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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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Tuesday, 17 May 16
CHINA THERMAL-POWER OVERSUPPLY TO WORSEN - FITCH
COALspot.com: The overcapacity in thermal-power generation in China is likely to worsen in 2016 to 2017, Fitch Ratings says in a new report.
F ...
Tuesday, 17 May 16
ON YOUR MARKS: TRACKING CHINESE TRADE - CLARKSONS
One of the major drivers behind the challenges currently facing many of the shipping markets has been slower demand growth. World seaborne trade gr ...
Monday, 16 May 16
INDONESIAN WEEKLY COAL INDICES AT POSITIVE LEVELS - CS (I) COAL INDEX
COALspot.com: Average 5000 GAR coal index of Indonesian origin up 0.31 percent week over week to averaging $38.94 per ton this past week, shows CS ...
Monday, 16 May 16
OPEC SEES RIVAL OIL PRODUCTION DECLINING
Crude Oil Price Movements
The OPEC Reference Basket averaged $37.86/b in April, a gain of $3.21 or 9.3%. This was 40% higher than the lows reache ...
Monday, 16 May 16
THE FREIGHT MARKET WAS WEAK AND ALL SEGMENTS EXCEPT PANAMAX WERE DOWN
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline this week.
The freight market was weak and a ...
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- Carbofer General Trading SA - India
- San Jose City I Power Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Minerals Council of Australia
- Port Waratah Coal Services - Australia
- Cement Manufacturers Association - India
- Pendopo Energi Batubara - Indonesia
- Eastern Energy - Thailand
- SN Aboitiz Power Inc, Philippines
- White Energy Company Limited
- Renaissance Capital - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhatia International Limited - India
- Ministry of Mines - Canada
- Asmin Koalindo Tuhup - Indonesia
- Rio Tinto Coal - Australia
- Lanco Infratech Ltd - India
- Mintek Dendrill Indonesia
- TeaM Sual Corporation - Philippines
- London Commodity Brokers - England
- PowerSource Philippines DevCo
- Bahari Cakrawala Sebuku - Indonesia
- GVK Power & Infra Limited - India
- Goldman Sachs - Singapore
- Attock Cement Pakistan Limited
- Billiton Holdings Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Star Paper Mills Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Metalloyd Limited - United Kingdom
- ICICI Bank Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Baramulti Group, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bangladesh Power Developement Board
- Ministry of Transport, Egypt
- Bhoruka Overseas - Indonesia
- Parry Sugars Refinery, India
- Oldendorff Carriers - Singapore
- Marubeni Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Energy Development Corp, Philippines
- Orica Australia Pty. Ltd.
- Sinarmas Energy and Mining - Indonesia
- Riau Bara Harum - Indonesia
- Meralco Power Generation, Philippines
- Sree Jayajothi Cements Limited - India
- Eastern Coal Council - USA
- CNBM International Corporation - China
- Agrawal Coal Company - India
- Electricity Authority, New Zealand
- GMR Energy Limited - India
- New Zealand Coal & Carbon
- Australian Commodity Traders Exchange
- Alfred C Toepfer International GmbH - Germany
- Gujarat Mineral Development Corp Ltd - India
- Coastal Gujarat Power Limited - India
- Mercator Lines Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Deloitte Consulting - India
- Vedanta Resources Plc - India
- Kalimantan Lumbung Energi - Indonesia
- Chamber of Mines of South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kumho Petrochemical, South Korea
- Heidelberg Cement - Germany
- Meenaskhi Energy Private Limited - India
- Maheswari Brothers Coal Limited - India
- SMC Global Power, Philippines
- Larsen & Toubro Limited - India
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Bukit Baiduri Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- ASAPP Information Group - India
- Latin American Coal - Colombia
- Globalindo Alam Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Kaltim Prima Coal - Indonesia
- Edison Trading Spa - Italy
- Bukit Makmur.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Salva Resources Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Indogreen Group - Indonesia
- Medco Energi Mining Internasional
- Global Green Power PLC Corporation, Philippines
- Grasim Industreis Ltd - India
- Mjunction Services Limited - India
- Aditya Birla Group - India
- Altura Mining Limited, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Formosa Plastics Group - Taiwan
- Sarangani Energy Corporation, Philippines
- Wood Mackenzie - Singapore
- Ambuja Cements Ltd - India
- Tamil Nadu electricity Board
- Manunggal Multi Energi - Indonesia
- Standard Chartered Bank - UAE
- Africa Commodities Group - South Africa
- Merrill Lynch Commodities Europe
- IHS Mccloskey Coal Group - USA
- Kobexindo Tractors - Indoneisa
- Petron Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Thai Mozambique Logistica
- India Bulls Power Limited - India
- Kideco Jaya Agung - Indonesia
- Trasteel International SA, Italy
- Uttam Galva Steels Limited - India
- Indian Oil Corporation Limited
- Essar Steel Hazira Ltd - India
- Price Waterhouse Coopers - Russia
- Siam City Cement - Thailand
- Indonesian Coal Mining Association
- The State Trading Corporation of India Ltd
- Bayan Resources Tbk. - Indonesia
- Wilmar Investment Holdings
- Samtan Co., Ltd - South Korea
- SMG Consultants - Indonesia
- Vizag Seaport Private Limited - India
- Bulk Trading Sa - Switzerland
- Sindya Power Generating Company Private Ltd
- Rashtriya Ispat Nigam Limited - India
- Coal and Oil Company - UAE
- Electricity Generating Authority of Thailand
- Indian Energy Exchange, India
- Energy Link Ltd, New Zealand
- Singapore Mercantile Exchange
- Borneo Indobara - Indonesia
- Barasentosa Lestari - Indonesia
- Bharathi Cement Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- VISA Power Limited - India
- Savvy Resources Ltd - HongKong
- Intertek Mineral Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sical Logistics Limited - India
- Tata Chemicals Ltd - India
- Global Business Power Corporation, Philippines
- Central Electricity Authority - India
- Toyota Tsusho Corporation, Japan
- Malabar Cements Ltd - India
- Central Java Power - Indonesia
- The University of Queensland
- Economic Council, Georgia
- Maharashtra Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Simpson Spence & Young - Indonesia
- Planning Commission, India
- LBH Netherlands Bv - Netherlands
- Commonwealth Bank - Australia
- Jindal Steel & Power Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- AsiaOL BioFuels Corp., Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- Xindia Steels Limited - India
- Siam City Cement PLC, Thailand
- Georgia Ports Authority, United States
- Semirara Mining Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Australian Coal Association
- Indika Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Bhushan Steel Limited - India
- South Luzon Thermal Energy Corporation
- Directorate General of MIneral and Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Ind-Barath Power Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining and Power Corporation, Philippines
- Interocean Group of Companies - India
- Ministry of Finance - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Antam Resourcindo - Indonesia
- Sojitz Corporation - Japan
- Directorate Of Revenue Intelligence - India
- Coalindo Energy - Indonesia
- Dalmia Cement Bharat India
- IEA Clean Coal Centre - UK
- Parliament of New Zealand
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- Karbindo Abesyapradhi - Indoneisa
- The Treasury - Australian Government
- Thiess Contractors Indonesia
- Romanian Commodities Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Independent Power Producers Association of India
- Posco Energy - South Korea
- Videocon Industries ltd - India
- PTC India Limited - India
- MS Steel International - UAE
- OPG Power Generation Pvt Ltd - India
- Makarim & Taira - Indonesia
- Gujarat Sidhee Cement - India
- Madhucon Powers Ltd - India
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Sakthi Sugars Limited - India
- TNB Fuel Sdn Bhd - Malaysia
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