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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, 27 January 22
2022 - A YEAR OF REBALANCING FOR METALS AND MINING - WOOD MACKENZIE
If 2021 was the year of rebound for metals and mining (M&M) commodities, then 2022 is shaping as the year of rebalance, says Wood Mackenzie, a ...
Wednesday, 26 January 22
MARKET INSIGHT - INTERMODAL
While it is logical that most of the S&P reports of the first weeks of the year are linked to very limited activity as reflected in the weekly ...
Wednesday, 26 January 22
INDONESIA: DME PROJECT IS ECONOMICALLY VIABLE AS STUDY DEMONSTRATES
The government is encouraging downstream coal processing or increase in coal added value, for example by turning coal into Dimethyl Ether (DME) to ...
Wednesday, 26 January 22
COMMODITY PRICES COULD SOAR IF THE RUSSIA-UKRAINE CRISIS ESCALATES - ING
It appears that a number of commodity markets are starting to at least price in some geopolitical risk around the growing tension between Russia an ...
Wednesday, 26 January 22
INDONESIA'S COAL BAN SENDS PRICES SOARING, OTHER EXPORTERS FAIL TO STEP UP - REUTERS
Indonesia’s short-lived ban on exporting coal has sent ructions through the seaborne market for the fuel in Asia, with the fallout likely to ...
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- Sical Logistics Limited - India
- Eastern Coal Council - USA
- Bukit Makmur.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Coastal Gujarat Power Limited - India
- Global Business Power Corporation, Philippines
- Ministry of Transport, Egypt
- Bangladesh Power Developement Board
- Savvy Resources Ltd - HongKong
- Oldendorff Carriers - Singapore
- Commonwealth Bank - Australia
- Mjunction Services Limited - India
- Essar Steel Hazira Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- ASAPP Information Group - India
- PowerSource Philippines DevCo
- Bahari Cakrawala Sebuku - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Agrawal Coal Company - India
- Bhatia International Limited - India
- Australian Commodity Traders Exchange
- White Energy Company Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Metalloyd Limited - United Kingdom
- Simpson Spence & Young - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- SN Aboitiz Power Inc, Philippines
- Indian Oil Corporation Limited
- Planning Commission, India
- Formosa Plastics Group - Taiwan
- Siam City Cement PLC, Thailand
- Romanian Commodities Exchange
- New Zealand Coal & Carbon
- Marubeni Corporation - India
- Thiess Contractors Indonesia
- Xindia Steels Limited - India
- Sojitz Corporation - Japan
- Parry Sugars Refinery, India
- GVK Power & Infra Limited - India
- Videocon Industries ltd - India
- Semirara Mining Corp, Philippines
- Edison Trading Spa - Italy
- Africa Commodities Group - South Africa
- Chamber of Mines of South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Jindal Steel & Power Ltd - India
- Parliament of New Zealand
- Timah Investasi Mineral - Indoneisa
- Global Coal Blending Company Limited - Australia
- The State Trading Corporation of India Ltd
- Interocean Group of Companies - India
- Gujarat Sidhee Cement - India
- GN Power Mariveles Coal Plant, Philippines
- Vizag Seaport Private Limited - India
- Indian Energy Exchange, India
- Siam City Cement - Thailand
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- Uttam Galva Steels Limited - India
- Economic Council, Georgia
- India Bulls Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- CNBM International Corporation - China
- Ministry of Mines - Canada
- Antam Resourcindo - Indonesia
- IEA Clean Coal Centre - UK
- Sakthi Sugars Limited - India
- Miang Besar Coal Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- TeaM Sual Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- LBH Netherlands Bv - Netherlands
- Trasteel International SA, Italy
- Indo Tambangraya Megah - Indonesia
- Mercator Lines Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Salva Resources Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Baramulti Group, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The University of Queensland
- Barasentosa Lestari - Indonesia
- Petron Corporation, Philippines
- PTC India Limited - India
- Electricity Authority, New Zealand
- Lanco Infratech Ltd - India
- Wilmar Investment Holdings
- Intertek Mineral Services - Indonesia
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Finance - Indonesia
- MS Steel International - UAE
- Thai Mozambique Logistica
- Tamil Nadu electricity Board
- Merrill Lynch Commodities Europe
- Wood Mackenzie - Singapore
- Pendopo Energi Batubara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- The Treasury - Australian Government
- McConnell Dowell - Australia
- Rio Tinto Coal - Australia
- Australian Coal Association
- Minerals Council of Australia
- Energy Development Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- Port Waratah Coal Services - Australia
- Latin American Coal - Colombia
- Leighton Contractors Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- VISA Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- South Luzon Thermal Energy Corporation
- TNB Fuel Sdn Bhd - Malaysia
- Carbofer General Trading SA - India
- Kumho Petrochemical, South Korea
- Kaltim Prima Coal - Indonesia
- Power Finance Corporation Ltd., India
- Gujarat Mineral Development Corp Ltd - India
- Maheswari Brothers Coal Limited - India
- Eastern Energy - Thailand
- SMC Global Power, Philippines
- Singapore Mercantile Exchange
- Sarangani Energy Corporation, Philippines
- Malabar Cements Ltd - India
- Orica Mining Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Medco Energi Mining Internasional
- Binh Thuan Hamico - Vietnam
- Orica Australia Pty. Ltd.
- Coal and Oil Company - UAE
- GMR Energy Limited - India
- Therma Luzon, Inc, Philippines
- Larsen & Toubro Limited - India
- Mercuria Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- CIMB Investment Bank - Malaysia
- SMG Consultants - Indonesia
- Borneo Indobara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Goldman Sachs - Singapore
- Kobexindo Tractors - Indoneisa
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- Madhucon Powers Ltd - India
- OPG Power Generation Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Indika Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Renaissance Capital - South Africa
- Altura Mining Limited, Indonesia
- Standard Chartered Bank - UAE
- Kideco Jaya Agung - Indonesia
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- Pipit Mutiara Jaya. PT, Indonesia
- ICICI Bank Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- London Commodity Brokers - England
- Bulk Trading Sa - Switzerland
- Krishnapatnam Port Company Ltd. - India
- Holcim Trading Pte Ltd - Singapore
- Attock Cement Pakistan Limited
- Posco Energy - South Korea
- Straits Asia Resources Limited - Singapore
- Bhoruka Overseas - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kartika Selabumi Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bhushan Steel Limited - India
- Mintek Dendrill Indonesia
- PNOC Exploration Corporation - Philippines
- Makarim & Taira - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Coalindo Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Independent Power Producers Association of India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bharathi Cement Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Chettinad Cement Corporation Ltd - India
- Meralco Power Generation, Philippines
- Directorate Of Revenue Intelligence - India
- GAC Shipping (India) Pvt Ltd
- Ambuja Cements Ltd - India
- Central Electricity Authority - India
- Electricity Generating Authority of Thailand
- Energy Link Ltd, New Zealand
- Tata Chemicals Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Heidelberg Cement - Germany
- Ceylon Electricity Board - Sri Lanka
- Grasim Industreis Ltd - India
- Dalmia Cement Bharat India
- Billiton Holdings Pty Ltd - Australia
- Indogreen Group - Indonesia
- Georgia Ports Authority, United States
- Riau Bara Harum - Indonesia
- Deloitte Consulting - India
- Aditya Birla Group - India
- Kepco SPC Power Corporation, Philippines
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