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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.
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Thursday, 05 March 15
INDIA WILL BE THE LARGEST DRIVER OF GLOBAL SEABORNE COKING COAL DEMAND GROWTH IN 2015 - WOOD MACKENZIE
Global demand growth will remain weak because of China’s negative demand growth.
COALspot.com: At Coaltrans India, Wood Mackenzie says I ...
Thursday, 05 March 15
BUKIT ASAM BOOKED US$ 1 BILLION REVENUE IN 2014
COALspot.com: Indonesian publicly listed and state owned coal miner PT. Bukit Asam, has announced that, the revenue of the company for the period J ...
Wednesday, 04 March 15
AN AGENDA FOR CHANGE - FITCH INDONESIA CONFERENCE
Fitch Indonesia Conference - 5 March 2015
Fitch Ratings will host its annual Indonesia conference on 5 March 2015.
The theme of this year ...
Wednesday, 04 March 15
KEEP CALM AND INVEST IN DRY - THEODORE NTALAKOS
Keep Calm and Carry On was originally a motivational poster, intended to raise the morale of the British public, produced by the British government ...
Tuesday, 03 March 15
INDONESIAN COAL EXPORT VOLUME TO DECLINE 50% BY 2019
COALspot.com: The Indonesian government is planning to reduce coal export volume by 50% within the next five years while keeping its coal productio ...
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- New Zealand Coal & Carbon
- India Bulls Power Limited - India
- Mercuria Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Indonesian Coal Mining Association
- Videocon Industries ltd - India
- Baramulti Group, Indonesia
- AsiaOL BioFuels Corp., Philippines
- White Energy Company Limited
- Marubeni Corporation - India
- Kartika Selabumi Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Meenaskhi Energy Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- SMG Consultants - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Heidelberg Cement - Germany
- Coalindo Energy - Indonesia
- Price Waterhouse Coopers - Russia
- McConnell Dowell - Australia
- Chamber of Mines of South Africa
- Medco Energi Mining Internasional
- Vijayanagar Sugar Pvt Ltd - India
- Independent Power Producers Association of India
- Sindya Power Generating Company Private Ltd
- Timah Investasi Mineral - Indoneisa
- Metalloyd Limited - United Kingdom
- San Jose City I Power Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kalimantan Lumbung Energi - Indonesia
- Carbofer General Trading SA - India
- Meralco Power Generation, Philippines
- Mjunction Services Limited - India
- Madhucon Powers Ltd - India
- Tata Chemicals Ltd - India
- Coal and Oil Company - UAE
- Indogreen Group - Indonesia
- Kaltim Prima Coal - Indonesia
- Deloitte Consulting - India
- Asmin Koalindo Tuhup - Indonesia
- Intertek Mineral Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Goldman Sachs - Singapore
- Makarim & Taira - Indonesia
- GMR Energy Limited - India
- Essar Steel Hazira Ltd - India
- Ministry of Mines - Canada
- Ambuja Cements Ltd - India
- Tamil Nadu electricity Board
- Standard Chartered Bank - UAE
- Ministry of Transport, Egypt
- Interocean Group of Companies - India
- Karbindo Abesyapradhi - Indoneisa
- Grasim Industreis Ltd - India
- Xindia Steels Limited - India
- Central Electricity Authority - India
- Ind-Barath Power Infra Limited - India
- TeaM Sual Corporation - Philippines
- Vedanta Resources Plc - India
- Parliament of New Zealand
- ASAPP Information Group - India
- Chettinad Cement Corporation Ltd - India
- PTC India Limited - India
- MS Steel International - UAE
- Commonwealth Bank - Australia
- Sojitz Corporation - Japan
- Agrawal Coal Company - India
- Semirara Mining Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Bharathi Cement Corporation - India
- Star Paper Mills Limited - India
- Indian Oil Corporation Limited
- Holcim Trading Pte Ltd - Singapore
- Lanco Infratech Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Bukit Baiduri Energy - Indonesia
- Orica Australia Pty. Ltd.
- Posco Energy - South Korea
- Rio Tinto Coal - Australia
- Binh Thuan Hamico - Vietnam
- Kideco Jaya Agung - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Orica Mining Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Global Business Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Sree Jayajothi Cements Limited - India
- Cement Manufacturers Association - India
- PetroVietnam Power Coal Import and Supply Company
- Port Waratah Coal Services - Australia
- IEA Clean Coal Centre - UK
- Jaiprakash Power Ventures ltd
- Alfred C Toepfer International GmbH - Germany
- SMC Global Power, Philippines
- CNBM International Corporation - China
- London Commodity Brokers - England
- VISA Power Limited - India
- Uttam Galva Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Petrochimia International Co. Ltd.- Taiwan
- Attock Cement Pakistan Limited
- GAC Shipping (India) Pvt Ltd
- Sarangani Energy Corporation, Philippines
- Sical Logistics Limited - India
- Leighton Contractors Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Makmur.PT - Indonesia
- Australian Coal Association
- Siam City Cement PLC, Thailand
- The State Trading Corporation of India Ltd
- Cigading International Bulk Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Globalindo Alam Lestari - Indonesia
- Aditya Birla Group - India
- Planning Commission, India
- CIMB Investment Bank - Malaysia
- Malabar Cements Ltd - India
- Antam Resourcindo - Indonesia
- Maheswari Brothers Coal Limited - India
- The University of Queensland
- Georgia Ports Authority, United States
- Thiess Contractors Indonesia
- Siam City Cement - Thailand
- Toyota Tsusho Corporation, Japan
- Bangladesh Power Developement Board
- Edison Trading Spa - Italy
- Kohat Cement Company Ltd. - Pakistan
- Larsen & Toubro Limited - India
- PowerSource Philippines DevCo
- Thai Mozambique Logistica
- Kobexindo Tractors - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Ministry of Finance - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhatia International Limited - India
- Wilmar Investment Holdings
- Formosa Plastics Group - Taiwan
- Parry Sugars Refinery, India
- Miang Besar Coal Terminal - Indonesia
- Eastern Coal Council - USA
- Gujarat Sidhee Cement - India
- LBH Netherlands Bv - Netherlands
- The Treasury - Australian Government
- PNOC Exploration Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Therma Luzon, Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Barasentosa Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Kumho Petrochemical, South Korea
- Bhushan Steel Limited - India
- Eastern Energy - Thailand
- Australian Commodity Traders Exchange
- Minerals Council of Australia
- Trasteel International SA, Italy
- ICICI Bank Limited - India
- Indo Tambangraya Megah - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Mineral Development Corp Ltd - India
- Simpson Spence & Young - Indonesia
- Energy Link Ltd, New Zealand
- Romanian Commodities Exchange
- Mintek Dendrill Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Africa Commodities Group - South Africa
- Energy Development Corp, Philippines
- Indian Energy Exchange, India
- Straits Asia Resources Limited - Singapore
- Riau Bara Harum - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Wood Mackenzie - Singapore
- Sakthi Sugars Limited - India
- Oldendorff Carriers - Singapore
- Sinarmas Energy and Mining - Indonesia
- Electricity Generating Authority of Thailand
- Jindal Steel & Power Ltd - India
- GVK Power & Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Dalmia Cement Bharat India
- Renaissance Capital - South Africa
- Central Java Power - Indonesia
- Savvy Resources Ltd - HongKong
- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
- Aboitiz Power Corporation - Philippines
- Altura Mining Limited, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Pendopo Energi Batubara - Indonesia
- Banpu Public Company Limited - Thailand
- Petron Corporation, Philippines
- Latin American Coal - Colombia
- Kepco SPC Power Corporation, Philippines
- Economic Council, Georgia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Electricity Authority, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Global Green Power PLC Corporation, Philippines
- Borneo Indobara - Indonesia
- Singapore Mercantile Exchange
- Indika Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
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