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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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Friday, 21 January 22
CHINA'S POWER TRADING TARIFFS TO RISE IN 2022 - FITCH RATINGS
Rising trading volume and higher-than-benchmark tariffs in the 2022 bilateral contracts signed between Chinese power generation companies (gencos) ...
Thursday, 20 January 22
CHINESE COAL JUMPS OVER 6% ON PRE-HOLIDAY SUPPLY WORRY - REUTERS
China’s thermal coal futures soared more than 6% on Wednesday, hitting a level last seen in late November as investors grew concerned over ti ...
Thursday, 20 January 22
VIETNAM: COAL SECTOR SEES POSITIVE PROSPECT IN 2022 - VNA
With many signs of rising demand for coal in various economic sectors in 2022, the Vietnam National Coal – Mineral Industries Group (Vinacomi ...
Wednesday, 19 January 22
MARKET INSIGHT - INTERMODAL
Since the beginning of the year, we have been witnessing the BDI correcting downwards with sizable drops across all segments. Latest similar levels ...
Sunday, 09 January 22
INDONESIA MINISTER SAYS 'EMERGENCY OVER' ON COAL SUPPLY CRUNCH - REUTERS
Indonesia’s power emergency which has triggered a coal export ban is over but the government will still continue to discuss policies in this ...
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- Goldman Sachs - Singapore
- Formosa Plastics Group - Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Kumho Petrochemical, South Korea
- CIMB Investment Bank - Malaysia
- Indo Tambangraya Megah - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bulk Trading Sa - Switzerland
- Medco Energi Mining Internasional
- Australian Coal Association
- Deloitte Consulting - India
- Latin American Coal - Colombia
- Energy Development Corp, Philippines
- Romanian Commodities Exchange
- Jaiprakash Power Ventures ltd
- Siam City Cement PLC, Thailand
- Intertek Mineral Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Manunggal Multi Energi - Indonesia
- Mercator Lines Limited - India
- Carbofer General Trading SA - India
- Larsen & Toubro Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Africa Commodities Group - South Africa
- Agrawal Coal Company - India
- Bukit Asam (Persero) Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- PTC India Limited - India
- LBH Netherlands Bv - Netherlands
- Pendopo Energi Batubara - Indonesia
- South Luzon Thermal Energy Corporation
- International Coal Ventures Pvt Ltd - India
- Baramulti Group, Indonesia
- PNOC Exploration Corporation - Philippines
- Rio Tinto Coal - Australia
- Vijayanagar Sugar Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Central Java Power - Indonesia
- Kepco SPC Power Corporation, Philippines
- MS Steel International - UAE
- Australian Commodity Traders Exchange
- Simpson Spence & Young - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Port Waratah Coal Services - Australia
- CNBM International Corporation - China
- Ambuja Cements Ltd - India
- Bhatia International Limited - India
- VISA Power Limited - India
- Electricity Generating Authority of Thailand
- Thai Mozambique Logistica
- Directorate Of Revenue Intelligence - India
- Independent Power Producers Association of India
- Banpu Public Company Limited - Thailand
- GMR Energy Limited - India
- Coalindo Energy - Indonesia
- Videocon Industries ltd - India
- Standard Chartered Bank - UAE
- Ministry of Finance - Indonesia
- Parliament of New Zealand
- ASAPP Information Group - India
- Kartika Selabumi Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement - Thailand
- Riau Bara Harum - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Ind-Barath Power Infra Limited - India
- Tata Chemicals Ltd - India
- Eastern Coal Council - USA
- IHS Mccloskey Coal Group - USA
- Mercuria Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kaltim Prima Coal - Indonesia
- Sojitz Corporation - Japan
- Antam Resourcindo - Indonesia
- Star Paper Mills Limited - India
- White Energy Company Limited
- Orica Mining Services - Indonesia
- McConnell Dowell - Australia
- Leighton Contractors Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Orica Australia Pty. Ltd.
- Gujarat Sidhee Cement - India
- Globalindo Alam Lestari - Indonesia
- Altura Mining Limited, Indonesia
- ICICI Bank Limited - India
- Vizag Seaport Private Limited - India
- Dalmia Cement Bharat India
- Singapore Mercantile Exchange
- Interocean Group of Companies - India
- Jorong Barutama Greston.PT - Indonesia
- Xindia Steels Limited - India
- London Commodity Brokers - England
- Sical Logistics Limited - India
- Indonesian Coal Mining Association
- Attock Cement Pakistan Limited
- Bhoruka Overseas - Indonesia
- Madhucon Powers Ltd - India
- Indika Energy - Indonesia
- Renaissance Capital - South Africa
- Malabar Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Wood Mackenzie - Singapore
- Bhushan Steel Limited - India
- Trasteel International SA, Italy
- Iligan Light & Power Inc, Philippines
- Tamil Nadu electricity Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Minerals Council of Australia
- Karaikal Port Pvt Ltd - India
- Aditya Birla Group - India
- SN Aboitiz Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Sinarmas Energy and Mining - Indonesia
- Mjunction Services Limited - India
- Edison Trading Spa - Italy
- Ministry of Mines - Canada
- Krishnapatnam Port Company Ltd. - India
- Georgia Ports Authority, United States
- New Zealand Coal & Carbon
- Salva Resources Pvt Ltd - India
- Posco Energy - South Korea
- Indian Energy Exchange, India
- OPG Power Generation Pvt Ltd - India
- Cement Manufacturers Association - India
- Wilmar Investment Holdings
- Gujarat Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Karbindo Abesyapradhi - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Price Waterhouse Coopers - Russia
- TNB Fuel Sdn Bhd - Malaysia
- Grasim Industreis Ltd - India
- India Bulls Power Limited - India
- Bharathi Cement Corporation - India
- Makarim & Taira - Indonesia
- Sindya Power Generating Company Private Ltd
- Electricity Authority, New Zealand
- Borneo Indobara - Indonesia
- Toyota Tsusho Corporation, Japan
- Chamber of Mines of South Africa
- IEA Clean Coal Centre - UK
- San Jose City I Power Corp, Philippines
- Bangladesh Power Developement Board
- Semirara Mining Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Transport, Egypt
- Sarangani Energy Corporation, Philippines
- Energy Link Ltd, New Zealand
- SMC Global Power, Philippines
- Bukit Baiduri Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Vedanta Resources Plc - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Alfred C Toepfer International GmbH - Germany
- Aboitiz Power Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Uttam Galva Steels Limited - India
- Economic Council, Georgia
- Jindal Steel & Power Ltd - India
- Parry Sugars Refinery, India
- Pipit Mutiara Jaya. PT, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coal and Oil Company - UAE
- Planning Commission, India
- Oldendorff Carriers - Singapore
- Therma Luzon, Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Petron Corporation, Philippines
- Meralco Power Generation, Philippines
- Lanco Infratech Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Chettinad Cement Corporation Ltd - India
- Mintek Dendrill Indonesia
- SMG Consultants - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Commonwealth Bank - Australia
- Gujarat Mineral Development Corp Ltd - India
- Marubeni Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Miang Besar Coal Terminal - Indonesia
- Heidelberg Cement - Germany
- Global Business Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Indian Oil Corporation Limited
- Essar Steel Hazira Ltd - India
- Kideco Jaya Agung - Indonesia
- Cigading International Bulk Terminal - Indonesia
- The University of Queensland
- GVK Power & Infra Limited - India
- Power Finance Corporation Ltd., India
- Sakthi Sugars Limited - India
- Eastern Energy - Thailand
- Straits Asia Resources Limited - Singapore
- Central Electricity Authority - India
- Indogreen Group - Indonesia
- Thiess Contractors Indonesia
- Semirara Mining and Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Bayan Resources Tbk. - Indonesia
- Barasentosa Lestari - Indonesia
- The Treasury - Australian Government
- Anglo American - United Kingdom
- Binh Thuan Hamico - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Sree Jayajothi Cements Limited - India
- Global Coal Blending Company Limited - Australia
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