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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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Wednesday, 13 July 16
EIA FORECASTS U.S. COAL EXPORTS TO DECLINE BY 15 MMST IN 2016 AND BY 4 MMST IN 2017
COALspot.com: U.S. coal production in June was 57 million short tons (MMst), a 6 MMst (13%) increase from May and 9 MMst (14%) lower than in June 2 ...
Wednesday, 13 July 16
2015 VS. 2016; THE DRY BULK DEMOLITION DERBY - JOHN N. COTZIAS
In the first half of the year 373 Bulkers and General Cargo ships were scrapped representing 23.8mil tons of dwt carrying capacity.
Comparing ...
Tuesday, 12 July 16
DUE TO LONG HOLIDAYS, CS COAL INDICES HELD AT THE SAME LEVEL OF THE PREVIOUS WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin was flat week over week to averaging $39.98 per ton this past week.
Due to the ...
Monday, 11 July 16
COAL MARKETS SAW IMPROVED PRICES IN H1 2016 - SGX'S COMMODITIES MID-YEAR REFLECTION
COALspot.com: Coal
Coal markets saw improved prices in H1 2016 with the benchmark coking coal and thermal coal spot prices rising 18% and 25%, re ...
Monday, 11 July 16
THE MAIN SEA FREIGHT INDEX, BDI ROSE FURTHER ON 8 JULY DUE TO STRONG DEMAND FOR PANAMAX SHIPS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose this past week. The BDI was up 3.84 percent from las ...
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- Goldman Sachs - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercuria Energy - Indonesia
- SMC Global Power, Philippines
- AsiaOL BioFuels Corp., Philippines
- Anglo American - United Kingdom
- Essar Steel Hazira Ltd - India
- The University of Queensland
- Petron Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- European Bulk Services B.V. - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Rio Tinto Coal - Australia
- LBH Netherlands Bv - Netherlands
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- The State Trading Corporation of India Ltd
- Ambuja Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Bulk Trading Sa - Switzerland
- Global Business Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Dalmia Cement Bharat India
- Eastern Coal Council - USA
- Chamber of Mines of South Africa
- GVK Power & Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Antam Resourcindo - Indonesia
- McConnell Dowell - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Iligan Light & Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Central Java Power - Indonesia
- PTC India Limited - India
- Australian Coal Association
- Oldendorff Carriers - Singapore
- Aditya Birla Group - India
- MS Steel International - UAE
- Star Paper Mills Limited - India
- Riau Bara Harum - Indonesia
- ICICI Bank Limited - India
- VISA Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- India Bulls Power Limited - India
- Minerals Council of Australia
- PNOC Exploration Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Meenaskhi Energy Private Limited - India
- Coal and Oil Company - UAE
- GAC Shipping (India) Pvt Ltd
- Georgia Ports Authority, United States
- Deloitte Consulting - India
- Tata Chemicals Ltd - India
- Bangladesh Power Developement Board
- TeaM Sual Corporation - Philippines
- Economic Council, Georgia
- Price Waterhouse Coopers - Russia
- Coastal Gujarat Power Limited - India
- Mintek Dendrill Indonesia
- Ind-Barath Power Infra Limited - India
- White Energy Company Limited
- Uttam Galva Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Bhushan Steel Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Wood Mackenzie - Singapore
- Bukit Baiduri Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Independent Power Producers Association of India
- Posco Energy - South Korea
- Semirara Mining and Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Orica Australia Pty. Ltd.
- Gujarat Sidhee Cement - India
- Therma Luzon, Inc, Philippines
- Australian Commodity Traders Exchange
- Banpu Public Company Limited - Thailand
- Metalloyd Limited - United Kingdom
- Malabar Cements Ltd - India
- IEA Clean Coal Centre - UK
- OPG Power Generation Pvt Ltd - India
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- Port Waratah Coal Services - Australia
- Indogreen Group - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Africa Commodities Group - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Energy Development Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Heidelberg Cement - Germany
- Kapuas Tunggal Persada - Indonesia
- Mercator Lines Limited - India
- Indian Oil Corporation Limited
- Singapore Mercantile Exchange
- Kumho Petrochemical, South Korea
- Kepco SPC Power Corporation, Philippines
- Carbofer General Trading SA - India
- Siam City Cement PLC, Thailand
- Agrawal Coal Company - India
- Edison Trading Spa - Italy
- Siam City Cement - Thailand
- Timah Investasi Mineral - Indoneisa
- Kaltim Prima Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- New Zealand Coal & Carbon
- CNBM International Corporation - China
- PowerSource Philippines DevCo
- Kideco Jaya Agung - Indonesia
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- Trasteel International SA, Italy
- Sojitz Corporation - Japan
- Eastern Energy - Thailand
- Attock Cement Pakistan Limited
- Directorate General of MIneral and Coal - Indonesia
- Latin American Coal - Colombia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Simpson Spence & Young - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Barasentosa Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Sakthi Sugars Limited - India
- Electricity Generating Authority of Thailand
- Sinarmas Energy and Mining - Indonesia
- Coalindo Energy - Indonesia
- Indika Energy - Indonesia
- Interocean Group of Companies - India
- Manunggal Multi Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Cement Manufacturers Association - India
- PetroVietnam Power Coal Import and Supply Company
- Power Finance Corporation Ltd., India
- Ministry of Finance - Indonesia
- Thai Mozambique Logistica
- ASAPP Information Group - India
- SMG Consultants - Indonesia
- Aboitiz Power Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- South Luzon Thermal Energy Corporation
- Indian Energy Exchange, India
- Renaissance Capital - South Africa
- CIMB Investment Bank - Malaysia
- Bharathi Cement Corporation - India
- Lanco Infratech Ltd - India
- Chettinad Cement Corporation Ltd - India
- Jindal Steel & Power Ltd - India
- Merrill Lynch Commodities Europe
- Jaiprakash Power Ventures ltd
- Bhoruka Overseas - Indonesia
- SN Aboitiz Power Inc, Philippines
- Makarim & Taira - Indonesia
- Straits Asia Resources Limited - Singapore
- Maheswari Brothers Coal Limited - India
- Bhatia International Limited - India
- IHS Mccloskey Coal Group - USA
- GMR Energy Limited - India
- Cigading International Bulk Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Vedanta Resources Plc - India
- Karaikal Port Pvt Ltd - India
- Standard Chartered Bank - UAE
- Parry Sugars Refinery, India
- Orica Mining Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Electricity Authority, New Zealand
- Bayan Resources Tbk. - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Marubeni Corporation - India
- Ministry of Mines - Canada
- San Jose City I Power Corp, Philippines
- Commonwealth Bank - Australia
- The Treasury - Australian Government
- Larsen & Toubro Limited - India
- Indonesian Coal Mining Association
- Leighton Contractors Pty Ltd - Australia
- Xindia Steels Limited - India
- Planning Commission, India
- Mjunction Services Limited - India
- Sarangani Energy Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Energy Link Ltd, New Zealand
- Directorate Of Revenue Intelligence - India
- Samtan Co., Ltd - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Salva Resources Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Tamil Nadu electricity Board
- Pendopo Energi Batubara - Indonesia
- Baramulti Group, Indonesia
- Videocon Industries ltd - India
- Rashtriya Ispat Nigam Limited - India
- Madhucon Powers Ltd - India
- Wilmar Investment Holdings
- Meralco Power Generation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Binh Thuan Hamico - Vietnam
- Parliament of New Zealand
- Toyota Tsusho Corporation, Japan
- London Commodity Brokers - England
- Central Electricity Authority - India
- Altura Mining Limited, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Borneo Indobara - Indonesia
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