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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, 02 February 22
COAL STORAGE IN CHINA’S POWER PLANTS NEAR RECORD HIGHS - XINHUA
Coal inflows into China’s power plants have picked up, bringing their coal storage to near record highs, the National Development and Reform ...
Wednesday, 02 February 22
MARKET INSIGHT - INTERMODAL
Oil prices have rallied to the highest level since October 2014 breaking above $90/bbl recently. November 2014 was the point when OPEC unleashed pr ...
Monday, 31 January 22
HOW INDONESIA'S COAL EXPORT BAN COULD IMPACT INDIA - IEEFA
What does it mean for power generation and energy security?
Not long ago, India faced coal shortages due to a decline in domestic co ...
Sunday, 30 January 22
AIR PRODUCTS' COAL GASIFICATION PROPOSAL TRIGGERS LOOMING POLICY DISPUTES IN INDONESIA - IEEFA
Plan to substitute Indonesia’s LPG imports with dimethyl ether may be hard to realize due to conflicting business interests
In ...
Sunday, 30 January 22
ENDGAME FOR NEW COAL POWER PROJECTS? - IEEFA INDIA
Retired coal units must be replaced only by assets that can provide grid flexibility
Reportedly, an expert committee appointed by th ...
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- Kaltim Prima Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Posco Energy - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Price Waterhouse Coopers - Russia
- Deloitte Consulting - India
- Petron Corporation, Philippines
- Central Electricity Authority - India
- Tamil Nadu electricity Board
- Goldman Sachs - Singapore
- Formosa Plastics Group - Taiwan
- Kumho Petrochemical, South Korea
- Jaiprakash Power Ventures ltd
- Ministry of Finance - Indonesia
- Bhoruka Overseas - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Sinarmas Energy and Mining - Indonesia
- VISA Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Chamber of Mines of South Africa
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- Sojitz Corporation - Japan
- Gujarat Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Africa Commodities Group - South Africa
- Attock Cement Pakistan Limited
- Latin American Coal - Colombia
- European Bulk Services B.V. - Netherlands
- Aditya Birla Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parry Sugars Refinery, India
- Riau Bara Harum - Indonesia
- Bulk Trading Sa - Switzerland
- Australian Coal Association
- Kideco Jaya Agung - Indonesia
- PTC India Limited - India
- The State Trading Corporation of India Ltd
- Borneo Indobara - Indonesia
- Carbofer General Trading SA - India
- Independent Power Producers Association of India
- Vedanta Resources Plc - India
- Leighton Contractors Pty Ltd - Australia
- Planning Commission, India
- Central Java Power - Indonesia
- Malabar Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Global Coal Blending Company Limited - Australia
- MS Steel International - UAE
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- New Zealand Coal & Carbon
- Maharashtra Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Star Paper Mills Limited - India
- Ceylon Electricity Board - Sri Lanka
- PowerSource Philippines DevCo
- Petrochimia International Co. Ltd.- Taiwan
- Agrawal Coal Company - India
- Meralco Power Generation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Medco Energi Mining Internasional
- Toyota Tsusho Corporation, Japan
- Aboitiz Power Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Siam City Cement - Thailand
- Renaissance Capital - South Africa
- Georgia Ports Authority, United States
- Coastal Gujarat Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Karaikal Port Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Baramulti Group, Indonesia
- Uttam Galva Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Standard Chartered Bank - UAE
- Indogreen Group - Indonesia
- Essar Steel Hazira Ltd - India
- Xindia Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Ministry of Transport, Egypt
- The University of Queensland
- Singapore Mercantile Exchange
- Makarim & Taira - Indonesia
- Parliament of New Zealand
- Coal and Oil Company - UAE
- Directorate General of MIneral and Coal - Indonesia
- Dalmia Cement Bharat India
- Grasim Industreis Ltd - India
- PNOC Exploration Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Sidhee Cement - India
- White Energy Company Limited
- Indonesian Coal Mining Association
- Australian Commodity Traders Exchange
- Bangladesh Power Developement Board
- Lanco Infratech Ltd - India
- Madhucon Powers Ltd - India
- GMR Energy Limited - India
- Interocean Group of Companies - India
- Krishnapatnam Port Company Ltd. - India
- Directorate Of Revenue Intelligence - India
- Eastern Energy - Thailand
- Oldendorff Carriers - Singapore
- Cigading International Bulk Terminal - Indonesia
- GVK Power & Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bukit Makmur.PT - Indonesia
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- Orica Australia Pty. Ltd.
- Sree Jayajothi Cements Limited - India
- Mercator Lines Limited - India
- Sindya Power Generating Company Private Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Romanian Commodities Exchange
- Commonwealth Bank - Australia
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement PLC, Thailand
- Therma Luzon, Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Metalloyd Limited - United Kingdom
- Orica Mining Services - Indonesia
- Trasteel International SA, Italy
- Samtan Co., Ltd - South Korea
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- IEA Clean Coal Centre - UK
- Cement Manufacturers Association - India
- Alfred C Toepfer International GmbH - Germany
- Thai Mozambique Logistica
- India Bulls Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Mjunction Services Limited - India
- CIMB Investment Bank - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Edison Trading Spa - Italy
- Sakthi Sugars Limited - India
- Energy Link Ltd, New Zealand
- Port Waratah Coal Services - Australia
- The Treasury - Australian Government
- Mercuria Energy - Indonesia
- Coalindo Energy - Indonesia
- Antam Resourcindo - Indonesia
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ICICI Bank Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- IHS Mccloskey Coal Group - USA
- Bahari Cakrawala Sebuku - Indonesia
- Vizag Seaport Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Bharathi Cement Corporation - India
- International Coal Ventures Pvt Ltd - India
- SMG Consultants - Indonesia
- Electricity Authority, New Zealand
- Iligan Light & Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Economic Council, Georgia
- Heidelberg Cement - Germany
- Tata Chemicals Ltd - India
- Wilmar Investment Holdings
- Merrill Lynch Commodities Europe
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- London Commodity Brokers - England
- South Luzon Thermal Energy Corporation
- Semirara Mining Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Anglo American - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Indian Energy Exchange, India
- Maheswari Brothers Coal Limited - India
- Eastern Coal Council - USA
- PetroVietnam Power Coal Import and Supply Company
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rio Tinto Coal - Australia
- Minerals Council of Australia
- TeaM Sual Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Ministry of Mines - Canada
- Electricity Generating Authority of Thailand
- Simpson Spence & Young - Indonesia
- Videocon Industries ltd - India
- ASAPP Information Group - India
- Indian Oil Corporation Limited
- Marubeni Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- SN Aboitiz Power Inc, Philippines
- CNBM International Corporation - China
- Binh Thuan Hamico - Vietnam
- Sical Logistics Limited - India
- SMC Global Power, Philippines
- McConnell Dowell - Australia
- Ambuja Cements Ltd - India
- Mintek Dendrill Indonesia
- Bhushan Steel Limited - India
- Altura Mining Limited, Indonesia
- Power Finance Corporation Ltd., India
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