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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, 22 September 21
MARKET INSIGHT - INTERMODAL
The unfolding last week of a trilateral defence pact between the United States, Australia, the United Kingdom (AUKUS) envisages a wide range of col ...
Tuesday, 21 September 21
CHINESE COAL IMPORTS FROM AUSTRALIA DROP 98.6% AS RESTRICTIONS BITE - BIMCO
In the first seven months of the year Chinese coal imports from Australia have totalled just 780,000 tonnes as Chinese restrictions on Australian c ...
Tuesday, 21 September 21
CHINA'S COAL OUTPUT RESUMES GROWTH IN AUGUST - XINHUA
China’s raw coal output rose 0.8 percent year on year to 340 million tonnes last month, official data showed.
The growth rate ...
Wednesday, 15 September 21
MARKET INSIGHT - INTERMODAL
Following the oil price sell off during most of August, partly triggered by oil demand fears amid the delta COVID variant, oil prices have resumed ...
Saturday, 11 September 21
CIL STEPS UP SUPPLY COAL TO POWER SECTOR; PER-DAY AVERAGE 20 PC HIGHER THAN LAST YEAR - PTI
State-owned CIL on Friday said it has stepped up the supply of coal to the power sector in the first eight days of the current month, with an avera ...
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- Bukit Makmur.PT - Indonesia
- VISA Power Limited - India
- Salva Resources Pvt Ltd - India
- Baramulti Group, Indonesia
- Central Electricity Authority - India
- Latin American Coal - Colombia
- San Jose City I Power Corp, Philippines
- Sojitz Corporation - Japan
- New Zealand Coal & Carbon
- Parliament of New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bharathi Cement Corporation - India
- Central Java Power - Indonesia
- OPG Power Generation Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Jindal Steel & Power Ltd - India
- Orica Australia Pty. Ltd.
- Economic Council, Georgia
- Bahari Cakrawala Sebuku - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Electricity Generating Authority of Thailand
- GN Power Mariveles Coal Plant, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement - Thailand
- Marubeni Corporation - India
- Vizag Seaport Private Limited - India
- Eastern Energy - Thailand
- Parry Sugars Refinery, India
- Agrawal Coal Company - India
- India Bulls Power Limited - India
- London Commodity Brokers - England
- South Luzon Thermal Energy Corporation
- PowerSource Philippines DevCo
- Energy Development Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Bhatia International Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Energy Link Ltd, New Zealand
- Electricity Authority, New Zealand
- Georgia Ports Authority, United States
- Vedanta Resources Plc - India
- Semirara Mining and Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Jaiprakash Power Ventures ltd
- Iligan Light & Power Inc, Philippines
- Uttam Galva Steels Limited - India
- The State Trading Corporation of India Ltd
- PNOC Exploration Corporation - Philippines
- Commonwealth Bank - Australia
- Singapore Mercantile Exchange
- Kideco Jaya Agung - Indonesia
- IHS Mccloskey Coal Group - USA
- Barasentosa Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Sree Jayajothi Cements Limited - India
- Merrill Lynch Commodities Europe
- Coal and Oil Company - UAE
- Ministry of Mines - Canada
- Power Finance Corporation Ltd., India
- Intertek Mineral Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Wilmar Investment Holdings
- Asmin Koalindo Tuhup - Indonesia
- Miang Besar Coal Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Cigading International Bulk Terminal - Indonesia
- Xindia Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Standard Chartered Bank - UAE
- Mjunction Services Limited - India
- CIMB Investment Bank - Malaysia
- Star Paper Mills Limited - India
- Leighton Contractors Pty Ltd - Australia
- PTC India Limited - India
- Globalindo Alam Lestari - Indonesia
- Lanco Infratech Ltd - India
- Videocon Industries ltd - India
- The Treasury - Australian Government
- Australian Coal Association
- Semirara Mining Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Planning Commission, India
- Kartika Selabumi Mining - Indonesia
- Anglo American - United Kingdom
- Coalindo Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- MS Steel International - UAE
- Kohat Cement Company Ltd. - Pakistan
- Petrochimia International Co. Ltd.- Taiwan
- Deloitte Consulting - India
- Timah Investasi Mineral - Indoneisa
- ASAPP Information Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Africa Commodities Group - South Africa
- Larsen & Toubro Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Medco Energi Mining Internasional
- Indian Oil Corporation Limited
- Oldendorff Carriers - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Tamil Nadu electricity Board
- Karbindo Abesyapradhi - Indoneisa
- Essar Steel Hazira Ltd - India
- Cement Manufacturers Association - India
- Sinarmas Energy and Mining - Indonesia
- CNBM International Corporation - China
- Malabar Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- TeaM Sual Corporation - Philippines
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Banpu Public Company Limited - Thailand
- GMR Energy Limited - India
- Sarangani Energy Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Romanian Commodities Exchange
- Goldman Sachs - Singapore
- Dalmia Cement Bharat India
- Borneo Indobara - Indonesia
- Eastern Coal Council - USA
- Gujarat Sidhee Cement - India
- ICICI Bank Limited - India
- SN Aboitiz Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Madhucon Powers Ltd - India
- Therma Luzon, Inc, Philippines
- Simpson Spence & Young - Indonesia
- Independent Power Producers Association of India
- Global Business Power Corporation, Philippines
- Thiess Contractors Indonesia
- Petron Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- White Energy Company Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Tata Chemicals Ltd - India
- Bayan Resources Tbk. - Indonesia
- Indian Energy Exchange, India
- Savvy Resources Ltd - HongKong
- Bukit Baiduri Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Aditya Birla Group - India
- Mercuria Energy - Indonesia
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- Port Waratah Coal Services - Australia
- Orica Mining Services - Indonesia
- Renaissance Capital - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Altura Mining Limited, Indonesia
- Bhoruka Overseas - Indonesia
- Binh Thuan Hamico - Vietnam
- McConnell Dowell - Australia
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- Coastal Gujarat Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Trasteel International SA, Italy
- Billiton Holdings Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- European Bulk Services B.V. - Netherlands
- Thai Mozambique Logistica
- Indo Tambangraya Megah - Indonesia
- Bulk Trading Sa - Switzerland
- Aboitiz Power Corporation - Philippines
- Riau Bara Harum - Indonesia
- Toyota Tsusho Corporation, Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Interocean Group of Companies - India
- Samtan Co., Ltd - South Korea
- Gujarat Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Makarim & Taira - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Grasim Industreis Ltd - India
- Bhushan Steel Limited - India
- Pendopo Energi Batubara - Indonesia
- Directorate Of Revenue Intelligence - India
- Meralco Power Generation, Philippines
- The University of Queensland
- Rio Tinto Coal - Australia
- Maheswari Brothers Coal Limited - India
- Global Coal Blending Company Limited - Australia
- Indonesian Coal Mining Association
- Wood Mackenzie - Singapore
- Holcim Trading Pte Ltd - Singapore
- Mintek Dendrill Indonesia
- Carbofer General Trading SA - India
- Minerals Council of Australia
- Indika Energy - Indonesia
- GVK Power & Infra Limited - India
- Sakthi Sugars Limited - India
- Attock Cement Pakistan Limited
- Ministry of Transport, Egypt
- Siam City Cement PLC, Thailand
- Posco Energy - South Korea
- International Coal Ventures Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- SMG Consultants - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Edison Trading Spa - Italy
- Mercator Lines Limited - India
- Metalloyd Limited - United Kingdom
- Australian Commodity Traders Exchange
- Sical Logistics Limited - India
- Heidelberg Cement - Germany
- Chettinad Cement Corporation Ltd - India
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