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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, 01 June 16
ZERO SUPPLY TO FUEL GROWTH IN THE DRY BULK MARKET SAYS BIMCO PRESIDENT
The dry bulk market could become profitable again in 2019 – but only if a series of extremely tough and sustained measures are taken by shipo ...
Wednesday, 01 June 16
MARKET INSIGHT - LINOS KOGEVINAS
In another page from this year’s oil drama, oil has, after a series of gains, rebounded to ~$50 / barrel and immediately stopped climbing. &n ...
Tuesday, 31 May 16
CS50 INDONESIA COAL INDEX UP 0.28% COMPARED WITH A WEEK AGO
COALspot.com: Average 5000 GAR coal index of Indonesian origin was up 0.28 percent week over week to averaging $39.01 per ton this past week, shows ...
Monday, 30 May 16
BORYEONG POWER PLANT TO IMPORT HALF A MILLION TONS OF BITUMINOUS COAL
COALspot.com: South Korea’s state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 500,000 Metric Tons of Bituminous Coal T ...
Monday, 30 May 16
BCI ENDING AT 830 POINTS, DOWN 4.6 PER CENT W/W
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline this week. The freight market was weak this past ...
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- Directorate General of MIneral and Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kalimantan Lumbung Energi - Indonesia
- Port Waratah Coal Services - Australia
- Lanco Infratech Ltd - India
- Maheswari Brothers Coal Limited - India
- Vizag Seaport Private Limited - India
- Georgia Ports Authority, United States
- GVK Power & Infra Limited - India
- Goldman Sachs - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Straits Asia Resources Limited - Singapore
- Barasentosa Lestari - Indonesia
- Borneo Indobara - Indonesia
- Indian Energy Exchange, India
- Bhoruka Overseas - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Minerals Council of Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Energy - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Larsen & Toubro Limited - India
- Global Coal Blending Company Limited - Australia
- Indogreen Group - Indonesia
- South Luzon Thermal Energy Corporation
- Karaikal Port Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Energy Development Corp, Philippines
- Standard Chartered Bank - UAE
- Petron Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Economic Council, Georgia
- Jaiprakash Power Ventures ltd
- Global Business Power Corporation, Philippines
- GMR Energy Limited - India
- Electricity Authority, New Zealand
- IEA Clean Coal Centre - UK
- International Coal Ventures Pvt Ltd - India
- Coalindo Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Coastal Gujarat Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Xindia Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Indian Oil Corporation Limited
- Directorate Of Revenue Intelligence - India
- VISA Power Limited - India
- Sarangani Energy Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- PowerSource Philippines DevCo
- IHS Mccloskey Coal Group - USA
- Vedanta Resources Plc - India
- Malabar Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Marubeni Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Grasim Industreis Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Intertek Mineral Services - Indonesia
- Indika Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Tata Chemicals Ltd - India
- LBH Netherlands Bv - Netherlands
- San Jose City I Power Corp, Philippines
- The State Trading Corporation of India Ltd
- Baramulti Group, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- CIMB Investment Bank - Malaysia
- MS Steel International - UAE
- Electricity Generating Authority of Thailand
- Kartika Selabumi Mining - Indonesia
- Deloitte Consulting - India
- Therma Luzon, Inc, Philippines
- Meralco Power Generation, Philippines
- Parry Sugars Refinery, India
- Indonesian Coal Mining Association
- Manunggal Multi Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Ministry of Mines - Canada
- Siam City Cement - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Mercator Lines Limited - India
- Heidelberg Cement - Germany
- Rashtriya Ispat Nigam Limited - India
- PTC India Limited - India
- Ceylon Electricity Board - Sri Lanka
- Metalloyd Limited - United Kingdom
- Ambuja Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Interocean Group of Companies - India
- Kapuas Tunggal Persada - Indonesia
- Ministry of Transport, Egypt
- Banpu Public Company Limited - Thailand
- Central Java Power - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Central Electricity Authority - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- London Commodity Brokers - England
- GN Power Mariveles Coal Plant, Philippines
- Star Paper Mills Limited - India
- Africa Commodities Group - South Africa
- Eastern Coal Council - USA
- Orica Mining Services - Indonesia
- Thai Mozambique Logistica
- Chamber of Mines of South Africa
- Latin American Coal - Colombia
- Savvy Resources Ltd - HongKong
- Coal and Oil Company - UAE
- Holcim Trading Pte Ltd - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wilmar Investment Holdings
- Bangladesh Power Developement Board
- Cigading International Bulk Terminal - Indonesia
- Agrawal Coal Company - India
- Meenaskhi Energy Private Limited - India
- Iligan Light & Power Inc, Philippines
- Australian Coal Association
- Essar Steel Hazira Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Neyveli Lignite Corporation Ltd, - India
- Global Green Power PLC Corporation, Philippines
- Parliament of New Zealand
- The University of Queensland
- Australian Commodity Traders Exchange
- Madhucon Powers Ltd - India
- OPG Power Generation Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Renaissance Capital - South Africa
- Kideco Jaya Agung - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- India Bulls Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Planning Commission, India
- Sindya Power Generating Company Private Ltd
- Tamil Nadu electricity Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- White Energy Company Limited
- Dalmia Cement Bharat India
- Makarim & Taira - Indonesia
- Antam Resourcindo - Indonesia
- Bhushan Steel Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sojitz Corporation - Japan
- SN Aboitiz Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Sical Logistics Limited - India
- Semirara Mining Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Medco Energi Mining Internasional
- Bharathi Cement Corporation - India
- Bukit Makmur.PT - Indonesia
- Riau Bara Harum - Indonesia
- SMG Consultants - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Merrill Lynch Commodities Europe
- ASAPP Information Group - India
- Gujarat Sidhee Cement - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Wood Mackenzie - Singapore
- Jindal Steel & Power Ltd - India
- Globalindo Alam Lestari - Indonesia
- The Treasury - Australian Government
- McConnell Dowell - Australia
- Bukit Baiduri Energy - Indonesia
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Commonwealth Bank - Australia
- SMC Global Power, Philippines
- Chettinad Cement Corporation Ltd - India
- Formosa Plastics Group - Taiwan
- Thiess Contractors Indonesia
- Alfred C Toepfer International GmbH - Germany
- Binh Thuan Hamico - Vietnam
- GAC Shipping (India) Pvt Ltd
- Bhatia International Limited - India
- Ind-Barath Power Infra Limited - India
- Oldendorff Carriers - Singapore
- Cement Manufacturers Association - India
- Bulk Trading Sa - Switzerland
- Bayan Resources Tbk. - Indonesia
- Edison Trading Spa - Italy
- Siam City Cement PLC, Thailand
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- TeaM Sual Corporation - Philippines
- Singapore Mercantile Exchange
- Kumho Petrochemical, South Korea
- Romanian Commodities Exchange
- ICICI Bank Limited - India
- Samtan Co., Ltd - South Korea
- Rio Tinto Coal - Australia
- Aditya Birla Group - India
- Independent Power Producers Association of India
- Anglo American - United Kingdom
- Toyota Tsusho Corporation, Japan
- Posco Energy - South Korea
- Trasteel International SA, Italy
- Salva Resources Pvt Ltd - India
- Sakthi Sugars Limited - India
- Videocon Industries ltd - India
- AsiaOL BioFuels Corp., Philippines
- Jorong Barutama Greston.PT - Indonesia
- Energy Link Ltd, New Zealand
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- PNOC Exploration Corporation - Philippines
- Mjunction Services Limited - India
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