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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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Monday, 02 February 15
INDONESIA'S ADARO ENERGY PRODUCED 56.21 MILLION TONNES OF COAL IN 2014; UP 8% Y-O-Y
COALspot.com: PT. Adaro Energy, Indonesia’s largest coal producer, has increased coal production by 8% to 56.21 million tonnes (Mt) from both ...
Monday, 02 February 15
API 8 CFR SOUTH CHINA COAL SWAP PICKS UP W-O-W
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery declined US$ 0.81 (-1.36%) per MT month over month and gained US$ 0.18&nb ...
Monday, 02 February 15
SOUTH KOREA'S KOMIPO INVITES BIDS FOR 280K MT OF SUB-BITUMINOUS COAL
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender to buy total 280,000 MT of Sub-bituminous coal coa ...
Sunday, 01 February 15
INDONESIA-TO-INDIA COAL FREIGHT RATES REMAIN WEAK NEXT WEEK
COALspot.com: The BDI continued its fall reached lowest levels since 1986 this week.
The BDI declined 15.55 pct to 608 points on Friday 30, Ja ...
Friday, 30 January 15
CONTANGO AND TANKERS - SKULD
KNOWLEDGE TO ELEVATE
Like an invitation to a dance, the word contango may have some people flustered, but for tanker owners this market phenome ...
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- Bangladesh Power Developement Board
- Miang Besar Coal Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- IEA Clean Coal Centre - UK
- Lanco Infratech Ltd - India
- Altura Mining Limited, Indonesia
- Chettinad Cement Corporation Ltd - India
- Electricity Authority, New Zealand
- ASAPP Information Group - India
- Medco Energi Mining Internasional
- Vizag Seaport Private Limited - India
- Meenaskhi Energy Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Indian Energy Exchange, India
- Kartika Selabumi Mining - Indonesia
- Semirara Mining Corp, Philippines
- Bhoruka Overseas - Indonesia
- Marubeni Corporation - India
- Coalindo Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Asmin Koalindo Tuhup - Indonesia
- IHS Mccloskey Coal Group - USA
- Global Green Power PLC Corporation, Philippines
- Vedanta Resources Plc - India
- Sojitz Corporation - Japan
- Siam City Cement - Thailand
- Independent Power Producers Association of India
- Directorate General of MIneral and Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bharathi Cement Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Latin American Coal - Colombia
- Eastern Coal Council - USA
- GN Power Mariveles Coal Plant, Philippines
- Uttam Galva Steels Limited - India
- Parry Sugars Refinery, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Trasteel International SA, Italy
- Pipit Mutiara Jaya. PT, Indonesia
- The Treasury - Australian Government
- Neyveli Lignite Corporation Ltd, - India
- Samtan Co., Ltd - South Korea
- Deloitte Consulting - India
- Coastal Gujarat Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Bukit Baiduri Energy - Indonesia
- SMG Consultants - Indonesia
- Indian Oil Corporation Limited
- Toyota Tsusho Corporation, Japan
- Rashtriya Ispat Nigam Limited - India
- Kepco SPC Power Corporation, Philippines
- MS Steel International - UAE
- Antam Resourcindo - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Wood Mackenzie - Singapore
- Gujarat Sidhee Cement - India
- Madhucon Powers Ltd - India
- Heidelberg Cement - Germany
- Baramulti Group, Indonesia
- Ministry of Finance - Indonesia
- Tamil Nadu electricity Board
- SMC Global Power, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Barasentosa Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Jindal Steel & Power Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Makmur.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- Posco Energy - South Korea
- Bhatia International Limited - India
- Australian Coal Association
- TNB Fuel Sdn Bhd - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Cement Manufacturers Association - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Carbofer General Trading SA - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement PLC, Thailand
- Planning Commission, India
- Indogreen Group - Indonesia
- CIMB Investment Bank - Malaysia
- Central Electricity Authority - India
- Metalloyd Limited - United Kingdom
- International Coal Ventures Pvt Ltd - India
- India Bulls Power Limited - India
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- Goldman Sachs - Singapore
- Ceylon Electricity Board - Sri Lanka
- Petrochimia International Co. Ltd.- Taiwan
- Orica Mining Services - Indonesia
- Bhushan Steel Limited - India
- Iligan Light & Power Inc, Philippines
- Borneo Indobara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Parliament of New Zealand
- Eastern Energy - Thailand
- Thai Mozambique Logistica
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- New Zealand Coal & Carbon
- Ind-Barath Power Infra Limited - India
- Riau Bara Harum - Indonesia
- PowerSource Philippines DevCo
- Indika Energy - Indonesia
- Energy Link Ltd, New Zealand
- GAC Shipping (India) Pvt Ltd
- ICICI Bank Limited - India
- Intertek Mineral Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Indonesian Coal Mining Association
- Savvy Resources Ltd - HongKong
- Binh Thuan Hamico - Vietnam
- Bulk Trading Sa - Switzerland
- Central Java Power - Indonesia
- Grasim Industreis Ltd - India
- VISA Power Limited - India
- Ministry of Mines - Canada
- Port Waratah Coal Services - Australia
- Mercuria Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Simpson Spence & Young - Indonesia
- Ministry of Transport, Egypt
- The University of Queensland
- Karaikal Port Pvt Ltd - India
- Petron Corporation, Philippines
- Africa Commodities Group - South Africa
- Malabar Cements Ltd - India
- Orica Australia Pty. Ltd.
- Sakthi Sugars Limited - India
- Georgia Ports Authority, United States
- McConnell Dowell - Australia
- Salva Resources Pvt Ltd - India
- Kumho Petrochemical, South Korea
- San Jose City I Power Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Formosa Plastics Group - Taiwan
- Meralco Power Generation, Philippines
- PNOC Exploration Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Wilmar Investment Holdings
- Agrawal Coal Company - India
- South Luzon Thermal Energy Corporation
- Mercator Lines Limited - India
- Economic Council, Georgia
- Commonwealth Bank - Australia
- Merrill Lynch Commodities Europe
- Globalindo Alam Lestari - Indonesia
- Romanian Commodities Exchange
- Manunggal Multi Energi - Indonesia
- Banpu Public Company Limited - Thailand
- London Commodity Brokers - England
- GVK Power & Infra Limited - India
- Minerals Council of Australia
- Xindia Steels Limited - India
- Mintek Dendrill Indonesia
- Electricity Generating Authority of Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- White Energy Company Limited
- Attock Cement Pakistan Limited
- GMR Energy Limited - India
- Price Waterhouse Coopers - Russia
- Mjunction Services Limited - India
- Standard Chartered Bank - UAE
- Aditya Birla Group - India
- Holcim Trading Pte Ltd - Singapore
- Krishnapatnam Port Company Ltd. - India
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- Interocean Group of Companies - India
- Australian Commodity Traders Exchange
- Anglo American - United Kingdom
- Directorate Of Revenue Intelligence - India
- Renaissance Capital - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Therma Luzon, Inc, Philippines
- Star Paper Mills Limited - India
- Kobexindo Tractors - Indoneisa
- Tata Chemicals Ltd - India
- LBH Netherlands Bv - Netherlands
- Dalmia Cement Bharat India
- Makarim & Taira - Indonesia
- Bayan Resources Tbk. - Indonesia
- Edison Trading Spa - Italy
- Essar Steel Hazira Ltd - India
- SN Aboitiz Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Jaiprakash Power Ventures ltd
- Kalimantan Lumbung Energi - Indonesia
- The State Trading Corporation of India Ltd
- Videocon Industries ltd - India
- Oldendorff Carriers - Singapore
- Sical Logistics Limited - India
- Energy Development Corp, Philippines
- Rio Tinto Coal - Australia
- Coal and Oil Company - UAE
- Thiess Contractors Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Larsen & Toubro Limited - India
- Kaltim Prima Coal - Indonesia
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