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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, 20 June 16
THE BDI HAS FELL 23 POINTS WEEK OVER WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities declined this past week. The BDI was fell 3.77 percent fr ...
Friday, 17 June 16
CHINA'S NEW POLICY TO REDUCE WASTE IN RENEWABLE ENERGY - FITCH
Chinese renewable energy producers are likely to benefit from a new policy that guarantees a minimum amount of solar and wind power is purchased in ...
Friday, 17 June 16
KOMIPO INVITES BIDS FOR BITUMINOUS COAL FOR BORYEONG POWER PLANT
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 780,000 Metric Tons of Bituminous Coal for its B ...
Friday, 17 June 16
U.S WEEKLY COAL PRODUCTION UP 7.7% - EIA
COALspot.com – U.S., the world’s one of the largest coal producer has produced approximately totalled an estimated 12.9 million short t ...
Wednesday, 15 June 16
THE DRY BULK PRICES CORRECTED UPWARDS ROUGHLY 15% - KONSTANTINOS KONTOMICHIS
Once more, the international shipping community turned its attention to Greece and more specifically to Attica that hosted Posidonia, the biggest m ...
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- Global Business Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- SMC Global Power, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Australia Pty. Ltd.
- Vedanta Resources Plc - India
- Australian Commodity Traders Exchange
- Economic Council, Georgia
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- PTC India Limited - India
- Agrawal Coal Company - India
- Alfred C Toepfer International GmbH - Germany
- PowerSource Philippines DevCo
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- Indian Energy Exchange, India
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- Ministry of Transport, Egypt
- Aboitiz Power Corporation - Philippines
- Marubeni Corporation - India
- The State Trading Corporation of India Ltd
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- Sakthi Sugars Limited - India
- Indonesian Coal Mining Association
- Ceylon Electricity Board - Sri Lanka
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- GMR Energy Limited - India
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- GVK Power & Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Energy Link Ltd, New Zealand
- Power Finance Corporation Ltd., India
- McConnell Dowell - Australia
- SN Aboitiz Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Bharathi Cement Corporation - India
- Bayan Resources Tbk. - Indonesia
- Siam City Cement - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- ASAPP Information Group - India
- Edison Trading Spa - Italy
- Planning Commission, India
- MS Steel International - UAE
- Petron Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Bhatia International Limited - India
- Riau Bara Harum - Indonesia
- Central Electricity Authority - India
- The Treasury - Australian Government
- South Luzon Thermal Energy Corporation
- Cigading International Bulk Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Latin American Coal - Colombia
- Bank of Tokyo Mitsubishi UFJ Ltd
- CNBM International Corporation - China
- Anglo American - United Kingdom
- Rio Tinto Coal - Australia
- Neyveli Lignite Corporation Ltd, - India
- Binh Thuan Hamico - Vietnam
- Vizag Seaport Private Limited - India
- LBH Netherlands Bv - Netherlands
- Minerals Council of Australia
- Global Green Power PLC Corporation, Philippines
- Oldendorff Carriers - Singapore
- Renaissance Capital - South Africa
- Kobexindo Tractors - Indoneisa
- Orica Mining Services - Indonesia
- Central Java Power - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Jaiprakash Power Ventures ltd
- Banpu Public Company Limited - Thailand
- White Energy Company Limited
- Posco Energy - South Korea
- TeaM Sual Corporation - Philippines
- Eastern Energy - Thailand
- Kideco Jaya Agung - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Ind-Barath Power Infra Limited - India
- Georgia Ports Authority, United States
- Krishnapatnam Port Company Ltd. - India
- Bhushan Steel Limited - India
- Sree Jayajothi Cements Limited - India
- Simpson Spence & Young - Indonesia
- Africa Commodities Group - South Africa
- Altura Mining Limited, Indonesia
- Mintek Dendrill Indonesia
- Videocon Industries ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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- Metalloyd Limited - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Merrill Lynch Commodities Europe
- Billiton Holdings Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Dalmia Cement Bharat India
- Thiess Contractors Indonesia
- Wilmar Investment Holdings
- India Bulls Power Limited - India
- Medco Energi Mining Internasional
- Siam City Cement PLC, Thailand
- Larsen & Toubro Limited - India
- Karaikal Port Pvt Ltd - India
- Thai Mozambique Logistica
- Trasteel International SA, Italy
- Eastern Coal Council - USA
- Sojitz Corporation - Japan
- Madhucon Powers Ltd - India
- Chamber of Mines of South Africa
- Independent Power Producers Association of India
- Maharashtra Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Uttam Galva Steels Limited - India
- Xindia Steels Limited - India
- ICICI Bank Limited - India
- Electricity Authority, New Zealand
- Romanian Commodities Exchange
- Kaltim Prima Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- London Commodity Brokers - England
- Tamil Nadu electricity Board
- Indian Oil Corporation Limited
- GAC Shipping (India) Pvt Ltd
- Bhoruka Overseas - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Makarim & Taira - Indonesia
- Bangladesh Power Developement Board
- Manunggal Multi Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Aditya Birla Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- IEA Clean Coal Centre - UK
- AsiaOL BioFuels Corp., Philippines
- Wood Mackenzie - Singapore
- Jindal Steel & Power Ltd - India
- Holcim Trading Pte Ltd - Singapore
- PetroVietnam Power Coal Import and Supply Company
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- San Jose City I Power Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Essar Steel Hazira Ltd - India
- Savvy Resources Ltd - HongKong
- Directorate General of MIneral and Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Attock Cement Pakistan Limited
- Maheswari Brothers Coal Limited - India
- Therma Luzon, Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Price Waterhouse Coopers - Russia
- Tata Chemicals Ltd - India
- Toyota Tsusho Corporation, Japan
- Parry Sugars Refinery, India
- Kumho Petrochemical, South Korea
- Mjunction Services Limited - India
- Cement Manufacturers Association - India
- Deloitte Consulting - India
- Australian Coal Association
- Salva Resources Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Jorong Barutama Greston.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- Meralco Power Generation, Philippines
- Ministry of Mines - Canada
- European Bulk Services B.V. - Netherlands
- Indo Tambangraya Megah - Indonesia
- Bulk Trading Sa - Switzerland
- Goldman Sachs - Singapore
- Heidelberg Cement - Germany
- Parliament of New Zealand
- PNOC Exploration Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Port Waratah Coal Services - Australia
- Intertek Mineral Services - Indonesia
- Antam Resourcindo - Indonesia
- Singapore Mercantile Exchange
- Gujarat Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Straits Asia Resources Limited - Singapore
- Globalindo Alam Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Leighton Contractors Pty Ltd - Australia
- VISA Power Limited - India
- Electricity Generating Authority of Thailand
- Standard Chartered Bank - UAE
- Timah Investasi Mineral - Indoneisa
- Star Paper Mills Limited - India
- SMG Consultants - Indonesia
- Samtan Co., Ltd - South Korea
- Malabar Cements Ltd - India
- Indika Energy - Indonesia
- The University of Queensland
- Baramulti Group, Indonesia
- Commonwealth Bank - Australia
- Ministry of Finance - Indonesia
- Bukit Makmur.PT - Indonesia
- Grasim Industreis Ltd - India
- Coalindo Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Sical Logistics Limited - India
- Sinarmas Energy and Mining - Indonesia
- Indogreen Group - Indonesia
- OPG Power Generation Pvt Ltd - India
- Coal and Oil Company - UAE
- Borneo Indobara - Indonesia
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