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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, 19 October 22
WHAT WILL THE GAS MARKET LOOK LIKE IN A NET ZERO WORLD? - WOOD MACKENZIE
The global gas and LNG market faces a number of ‘great unknowns’. With the market in turmoil uncertainty abounds – from the scale ...
Wednesday, 19 October 22
MARKET INSIGHT - INTERMODAL
The LNG market remains extremely tight, and as a result adding further pressure on the vessel charter market, which is already stretched due to the ...
Sunday, 16 October 22
COULD A RETURN TO SHALE EXPLORATION BE PART OF THE SOLUTION TO EUROPE'S GAS SUPPLY PROBLEM? - WOOD MACKENZIE
The European gas market is in turmoil. Russia’s invasion of Ukraine has shaken things up, triggering a complete rethink of European energy st ...
Thursday, 13 October 22
THERMAL COAL PRICES RETREAT AS WINTER SUPPLY FEARS EASE - REUTERS
The prices of key thermal seaborne coal grades are retreating amid signs that supplies will be sufficient to meet winter demand in both Europe and ...
Thursday, 13 October 22
SPOT COAL BIDDING: CHINESE FIRM WANTS REVISED MECHANISM - BUSINESS RECORDER
Chinese company M/s Huaneng Shandong Ruyi (Pakistan) Energy Limited (HSR) has cautioned National Electric Power Regulatory Authority (Nepra) that i ...
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- Savvy Resources Ltd - HongKong
- Sical Logistics Limited - India
- Orica Australia Pty. Ltd.
- Port Waratah Coal Services - Australia
- Bangladesh Power Developement Board
- Gujarat Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Bulk Trading Sa - Switzerland
- Kepco SPC Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Altura Mining Limited, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Mercator Lines Limited - India
- Toyota Tsusho Corporation, Japan
- Intertek Mineral Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Maheswari Brothers Coal Limited - India
- Samtan Co., Ltd - South Korea
- South Luzon Thermal Energy Corporation
- Parry Sugars Refinery, India
- Leighton Contractors Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- European Bulk Services B.V. - Netherlands
- Anglo American - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Essar Steel Hazira Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Coastal Gujarat Power Limited - India
- Coalindo Energy - Indonesia
- Petron Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Salva Resources Pvt Ltd - India
- ICICI Bank Limited - India
- Electricity Generating Authority of Thailand
- Billiton Holdings Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Merrill Lynch Commodities Europe
- Tata Chemicals Ltd - India
- Larsen & Toubro Limited - India
- Ambuja Cements Ltd - India
- Australian Coal Association
- Central Java Power - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Indogreen Group - Indonesia
- White Energy Company Limited
- Standard Chartered Bank - UAE
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- Eastern Coal Council - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Planning Commission, India
- Ind-Barath Power Infra Limited - India
- Central Electricity Authority - India
- Uttam Galva Steels Limited - India
- Formosa Plastics Group - Taiwan
- McConnell Dowell - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Makarim & Taira - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Indian Oil Corporation Limited
- Malabar Cements Ltd - India
- New Zealand Coal & Carbon
- OPG Power Generation Pvt Ltd - India
- Ministry of Mines - Canada
- Interocean Group of Companies - India
- TeaM Sual Corporation - Philippines
- Latin American Coal - Colombia
- Kohat Cement Company Ltd. - Pakistan
- Bhushan Steel Limited - India
- Kumho Petrochemical, South Korea
- Krishnapatnam Port Company Ltd. - India
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- Dalmia Cement Bharat India
- Karbindo Abesyapradhi - Indoneisa
- Agrawal Coal Company - India
- Commonwealth Bank - Australia
- Meenaskhi Energy Private Limited - India
- Baramulti Group, Indonesia
- Mintek Dendrill Indonesia
- Energy Development Corp, Philippines
- SMG Consultants - Indonesia
- Indian Energy Exchange, India
- Indika Energy - Indonesia
- Sakthi Sugars Limited - India
- Global Green Power PLC Corporation, Philippines
- PTC India Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- VISA Power Limited - India
- PNOC Exploration Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Vizag Seaport Private Limited - India
- Carbofer General Trading SA - India
- Iligan Light & Power Inc, Philippines
- Trasteel International SA, Italy
- MS Steel International - UAE
- Edison Trading Spa - Italy
- Directorate Of Revenue Intelligence - India
- Rio Tinto Coal - Australia
- Binh Thuan Hamico - Vietnam
- Sojitz Corporation - Japan
- Aditya Birla Group - India
- India Bulls Power Limited - India
- Manunggal Multi Energi - Indonesia
- Borneo Indobara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Commodity Traders Exchange
- Renaissance Capital - South Africa
- Xindia Steels Limited - India
- Bharathi Cement Corporation - India
- Semirara Mining Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Posco Energy - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Bhatia International Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Thai Mozambique Logistica
- Indonesian Coal Mining Association
- Antam Resourcindo - Indonesia
- Africa Commodities Group - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Therma Luzon, Inc, Philippines
- ASAPP Information Group - India
- Maharashtra Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- GMR Energy Limited - India
- Kideco Jaya Agung - Indonesia
- Star Paper Mills Limited - India
- Eastern Energy - Thailand
- Parliament of New Zealand
- International Coal Ventures Pvt Ltd - India
- SMC Global Power, Philippines
- Kobexindo Tractors - Indoneisa
- Chamber of Mines of South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Goldman Sachs - Singapore
- London Commodity Brokers - England
- Karaikal Port Pvt Ltd - India
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- Cement Manufacturers Association - India
- Asmin Koalindo Tuhup - Indonesia
- Mjunction Services Limited - India
- Rashtriya Ispat Nigam Limited - India
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- Metalloyd Limited - United Kingdom
- Price Waterhouse Coopers - Russia
- Siam City Cement - Thailand
- Jindal Steel & Power Ltd - India
- Heidelberg Cement - Germany
- Holcim Trading Pte Ltd - Singapore
- Thiess Contractors Indonesia
- Energy Link Ltd, New Zealand
- Kaltim Prima Coal - Indonesia
- The University of Queensland
- Directorate General of MIneral and Coal - Indonesia
- IEA Clean Coal Centre - UK
- Cigading International Bulk Terminal - Indonesia
- Vedanta Resources Plc - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wilmar Investment Holdings
- Ministry of Transport, Egypt
- San Jose City I Power Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement PLC, Thailand
- Sinarmas Energy and Mining - Indonesia
- Global Business Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Jorong Barutama Greston.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Georgia Ports Authority, United States
- Globalindo Alam Lestari - Indonesia
- GVK Power & Infra Limited - India
- Orica Mining Services - Indonesia
- Tamil Nadu electricity Board
- Electricity Authority, New Zealand
- CIMB Investment Bank - Malaysia
- Economic Council, Georgia
- Minerals Council of Australia
- Meralco Power Generation, Philippines
- Coal and Oil Company - UAE
- Jaiprakash Power Ventures ltd
- SN Aboitiz Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Medco Energi Mining Internasional
- Gujarat Mineral Development Corp Ltd - India
- Marubeni Corporation - India
- Aboitiz Power Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Sarangani Energy Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Oldendorff Carriers - Singapore
- CNBM International Corporation - China
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PowerSource Philippines DevCo
- Wood Mackenzie - Singapore
- Miang Besar Coal Terminal - Indonesia
- Attock Cement Pakistan Limited
- Power Finance Corporation Ltd., India
- IHS Mccloskey Coal Group - USA
- Bayan Resources Tbk. - Indonesia
- LBH Netherlands Bv - Netherlands
- Videocon Industries ltd - India
- The State Trading Corporation of India Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Kartika Selabumi Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Ministry of Finance - Indonesia
- Singapore Mercantile Exchange
- Kapuas Tunggal Persada - Indonesia
- Independent Power Producers Association of India
- Chettinad Cement Corporation Ltd - India
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