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Wednesday, 28 January 15
MARKET INSIGHT - STELIOS KOLLINTZAS
 With most traders having returned to action from year end festivities, we have already seen signs of activity in the specialized product markets. Long-haul trades, - namely vegetable oil shipments from South America and the deep-sea MR market from Southeast Asia to Med/Continent - are increasingly active. On the other hand, the demand across the inter-regional palm oil trade lanes has weakened.
The slow pace of enquiry to India and China for palm oils during the year end, has remained evident in the first days of 2015. A small number of car-goes in January and sporadic cargo enquiries already quoted for February, have resulted in increased availability of prompt tonnage and lower freight rates. The rates for Straits/WCI bss 10-12k shipments are between 29-31 US$/pmt and 27-29 US$/pmt bss 10-12k shipments to ECI.
Analysts say that recent major floods in high-producing palm oil areas of Malaysia, the world’s second-largest grower, will take a toll on the country’s outputs and they are likely to fall further. As such, and in view of increased exports due to the upcoming Chinese New Year festivities, we expect the market to experience some activity with a positive effect on freight rates.
While many traders expected hire-rates for long-haul MR trips to fall at the start of the year, the market has proved them wrong. The continuous delays in both new-building scheduled deliveries and ships discharging soft oils in India are the main factors that keep hire rate levels around 20,000-22,000 pd; with the higher rates being attributed to the ‘’ECO-MRs’’.
It is true however, that with a 40-50% drop on bunker prices over the last months, the operational cost advantage is not so evident for the latter, as charterers might end-up with a cheaper solution when taking a ‘’normal MR’’ at a lower hire rate. Finally 33-40,000 shipments to Continent are still earning around low 60 US$/pmt and 55 US$/pmt on voyage bss.
Overall, there has been a fair amount of activity out of South America for soya been oil exports during the start of the year. The driving forces behind this demand have been India and Europe while China has been almost obsolete. While the Atlantic CPP market is slightly cooling off, but still at healthy rates, there might be other ships apart from the non-CPP players and the older candidates, that would look at veg oil out of South America. As such, this might give charterers, the opportunity to push rates back.
The situation ex - Black Sea is similar. While the cross-Med CPP market has slightly softened, it is still far from poor and leaves owners with better earnings than a veg oil voyage. Despite increased activity towards all destinations, Westbound cargoes are preferable especially to ice-class candidates, as the ice-season has arrived; unless you are an Owner with older tonnage or have contractual commitments in the East. In any case, it seems that charterers will not get a very competitive rate, for either taking a higher-spec vessel West or taking a dedicated CPP trader East.
On a last note, it is certain that the continuous drop of bunker and crude oil prices will have a great impact on the shipping markets during 2015 as well. But to what extend this trend will continue translating into higher freight rates, is probably the right question to ask.
By: Stelios Kollintzas
Specialized Products Desk
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms. Eva Tzima
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 re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Tuesday, 10 March 15
OIL PRICE FORECASTING - IGNORE THE EXPERTS: COLIN MARSHALL
KNOWLEDGE TO ELEVATE
Experts put themselves on a pedestal, making claims to have special forecasting abilities for oil price trends. They, too ...
Tuesday, 10 March 15
FOB NEWCASTLE COAL SWAPS HEADING SOUTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery declined US$ 0.24 per MT (-0.47%) month over month and US$ 1.52 (-2.93%) we ...
Tuesday, 10 March 15
CFR SOUTH CHINA POWER-STATION COAL SWAPS DECLINE
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery fell US$ 0.42 (-0.74%) per MT month over month and declined US$ 1.00 &nbs ...
Monday, 09 March 15
INDONESIA GREETS INDIA RATE CUT AS GOOD FOR EXPORTS - GLOBEASIA
Indonesian commodity producers and economists have hailed the Indian central bank’s rate cut as good for boosting exports from Southeast Asia ...
Monday, 09 March 15
CHINA'S SUPREME COURT ISSUES NEW JUDICIAL INTERPRETATION ON SHIP ARREST AND JUDICIAL SALE OF SHIPS - GARD
KNOWLEDGE TO ELEVATE
China is not traditionally a popular jurisdiction for ship arrest. However, Members and clients with ships calling at por ...
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- Mjunction Services Limited - India
- VISA Power Limited - India
- Simpson Spence & Young - Indonesia
- IEA Clean Coal Centre - UK
- Kohat Cement Company Ltd. - Pakistan
- Thiess Contractors Indonesia
- Parry Sugars Refinery, India
- Ind-Barath Power Infra Limited - India
- San Jose City I Power Corp, Philippines
- Salva Resources Pvt Ltd - India
- Parliament of New Zealand
- Sarangani Energy Corporation, Philippines
- GMR Energy Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- The University of Queensland
- Madhucon Powers Ltd - India
- Aboitiz Power Corporation - Philippines
- Energy Development Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Interocean Group of Companies - India
- Kaltim Prima Coal - Indonesia
- Wood Mackenzie - Singapore
- IHS Mccloskey Coal Group - USA
- GVK Power & Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Tata Chemicals Ltd - India
- Uttam Galva Steels Limited - India
- Tamil Nadu electricity Board
- Petrochimia International Co. Ltd.- Taiwan
- Bhatia International Limited - India
- European Bulk Services B.V. - Netherlands
- Australian Commodity Traders Exchange
- Eastern Energy - Thailand
- Indogreen Group - Indonesia
- Georgia Ports Authority, United States
- Eastern Coal Council - USA
- Ministry of Transport, Egypt
- Petron Corporation, Philippines
- Bangladesh Power Developement Board
- Renaissance Capital - South Africa
- Star Paper Mills Limited - India
- Global Green Power PLC Corporation, Philippines
- Ambuja Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining and Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Essar Steel Hazira Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Africa Commodities Group - South Africa
- Posco Energy - South Korea
- Energy Link Ltd, New Zealand
- Chettinad Cement Corporation Ltd - India
- Kartika Selabumi Mining - Indonesia
- Medco Energi Mining Internasional
- Sree Jayajothi Cements Limited - India
- Cement Manufacturers Association - India
- Billiton Holdings Pty Ltd - Australia
- Dalmia Cement Bharat India
- Bulk Trading Sa - Switzerland
- Neyveli Lignite Corporation Ltd, - India
- Edison Trading Spa - Italy
- South Luzon Thermal Energy Corporation
- Price Waterhouse Coopers - Russia
- Siam City Cement PLC, Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Metalloyd Limited - United Kingdom
- Gujarat Sidhee Cement - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Holcim Trading Pte Ltd - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Global Business Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bhoruka Overseas - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Marubeni Corporation - India
- Independent Power Producers Association of India
- Barasentosa Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- CNBM International Corporation - China
- Jaiprakash Power Ventures ltd
- Australian Coal Association
- Rio Tinto Coal - Australia
- White Energy Company Limited
- Agrawal Coal Company - India
- Deloitte Consulting - India
- Intertek Mineral Services - Indonesia
- Siam City Cement - Thailand
- Orica Mining Services - Indonesia
- Bharathi Cement Corporation - India
- Sojitz Corporation - Japan
- Larsen & Toubro Limited - India
- Bhushan Steel Limited - India
- Commonwealth Bank - Australia
- Central Electricity Authority - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Heidelberg Cement - Germany
- Meralco Power Generation, Philippines
- SMG Consultants - Indonesia
- Pendopo Energi Batubara - Indonesia
- Oldendorff Carriers - Singapore
- Carbofer General Trading SA - India
- Anglo American - United Kingdom
- Economic Council, Georgia
- CIMB Investment Bank - Malaysia
- Formosa Plastics Group - Taiwan
- Thai Mozambique Logistica
- Indonesian Coal Mining Association
- Chamber of Mines of South Africa
- Indika Energy - Indonesia
- Altura Mining Limited, Indonesia
- TeaM Sual Corporation - Philippines
- Semirara Mining Corp, Philippines
- Power Finance Corporation Ltd., India
- Riau Bara Harum - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Banpu Public Company Limited - Thailand
- Kideco Jaya Agung - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Makarim & Taira - Indonesia
- Vedanta Resources Plc - India
- Aditya Birla Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Oil Corporation Limited
- The Treasury - Australian Government
- ASAPP Information Group - India
- Planning Commission, India
- Bukit Baiduri Energy - Indonesia
- Electricity Authority, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Sakthi Sugars Limited - India
- Xindia Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Vizag Seaport Private Limited - India
- Malabar Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Directorate Of Revenue Intelligence - India
- Standard Chartered Bank - UAE
- Electricity Generating Authority of Thailand
- Ministry of Finance - Indonesia
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- Sinarmas Energy and Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indo Tambangraya Megah - Indonesia
- Latin American Coal - Colombia
- Maharashtra Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Romanian Commodities Exchange
- PNOC Exploration Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- India Bulls Power Limited - India
- Videocon Industries ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- New Zealand Coal & Carbon
- Minerals Council of Australia
- Iligan Light & Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Ministry of Mines - Canada
- International Coal Ventures Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Orica Australia Pty. Ltd.
- Jindal Steel & Power Ltd - India
- Savvy Resources Ltd - HongKong
- PTC India Limited - India
- Maheswari Brothers Coal Limited - India
- Sindya Power Generating Company Private Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Baramulti Group, Indonesia
- Global Coal Blending Company Limited - Australia
- Kumho Petrochemical, South Korea
- SMC Global Power, Philippines
- Attock Cement Pakistan Limited
- Sical Logistics Limited - India
- London Commodity Brokers - England
- Therma Luzon, Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Trasteel International SA, Italy
- Timah Investasi Mineral - Indoneisa
- Coalindo Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Wilmar Investment Holdings
- Jorong Barutama Greston.PT - Indonesia
- Port Waratah Coal Services - Australia
- Karaikal Port Pvt Ltd - India
- Mintek Dendrill Indonesia
- Coastal Gujarat Power Limited - India
- McConnell Dowell - Australia
- Miang Besar Coal Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Indian Energy Exchange, India
- Rashtriya Ispat Nigam Limited - India
- MS Steel International - UAE
- Mercator Lines Limited - India
- Central Java Power - Indonesia
- Merrill Lynch Commodities Europe
- Kobexindo Tractors - Indoneisa
- Mercuria Energy - Indonesia
- Singapore Mercantile Exchange
- Toyota Tsusho Corporation, Japan
- Goldman Sachs - Singapore
- Samtan Co., Ltd - South Korea
- PowerSource Philippines DevCo
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate General of MIneral and Coal - Indonesia
- Grasim Industreis Ltd - India
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