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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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Saturday, 11 June 22
AIMTEK INTERNATIONAL CONFERENCE AND AWARDS
Press Release: The prestigious AIMTEK International Conference and Awards concluded successfully on June 7th, 2022 at Radisson Blu, Yas Island Abu ...
Thursday, 26 May 22
MARKET INSIGHT - INTERMODAL
The newbuilding market activity has been significantly positive from a dry bulk owner perspective during the first half of 2022. Indeed, the contra ...
Wednesday, 18 May 22
INDONESIAN COAL PRICE REFERENCE DROPPED 4.42% IN MAY
COALspot.com: Indonesian Coal Price Reference for May delivery drops 4.42 per cent month on month.
The Indonesian Coal Price Referen ...
Thursday, 12 May 22
MARKET INSIGHT - INTERMODAL
Almost through half of the year, the overall shipping market continues to show signs of healthiness, after plenty of festivities and holidays that ...
Wednesday, 27 April 22
EUROPEAN UNION'S LNG IMPORTS - BANCHERO COSTA
In 2021, the European Union (27) was the third largest seaborne importer of LNG in the world, with a 15.8% share.
It followed Mainla ...
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- Maharashtra Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Sinarmas Energy and Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement PLC, Thailand
- Planning Commission, India
- Bahari Cakrawala Sebuku - Indonesia
- IEA Clean Coal Centre - UK
- PowerSource Philippines DevCo
- Wilmar Investment Holdings
- Standard Chartered Bank - UAE
- PetroVietnam Power Coal Import and Supply Company
- Marubeni Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Mines - Canada
- Mercator Lines Limited - India
- Therma Luzon, Inc, Philippines
- PTC India Limited - India
- Jindal Steel & Power Ltd - India
- Singapore Mercantile Exchange
- Directorate Of Revenue Intelligence - India
- CIMB Investment Bank - Malaysia
- Gujarat Sidhee Cement - India
- Semirara Mining and Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- Bangladesh Power Developement Board
- White Energy Company Limited
- South Luzon Thermal Energy Corporation
- Pendopo Energi Batubara - Indonesia
- Simpson Spence & Young - Indonesia
- The State Trading Corporation of India Ltd
- Ministry of Finance - Indonesia
- Cement Manufacturers Association - India
- Petrochimia International Co. Ltd.- Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- Meenaskhi Energy Private Limited - India
- Australian Commodity Traders Exchange
- Ambuja Cements Ltd - India
- Georgia Ports Authority, United States
- Bayan Resources Tbk. - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Sree Jayajothi Cements Limited - India
- Holcim Trading Pte Ltd - Singapore
- San Jose City I Power Corp, Philippines
- Baramulti Group, Indonesia
- Orica Mining Services - Indonesia
- Makarim & Taira - Indonesia
- Electricity Generating Authority of Thailand
- IHS Mccloskey Coal Group - USA
- Kartika Selabumi Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- CNBM International Corporation - China
- Bhoruka Overseas - Indonesia
- Parry Sugars Refinery, India
- OPG Power Generation Pvt Ltd - India
- Minerals Council of Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Goldman Sachs - Singapore
- Merrill Lynch Commodities Europe
- Karbindo Abesyapradhi - Indoneisa
- Binh Thuan Hamico - Vietnam
- Vizag Seaport Private Limited - India
- Sical Logistics Limited - India
- LBH Netherlands Bv - Netherlands
- Commonwealth Bank - Australia
- Kaltim Prima Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- SMC Global Power, Philippines
- India Bulls Power Limited - India
- Sarangani Energy Corporation, Philippines
- The Treasury - Australian Government
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Star Paper Mills Limited - India
- New Zealand Coal & Carbon
- Globalindo Alam Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Latin American Coal - Colombia
- Romanian Commodities Exchange
- Xindia Steels Limited - India
- Bharathi Cement Corporation - India
- Lanco Infratech Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Antam Resourcindo - Indonesia
- Bhushan Steel Limited - India
- Parliament of New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Mineral Development Corp Ltd - India
- Karaikal Port Pvt Ltd - India
- MS Steel International - UAE
- Trasteel International SA, Italy
- Kumho Petrochemical, South Korea
- VISA Power Limited - India
- Africa Commodities Group - South Africa
- Kobexindo Tractors - Indoneisa
- PNOC Exploration Corporation - Philippines
- Mintek Dendrill Indonesia
- Miang Besar Coal Terminal - Indonesia
- Borneo Indobara - Indonesia
- Wood Mackenzie - Singapore
- Thiess Contractors Indonesia
- GAC Shipping (India) Pvt Ltd
- Price Waterhouse Coopers - Russia
- Renaissance Capital - South Africa
- Madhucon Powers Ltd - India
- Rio Tinto Coal - Australia
- The University of Queensland
- Larsen & Toubro Limited - India
- Interocean Group of Companies - India
- Altura Mining Limited, Indonesia
- Electricity Authority, New Zealand
- Aboitiz Power Corporation - Philippines
- Aditya Birla Group - India
- Formosa Plastics Group - Taiwan
- Indian Energy Exchange, India
- Banpu Public Company Limited - Thailand
- Energy Link Ltd, New Zealand
- Savvy Resources Ltd - HongKong
- Cigading International Bulk Terminal - Indonesia
- Medco Energi Mining Internasional
- Toyota Tsusho Corporation, Japan
- Heidelberg Cement - Germany
- Barasentosa Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Global Business Power Corporation, Philippines
- Indonesian Coal Mining Association
- Vedanta Resources Plc - India
- Riau Bara Harum - Indonesia
- Coastal Gujarat Power Limited - India
- Bulk Trading Sa - Switzerland
- Mjunction Services Limited - India
- Indogreen Group - Indonesia
- Samtan Co., Ltd - South Korea
- Videocon Industries ltd - India
- Attock Cement Pakistan Limited
- Directorate General of MIneral and Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- London Commodity Brokers - England
- Grasim Industreis Ltd - India
- ASAPP Information Group - India
- Thai Mozambique Logistica
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Posco Energy - South Korea
- Bhatia International Limited - India
- Coal and Oil Company - UAE
- Central Java Power - Indonesia
- Global Coal Blending Company Limited - Australia
- Mercuria Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Agrawal Coal Company - India
- Jorong Barutama Greston.PT - Indonesia
- Chamber of Mines of South Africa
- Ministry of Transport, Egypt
- Uttam Galva Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Central Electricity Authority - India
- Jaiprakash Power Ventures ltd
- Essar Steel Hazira Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Port Waratah Coal Services - Australia
- ICICI Bank Limited - India
- Economic Council, Georgia
- Coalindo Energy - Indonesia
- Dalmia Cement Bharat India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sindya Power Generating Company Private Ltd
- Sakthi Sugars Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Global Green Power PLC Corporation, Philippines
- Power Finance Corporation Ltd., India
- Indika Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Ind-Barath Power Infra Limited - India
- Maheswari Brothers Coal Limited - India
- McConnell Dowell - Australia
- Energy Development Corp, Philippines
- Intertek Mineral Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Eastern Coal Council - USA
- Malabar Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Edison Trading Spa - Italy
- Carbofer General Trading SA - India
- TNB Fuel Sdn Bhd - Malaysia
- Indian Oil Corporation Limited
- Salva Resources Pvt Ltd - India
- SMG Consultants - Indonesia
- Eastern Energy - Thailand
- Australian Coal Association
- AsiaOL BioFuels Corp., Philippines
- Iligan Light & Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petron Corporation, Philippines
- Meralco Power Generation, Philippines
- Bukit Makmur.PT - Indonesia
- Tata Chemicals Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Gujarat Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Deloitte Consulting - India
- GMR Energy Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Metalloyd Limited - United Kingdom
- Oldendorff Carriers - Singapore
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- Kepco SPC Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
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