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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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Sunday, 15 February 15
BALTIC DRY INDEX CONTINUALLY DIPPED IN RED
COALspot.com: The Baltic Dry Index continues its decline and fell 5.18 pct to 530 points week on week due to falling commodity prices and declining ...
Saturday, 14 February 15
SHALE GAS AND TIGHT OIL ARE COMMERCIALLY PRODUCED IN JUST FOUR COUNTRIES - EIA
KNOWLEDGE TO ELEVATE
The United States, Canada, China, and Argentina are currently the only four countries in the world that are producing com ...
Friday, 13 February 15
U.S. WEEKLY COAL PRODUCTION SHOWS 10% DECLINE
COALspot.com – United States the world's one of the largest coal producers, produced approximately 18.1 million short tons (mmst) of coal ...
Friday, 13 February 15
SMALL AND MEDIUM-SIZED SHIP OWNERS SQUEEZED OUT OF THE MARKET ON CRASHING DRY BULK MARKET AND EUROZONE CRISIS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Financing issues have started to tighten the noose in the throats of small and medium-size ship owners, who were already facing problems over the p ...
Thursday, 12 February 15
CAPESIZE: THE BEST DESCRIPTION FOR THE MARKET IS, FLAT - FEARNRESEARCH
Handy
The handy and supra market is also being affected by the marginal volume of activity in the commodity sales. We see a small upturn in the T ...
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- Bahari Cakrawala Sebuku - Indonesia
- Essar Steel Hazira Ltd - India
- Ambuja Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Ministry of Mines - Canada
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- San Jose City I Power Corp, Philippines
- Central Java Power - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Videocon Industries ltd - India
- SMG Consultants - Indonesia
- Carbofer General Trading SA - India
- SN Aboitiz Power Inc, Philippines
- Vedanta Resources Plc - India
- VISA Power Limited - India
- Port Waratah Coal Services - Australia
- Indian Oil Corporation Limited
- Goldman Sachs - Singapore
- Siam City Cement PLC, Thailand
- LBH Netherlands Bv - Netherlands
- Kaltim Prima Coal - Indonesia
- Star Paper Mills Limited - India
- Parliament of New Zealand
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- Toyota Tsusho Corporation, Japan
- GVK Power & Infra Limited - India
- IEA Clean Coal Centre - UK
- Aditya Birla Group - India
- Edison Trading Spa - Italy
- Salva Resources Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Vizag Seaport Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- New Zealand Coal & Carbon
- Romanian Commodities Exchange
- Kobexindo Tractors - Indoneisa
- Standard Chartered Bank - UAE
- The Treasury - Australian Government
- Karaikal Port Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining Corp, Philippines
- Power Finance Corporation Ltd., India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jaiprakash Power Ventures ltd
- Mjunction Services Limited - India
- Electricity Generating Authority of Thailand
- CNBM International Corporation - China
- Australian Commodity Traders Exchange
- Indo Tambangraya Megah - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- SMC Global Power, Philippines
- Riau Bara Harum - Indonesia
- Sojitz Corporation - Japan
- Baramulti Group, Indonesia
- Metalloyd Limited - United Kingdom
- Formosa Plastics Group - Taiwan
- Malabar Cements Ltd - India
- Bhushan Steel Limited - India
- Rio Tinto Coal - Australia
- Bhatia International Limited - India
- ICICI Bank Limited - India
- Mercator Lines Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement - Thailand
- Simpson Spence & Young - Indonesia
- Renaissance Capital - South Africa
- Planning Commission, India
- Banpu Public Company Limited - Thailand
- Therma Luzon, Inc, Philippines
- Trasteel International SA, Italy
- Energy Link Ltd, New Zealand
- Price Waterhouse Coopers - Russia
- Bangladesh Power Developement Board
- PowerSource Philippines DevCo
- Bharathi Cement Corporation - India
- South Luzon Thermal Energy Corporation
- PetroVietnam Power Coal Import and Supply Company
- Anglo American - United Kingdom
- McConnell Dowell - Australia
- Kepco SPC Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- India Bulls Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Meralco Power Generation, Philippines
- Binh Thuan Hamico - Vietnam
- Economic Council, Georgia
- Tata Chemicals Ltd - India
- Oldendorff Carriers - Singapore
- Interocean Group of Companies - India
- Singapore Mercantile Exchange
- Indian Energy Exchange, India
- Gujarat Mineral Development Corp Ltd - India
- Lanco Infratech Ltd - India
- Bhoruka Overseas - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Thiess Contractors Indonesia
- Kumho Petrochemical, South Korea
- Latin American Coal - Colombia
- Dalmia Cement Bharat India
- Sarangani Energy Corporation, Philippines
- London Commodity Brokers - England
- Wood Mackenzie - Singapore
- Kapuas Tunggal Persada - Indonesia
- Jindal Steel & Power Ltd - India
- Timah Investasi Mineral - Indoneisa
- Maheswari Brothers Coal Limited - India
- GAC Shipping (India) Pvt Ltd
- Meenaskhi Energy Private Limited - India
- Coastal Gujarat Power Limited - India
- Mintek Dendrill Indonesia
- Deloitte Consulting - India
- GMR Energy Limited - India
- The University of Queensland
- Sree Jayajothi Cements Limited - India
- Agrawal Coal Company - India
- Borneo Indobara - Indonesia
- Minerals Council of Australia
- Ind-Barath Power Infra Limited - India
- MS Steel International - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Neyveli Lignite Corporation Ltd, - India
- Mercuria Energy - Indonesia
- PTC India Limited - India
- OPG Power Generation Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Africa Commodities Group - South Africa
- Intertek Mineral Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Finance - Indonesia
- Orica Mining Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Coal and Oil Company - UAE
- Iligan Light & Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Xindia Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- White Energy Company Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Authority, New Zealand
- Australian Coal Association
- Manunggal Multi Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Indika Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Petron Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- TeaM Sual Corporation - Philippines
- Grasim Industreis Ltd - India
- Barasentosa Lestari - Indonesia
- Ministry of Transport, Egypt
- Leighton Contractors Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Georgia Ports Authority, United States
- Bulk Trading Sa - Switzerland
- Petrochimia International Co. Ltd.- Taiwan
- Altura Mining Limited, Indonesia
- Sakthi Sugars Limited - India
- Miang Besar Coal Terminal - Indonesia
- Cement Manufacturers Association - India
- Holcim Trading Pte Ltd - Singapore
- Kideco Jaya Agung - Indonesia
- Madhucon Powers Ltd - India
- IHS Mccloskey Coal Group - USA
- Wilmar Investment Holdings
- Chettinad Cement Corporation Ltd - India
- Parry Sugars Refinery, India
- GN Power Mariveles Coal Plant, Philippines
- Chamber of Mines of South Africa
- Marubeni Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maharashtra Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Rashtriya Ispat Nigam Limited - India
- AsiaOL BioFuels Corp., Philippines
- ASAPP Information Group - India
- Central Electricity Authority - India
- Sinarmas Energy and Mining - Indonesia
- Larsen & Toubro Limited - India
- Merrill Lynch Commodities Europe
- Energy Development Corp, Philippines
- Posco Energy - South Korea
- Thai Mozambique Logistica
- Pipit Mutiara Jaya. PT, Indonesia
- Sindya Power Generating Company Private Ltd
- The State Trading Corporation of India Ltd
- Straits Asia Resources Limited - Singapore
- Indonesian Coal Mining Association
- Eastern Coal Council - USA
- Commonwealth Bank - Australia
- Global Green Power PLC Corporation, Philippines
- Makarim & Taira - Indonesia
- Directorate Of Revenue Intelligence - India
- European Bulk Services B.V. - Netherlands
- Savvy Resources Ltd - HongKong
- CIMB Investment Bank - Malaysia
- Gujarat Sidhee Cement - India
- PNOC Exploration Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Eastern Energy - Thailand
- Medco Energi Mining Internasional
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