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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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Friday, 01 July 16
BREXIT SET TO HURT SHIPPING IN THE LONG-TERM AS IT WILL TAKE ITS TOLL IN THE GLOBAL ECONOMY'S GROWTH - HELLENIC SHIPPING
Setting aside the short-term negative impact of the Brexit, in terms of stock market and currency volatility, it’s more than evident that the ...
Friday, 01 July 16
U.S'S COAL EXPORTS HAVE DECLINED FOR TWELVE QUARTERS IN A ROW - EIA
COALspot.com – U.S, world’s one of the largest coal producers has produced approximately totalled an estimated 13.7 million short t ...
Thursday, 30 June 16
CAPE - THIS WEEK'S FREIGHT AND ACTIVITY LEVEL HAVE KEPT STABLE - FEARNLEYS
Cape
This week’s freight and activity level have kept stable. It is support at the present levels and despite a volatile market the freight ...
Thursday, 30 June 16
OIL PRODUCT TANKERS EARNINGS DECLINE AS STOCKBUILDING SLOWS DOWN - BIMCO
BIMCO’s expectations remain as the oil product tanker fleet continues to grow with earnings at the lowest since Q3 in 2014. But there is stil ...
Wednesday, 29 June 16
THE DRY BULK INDICES, OPPOSITE TO MOST GLOBAL MARKET INDICES, ROSE END OF LAST WEEK
Last week closed off with a massive shockwave for markets across the world following the British referendum, the result of which will mark the begi ...
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- Jindal Steel & Power Ltd - India
- Georgia Ports Authority, United States
- Singapore Mercantile Exchange
- New Zealand Coal & Carbon
- Thiess Contractors Indonesia
- Aditya Birla Group - India
- Neyveli Lignite Corporation Ltd, - India
- Mercuria Energy - Indonesia
- Central Java Power - Indonesia
- Therma Luzon, Inc, Philippines
- Australian Commodity Traders Exchange
- Rio Tinto Coal - Australia
- Directorate Of Revenue Intelligence - India
- Karaikal Port Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Energy Development Corp, Philippines
- Kumho Petrochemical, South Korea
- Timah Investasi Mineral - Indoneisa
- Sojitz Corporation - Japan
- Siam City Cement - Thailand
- Indogreen Group - Indonesia
- Cement Manufacturers Association - India
- Commonwealth Bank - Australia
- Gujarat Mineral Development Corp Ltd - India
- PowerSource Philippines DevCo
- Bukit Asam (Persero) Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Dalmia Cement Bharat India
- Bhoruka Overseas - Indonesia
- Lanco Infratech Ltd - India
- Alfred C Toepfer International GmbH - Germany
- PNOC Exploration Corporation - Philippines
- Attock Cement Pakistan Limited
- Manunggal Multi Energi - Indonesia
- Altura Mining Limited, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Parry Sugars Refinery, India
- Karbindo Abesyapradhi - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Posco Energy - South Korea
- Xindia Steels Limited - India
- TeaM Sual Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Anglo American - United Kingdom
- Heidelberg Cement - Germany
- Mercator Lines Limited - India
- Siam City Cement PLC, Thailand
- Bukit Makmur.PT - Indonesia
- ICICI Bank Limited - India
- Semirara Mining Corp, Philippines
- CIMB Investment Bank - Malaysia
- Baramulti Group, Indonesia
- Orica Australia Pty. Ltd.
- International Coal Ventures Pvt Ltd - India
- Star Paper Mills Limited - India
- Kaltim Prima Coal - Indonesia
- The University of Queensland
- ASAPP Information Group - India
- Thai Mozambique Logistica
- Bangladesh Power Developement Board
- Jaiprakash Power Ventures ltd
- Electricity Authority, New Zealand
- Price Waterhouse Coopers - Russia
- Maharashtra Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Agrawal Coal Company - India
- Formosa Plastics Group - Taiwan
- IHS Mccloskey Coal Group - USA
- Coal and Oil Company - UAE
- London Commodity Brokers - England
- Standard Chartered Bank - UAE
- Gujarat Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Maheswari Brothers Coal Limited - India
- Central Electricity Authority - India
- Bharathi Cement Corporation - India
- The State Trading Corporation of India Ltd
- Ceylon Electricity Board - Sri Lanka
- IEA Clean Coal Centre - UK
- Australian Coal Association
- Global Green Power PLC Corporation, Philippines
- Uttam Galva Steels Limited - India
- PTC India Limited - India
- GMR Energy Limited - India
- Port Waratah Coal Services - Australia
- GVK Power & Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kapuas Tunggal Persada - Indonesia
- GAC Shipping (India) Pvt Ltd
- Parliament of New Zealand
- Eastern Coal Council - USA
- Medco Energi Mining Internasional
- Oldendorff Carriers - Singapore
- Straits Asia Resources Limited - Singapore
- Iligan Light & Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- SMG Consultants - Indonesia
- Metalloyd Limited - United Kingdom
- Mjunction Services Limited - India
- Larsen & Toubro Limited - India
- Malabar Cements Ltd - India
- Wood Mackenzie - Singapore
- Vizag Seaport Private Limited - India
- Energy Link Ltd, New Zealand
- The Treasury - Australian Government
- Merrill Lynch Commodities Europe
- Indian Oil Corporation Limited
- Samtan Co., Ltd - South Korea
- Makarim & Taira - Indonesia
- Ind-Barath Power Infra Limited - India
- Bulk Trading Sa - Switzerland
- Sindya Power Generating Company Private Ltd
- Intertek Mineral Services - Indonesia
- Ministry of Mines - Canada
- Orica Mining Services - Indonesia
- Sakthi Sugars Limited - India
- Barasentosa Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- India Bulls Power Limited - India
- Mintek Dendrill Indonesia
- Renaissance Capital - South Africa
- Banpu Public Company Limited - Thailand
- White Energy Company Limited
- Sree Jayajothi Cements Limited - India
- Bukit Baiduri Energy - Indonesia
- Sical Logistics Limited - India
- Rashtriya Ispat Nigam Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
- San Jose City I Power Corp, Philippines
- Latin American Coal - Colombia
- LBH Netherlands Bv - Netherlands
- Romanian Commodities Exchange
- Minerals Council of Australia
- Bhatia International Limited - India
- Simpson Spence & Young - Indonesia
- Interocean Group of Companies - India
- PetroVietnam Power Coal Import and Supply Company
- MS Steel International - UAE
- Cigading International Bulk Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Economic Council, Georgia
- Chettinad Cement Corporation Ltd - India
- Tata Chemicals Ltd - India
- Carbofer General Trading SA - India
- Kobexindo Tractors - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- McConnell Dowell - Australia
- Edison Trading Spa - Italy
- Essar Steel Hazira Ltd - India
- Global Coal Blending Company Limited - Australia
- Wilmar Investment Holdings
- Coastal Gujarat Power Limited - India
- Ministry of Finance - Indonesia
- Videocon Industries ltd - India
- VISA Power Limited - India
- Indika Energy - Indonesia
- Deloitte Consulting - India
- Binh Thuan Hamico - Vietnam
- Electricity Generating Authority of Thailand
- Power Finance Corporation Ltd., India
- Bahari Cakrawala Sebuku - Indonesia
- Chamber of Mines of South Africa
- Gujarat Sidhee Cement - India
- Billiton Holdings Pty Ltd - Australia
- Ministry of Transport, Egypt
- Petrochimia International Co. Ltd.- Taiwan
- Kepco SPC Power Corporation, Philippines
- Indian Energy Exchange, India
- Madhucon Powers Ltd - India
- SN Aboitiz Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- European Bulk Services B.V. - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Coalindo Energy - Indonesia
- Borneo Indobara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Tamil Nadu electricity Board
- Leighton Contractors Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Ambuja Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- CNBM International Corporation - China
- Holcim Trading Pte Ltd - Singapore
- Kartika Selabumi Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- Bayan Resources Tbk. - Indonesia
- Goldman Sachs - Singapore
- SMC Global Power, Philippines
- Antam Resourcindo - Indonesia
- Bhushan Steel Limited - India
- Savvy Resources Ltd - HongKong
- Riau Bara Harum - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Marubeni Corporation - India
- Petron Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vedanta Resources Plc - India
- Global Business Power Corporation, Philippines
- Eastern Energy - Thailand
- Grasim Industreis Ltd - India
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- Planning Commission, India
- Semirara Mining and Power Corporation, Philippines
- Independent Power Producers Association of India
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