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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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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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- Trasteel International SA, Italy
- India Bulls Power Limited - India
- Sindya Power Generating Company Private Ltd
- Mercuria Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Grasim Industreis Ltd - India
- Kumho Petrochemical, South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
- London Commodity Brokers - England
- Carbofer General Trading SA - India
- Semirara Mining and Power Corporation, Philippines
- Aditya Birla Group - India
- Bhatia International Limited - India
- GVK Power & Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Tamil Nadu electricity Board
- ICICI Bank Limited - India
- Ceylon Electricity Board - Sri Lanka
- Heidelberg Cement - Germany
- Leighton Contractors Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Uttam Galva Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bayan Resources Tbk. - Indonesia
- Pendopo Energi Batubara - Indonesia
- San Jose City I Power Corp, Philippines
- Gujarat Sidhee Cement - India
- Edison Trading Spa - Italy
- Savvy Resources Ltd - HongKong
- Petron Corporation, Philippines
- Vizag Seaport Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Coastal Gujarat Power Limited - India
- LBH Netherlands Bv - Netherlands
- The University of Queensland
- Kapuas Tunggal Persada - Indonesia
- Intertek Mineral Services - Indonesia
- Simpson Spence & Young - Indonesia
- Independent Power Producers Association of India
- Sarangani Energy Corporation, Philippines
- Madhucon Powers Ltd - India
- Posco Energy - South Korea
- Antam Resourcindo - Indonesia
- Latin American Coal - Colombia
- Essar Steel Hazira Ltd - India
- Bulk Trading Sa - Switzerland
- Kepco SPC Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Vedanta Resources Plc - India
- Power Finance Corporation Ltd., India
- Global Coal Blending Company Limited - Australia
- Anglo American - United Kingdom
- Energy Development Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Romanian Commodities Exchange
- South Luzon Thermal Energy Corporation
- Electricity Generating Authority of Thailand
- Interocean Group of Companies - India
- Indika Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Parliament of New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Marubeni Corporation - India
- VISA Power Limited - India
- Sakthi Sugars Limited - India
- Minerals Council of Australia
- Kartika Selabumi Mining - Indonesia
- Riau Bara Harum - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Medco Energi Mining Internasional
- Bharathi Cement Corporation - India
- Meralco Power Generation, Philippines
- GMR Energy Limited - India
- Bhoruka Overseas - Indonesia
- Cement Manufacturers Association - India
- Samtan Co., Ltd - South Korea
- Aboitiz Power Corporation - Philippines
- Wilmar Investment Holdings
- GN Power Mariveles Coal Plant, Philippines
- PowerSource Philippines DevCo
- McConnell Dowell - Australia
- Goldman Sachs - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Sical Logistics Limited - India
- Attock Cement Pakistan Limited
- Jaiprakash Power Ventures ltd
- Jorong Barutama Greston.PT - Indonesia
- Coal and Oil Company - UAE
- Cigading International Bulk Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Agrawal Coal Company - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Deloitte Consulting - India
- Indogreen Group - Indonesia
- Chettinad Cement Corporation Ltd - India
- International Coal Ventures Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Baramulti Group, Indonesia
- Rio Tinto Coal - Australia
- Ministry of Transport, Egypt
- Rashtriya Ispat Nigam Limited - India
- Bhushan Steel Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Australian Coal Association
- Parry Sugars Refinery, India
- IHS Mccloskey Coal Group - USA
- Mintek Dendrill Indonesia
- Singapore Mercantile Exchange
- Jindal Steel & Power Ltd - India
- TeaM Sual Corporation - Philippines
- Economic Council, Georgia
- Maheswari Brothers Coal Limited - India
- CNBM International Corporation - China
- PTC India Limited - India
- Toyota Tsusho Corporation, Japan
- Price Waterhouse Coopers - Russia
- Larsen & Toubro Limited - India
- Indian Oil Corporation Limited
- IEA Clean Coal Centre - UK
- Sree Jayajothi Cements Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Energy Exchange, India
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement - Thailand
- Indonesian Coal Mining Association
- Karaikal Port Pvt Ltd - India
- Australian Commodity Traders Exchange
- Bangladesh Power Developement Board
- Karbindo Abesyapradhi - Indoneisa
- Wood Mackenzie - Singapore
- Therma Luzon, Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Merrill Lynch Commodities Europe
- SMC Global Power, Philippines
- Mjunction Services Limited - India
- CIMB Investment Bank - Malaysia
- Straits Asia Resources Limited - Singapore
- Bukit Baiduri Energy - Indonesia
- Coalindo Energy - Indonesia
- Borneo Indobara - Indonesia
- European Bulk Services B.V. - Netherlands
- Metalloyd Limited - United Kingdom
- Kobexindo Tractors - Indoneisa
- Directorate Of Revenue Intelligence - India
- Global Business Power Corporation, Philippines
- Georgia Ports Authority, United States
- Eastern Coal Council - USA
- SMG Consultants - Indonesia
- Renaissance Capital - South Africa
- Electricity Authority, New Zealand
- The State Trading Corporation of India Ltd
- PNOC Exploration Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Africa Commodities Group - South Africa
- ASAPP Information Group - India
- Xindia Steels Limited - India
- Chamber of Mines of South Africa
- Siam City Cement PLC, Thailand
- Standard Chartered Bank - UAE
- Ministry of Mines - Canada
- Port Waratah Coal Services - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Formosa Plastics Group - Taiwan
- Timah Investasi Mineral - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Oldendorff Carriers - Singapore
- The Treasury - Australian Government
- Dalmia Cement Bharat India
- Star Paper Mills Limited - India
- Billiton Holdings Pty Ltd - Australia
- MS Steel International - UAE
- Maharashtra Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Videocon Industries ltd - India
- Orica Australia Pty. Ltd.
- Mercator Lines Limited - India
- Globalindo Alam Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Electricity Regulatory Commission - India
- Planning Commission, India
- TNB Fuel Sdn Bhd - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Global Green Power PLC Corporation, Philippines
- Eastern Energy - Thailand
- Manunggal Multi Energi - Indonesia
- Central Electricity Authority - India
- Ministry of Finance - Indonesia
- Semirara Mining Corp, Philippines
- Lanco Infratech Ltd - India
- Malabar Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meenaskhi Energy Private Limited - India
- Central Java Power - Indonesia
- Makarim & Taira - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Orica Mining Services - Indonesia
- Salva Resources Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Altura Mining Limited, Indonesia
- Energy Link Ltd, New Zealand
- Ambuja Cements Ltd - India
- New Zealand Coal & Carbon
- Sojitz Corporation - Japan
- Tata Chemicals Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- SN Aboitiz Power Inc, Philippines
- Thiess Contractors Indonesia
- Iligan Light & Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- White Energy Company Limited
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