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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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Monday, 27 September 21
CHINESE COAL FIRMS MEET TO ADDRESS WINTER SUPPLY CHALLENGES - CNBC
Major Chinese coal producers are trying to resolve supply shortages and curb price rises as the country’s winter consumption peak approaches, ...
Saturday, 25 September 21
HIGH STAKES FOR ASIAN DEVELOPMENT BANK’S AMBITIOUS COAL POWER RETIREMENT PLAN - IEEFA
Implementation challenges could block funding for other equally important high impact clean energy funding strategies
In the lead up ...
Thursday, 23 September 21
LONGER COAL CONTRACTS MAY REIN IN PRICES - ECNS
In China’s coal sector that has been marred recently by price surges, regional authorities and related enterprises should ensure the fuel con ...
Thursday, 23 September 21
BALTIC INDEX HITS 12-YEAR PEAK ON FIRMER VESSELS RATES - REUTERS
The Baltic Exchange’s main dry bulk sea freight index rose for a fourth straight session on Wednesday to a 12-year high, buoyed by higher rat ...
Thursday, 23 September 21
RECORD-HIGH GAS PRICES AFFECT MANY EUROPEAN CORPORATE SECTORS - FITCH RATINGS
Record-high natural gas prices are putting pressure on supply chains of many European corporate sectors, including non-integrated energy suppliers, ...
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- Standard Chartered Bank - UAE
- ASAPP Information Group - India
- Ceylon Electricity Board - Sri Lanka
- Pendopo Energi Batubara - Indonesia
- Medco Energi Mining Internasional
- Karaikal Port Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- SMG Consultants - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Miang Besar Coal Terminal - Indonesia
- VISA Power Limited - India
- Economic Council, Georgia
- Australian Coal Association
- Therma Luzon, Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Orica Australia Pty. Ltd.
- Cement Manufacturers Association - India
- TNB Fuel Sdn Bhd - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Bhoruka Overseas - Indonesia
- Independent Power Producers Association of India
- Timah Investasi Mineral - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Star Paper Mills Limited - India
- Agrawal Coal Company - India
- Ambuja Cements Ltd - India
- Orica Mining Services - Indonesia
- Sakthi Sugars Limited - India
- Antam Resourcindo - Indonesia
- Romanian Commodities Exchange
- Borneo Indobara - Indonesia
- SMC Global Power, Philippines
- Riau Bara Harum - Indonesia
- Marubeni Corporation - India
- Wilmar Investment Holdings
- Global Coal Blending Company Limited - Australia
- Siam City Cement PLC, Thailand
- Neyveli Lignite Corporation Ltd, - India
- Rashtriya Ispat Nigam Limited - India
- Port Waratah Coal Services - Australia
- Indonesian Coal Mining Association
- Sical Logistics Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Vedanta Resources Plc - India
- Bharathi Cement Corporation - India
- Wood Mackenzie - Singapore
- Central Java Power - Indonesia
- Bayan Resources Tbk. - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Deloitte Consulting - India
- Kapuas Tunggal Persada - Indonesia
- GVK Power & Infra Limited - India
- Jindal Steel & Power Ltd - India
- Vizag Seaport Private Limited - India
- Sarangani Energy Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Mercuria Energy - Indonesia
- Planning Commission, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- European Bulk Services B.V. - Netherlands
- Edison Trading Spa - Italy
- Anglo American - United Kingdom
- Electricity Authority, New Zealand
- Formosa Plastics Group - Taiwan
- Parry Sugars Refinery, India
- LBH Netherlands Bv - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Videocon Industries ltd - India
- Barasentosa Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Commonwealth Bank - Australia
- Singapore Mercantile Exchange
- Maheswari Brothers Coal Limited - India
- New Zealand Coal & Carbon
- White Energy Company Limited
- Global Business Power Corporation, Philippines
- Posco Energy - South Korea
- Merrill Lynch Commodities Europe
- Jaiprakash Power Ventures ltd
- PTC India Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Tata Chemicals Ltd - India
- Price Waterhouse Coopers - Russia
- GMR Energy Limited - India
- Coal and Oil Company - UAE
- Karbindo Abesyapradhi - Indoneisa
- Meralco Power Generation, Philippines
- Latin American Coal - Colombia
- Petrochimia International Co. Ltd.- Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Eastern Energy - Thailand
- Rio Tinto Coal - Australia
- Bulk Trading Sa - Switzerland
- Renaissance Capital - South Africa
- Interocean Group of Companies - India
- PetroVietnam Power Coal Import and Supply Company
- IHS Mccloskey Coal Group - USA
- Globalindo Alam Lestari - Indonesia
- McConnell Dowell - Australia
- Banpu Public Company Limited - Thailand
- Africa Commodities Group - South Africa
- International Coal Ventures Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Indogreen Group - Indonesia
- Parliament of New Zealand
- The University of Queensland
- ICICI Bank Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bangladesh Power Developement Board
- Cigading International Bulk Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Kideco Jaya Agung - Indonesia
- Bhatia International Limited - India
- Salva Resources Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining and Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Grasim Industreis Ltd - India
- Sindya Power Generating Company Private Ltd
- Semirara Mining Corp, Philippines
- Altura Mining Limited, Indonesia
- Malabar Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Global Green Power PLC Corporation, Philippines
- Larsen & Toubro Limited - India
- Central Electricity Authority - India
- Uttam Galva Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Mintek Dendrill Indonesia
- Xindia Steels Limited - India
- Intertek Mineral Services - Indonesia
- Dalmia Cement Bharat India
- GN Power Mariveles Coal Plant, Philippines
- Baramulti Group, Indonesia
- Energy Link Ltd, New Zealand
- Ind-Barath Power Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kumho Petrochemical, South Korea
- Sojitz Corporation - Japan
- Straits Asia Resources Limited - Singapore
- India Bulls Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meenaskhi Energy Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Goldman Sachs - Singapore
- Eastern Coal Council - USA
- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
- Mercator Lines Limited - India
- The State Trading Corporation of India Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Sinarmas Energy and Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Coastal Gujarat Power Limited - India
- Tamil Nadu electricity Board
- PowerSource Philippines DevCo
- London Commodity Brokers - England
- Trasteel International SA, Italy
- Ministry of Mines - Canada
- Energy Development Corp, Philippines
- Makarim & Taira - Indonesia
- San Jose City I Power Corp, Philippines
- CNBM International Corporation - China
- Chamber of Mines of South Africa
- Alfred C Toepfer International GmbH - Germany
- Kaltim Prima Coal - Indonesia
- Carbofer General Trading SA - India
- Petron Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Georgia Ports Authority, United States
- Indian Energy Exchange, India
- Aditya Birla Group - India
- Heidelberg Cement - Germany
- MS Steel International - UAE
- Indo Tambangraya Megah - Indonesia
- Gujarat Sidhee Cement - India
- Manunggal Multi Energi - Indonesia
- IEA Clean Coal Centre - UK
- Thiess Contractors Indonesia
- Oldendorff Carriers - Singapore
- Attock Cement Pakistan Limited
- Ministry of Finance - Indonesia
- Siam City Cement - Thailand
- Savvy Resources Ltd - HongKong
- Bukit Baiduri Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- TeaM Sual Corporation - Philippines
- Lanco Infratech Ltd - India
- Binh Thuan Hamico - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Mjunction Services Limited - India
- Iligan Light & Power Inc, Philippines
- Indika Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bhushan Steel Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Australian Commodity Traders Exchange
- Minerals Council of Australia
- Electricity Generating Authority of Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Leighton Contractors Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Indian Oil Corporation Limited
- Essar Steel Hazira Ltd - India
- Coalindo Energy - Indonesia
- Thai Mozambique Logistica
- Kartika Selabumi Mining - Indonesia
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