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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, 25 November 21
SE ASIA POWER DEMAND TO RISE AS STATE SUPPORT MITIGATES COVID-19 IMPACT - FITCH RATINGS
Electricity demand in south-east Asia is likely to increase in 2021, following slow growth or contraction in 2020, thanks to state support that has ...
Thursday, 25 November 21
FITCH RATINGS INCREASES MOST GLOBAL METALS AND MINING PRICE ASSUMPTIONS - FITCH RATINGS
Fitch Ratings has increased most metals and mining price assumptions, particularly those that benefit from increased longer-term demand due to glob ...
Thursday, 25 November 21
CHINA'S COAL PRICE DROPS IN MID-NOVEMBER AMID GOVERNMENT’S SWEEPING MEASURES - GLOBAL TIMES
China’s coal prices have dropped significantly in mid-November compared with the beginning of the month, with the price of coking coal and co ...
Wednesday, 24 November 21
MARKET INSIGHT - INTERMODAL
Inflation is the word that has dominated the meetings of foreign leaders and finance ministers in recent weeks, as rising energy costs, supply chai ...
Wednesday, 24 November 21
WHY THIS MINING ANALYST IS UPBEAT ON THE IRON ORE PRICE FORECAST - MOTLEY FOOL
In many ways, 2021 can be called the year of the iron ore price. Much of the talk of the ASX town this year has revolved around this key economic m ...
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- Billiton Holdings Pty Ltd - Australia
- Bhushan Steel Limited - India
- Vedanta Resources Plc - India
- Merrill Lynch Commodities Europe
- Medco Energi Mining Internasional
- Coalindo Energy - Indonesia
- Interocean Group of Companies - India
- Lanco Infratech Ltd - India
- IHS Mccloskey Coal Group - USA
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- Trasteel International SA, Italy
- Economic Council, Georgia
- IEA Clean Coal Centre - UK
- Siam City Cement - Thailand
- Indogreen Group - Indonesia
- Central Electricity Authority - India
- PNOC Exploration Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Price Waterhouse Coopers - Russia
- Thiess Contractors Indonesia
- India Bulls Power Limited - India
- San Jose City I Power Corp, Philippines
- Star Paper Mills Limited - India
- Anglo American - United Kingdom
- Bulk Trading Sa - Switzerland
- Mercator Lines Limited - India
- Energy Development Corp, Philippines
- Uttam Galva Steels Limited - India
- Agrawal Coal Company - India
- Singapore Mercantile Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Sakthi Sugars Limited - India
- London Commodity Brokers - England
- Bhoruka Overseas - Indonesia
- Cement Manufacturers Association - India
- Bayan Resources Tbk. - Indonesia
- Mjunction Services Limited - India
- Baramulti Group, Indonesia
- Kartika Selabumi Mining - Indonesia
- Borneo Indobara - Indonesia
- Vizag Seaport Private Limited - India
- Orica Mining Services - Indonesia
- The Treasury - Australian Government
- Gujarat Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- SN Aboitiz Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kobexindo Tractors - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Bhatia International Limited - India
- SMC Global Power, Philippines
- Mintek Dendrill Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Ind-Barath Power Infra Limited - India
- Georgia Ports Authority, United States
- Indonesian Coal Mining Association
- Pendopo Energi Batubara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Coal Association
- Gujarat Sidhee Cement - India
- Petron Corporation, Philippines
- Sojitz Corporation - Japan
- Manunggal Multi Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Electricity Authority, New Zealand
- GAC Shipping (India) Pvt Ltd
- Leighton Contractors Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Timah Investasi Mineral - Indoneisa
- Siam City Cement PLC, Thailand
- Kideco Jaya Agung - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Jindal Steel & Power Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Larsen & Toubro Limited - India
- Semirara Mining Corp, Philippines
- Sical Logistics Limited - India
- Eastern Energy - Thailand
- Malabar Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Sarangani Energy Corporation, Philippines
- SMG Consultants - Indonesia
- Kumho Petrochemical, South Korea
- Heidelberg Cement - Germany
- McConnell Dowell - Australia
- Tata Chemicals Ltd - India
- Bharathi Cement Corporation - India
- Straits Asia Resources Limited - Singapore
- Jaiprakash Power Ventures ltd
- Iligan Light & Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Standard Chartered Bank - UAE
- Orica Australia Pty. Ltd.
- Rashtriya Ispat Nigam Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Riau Bara Harum - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Coastal Gujarat Power Limited - India
- PowerSource Philippines DevCo
- PetroVietnam Power Coal Import and Supply Company
- Therma Luzon, Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Tamil Nadu electricity Board
- Kaltim Prima Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- PTC India Limited - India
- Minerals Council of Australia
- International Coal Ventures Pvt Ltd - India
- VISA Power Limited - India
- European Bulk Services B.V. - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Simpson Spence & Young - Indonesia
- Electricity Generating Authority of Thailand
- Mercuria Energy - Indonesia
- Romanian Commodities Exchange
- Central Java Power - Indonesia
- Altura Mining Limited, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Posco Energy - South Korea
- Xindia Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Wilmar Investment Holdings
- MS Steel International - UAE
- Maharashtra Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Ministry of Transport, Egypt
- Kohat Cement Company Ltd. - Pakistan
- Sindya Power Generating Company Private Ltd
- Bukit Makmur.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Directorate Of Revenue Intelligence - India
- Barasentosa Lestari - Indonesia
- Madhucon Powers Ltd - India
- Independent Power Producers Association of India
- Coal and Oil Company - UAE
- Samtan Co., Ltd - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Power Finance Corporation Ltd., India
- Global Business Power Corporation, Philippines
- GMR Energy Limited - India
- Port Waratah Coal Services - Australia
- Formosa Plastics Group - Taiwan
- Eastern Coal Council - USA
- Maheswari Brothers Coal Limited - India
- Edison Trading Spa - Italy
- Planning Commission, India
- Binh Thuan Hamico - Vietnam
- Renaissance Capital - South Africa
- GVK Power & Infra Limited - India
- Essar Steel Hazira Ltd - India
- Parry Sugars Refinery, India
- Goldman Sachs - Singapore
- Videocon Industries ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Miang Besar Coal Terminal - Indonesia
- ASAPP Information Group - India
- Grasim Industreis Ltd - India
- TeaM Sual Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Karaikal Port Pvt Ltd - India
- ICICI Bank Limited - India
- Ambuja Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Commonwealth Bank - Australia
- Indika Energy - Indonesia
- Aditya Birla Group - India
- Latin American Coal - Colombia
- Intertek Mineral Services - Indonesia
- Wood Mackenzie - Singapore
- Ministry of Mines - Canada
- Bangladesh Power Developement Board
- Chettinad Cement Corporation Ltd - India
- Indian Energy Exchange, India
- Thai Mozambique Logistica
- Carbofer General Trading SA - India
- Antam Resourcindo - Indonesia
- Energy Link Ltd, New Zealand
- Ceylon Electricity Board - Sri Lanka
- CNBM International Corporation - China
- Makarim & Taira - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Deloitte Consulting - India
- Kalimantan Lumbung Energi - Indonesia
- Oldendorff Carriers - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- South Luzon Thermal Energy Corporation
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Finance - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Baiduri Energy - Indonesia
- Chamber of Mines of South Africa
- Parliament of New Zealand
- Krishnapatnam Port Company Ltd. - India
- Marubeni Corporation - India
- The University of Queensland
- Toyota Tsusho Corporation, Japan
- CIMB Investment Bank - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- New Zealand Coal & Carbon
- White Energy Company Limited
- Australian Commodity Traders Exchange
- Dalmia Cement Bharat India
- Rio Tinto Coal - Australia
- Directorate General of MIneral and Coal - Indonesia
- Savvy Resources Ltd - HongKong
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