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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, 03 November 21
CHINA TO LAUNCH NEW DATA MONITORING SYSTEM, TARGETING COAL MARKET SPECULATION, HOARDING - GLOBAL TIMES
China’s top economic planner announced on Sunday a new data system for supervising the implementation of medium- and long-term contracts of c ...
Wednesday, 03 November 21
CHINA’S STATE PLANNER SAYS COAL SUPPLY IMPROVING, PRICES STABILISING - REUTERS
China’s coal supply situation has seen significant improvement with joint efforts from coal producers, logistics and downstream users, while ...
Wednesday, 03 November 21
HIGHER COKING COAL PRICES TO PARE PROFITABILITY OF STEELMAKERS IN SECOND HALF OF FY22 - CRISIL RATINGS
The operating margin of primary steelmakers will reduce by a third to 24-26% in the second half of this fiscal versus the first half as input cost ...
Wednesday, 03 November 21
MARKET INSIGHT - INTERMODAL
November is here and soon the all time seasonal favorite “all I want or Christmas is you” by Mariah Carey will be played in radio stati ...
Monday, 01 November 21
COAL PRICES HAVE FURTHER ROOM TO DROP: TOP ECONOMIC PLANNER - GLOBAL TIMES
China’s top economic planner said coal prices have further room to drop on Friday, as the most traded coal futures dropped to below 1,000 yua ...
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- Directorate Of Revenue Intelligence - India
- Samtan Co., Ltd - South Korea
- Heidelberg Cement - Germany
- Madhucon Powers Ltd - India
- Sical Logistics Limited - India
- ASAPP Information Group - India
- Global Green Power PLC Corporation, Philippines
- Global Business Power Corporation, Philippines
- Bhushan Steel Limited - India
- Standard Chartered Bank - UAE
- Bhatia International Limited - India
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- Romanian Commodities Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Indonesian Coal Mining Association
- Kaltim Prima Coal - Indonesia
- Grasim Industreis Ltd - India
- Latin American Coal - Colombia
- Sinarmas Energy and Mining - Indonesia
- Anglo American - United Kingdom
- Minerals Council of Australia
- Kapuas Tunggal Persada - Indonesia
- Borneo Indobara - Indonesia
- Australian Coal Association
- Cigading International Bulk Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Cement Manufacturers Association - India
- Coal and Oil Company - UAE
- Simpson Spence & Young - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Interocean Group of Companies - India
- GVK Power & Infra Limited - India
- Medco Energi Mining Internasional
- Merrill Lynch Commodities Europe
- Energy Development Corp, Philippines
- Baramulti Group, Indonesia
- Semirara Mining Corp, Philippines
- Bhoruka Overseas - Indonesia
- International Coal Ventures Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Orica Mining Services - Indonesia
- Altura Mining Limited, Indonesia
- Kideco Jaya Agung - Indonesia
- South Luzon Thermal Energy Corporation
- Kobexindo Tractors - Indoneisa
- European Bulk Services B.V. - Netherlands
- Parliament of New Zealand
- Tata Chemicals Ltd - India
- Coastal Gujarat Power Limited - India
- Wilmar Investment Holdings
- Therma Luzon, Inc, Philippines
- MS Steel International - UAE
- Ind-Barath Power Infra Limited - India
- New Zealand Coal & Carbon
- Ambuja Cements Ltd - India
- Mercator Lines Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- The Treasury - Australian Government
- Indian Energy Exchange, India
- SMC Global Power, Philippines
- Dalmia Cement Bharat India
- Neyveli Lignite Corporation Ltd, - India
- Malabar Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Oldendorff Carriers - Singapore
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- Formosa Plastics Group - Taiwan
- IEA Clean Coal Centre - UK
- Global Coal Blending Company Limited - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Straits Asia Resources Limited - Singapore
- Karaikal Port Pvt Ltd - India
- Petron Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Videocon Industries ltd - India
- McConnell Dowell - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Binh Thuan Hamico - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Manunggal Multi Energi - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Xindia Steels Limited - India
- Vedanta Resources Plc - India
- Thiess Contractors Indonesia
- Meenaskhi Energy Private Limited - India
- Sojitz Corporation - Japan
- London Commodity Brokers - England
- Jorong Barutama Greston.PT - Indonesia
- Larsen & Toubro Limited - India
- The University of Queensland
- LBH Netherlands Bv - Netherlands
- Chamber of Mines of South Africa
- Gujarat Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Banpu Public Company Limited - Thailand
- Marubeni Corporation - India
- Indogreen Group - Indonesia
- Carbofer General Trading SA - India
- Indika Energy - Indonesia
- Tamil Nadu electricity Board
- Iligan Light & Power Inc, Philippines
- CNBM International Corporation - China
- Vizag Seaport Private Limited - India
- Mintek Dendrill Indonesia
- Singapore Mercantile Exchange
- Rashtriya Ispat Nigam Limited - India
- ICICI Bank Limited - India
- Globalindo Alam Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Toyota Tsusho Corporation, Japan
- Gujarat Mineral Development Corp Ltd - India
- TeaM Sual Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Attock Cement Pakistan Limited
- Karbindo Abesyapradhi - Indoneisa
- Barasentosa Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Link Ltd, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Commonwealth Bank - Australia
- Renaissance Capital - South Africa
- Siam City Cement - Thailand
- Electricity Authority, New Zealand
- Gujarat Sidhee Cement - India
- Lanco Infratech Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Bharathi Cement Corporation - India
- Electricity Generating Authority of Thailand
- Bangladesh Power Developement Board
- Indo Tambangraya Megah - Indonesia
- Thai Mozambique Logistica
- Orica Australia Pty. Ltd.
- PTC India Limited - India
- Eastern Coal Council - USA
- Bukit Baiduri Energy - Indonesia
- Edison Trading Spa - Italy
- Holcim Trading Pte Ltd - Singapore
- Star Paper Mills Limited - India
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Posco Energy - South Korea
- GAC Shipping (India) Pvt Ltd
- Bulk Trading Sa - Switzerland
- Sindya Power Generating Company Private Ltd
- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
- PowerSource Philippines DevCo
- Pendopo Energi Batubara - Indonesia
- Parry Sugars Refinery, India
- White Energy Company Limited
- Central Electricity Authority - India
- Mjunction Services Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Energy - Thailand
- Siam City Cement PLC, Thailand
- Jaiprakash Power Ventures ltd
- OPG Power Generation Pvt Ltd - India
- Trasteel International SA, Italy
- VISA Power Limited - India
- Makarim & Taira - Indonesia
- Coalindo Energy - Indonesia
- GMR Energy Limited - India
- SMG Consultants - Indonesia
- Sree Jayajothi Cements Limited - India
- Kartika Selabumi Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Maheswari Brothers Coal Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Planning Commission, India
- The State Trading Corporation of India Ltd
- Semirara Mining and Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Aditya Birla Group - India
- Maharashtra Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Agrawal Coal Company - India
- Australian Commodity Traders Exchange
- Price Waterhouse Coopers - Russia
- IHS Mccloskey Coal Group - USA
- Directorate General of MIneral and Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Antam Resourcindo - Indonesia
- Port Waratah Coal Services - Australia
- Metalloyd Limited - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Economic Council, Georgia
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
- Kepco SPC Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Ministry of Mines - Canada
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kumho Petrochemical, South Korea
- Bukit Makmur.PT - Indonesia
- Ministry of Finance - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wood Mackenzie - Singapore
- SN Aboitiz Power Inc, Philippines
- Indian Oil Corporation Limited
- Central Java Power - Indonesia
- Ministry of Transport, Egypt
- Uttam Galva Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Riau Bara Harum - Indonesia
- Essar Steel Hazira Ltd - India
- Goldman Sachs - Singapore
- Billiton Holdings Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Alfred C Toepfer International GmbH - Germany
- Leighton Contractors Pty Ltd - Australia
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