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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 February 15
IRON ORE MARKET TO REMAIN OVERSUPPLIED IN 2015: PRICE FORECAST $70/T - WOOD MACKENZIE
COALspot.com: With January witnessing the price of iron ore falling to its lowest levels since May 2009, Roger Emslie, Principal Metals & ...
Tuesday, 10 February 15
SUB-BIT FOB INDONESIA COAL SWAP ADVANCES 3.79% WEEK ON WEEK
COALspot.com: Indonesian coal swaps for delivery Q2' 2015 rose week over week and month on month.
The Q2 swap up US$ 0.85 (+1.81%) month o ...
Tuesday, 10 February 15
FOB NEWCASTLE COAL SWAPS SURGE WEEK OVER WEEK, RAISING HOPES?
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery rose US$ 0.95 per MT (+1.91%) week over week and declined US$ 0.06 (-0.12%) ...
Monday, 09 February 15
AUSTRALIAN COAL PRODUCERS BEST POSITIONED IN OVERSUPPLIED MARKET; US MINES MOST AT RISK - WOOD MACKENZIE
In a 2015 global coal outlook report, Wood Mackenzie says that Australia and Indonesian coal suppliers will see some upside in the difficult months ...
Monday, 09 February 15
FOB RICHARDS BAY COAL SWAP GAINS 3.65% TO ONE-MONTH HIGH
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q2' 2015 surge month over month and day on day.
The Q2 swap has soared US$ 2.1 ...
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- Siam City Cement PLC, Thailand
- SMC Global Power, Philippines
- Leighton Contractors Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Energy Development Corp, Philippines
- Borneo Indobara - Indonesia
- Minerals Council of Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Electricity Authority - India
- Sree Jayajothi Cements Limited - India
- Agrawal Coal Company - India
- Bhushan Steel Limited - India
- IEA Clean Coal Centre - UK
- Formosa Plastics Group - Taiwan
- Manunggal Multi Energi - Indonesia
- Ambuja Cements Ltd - India
- Oldendorff Carriers - Singapore
- Port Waratah Coal Services - Australia
- Indika Energy - Indonesia
- ICICI Bank Limited - India
- Chamber of Mines of South Africa
- Planning Commission, India
- Posco Energy - South Korea
- Barasentosa Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Metalloyd Limited - United Kingdom
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- Wilmar Investment Holdings
- Gujarat Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Singapore Mercantile Exchange
- Kalimantan Lumbung Energi - Indonesia
- Antam Resourcindo - Indonesia
- International Coal Ventures Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- Mjunction Services Limited - India
- Mercator Lines Limited - India
- Pendopo Energi Batubara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aditya Birla Group - India
- Kumho Petrochemical, South Korea
- Parliament of New Zealand
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- TeaM Sual Corporation - Philippines
- Semirara Mining Corp, Philippines
- Ministry of Finance - Indonesia
- Romanian Commodities Exchange
- Kideco Jaya Agung - Indonesia
- Intertek Mineral Services - Indonesia
- Vizag Seaport Private Limited - India
- Carbofer General Trading SA - India
- Electricity Authority, New Zealand
- Global Coal Blending Company Limited - Australia
- Krishnapatnam Port Company Ltd. - India
- Savvy Resources Ltd - HongKong
- White Energy Company Limited
- Makarim & Taira - Indonesia
- Commonwealth Bank - Australia
- GAC Shipping (India) Pvt Ltd
- Lanco Infratech Ltd - India
- European Bulk Services B.V. - Netherlands
- Samtan Co., Ltd - South Korea
- Heidelberg Cement - Germany
- Kohat Cement Company Ltd. - Pakistan
- Essar Steel Hazira Ltd - India
- Thiess Contractors Indonesia
- Indogreen Group - Indonesia
- Bharathi Cement Corporation - India
- South Luzon Thermal Energy Corporation
- Central Java Power - Indonesia
- CNBM International Corporation - China
- Offshore Bulk Terminal Pte Ltd, Singapore
- MS Steel International - UAE
- Asmin Koalindo Tuhup - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- New Zealand Coal & Carbon
- Medco Energi Mining Internasional
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Indian Oil Corporation Limited
- Directorate Of Revenue Intelligence - India
- Coal and Oil Company - UAE
- Mintek Dendrill Indonesia
- Ministry of Transport, Egypt
- Toyota Tsusho Corporation, Japan
- Coastal Gujarat Power Limited - India
- Straits Asia Resources Limited - Singapore
- Indo Tambangraya Megah - Indonesia
- Larsen & Toubro Limited - India
- Binh Thuan Hamico - Vietnam
- LBH Netherlands Bv - Netherlands
- Bukit Makmur.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Petron Corporation, Philippines
- Latin American Coal - Colombia
- Karbindo Abesyapradhi - Indoneisa
- Meralco Power Generation, Philippines
- Jaiprakash Power Ventures ltd
- Parry Sugars Refinery, India
- Global Business Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Economic Council, Georgia
- Standard Chartered Bank - UAE
- Bhatia International Limited - India
- Electricity Generating Authority of Thailand
- London Commodity Brokers - England
- Thai Mozambique Logistica
- Maheswari Brothers Coal Limited - India
- Sical Logistics Limited - India
- Rashtriya Ispat Nigam Limited - India
- PowerSource Philippines DevCo
- Sinarmas Energy and Mining - Indonesia
- PTC India Limited - India
- Attock Cement Pakistan Limited
- IHS Mccloskey Coal Group - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Miang Besar Coal Terminal - Indonesia
- Madhucon Powers Ltd - India
- The State Trading Corporation of India Ltd
- PetroVietnam Power Coal Import and Supply Company
- Baramulti Group, Indonesia
- Grasim Industreis Ltd - India
- Kepco SPC Power Corporation, Philippines
- Ministry of Mines - Canada
- Directorate General of MIneral and Coal - Indonesia
- Vedanta Resources Plc - India
- Orica Australia Pty. Ltd.
- Eastern Coal Council - USA
- Bulk Trading Sa - Switzerland
- TNB Fuel Sdn Bhd - Malaysia
- Anglo American - United Kingdom
- The University of Queensland
- McConnell Dowell - Australia
- VISA Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Mercuria Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Chettinad Cement Corporation Ltd - India
- Meenaskhi Energy Private Limited - India
- Videocon Industries ltd - India
- Iligan Light & Power Inc, Philippines
- ASAPP Information Group - India
- Africa Commodities Group - South Africa
- Globalindo Alam Lestari - Indonesia
- Renaissance Capital - South Africa
- Aboitiz Power Corporation - Philippines
- Interocean Group of Companies - India
- Bhoruka Overseas - Indonesia
- Deloitte Consulting - India
- OPG Power Generation Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Independent Power Producers Association of India
- Sarangani Energy Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Wood Mackenzie - Singapore
- Edison Trading Spa - Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Trasteel International SA, Italy
- PNOC Exploration Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- GVK Power & Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Rio Tinto Coal - Australia
- Billiton Holdings Pty Ltd - Australia
- The Treasury - Australian Government
- Orica Mining Services - Indonesia
- Goldman Sachs - Singapore
- Cigading International Bulk Terminal - Indonesia
- Malabar Cements Ltd - India
- Indian Energy Exchange, India
- Altura Mining Limited, Indonesia
- Uttam Galva Steels Limited - India
- Australian Commodity Traders Exchange
- Global Green Power PLC Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Sojitz Corporation - Japan
- Dalmia Cement Bharat India
- Georgia Ports Authority, United States
- SN Aboitiz Power Inc, Philippines
- Tamil Nadu electricity Board
- India Bulls Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Bangladesh Power Developement Board
- Gujarat Sidhee Cement - India
- Xindia Steels Limited - India
- Australian Coal Association
- Banpu Public Company Limited - Thailand
- Salva Resources Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Simpson Spence & Young - Indonesia
- Cement Manufacturers Association - India
- SMG Consultants - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Ind-Barath Power Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- GMR Energy Limited - India
- Therma Luzon, Inc, Philippines
- San Jose City I Power Corp, Philippines
- Eastern Energy - Thailand
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Ceylon Electricity Board - Sri Lanka
- Indonesian Coal Mining Association
- Siam City Cement - Thailand
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