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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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Tuesday, 08 March 22
RUSSIA-UKRAINE CONFLICT ADDS IMPETUS TO ASIA'S ENERGY TRANSITION - IEEFA
Clean energy alternatives are a crucial hedge against future disruptions in global commodity markets
Russia’s invasion of Ukra ...
Tuesday, 08 March 22
THE HIGH COST OF INDONESIA’S DOWNSTREAM COAL PROJECTS IS UNDERESTIMATED - IEEFA
Three Indonesian ministries have come up with a DME purchase price of US$378/tonne fixed for 20 years compared to IEEFA’s US$601/tonne estima ...
Wednesday, 02 March 22
SHIPPING MARKET INSIGHT - INTERMODAL
The escalating confrontation between Russia and Ukraine has the potential to disrupt global order and set the world back a few decades. While count ...
Tuesday, 22 February 22
THE DRY BULK MARKET HAS MOVED ON A POSITIVE TRACK - ALLIED
The dry bulk market has moved on a positive track as of the past couple of weeks or so. Following the typical softening in freight conditions durin ...
Tuesday, 22 February 22
CHINA'S DAILY OUTPUT OF COAL REBOUNDS TO OVER 12 MLN TONNES - REUTERS
China’s coal output returned to more than 12 million tonnes per day as of Feb. 20, the country’s state planner said on Monday, a level ...
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- Vedanta Resources Plc - India
- Wilmar Investment Holdings
- Economic Council, Georgia
- Manunggal Multi Energi - Indonesia
- Mintek Dendrill Indonesia
- Meralco Power Generation, Philippines
- Coalindo Energy - Indonesia
- Edison Trading Spa - Italy
- Karbindo Abesyapradhi - Indoneisa
- Sakthi Sugars Limited - India
- Bukit Baiduri Energy - Indonesia
- SMC Global Power, Philippines
- Chamber of Mines of South Africa
- Renaissance Capital - South Africa
- Independent Power Producers Association of India
- VISA Power Limited - India
- Ind-Barath Power Infra Limited - India
- Kumho Petrochemical, South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Electricity Authority - India
- GN Power Mariveles Coal Plant, Philippines
- Eastern Energy - Thailand
- TeaM Sual Corporation - Philippines
- GVK Power & Infra Limited - India
- New Zealand Coal & Carbon
- Pendopo Energi Batubara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Transport, Egypt
- Romanian Commodities Exchange
- Orica Australia Pty. Ltd.
- Kideco Jaya Agung - Indonesia
- Bhatia International Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Meenaskhi Energy Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Thiess Contractors Indonesia
- Aboitiz Power Corporation - Philippines
- Eastern Coal Council - USA
- Essar Steel Hazira Ltd - India
- Planning Commission, India
- Medco Energi Mining Internasional
- Wood Mackenzie - Singapore
- Energy Development Corp, Philippines
- Samtan Co., Ltd - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Orica Mining Services - Indonesia
- Sarangani Energy Corporation, Philippines
- GMR Energy Limited - India
- Indogreen Group - Indonesia
- Antam Resourcindo - Indonesia
- Malabar Cements Ltd - India
- Central Java Power - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Pipit Mutiara Jaya. PT, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PowerSource Philippines DevCo
- Gujarat Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Timah Investasi Mineral - Indoneisa
- Tata Chemicals Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- European Bulk Services B.V. - Netherlands
- Interocean Group of Companies - India
- Mercuria Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- India Bulls Power Limited - India
- Borneo Indobara - Indonesia
- Port Waratah Coal Services - Australia
- Minerals Council of Australia
- Indonesian Coal Mining Association
- Metalloyd Limited - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Simpson Spence & Young - Indonesia
- McConnell Dowell - Australia
- Straits Asia Resources Limited - Singapore
- Aditya Birla Group - India
- Sindya Power Generating Company Private Ltd
- IHS Mccloskey Coal Group - USA
- Asmin Koalindo Tuhup - Indonesia
- Sical Logistics Limited - India
- Goldman Sachs - Singapore
- Tamil Nadu electricity Board
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Indian Energy Exchange, India
- Standard Chartered Bank - UAE
- SN Aboitiz Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Anglo American - United Kingdom
- Ambuja Cements Ltd - India
- Indian Oil Corporation Limited
- Dalmia Cement Bharat India
- Rio Tinto Coal - Australia
- San Jose City I Power Corp, Philippines
- Salva Resources Pvt Ltd - India
- Marubeni Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Oldendorff Carriers - Singapore
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining Corp, Philippines
- Madhucon Powers Ltd - India
- Georgia Ports Authority, United States
- CNBM International Corporation - China
- Toyota Tsusho Corporation, Japan
- GAC Shipping (India) Pvt Ltd
- International Coal Ventures Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Bhushan Steel Limited - India
- Star Paper Mills Limited - India
- Siam City Cement - Thailand
- Cigading International Bulk Terminal - Indonesia
- Riau Bara Harum - Indonesia
- PTC India Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- The University of Queensland
- Mjunction Services Limited - India
- MS Steel International - UAE
- Globalindo Alam Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Petron Corporation, Philippines
- Baramulti Group, Indonesia
- Mercator Lines Limited - India
- Jindal Steel & Power Ltd - India
- SMG Consultants - Indonesia
- PNOC Exploration Corporation - Philippines
- Africa Commodities Group - South Africa
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement PLC, Thailand
- Alfred C Toepfer International GmbH - Germany
- Electricity Generating Authority of Thailand
- Larsen & Toubro Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Makarim & Taira - Indonesia
- Banpu Public Company Limited - Thailand
- The Treasury - Australian Government
- ICICI Bank Limited - India
- Cement Manufacturers Association - India
- Energy Link Ltd, New Zealand
- Global Business Power Corporation, Philippines
- Parry Sugars Refinery, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bulk Trading Sa - Switzerland
- Barasentosa Lestari - Indonesia
- London Commodity Brokers - England
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Trasteel International SA, Italy
- Grasim Industreis Ltd - India
- Bangladesh Power Developement Board
- Power Finance Corporation Ltd., India
- Latin American Coal - Colombia
- Global Coal Blending Company Limited - Australia
- Altura Mining Limited, Indonesia
- Australian Commodity Traders Exchange
- Iligan Light & Power Inc, Philippines
- ASAPP Information Group - India
- Indo Tambangraya Megah - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Lanco Infratech Ltd - India
- CIMB Investment Bank - Malaysia
- Gujarat Sidhee Cement - India
- Australian Coal Association
- Parliament of New Zealand
- Merrill Lynch Commodities Europe
- LBH Netherlands Bv - Netherlands
- Uttam Galva Steels Limited - India
- Attock Cement Pakistan Limited
- South Luzon Thermal Energy Corporation
- Holcim Trading Pte Ltd - Singapore
- Karaikal Port Pvt Ltd - India
- Deloitte Consulting - India
- Commonwealth Bank - Australia
- Directorate Of Revenue Intelligence - India
- Thai Mozambique Logistica
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sojitz Corporation - Japan
- Videocon Industries ltd - India
- Agrawal Coal Company - India
- TNB Fuel Sdn Bhd - Malaysia
- Kartika Selabumi Mining - Indonesia
- Coal and Oil Company - UAE
- Electricity Authority, New Zealand
- Intertek Mineral Services - Indonesia
- White Energy Company Limited
- Sree Jayajothi Cements Limited - India
- Miang Besar Coal Terminal - Indonesia
- Xindia Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Bharathi Cement Corporation - India
- Vizag Seaport Private Limited - India
- Price Waterhouse Coopers - Russia
- Kepco SPC Power Corporation, Philippines
- Singapore Mercantile Exchange
- Chettinad Cement Corporation Ltd - India
- Therma Luzon, Inc, Philippines
- Jaiprakash Power Ventures ltd
- Heidelberg Cement - Germany
- Ceylon Electricity Board - Sri Lanka
- Coastal Gujarat Power Limited - India
- Savvy Resources Ltd - HongKong
- IEA Clean Coal Centre - UK
- Carbofer General Trading SA - India
- Leighton Contractors Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Ministry of Finance - Indonesia
- Posco Energy - South Korea
- Ministry of Mines - Canada
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