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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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Friday, 30 January 15
U.S. YEAR-TO-DATE COAL PRODUCTION REACHED 65.7 MMST
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.9 million short tons (mmst) of coal ...
Friday, 30 January 15
CAN BULKER CONVERSIONS SPOIL THE TANKER MARKET'S PARTY? - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Oversupply of tonnage has always been in the back of the head of ship owners when it comes to taking advantage of favorable market conditions. As s ...
Thursday, 29 January 15
CHINA ENERGY DEMAND MUST BE REVIEWED DUE TO FUNDAMENTAL ECONOMIC CHANGES - WOOD MACKENZIE
New patterns emerging as energy demand growth decoupled significantly from GDP growth for the first time in 2014
Wood Mackenzie says 2014 was ...
Thursday, 29 January 15
CAPE MARKET IS STILL STRUGGLING WITH LOW DEMAND AND LOW COMMODITY PRICES
Handy
Supramax rates are heading south with slipping rates all across the block. USG activity is slow with mid-week levels in the mid 8.000s, Fea ...
Wednesday, 28 January 15
CAPES CONTINUED THEIR UPWARD MOVEMENT LAST WEEK - INTERMODAL
COALspot.com: The Dry Bulk market displayed a mirror performance of that of the week prior, with the Capesize market correcting further upwards and ...
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- Bhoruka Overseas - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kumho Petrochemical, South Korea
- Energy Development Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Wilmar Investment Holdings
- Meralco Power Generation, Philippines
- Coastal Gujarat Power Limited - India
- LBH Netherlands Bv - Netherlands
- Port Waratah Coal Services - Australia
- Mercator Lines Limited - India
- Agrawal Coal Company - India
- Malabar Cements Ltd - India
- Baramulti Group, Indonesia
- Antam Resourcindo - Indonesia
- Attock Cement Pakistan Limited
- Indonesian Coal Mining Association
- Gujarat Sidhee Cement - India
- Gujarat Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- The Treasury - Australian Government
- Latin American Coal - Colombia
- Carbofer General Trading SA - India
- Merrill Lynch Commodities Europe
- Independent Power Producers Association of India
- Petron Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Heidelberg Cement - Germany
- Global Coal Blending Company Limited - Australia
- Lanco Infratech Ltd - India
- Kideco Jaya Agung - Indonesia
- Orica Australia Pty. Ltd.
- Goldman Sachs - Singapore
- Bukit Makmur.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Essar Steel Hazira Ltd - India
- Intertek Mineral Services - Indonesia
- New Zealand Coal & Carbon
- Ambuja Cements Ltd - India
- Sojitz Corporation - Japan
- IHS Mccloskey Coal Group - USA
- Kartika Selabumi Mining - Indonesia
- CIMB Investment Bank - Malaysia
- International Coal Ventures Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- London Commodity Brokers - England
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Transport, Egypt
- Indika Energy - Indonesia
- CNBM International Corporation - China
- Bukit Baiduri Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Larsen & Toubro Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Sindya Power Generating Company Private Ltd
- Sinarmas Energy and Mining - Indonesia
- Star Paper Mills Limited - India
- Dalmia Cement Bharat India
- The State Trading Corporation of India Ltd
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Parliament of New Zealand
- Interocean Group of Companies - India
- Economic Council, Georgia
- Indogreen Group - Indonesia
- Commonwealth Bank - Australia
- Romanian Commodities Exchange
- Straits Asia Resources Limited - Singapore
- IEA Clean Coal Centre - UK
- Bharathi Cement Corporation - India
- Madhucon Powers Ltd - India
- Planning Commission, India
- Karbindo Abesyapradhi - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Australian Commodity Traders Exchange
- Bhatia International Limited - India
- Kepco SPC Power Corporation, Philippines
- Ministry of Mines - Canada
- Bayan Resources Tbk. - Indonesia
- Wood Mackenzie - Singapore
- Central Java Power - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aditya Birla Group - India
- VISA Power Limited - India
- Bangladesh Power Developement Board
- SMG Consultants - Indonesia
- Minerals Council of Australia
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Australian Coal Association
- Banpu Public Company Limited - Thailand
- Riau Bara Harum - Indonesia
- Jaiprakash Power Ventures ltd
- Meenaskhi Energy Private Limited - India
- Tata Chemicals Ltd - India
- Electricity Generating Authority of Thailand
- Directorate General of MIneral and Coal - Indonesia
- Xindia Steels Limited - India
- Parry Sugars Refinery, India
- Krishnapatnam Port Company Ltd. - India
- PTC India Limited - India
- Mintek Dendrill Indonesia
- Therma Luzon, Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Chamber of Mines of South Africa
- Vizag Seaport Private Limited - India
- Barasentosa Lestari - Indonesia
- Makarim & Taira - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement PLC, Thailand
- San Jose City I Power Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Singapore Mercantile Exchange
- Videocon Industries ltd - India
- Indian Energy Exchange, India
- Bulk Trading Sa - Switzerland
- Ministry of Finance - Indonesia
- Rashtriya Ispat Nigam Limited - India
- SMC Global Power, Philippines
- Siam City Cement - Thailand
- Deloitte Consulting - India
- ASAPP Information Group - India
- GVK Power & Infra Limited - India
- Grasim Industreis Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Bukit Asam (Persero) Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Borneo Indobara - Indonesia
- Bhushan Steel Limited - India
- Power Finance Corporation Ltd., India
- SN Aboitiz Power Inc, Philippines
- Trasteel International SA, Italy
- Jorong Barutama Greston.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- India Bulls Power Limited - India
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Pipit Mutiara Jaya. PT, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- Coal and Oil Company - UAE
- GAC Shipping (India) Pvt Ltd
- Simpson Spence & Young - Indonesia
- Rio Tinto Coal - Australia
- Oldendorff Carriers - Singapore
- Cement Manufacturers Association - India
- McConnell Dowell - Australia
- Tamil Nadu electricity Board
- GN Power Mariveles Coal Plant, Philippines
- Sakthi Sugars Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Eastern Coal Council - USA
- Alfred C Toepfer International GmbH - Germany
- Medco Energi Mining Internasional
- European Bulk Services B.V. - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Standard Chartered Bank - UAE
- Energy Link Ltd, New Zealand
- Georgia Ports Authority, United States
- The University of Queensland
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- Indian Oil Corporation Limited
- Marubeni Corporation - India
- Chettinad Cement Corporation Ltd - India
- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
- Binh Thuan Hamico - Vietnam
- Vedanta Resources Plc - India
- Mercuria Energy - Indonesia
- Edison Trading Spa - Italy
- Kaltim Prima Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Mining Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Mjunction Services Limited - India
- Formosa Plastics Group - Taiwan
- Uttam Galva Steels Limited - India
- Posco Energy - South Korea
- Samtan Co., Ltd - South Korea
- Thai Mozambique Logistica
- ICICI Bank Limited - India
- Renaissance Capital - South Africa
- Jindal Steel & Power Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- White Energy Company Limited
- GMR Energy Limited - India
- Toyota Tsusho Corporation, Japan
- Electricity Authority, New Zealand
- Savvy Resources Ltd - HongKong
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- MS Steel International - UAE
- PNOC Exploration Corporation - Philippines
- Central Electricity Authority - India
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