam City Cement - Thailand
- Port Waratah Coal Services - Australia
- Uttam Galva Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Mintek Dendrill Indonesia
- Aditya Birla Group - India
- ASAPP Information Group - India
- Jorong Barutama Greston.PT - Indonesia
- Riau Bara Harum - Indonesia
- Timah Investasi Mineral - Indoneisa
- Larsen & Toubro Limited - India
- Central Java Power - Indonesia
- Essar Steel Hazira Ltd - India
- IEA Clean Coal Centre - UK
- PetroVietnam Power Coal Import and Supply Company
- GMR Energy Limited - India
- Meenaskhi Energy Private Limited - India
- Georgia Ports Authority, United States
- Sinarmas Energy and Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Jindal Steel & Power Ltd - India
- Australian Coal Association
- Romanian Commodities Exchange
- GAC Shipping (India) Pvt Ltd
- Pendopo Energi Batubara - Indonesia
- Coal and Oil Company - UAE
- Kepco SPC Power Corporation, Philippines
- Eastern Energy - Thailand
- Miang Besar Coal Terminal - Indonesia
- Standard Chartered Bank - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- LBH Netherlands Bv - Netherlands
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