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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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Thursday, 26 February 15
DRY BULK MARKET LOOKING FOR POSITIVE MOMENTUM, BUT PROSPECTS REMAIN DIM - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
As the Baltic Dry Index (BDI) inched a bit higher over the past couple of sessions and the Chinese are returning to the market after a week long hi ...
Wednesday, 25 February 15
PORT OF NEWCASTLE SHIPPED 13.16MT OF COAL IN JANUARY; DECLINED 16.70% FROM A MONTH AGO
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1.15 billio ...
Wednesday, 25 February 15
BDI SLIPPING ONCE MORE TO FRESH HISTORICAL LOWS
COALspot.com: With the BDI slipping once more to fresh historical lows and the Chinese holidays underway, signs for a positive reversal in the Dry ...
Tuesday, 24 February 15
FOB INDONESIA COAL SWAP SET TO RALLY
COALspot.com: Indonesian coal swaps for delivery Q2' 2015 rose week over week and month on month.
The Q2 swap increased US$ 3.30 (+7.30%) ...
Tuesday, 24 February 15
Q3' FOB RICHARDS BAY COAL SWAP CLOSED $59.80 W/E 20 FEB
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q2' 2015 surge month over month and decline week on week.
The Q2 swap has soar ...
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- Jorong Barutama Greston.PT - Indonesia
- Independent Power Producers Association of India
- Kobexindo Tractors - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Grasim Industreis Ltd - India
- Metalloyd Limited - United Kingdom
- ICICI Bank Limited - India
- Coal and Oil Company - UAE
- PetroVietnam Power Coal Import and Supply Company
- PowerSource Philippines DevCo
- Maheswari Brothers Coal Limited - India
- GVK Power & Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Carbofer General Trading SA - India
- Binh Thuan Hamico - Vietnam
- Bangladesh Power Developement Board
- Rashtriya Ispat Nigam Limited - India
- Goldman Sachs - Singapore
- Georgia Ports Authority, United States
- Eastern Energy - Thailand
- South Luzon Thermal Energy Corporation
- Madhucon Powers Ltd - India
- Salva Resources Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Antam Resourcindo - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Tata Chemicals Ltd - India
- Sical Logistics Limited - India
- Kumho Petrochemical, South Korea
- European Bulk Services B.V. - Netherlands
- Marubeni Corporation - India
- Port Waratah Coal Services - Australia
- SN Aboitiz Power Inc, Philippines
- Sakthi Sugars Limited - India
- Power Finance Corporation Ltd., India
- IEA Clean Coal Centre - UK
- Kideco Jaya Agung - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Latin American Coal - Colombia
- Commonwealth Bank - Australia
- SMG Consultants - Indonesia
- Formosa Plastics Group - Taiwan
- Mintek Dendrill Indonesia
- Jaiprakash Power Ventures ltd
- Energy Link Ltd, New Zealand
- Renaissance Capital - South Africa
- Ministry of Finance - Indonesia
- Dalmia Cement Bharat India
- Gujarat Sidhee Cement - India
- Mjunction Services Limited - India
- Thai Mozambique Logistica
- Iligan Light & Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
- Minerals Council of Australia
- McConnell Dowell - Australia
- Baramulti Group, Indonesia
- Price Waterhouse Coopers - Russia
- Ceylon Electricity Board - Sri Lanka
- Anglo American - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Global Business Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Samtan Co., Ltd - South Korea
- Petron Corporation, Philippines
- Uttam Galva Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Straits Asia Resources Limited - Singapore
- Economic Council, Georgia
- Bahari Cakrawala Sebuku - Indonesia
- Agrawal Coal Company - India
- CIMB Investment Bank - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Thiess Contractors Indonesia
- Trasteel International SA, Italy
- Coastal Gujarat Power Limited - India
- Cement Manufacturers Association - India
- Indogreen Group - Indonesia
- Bhatia International Limited - India
- Directorate General of MIneral and Coal - Indonesia
- White Energy Company Limited
- Lanco Infratech Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining Corp, Philippines
- Meralco Power Generation, Philippines
- Merrill Lynch Commodities Europe
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indika Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Star Paper Mills Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- VISA Power Limited - India
- Toyota Tsusho Corporation, Japan
- Africa Commodities Group - South Africa
- Krishnapatnam Port Company Ltd. - India
- New Zealand Coal & Carbon
- Deloitte Consulting - India
- Xindia Steels Limited - India
- ASAPP Information Group - India
- Bayan Resources Tbk. - Indonesia
- Vedanta Resources Plc - India
- Vizag Seaport Private Limited - India
- Interocean Group of Companies - India
- Semirara Mining and Power Corporation, Philippines
- Heidelberg Cement - Germany
- Savvy Resources Ltd - HongKong
- Australian Coal Association
- Essar Steel Hazira Ltd - India
- Timah Investasi Mineral - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Central Java Power - Indonesia
- Makarim & Taira - Indonesia
- Borneo Indobara - Indonesia
- Videocon Industries ltd - India
- CNBM International Corporation - China
- Holcim Trading Pte Ltd - Singapore
- Sree Jayajothi Cements Limited - India
- Bhoruka Overseas - Indonesia
- MS Steel International - UAE
- Indian Oil Corporation Limited
- Edison Trading Spa - Italy
- Standard Chartered Bank - UAE
- Orica Mining Services - Indonesia
- Electricity Generating Authority of Thailand
- Parry Sugars Refinery, India
- Parliament of New Zealand
- LBH Netherlands Bv - Netherlands
- Aditya Birla Group - India
- Coalindo Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Attock Cement Pakistan Limited
- Wilmar Investment Holdings
- Orica Australia Pty. Ltd.
- Posco Energy - South Korea
- Intertek Mineral Services - Indonesia
- Indian Energy Exchange, India
- Wood Mackenzie - Singapore
- SMC Global Power, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Rio Tinto Coal - Australia
- Neyveli Lignite Corporation Ltd, - India
- Medco Energi Mining Internasional
- GMR Energy Limited - India
- The State Trading Corporation of India Ltd
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Chamber of Mines of South Africa
- Energy Development Corp, Philippines
- San Jose City I Power Corp, Philippines
- Mercuria Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Malabar Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Indo Tambangraya Megah - Indonesia
- London Commodity Brokers - England
- PNOC Exploration Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Mercator Lines Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Bharathi Cement Corporation - India
- International Coal Ventures Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Planning Commission, India
- Tamil Nadu electricity Board
- Directorate Of Revenue Intelligence - India
- Central Electricity Authority - India
- GN Power Mariveles Coal Plant, Philippines
- The Treasury - Australian Government
- Bukit Makmur.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Global Coal Blending Company Limited - Australia
- Australian Commodity Traders Exchange
- Maharashtra Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- India Bulls Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Siam City Cement - Thailand
- Kepco SPC Power Corporation, Philippines
- Ministry of Transport, Egypt
- Bhushan Steel Limited - India
- Simpson Spence & Young - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Oldendorff Carriers - Singapore
- PTC India Limited - India
- Indonesian Coal Mining Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sindya Power Generating Company Private Ltd
- Karaikal Port Pvt Ltd - India
- Eastern Coal Council - USA
- Romanian Commodities Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- The University of Queensland
- Meenaskhi Energy Private Limited - India
- Ministry of Mines - Canada
- Bukit Baiduri Energy - Indonesia
- Larsen & Toubro Limited - India
- Ind-Barath Power Infra Limited - India
- Jindal Steel & Power Ltd - India
- Electricity Authority, New Zealand
- Bulk Trading Sa - Switzerland
- Singapore Mercantile Exchange
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