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Wednesday, 01 December 21
MARKET INSIGHT - INTERMODAL
 Essentially, anyone involved in the shipping and commodity markets still struggle with commodity supply issues and skyrocketing prices in the context of a strained global supply chain.
This year, labor constraints, supply disruptions as well as high fertilizers costs led to a tight supply of edible oils, with palm oil particularly seeing its price pushed to record high levels two weeks ago, before softening during the current one amid negative cues from the emergence of the new COVID variant spurring volatility across commodities.
A great shortage of plantation workers who have been unable to re-enter the country due to pandemic related issues in Malaysia has lowered palm oil production estimates for 2021 to 18.3 million tons, down from 19.2 million tons in 2020, while although Indonesia’s palm oil output has been relatively flat y-o-y, its exports are expected to halve this year according to the Indonesia Palm Oil Association, due to heavy export levies.
While the Malaysian government, plans a special approval to bring about 30,000 workers back vs a shortage of 70,000 estimated at the beginning of the year by the Malaysian Palm Oil Association, efforts to bring them back will take a while before they reach plantations and start harvesting. A plan which might now be prolonged in the hearing and speculation around omicron variant, the last prompting buyers to begin stockpiling palm oil again.
Palm oil futures in Busra Malaysia have reached back-to-back record highs during the past year, setting the highest on November 18 at MYR (Malaysian Ringgit) 5,446/mt or $1,292.88 ( DEC 21). Industry analysts expect that from March 2022 onwards, production issues in edible oils will ease and post a steep rise after 2 years of supply disruptions. Naturally, a correction on prices is anticipated, however, it is also believed that we have entered a new era of higher price levels that are here to stay.
As far as the freight market is concerned rates for regional voyages to India and China have been moving sideways during the past weeks. On the other hand, FOSFA tonnage, especially on the westbound MR size TC Trip runs enjoyed a good premium, before correcting during mid Nov when the CPP Markets in the FEAST stagnated.
Representative freight rates loading palms oils from South East Asia to:
E.C. India 12-15,000 mtons at 33.00 usd/pmt
W.C. India/Pakistan 12-15,000 mtons at 35.00-37.00 usd/pmt
Mid China 12-15,000 mtons at 35.00 usd/pmt
Rotterdam 40-42,000 mtons at 49-51 usd/pmt
T/C Del Korea-Re-del Cont. 47-51,000 DWT 15,000/16,000 USD/PD (NON ECO ) +2K FOR ECO
Looking forward, there is no sight of supply and prices easing materially until post Q1 of 2022, while inventories will be scarce for the first half of next year. Finally, freight markets are likely to head north alongside a highly anticipated CPP seasonal market recovery during Q1 2022. Hopefully, this time will be more than seasonal, if at all.
By Stelios Kollintzas,
Tanker Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Yiannis Parganas
Tamara Apostolou
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, 07 December 22
MARKET INSIGHT - INTERMODAL
China’s coal imports from January to October were 230.1m mt, a decrease of around 10.7% y-o-y (2021 totalled 323.2m mt). The question is if t ...
Wednesday, 07 December 22
INDIA'S STEEL MINISTRY SEEKS IMPORT TAX WAIVER FOR COKING COAL - SOURCES REUTERS REPORTED
India’s steel ministry has asked the finance ministry for a waiver of import tax on coking coal among a slew of raw materials, as it scramble ...
Tuesday, 06 December 22
INDIA'S COAL PRODUCTION RISES 17% IN APR-NOV PERIOD - PTI
The country’s coal production increased 17 per cent to 524.20 million tonnes in the April-November period of the ongoing fiscal.
...
Tuesday, 06 December 22
INDONESIA AIMS TO STARTS COLLECTING COAL LEVY IN Q1 2023 - MINISTER, REUTERS REPORTED
Indonesia aims to establish a coal fund agency and start collecting a coal levy in the first quarter next year, to help ensure supply security for ...
Saturday, 03 December 22
COMPLEX RUSSIAN PRICE CAP MAKES MARITIME VISIBILITY A MUST - WINDWARD
Many commentators and analysts are speculating about the potential impact the Russian seaborne oil price cap will have on organizations and entitie ...
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- South Luzon Thermal Energy Corporation
- Africa Commodities Group - South Africa
- Kapuas Tunggal Persada - Indonesia
- India Bulls Power Limited - India
- Siam City Cement PLC, Thailand
- Samtan Co., Ltd - South Korea
- Sarangani Energy Corporation, Philippines
- Cement Manufacturers Association - India
- Ceylon Electricity Board - Sri Lanka
- Toyota Tsusho Corporation, Japan
- TNB Fuel Sdn Bhd - Malaysia
- Price Waterhouse Coopers - Russia
- Altura Mining Limited, Indonesia
- Chamber of Mines of South Africa
- SN Aboitiz Power Inc, Philippines
- Siam City Cement - Thailand
- Semirara Mining and Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Kaltim Prima Coal - Indonesia
- The University of Queensland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhushan Steel Limited - India
- Rio Tinto Coal - Australia
- Planning Commission, India
- Georgia Ports Authority, United States
- Sindya Power Generating Company Private Ltd
- Mintek Dendrill Indonesia
- Kideco Jaya Agung - Indonesia
- Merrill Lynch Commodities Europe
- Meenaskhi Energy Private Limited - India
- GVK Power & Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IEA Clean Coal Centre - UK
- Cigading International Bulk Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Power Finance Corporation Ltd., India
- Kalimantan Lumbung Energi - Indonesia
- Mercator Lines Limited - India
- Port Waratah Coal Services - Australia
- Banpu Public Company Limited - Thailand
- Lanco Infratech Ltd - India
- Kumho Petrochemical, South Korea
- Latin American Coal - Colombia
- Bharathi Cement Corporation - India
- Indian Oil Corporation Limited
- Oldendorff Carriers - Singapore
- Mjunction Services Limited - India
- Leighton Contractors Pty Ltd - Australia
- Marubeni Corporation - India
- Parliament of New Zealand
- Vedanta Resources Plc - India
- Timah Investasi Mineral - Indoneisa
- Carbofer General Trading SA - India
- The Treasury - Australian Government
- Riau Bara Harum - Indonesia
- Orica Mining Services - Indonesia
- Petron Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Simpson Spence & Young - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Barasentosa Lestari - Indonesia
- New Zealand Coal & Carbon
- Bhoruka Overseas - Indonesia
- Agrawal Coal Company - India
- Bangladesh Power Developement Board
- ICICI Bank Limited - India
- Deloitte Consulting - India
- PetroVietnam Power Coal Import and Supply Company
- Meralco Power Generation, Philippines
- European Bulk Services B.V. - Netherlands
- Vizag Seaport Private Limited - India
- Anglo American - United Kingdom
- Baramulti Group, Indonesia
- Central Electricity Authority - India
- Edison Trading Spa - Italy
- VISA Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Medco Energi Mining Internasional
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Mineral Development Corp Ltd - India
- Intertek Mineral Services - Indonesia
- Singapore Mercantile Exchange
- Maheswari Brothers Coal Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- White Energy Company Limited
- Romanian Commodities Exchange
- Billiton Holdings Pty Ltd - Australia
- Parry Sugars Refinery, India
- Trasteel International SA, Italy
- Jaiprakash Power Ventures ltd
- Wood Mackenzie - Singapore
- Borneo Indobara - Indonesia
- McConnell Dowell - Australia
- Tamil Nadu electricity Board
- Ministry of Finance - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Directorate Of Revenue Intelligence - India
- GAC Shipping (India) Pvt Ltd
- Metalloyd Limited - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Ambuja Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Holcim Trading Pte Ltd - Singapore
- Kepco SPC Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Global Green Power PLC Corporation, Philippines
- Thai Mozambique Logistica
- Posco Energy - South Korea
- Iligan Light & Power Inc, Philippines
- Star Paper Mills Limited - India
- Indonesian Coal Mining Association
- Pipit Mutiara Jaya. PT, Indonesia
- Sojitz Corporation - Japan
- Global Business Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- MS Steel International - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- London Commodity Brokers - England
- Jindal Steel & Power Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Savvy Resources Ltd - HongKong
- Coalindo Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- PTC India Limited - India
- Indogreen Group - Indonesia
- Madhucon Powers Ltd - India
- Karaikal Port Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Indika Energy - Indonesia
- SMG Consultants - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Dalmia Cement Bharat India
- Attock Cement Pakistan Limited
- Therma Luzon, Inc, Philippines
- Indian Energy Exchange, India
- Larsen & Toubro Limited - India
- Wilmar Investment Holdings
- Gujarat Sidhee Cement - India
- Manunggal Multi Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Grasim Industreis Ltd - India
- Ministry of Mines - Canada
- Independent Power Producers Association of India
- Renaissance Capital - South Africa
- Goldman Sachs - Singapore
- Central Java Power - Indonesia
- Ministry of Transport, Egypt
- Pendopo Energi Batubara - Indonesia
- Thiess Contractors Indonesia
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Energy Development Corp, Philippines
- Energy Link Ltd, New Zealand
- Coastal Gujarat Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Eastern Coal Council - USA
- Bayan Resources Tbk. - Indonesia
- Bhatia International Limited - India
- Malabar Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Kartika Selabumi Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Uttam Galva Steels Limited - India
- Videocon Industries ltd - India
- Electricity Generating Authority of Thailand
- The State Trading Corporation of India Ltd
- CNBM International Corporation - China
- Globalindo Alam Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Electricity Authority, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Xindia Steels Limited - India
- Bulk Trading Sa - Switzerland
- Standard Chartered Bank - UAE
- Formosa Plastics Group - Taiwan
- Bukit Makmur.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- PowerSource Philippines DevCo
- Minerals Council of Australia
- Heidelberg Cement - Germany
- Indo Tambangraya Megah - Indonesia
- Antam Resourcindo - Indonesia
- Australian Coal Association
- Semirara Mining Corp, Philippines
- Aditya Birla Group - India
- Sical Logistics Limited - India
- ASAPP Information Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Interocean Group of Companies - India
- OPG Power Generation Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- IHS Mccloskey Coal Group - USA
- San Jose City I Power Corp, Philippines
- Sakthi Sugars Limited - India
- SMC Global Power, Philippines
- Australian Commodity Traders Exchange
- Orica Australia Pty. Ltd.
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercuria Energy - Indonesia
- Coal and Oil Company - UAE
- Economic Council, Georgia
- GMR Energy Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Commonwealth Bank - Australia
- Miang Besar Coal Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Tata Chemicals Ltd - India
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