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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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Thursday, 30 June 22
INVESTMENT IN GLOBAL COAL SUPPLY CHAIN TO HIT $115 BN IN 2022, LED BY CHINA AND INDIA - BUSINESS LINE
At over $80 billion, China and India are anticipated to make up the bulk of global coal investment in 2022, says IEA.
The investment ...
Wednesday, 29 June 22
LNG MARKET REMAINS TIGHT - INTERMODAL
LNG market remains tight currently, mainly driven by the US LNG outage from the recent fire in Freeport LNG terminal together with the recent fall ...
Wednesday, 29 June 22
CHINA'S NEW PLAN FOR RENEWABLE ENERGY DEVELOPMENT FOCUSES ON CONSUMPTION - FITCH RATINGS
China’s focus on consumption penetration for renewable energy development in its recently released 14th five-year plan – 2021 to 2025 & ...
Wednesday, 29 June 22
APAC CORPORATE SECTOR OUTLOOKS SHIFT AMID GLOBAL SHOCKS - FITCH RATINGS’
Fitch Ratings’ mid-2022 corporate sector outlook review revealed that the Asia-Pacific (APAC) region saw the largest number of sector outlook ...
Thursday, 16 June 22
MARKET INSIGHT - INTERMODAL
Picking up from my last insight in March, on the early days of the invasion, it's worth pointing out the way that the fast-paced working enviro ...
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- The Treasury - Australian Government
- Eastern Coal Council - USA
- Africa Commodities Group - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Transport, Egypt
- Bharathi Cement Corporation - India
- Gujarat Sidhee Cement - India
- Toyota Tsusho Corporation, Japan
- Riau Bara Harum - Indonesia
- Lanco Infratech Ltd - India
- Interocean Group of Companies - India
- Economic Council, Georgia
- ASAPP Information Group - India
- Larsen & Toubro Limited - India
- CIMB Investment Bank - Malaysia
- SMG Consultants - Indonesia
- Banpu Public Company Limited - Thailand
- Independent Power Producers Association of India
- Goldman Sachs - Singapore
- Bhoruka Overseas - Indonesia
- Standard Chartered Bank - UAE
- Orica Australia Pty. Ltd.
- Uttam Galva Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- GAC Shipping (India) Pvt Ltd
- Tamil Nadu electricity Board
- Latin American Coal - Colombia
- Pendopo Energi Batubara - Indonesia
- LBH Netherlands Bv - Netherlands
- Kartika Selabumi Mining - Indonesia
- Central Java Power - Indonesia
- Wood Mackenzie - Singapore
- Directorate Of Revenue Intelligence - India
- Kobexindo Tractors - Indoneisa
- Global Business Power Corporation, Philippines
- SMC Global Power, Philippines
- Sarangani Energy Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- ICICI Bank Limited - India
- PowerSource Philippines DevCo
- Grasim Industreis Ltd - India
- Parliament of New Zealand
- Ceylon Electricity Board - Sri Lanka
- Formosa Plastics Group - Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Posco Energy - South Korea
- Metalloyd Limited - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Mintek Dendrill Indonesia
- Power Finance Corporation Ltd., India
- Sical Logistics Limited - India
- Indika Energy - Indonesia
- Baramulti Group, Indonesia
- Agrawal Coal Company - India
- Sindya Power Generating Company Private Ltd
- Xindia Steels Limited - India
- Port Waratah Coal Services - Australia
- Ambuja Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Star Paper Mills Limited - India
- Iligan Light & Power Inc, Philippines
- Thai Mozambique Logistica
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Edison Trading Spa - Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Madhucon Powers Ltd - India
- IHS Mccloskey Coal Group - USA
- Bhushan Steel Limited - India
- Karaikal Port Pvt Ltd - India
- Meralco Power Generation, Philippines
- Attock Cement Pakistan Limited
- Petrochimia International Co. Ltd.- Taiwan
- Indian Energy Exchange, India
- Bahari Cakrawala Sebuku - Indonesia
- Georgia Ports Authority, United States
- CNBM International Corporation - China
- Pipit Mutiara Jaya. PT, Indonesia
- Aboitiz Power Corporation - Philippines
- Heidelberg Cement - Germany
- Bukit Makmur.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Electricity Authority, New Zealand
- Central Electricity Authority - India
- Binh Thuan Hamico - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Orica Mining Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Coal and Oil Company - UAE
- Barasentosa Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- OPG Power Generation Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Malabar Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Bhatia International Limited - India
- Jaiprakash Power Ventures ltd
- Kapuas Tunggal Persada - Indonesia
- Mercuria Energy - Indonesia
- Indonesian Coal Mining Association
- Sojitz Corporation - Japan
- Vizag Seaport Private Limited - India
- Electricity Generating Authority of Thailand
- Essar Steel Hazira Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Dalmia Cement Bharat India
- Thiess Contractors Indonesia
- Altura Mining Limited, Indonesia
- Salva Resources Pvt Ltd - India
- Ministry of Finance - Indonesia
- Bukit Baiduri Energy - Indonesia
- Renaissance Capital - South Africa
- MS Steel International - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Coal Blending Company Limited - Australia
- Ind-Barath Power Infra Limited - India
- Savvy Resources Ltd - HongKong
- Price Waterhouse Coopers - Russia
- Energy Link Ltd, New Zealand
- Kumho Petrochemical, South Korea
- Semirara Mining Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Petron Corporation, Philippines
- Indian Oil Corporation Limited
- Sinarmas Energy and Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Anglo American - United Kingdom
- Borneo Indobara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Globalindo Alam Lestari - Indonesia
- Planning Commission, India
- New Zealand Coal & Carbon
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement PLC, Thailand
- PetroVietnam Power Coal Import and Supply Company
- TeaM Sual Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Kaltim Prima Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Sakthi Sugars Limited - India
- Gujarat Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Romanian Commodities Exchange
- Global Green Power PLC Corporation, Philippines
- Rio Tinto Coal - Australia
- Jindal Steel & Power Ltd - India
- Coalindo Energy - Indonesia
- The University of Queensland
- Gujarat Mineral Development Corp Ltd - India
- Trasteel International SA, Italy
- Parry Sugars Refinery, India
- India Bulls Power Limited - India
- Siam City Cement - Thailand
- Merrill Lynch Commodities Europe
- Wilmar Investment Holdings
- GN Power Mariveles Coal Plant, Philippines
- Chamber of Mines of South Africa
- Ministry of Mines - Canada
- Bangladesh Power Developement Board
- GVK Power & Infra Limited - India
- Meenaskhi Energy Private Limited - India
- GMR Energy Limited - India
- European Bulk Services B.V. - Netherlands
- London Commodity Brokers - England
- Singapore Mercantile Exchange
- Cement Manufacturers Association - India
- Timah Investasi Mineral - Indoneisa
- Makarim & Taira - Indonesia
- Energy Development Corp, Philippines
- Commonwealth Bank - Australia
- VISA Power Limited - India
- Antam Resourcindo - Indonesia
- Bayan Resources Tbk. - Indonesia
- International Coal Ventures Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- South Luzon Thermal Energy Corporation
- Marubeni Corporation - India
- San Jose City I Power Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercator Lines Limited - India
- Eastern Energy - Thailand
- Carbofer General Trading SA - India
- Samtan Co., Ltd - South Korea
- Vedanta Resources Plc - India
- Australian Coal Association
- Australian Commodity Traders Exchange
- Intertek Mineral Services - Indonesia
- Tata Chemicals Ltd - India
- Videocon Industries ltd - India
- PTC India Limited - India
- The State Trading Corporation of India Ltd
- Coastal Gujarat Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Minerals Council of Australia
- Aditya Birla Group - India
- McConnell Dowell - Australia
- PNOC Exploration Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Indogreen Group - Indonesia
- Medco Energi Mining Internasional
- Kalimantan Lumbung Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Deloitte Consulting - India
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Mjunction Services Limited - India
- White Energy Company Limited
- Straits Asia Resources Limited - Singapore
- Oldendorff Carriers - Singapore
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