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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Thursday, 30 June 22
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DIVERGENCE BETWEEN HIGH- AND LOW-GRADE THERMAL COAL PRICES IN APAC TO NARROW - FITCH RATINGS
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- Heidelberg Cement - Germany
- Minerals Council of Australia
- Salva Resources Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Jindal Steel & Power Ltd - India
- CIMB Investment Bank - Malaysia
- Banpu Public Company Limited - Thailand
- The University of Queensland
- Videocon Industries ltd - India
- Kartika Selabumi Mining - Indonesia
- Edison Trading Spa - Italy
- The State Trading Corporation of India Ltd
- SN Aboitiz Power Inc, Philippines
- Central Java Power - Indonesia
- Makarim & Taira - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indogreen Group - Indonesia
- Binh Thuan Hamico - Vietnam
- Manunggal Multi Energi - Indonesia
- Malabar Cements Ltd - India
- Rio Tinto Coal - Australia
- Anglo American - United Kingdom
- Sree Jayajothi Cements Limited - India
- Dalmia Cement Bharat India
- CNBM International Corporation - China
- Interocean Group of Companies - India
- Deloitte Consulting - India
- Wood Mackenzie - Singapore
- SMG Consultants - Indonesia
- Economic Council, Georgia
- Uttam Galva Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Posco Energy - South Korea
- GMR Energy Limited - India
- Global Business Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Wilmar Investment Holdings
- Bhushan Steel Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Indika Energy - Indonesia
- Energy Development Corp, Philippines
- Indonesian Coal Mining Association
- Grasim Industreis Ltd - India
- Planning Commission, India
- SMC Global Power, Philippines
- Pendopo Energi Batubara - Indonesia
- Straits Asia Resources Limited - Singapore
- Standard Chartered Bank - UAE
- Chettinad Cement Corporation Ltd - India
- Borneo Indobara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Aditya Birla Group - India
- Alfred C Toepfer International GmbH - Germany
- Simpson Spence & Young - Indonesia
- PowerSource Philippines DevCo
- European Bulk Services B.V. - Netherlands
- Africa Commodities Group - South Africa
- Aboitiz Power Corporation - Philippines
- Ambuja Cements Ltd - India
- San Jose City I Power Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Karaikal Port Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Romanian Commodities Exchange
- ICICI Bank Limited - India
- Coal and Oil Company - UAE
- Directorate General of MIneral and Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Electricity Generating Authority of Thailand
- Sakthi Sugars Limited - India
- Sinarmas Energy and Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining Corp, Philippines
- Sical Logistics Limited - India
- Mjunction Services Limited - India
- Mercator Lines Limited - India
- Goldman Sachs - Singapore
- Star Paper Mills Limited - India
- Savvy Resources Ltd - HongKong
- Mercuria Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Barasentosa Lestari - Indonesia
- Globalindo Alam Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Oil Corporation Limited
- Latin American Coal - Colombia
- Eastern Coal Council - USA
- Sindya Power Generating Company Private Ltd
- PTC India Limited - India
- Trasteel International SA, Italy
- Price Waterhouse Coopers - Russia
- South Luzon Thermal Energy Corporation
- Bukit Baiduri Energy - Indonesia
- Xindia Steels Limited - India
- VISA Power Limited - India
- Thai Mozambique Logistica
- Sarangani Energy Corporation, Philippines
- New Zealand Coal & Carbon
- The Treasury - Australian Government
- Holcim Trading Pte Ltd - Singapore
- Samtan Co., Ltd - South Korea
- Billiton Holdings Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Tata Chemicals Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Ministry of Finance - Indonesia
- Kaltim Prima Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GVK Power & Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Marubeni Corporation - India
- GAC Shipping (India) Pvt Ltd
- Gujarat Sidhee Cement - India
- Parry Sugars Refinery, India
- Port Waratah Coal Services - Australia
- Ceylon Electricity Board - Sri Lanka
- Coalindo Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Agrawal Coal Company - India
- Energy Link Ltd, New Zealand
- Altura Mining Limited, Indonesia
- Australian Coal Association
- Power Finance Corporation Ltd., India
- Gujarat Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Meralco Power Generation, Philippines
- Oldendorff Carriers - Singapore
- Bulk Trading Sa - Switzerland
- Bhoruka Overseas - Indonesia
- Siam City Cement PLC, Thailand
- Lanco Infratech Ltd - India
- Larsen & Toubro Limited - India
- Global Green Power PLC Corporation, Philippines
- Thiess Contractors Indonesia
- Madhucon Powers Ltd - India
- Ministry of Mines - Canada
- Central Electricity Authority - India
- Bhatia International Limited - India
- Metalloyd Limited - United Kingdom
- London Commodity Brokers - England
- Kalimantan Lumbung Energi - Indonesia
- MS Steel International - UAE
- Attock Cement Pakistan Limited
- Mintek Dendrill Indonesia
- Bangladesh Power Developement Board
- Leighton Contractors Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Electricity Authority, New Zealand
- Directorate Of Revenue Intelligence - India
- Kumho Petrochemical, South Korea
- Meenaskhi Energy Private Limited - India
- Kobexindo Tractors - Indoneisa
- Commonwealth Bank - Australia
- Formosa Plastics Group - Taiwan
- Intertek Mineral Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Karbindo Abesyapradhi - Indoneisa
- Independent Power Producers Association of India
- Essar Steel Hazira Ltd - India
- Georgia Ports Authority, United States
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- White Energy Company Limited
- McConnell Dowell - Australia
- Kohat Cement Company Ltd. - Pakistan
- Merrill Lynch Commodities Europe
- Medco Energi Mining Internasional
- IEA Clean Coal Centre - UK
- Bukit Makmur.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- TeaM Sual Corporation - Philippines
- Chamber of Mines of South Africa
- OPG Power Generation Pvt Ltd - India
- Tamil Nadu electricity Board
- Eastern Energy - Thailand
- Antam Resourcindo - Indonesia
- Therma Luzon, Inc, Philippines
- Ministry of Transport, Egypt
- Carbofer General Trading SA - India
- Siam City Cement - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Vedanta Resources Plc - India
- Renaissance Capital - South Africa
- Bayan Resources Tbk. - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Toyota Tsusho Corporation, Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ASAPP Information Group - India
- GN Power Mariveles Coal Plant, Philippines
- Sojitz Corporation - Japan
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Cement Manufacturers Association - India
- Australian Commodity Traders Exchange
- Riau Bara Harum - Indonesia
- Parliament of New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Petron Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- India Bulls Power Limited - India
- Singapore Mercantile Exchange
- Baramulti Group, Indonesia
- IHS Mccloskey Coal Group - USA
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