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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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Thursday, 19 May 16
AUSTRALIAN IRON ORE CARGOES PUSHED UP THE FREIGHT RATES FOR CAPE THIS WEEK - FEARNLEYS
Cape
It has been a big jump in the freight rates for Cape size this week, says Fearnleys in its latest weekly report. All of the Australian iron ...
Thursday, 19 May 16
DISPUTE OVER VAT ON COAL DRAGS ON, CAUSING DOUBLE-BLOW TO MINERS - JP
The dispute over the value-added tax ( VAT ) mechanism between coal miners operating under third-generation contracts and the Finance Ministry&rsqu ...
Wednesday, 18 May 16
DRY BULK OUTLOOK REMAINS GLOOMY SAYS DANISH SHIP FINANCE, AS SHIPPING NEEDS TO RETHINK BUSINESS MODEL - HELLENIC SHIPPING
Our Shipping Market Review – May 2016 is devoted to the fourth industrial revolution. To understand the truly disruptive nature of the fourth ...
Wednesday, 18 May 16
LONG TERM FUNDAMENTALS ARE SLOWLY IMPROVING FOR THE DRY BULK MARKET - INTERMODAL
As we are approaching the end of the first half of the year, there is a number of market participants over at the dry bulk sector that have started ...
Tuesday, 17 May 16
INDONESIAN COAL PRICE REFERENCE DECLINE AGAIN
COALspot.com: The Indonesia Coal Benchmark Price declined in May 2016.
The Director General of Mineral and Coal of Indonesia, the regulator of ...
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- Essar Steel Hazira Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Madhucon Powers Ltd - India
- Indogreen Group - Indonesia
- Sical Logistics Limited - India
- Coal and Oil Company - UAE
- Kobexindo Tractors - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- GVK Power & Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate Of Revenue Intelligence - India
- Mintek Dendrill Indonesia
- Alfred C Toepfer International GmbH - Germany
- CNBM International Corporation - China
- Dalmia Cement Bharat India
- The Treasury - Australian Government
- Independent Power Producers Association of India
- Energy Link Ltd, New Zealand
- SN Aboitiz Power Inc, Philippines
- Marubeni Corporation - India
- Banpu Public Company Limited - Thailand
- Tata Chemicals Ltd - India
- Iligan Light & Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- SMC Global Power, Philippines
- Deloitte Consulting - India
- Economic Council, Georgia
- Krishnapatnam Port Company Ltd. - India
- Maharashtra Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Malabar Cements Ltd - India
- Petron Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Meenaskhi Energy Private Limited - India
- The University of Queensland
- Kideco Jaya Agung - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Simpson Spence & Young - Indonesia
- Global Green Power PLC Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Indian Oil Corporation Limited
- Leighton Contractors Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Kohat Cement Company Ltd. - Pakistan
- European Bulk Services B.V. - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Bhushan Steel Limited - India
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
- Central Electricity Authority - India
- Semirara Mining Corp, Philippines
- Thai Mozambique Logistica
- Orica Australia Pty. Ltd.
- Thiess Contractors Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Latin American Coal - Colombia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Mines - Canada
- Eastern Energy - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Heidelberg Cement - Germany
- Ambuja Cements Ltd - India
- Star Paper Mills Limited - India
- Central Java Power - Indonesia
- ASAPP Information Group - India
- Kumho Petrochemical, South Korea
- Asmin Koalindo Tuhup - Indonesia
- Altura Mining Limited, Indonesia
- Siam City Cement PLC, Thailand
- Borneo Indobara - Indonesia
- Savvy Resources Ltd - HongKong
- Medco Energi Mining Internasional
- PTC India Limited - India
- Global Business Power Corporation, Philippines
- Electricity Authority, New Zealand
- MS Steel International - UAE
- Wilmar Investment Holdings
- Miang Besar Coal Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Vedanta Resources Plc - India
- Semirara Mining and Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Therma Luzon, Inc, Philippines
- Baramulti Group, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Coastal Gujarat Power Limited - India
- New Zealand Coal & Carbon
- Carbofer General Trading SA - India
- GN Power Mariveles Coal Plant, Philippines
- Mercuria Energy - Indonesia
- Lanco Infratech Ltd - India
- Metalloyd Limited - United Kingdom
- Uttam Galva Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Mjunction Services Limited - India
- Riau Bara Harum - Indonesia
- Xindia Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercator Lines Limited - India
- Bhoruka Overseas - Indonesia
- Ministry of Transport, Egypt
- Sarangani Energy Corporation, Philippines
- Coalindo Energy - Indonesia
- Rio Tinto Coal - Australia
- Global Coal Blending Company Limited - Australia
- VISA Power Limited - India
- Salva Resources Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Indonesian Coal Mining Association
- Australian Coal Association
- Orica Mining Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Videocon Industries ltd - India
- Makarim & Taira - Indonesia
- Parry Sugars Refinery, India
- Holcim Trading Pte Ltd - Singapore
- Georgia Ports Authority, United States
- South Luzon Thermal Energy Corporation
- Gujarat Sidhee Cement - India
- White Energy Company Limited
- Edison Trading Spa - Italy
- Jaiprakash Power Ventures ltd
- International Coal Ventures Pvt Ltd - India
- McConnell Dowell - Australia
- Formosa Plastics Group - Taiwan
- Commonwealth Bank - Australia
- Cement Manufacturers Association - India
- Oldendorff Carriers - Singapore
- IEA Clean Coal Centre - UK
- Bukit Makmur.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Agrawal Coal Company - India
- Goldman Sachs - Singapore
- ICICI Bank Limited - India
- Sindya Power Generating Company Private Ltd
- Eastern Coal Council - USA
- Tamil Nadu electricity Board
- Siam City Cement - Thailand
- Aboitiz Power Corporation - Philippines
- Attock Cement Pakistan Limited
- Aditya Birla Group - India
- Romanian Commodities Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Ceylon Electricity Board - Sri Lanka
- Posco Energy - South Korea
- Cigading International Bulk Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Electricity Generating Authority of Thailand
- CIMB Investment Bank - Malaysia
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- Ind-Barath Power Infra Limited - India
- Intertek Mineral Services - Indonesia
- Jindal Steel & Power Ltd - India
- Bangladesh Power Developement Board
- Trasteel International SA, Italy
- Grasim Industreis Ltd - India
- Bulk Trading Sa - Switzerland
- Indian Energy Exchange, India
- Kapuas Tunggal Persada - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- GMR Energy Limited - India
- Wood Mackenzie - Singapore
- Indika Energy - Indonesia
- Merrill Lynch Commodities Europe
- Bhatia International Limited - India
- Bharathi Cement Corporation - India
- Power Finance Corporation Ltd., India
- Sinarmas Energy and Mining - Indonesia
- London Commodity Brokers - England
- Parliament of New Zealand
- Sakthi Sugars Limited - India
- Chamber of Mines of South Africa
- Kalimantan Lumbung Energi - Indonesia
- Anglo American - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Planning Commission, India
- Kaltim Prima Coal - Indonesia
- India Bulls Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- SMG Consultants - Indonesia
- Maheswari Brothers Coal Limited - India
- Antam Resourcindo - Indonesia
- Energy Development Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Chettinad Cement Corporation Ltd - India
- Standard Chartered Bank - UAE
- Singapore Mercantile Exchange
- Straits Asia Resources Limited - Singapore
- Africa Commodities Group - South Africa
- Sree Jayajothi Cements Limited - India
- Meralco Power Generation, Philippines
- Minerals Council of Australia
- Interocean Group of Companies - India
- Karbindo Abesyapradhi - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Manunggal Multi Energi - Indonesia
- Ministry of Finance - Indonesia
- Larsen & Toubro Limited - India
- Neyveli Lignite Corporation Ltd, - India
- TeaM Sual Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Port Waratah Coal Services - Australia
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Gujarat Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Barasentosa Lestari - Indonesia
- Renaissance Capital - South Africa
- Indo Tambangraya Megah - Indonesia
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