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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, 27 January 15
Q1 FOB INDONESIA COAL SWAP CLOSED AT $ 47.87 FOR WEEK ENDING JAN. 23
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 gain week over week and declined month on month.
The Q1 swap has decline US$ 0.9 ...
Tuesday, 27 January 15
Q2 FOB NEWCASTLE COAL SWAP UP 4.5% W-O-W
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery declined US$ 0.28 per MT (-0.54%) month over month and increased US$ 1.23 ( ...
Monday, 26 January 15
OVERSUPPLY, AMPLE STOCKPILES, AND LACKLUSTER UNDERLYING STEEL DEMAND KEPT COKING COAL PRICES LOW IN 2014
COALspot.com: Coking coal prices (FOB & CFR) fell 15% and 18% respectively during the year, amidst persistent oversupply, ample inventory and s ...
Monday, 26 January 15
FOB RICHARDS BAY Q2 COAL SWAP CLOSED LOWER THAN Q1 CLOSING
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q1' 2015 declined month over month and day on day.
The Q1 swap has fell ...
Monday, 26 January 15
API 8 CFR SOUTH CHINA COAL SWAP CONTINUE TO SLIDE M-O-M; ROSE W-O-W
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery declined US$ 0.79 (-1.33%) per MT month over month and gained US$ 2.10&nb ...
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- Eastern Coal Council - USA
- SN Aboitiz Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Electricity Generating Authority of Thailand
- Parry Sugars Refinery, India
- Orica Australia Pty. Ltd.
- Georgia Ports Authority, United States
- Eastern Energy - Thailand
- Interocean Group of Companies - India
- Krishnapatnam Port Company Ltd. - India
- San Jose City I Power Corp, Philippines
- Energy Link Ltd, New Zealand
- Kobexindo Tractors - Indoneisa
- Thiess Contractors Indonesia
- Sindya Power Generating Company Private Ltd
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Thai Mozambique Logistica
- Sakthi Sugars Limited - India
- Kepco SPC Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- GAC Shipping (India) Pvt Ltd
- SMG Consultants - Indonesia
- Bhatia International Limited - India
- Marubeni Corporation - India
- Sojitz Corporation - Japan
- LBH Netherlands Bv - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Jaiprakash Power Ventures ltd
- Larsen & Toubro Limited - India
- Central Electricity Authority - India
- Star Paper Mills Limited - India
- Directorate Of Revenue Intelligence - India
- Altura Mining Limited, Indonesia
- Central Java Power - Indonesia
- Chamber of Mines of South Africa
- CNBM International Corporation - China
- Formosa Plastics Group - Taiwan
- Ceylon Electricity Board - Sri Lanka
- Indian Oil Corporation Limited
- Banpu Public Company Limited - Thailand
- Tamil Nadu electricity Board
- Merrill Lynch Commodities Europe
- Australian Coal Association
- Asmin Koalindo Tuhup - Indonesia
- McConnell Dowell - Australia
- Leighton Contractors Pty Ltd - Australia
- Indonesian Coal Mining Association
- India Bulls Power Limited - India
- Siam City Cement - Thailand
- Uttam Galva Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Makarim & Taira - Indonesia
- Orica Mining Services - Indonesia
- Jindal Steel & Power Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Edison Trading Spa - Italy
- Salva Resources Pvt Ltd - India
- Meralco Power Generation, Philippines
- The University of Queensland
- Sinarmas Energy and Mining - Indonesia
- Grasim Industreis Ltd - India
- Standard Chartered Bank - UAE
- Ministry of Transport, Egypt
- Deloitte Consulting - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- PowerSource Philippines DevCo
- Goldman Sachs - Singapore
- Attock Cement Pakistan Limited
- AsiaOL BioFuels Corp., Philippines
- Energy Development Corp, Philippines
- Agrawal Coal Company - India
- Africa Commodities Group - South Africa
- Sree Jayajothi Cements Limited - India
- Minerals Council of Australia
- Heidelberg Cement - Germany
- PNOC Exploration Corporation - Philippines
- Siam City Cement PLC, Thailand
- Aboitiz Power Corporation - Philippines
- MS Steel International - UAE
- White Energy Company Limited
- TeaM Sual Corporation - Philippines
- Cement Manufacturers Association - India
- Indo Tambangraya Megah - Indonesia
- Sical Logistics Limited - India
- Kartika Selabumi Mining - Indonesia
- Indian Energy Exchange, India
- Aditya Birla Group - India
- Power Finance Corporation Ltd., India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maheswari Brothers Coal Limited - India
- Essar Steel Hazira Ltd - India
- Intertek Mineral Services - Indonesia
- Videocon Industries ltd - India
- Bayan Resources Tbk. - Indonesia
- Simpson Spence & Young - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercator Lines Limited - India
- Bukit Makmur.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Ministry of Finance - Indonesia
- Mercuria Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Lanco Infratech Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Gujarat Mineral Development Corp Ltd - India
- New Zealand Coal & Carbon
- Rashtriya Ispat Nigam Limited - India
- Port Waratah Coal Services - Australia
- Dalmia Cement Bharat India
- PetroVietnam Power Coal Import and Supply Company
- Borneo Indobara - Indonesia
- Bharathi Cement Corporation - India
- Oldendorff Carriers - Singapore
- Cigading International Bulk Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Rio Tinto Coal - Australia
- Billiton Holdings Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- Riau Bara Harum - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- GVK Power & Infra Limited - India
- ICICI Bank Limited - India
- Gujarat Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Anglo American - United Kingdom
- GMR Energy Limited - India
- Toyota Tsusho Corporation, Japan
- European Bulk Services B.V. - Netherlands
- Medco Energi Mining Internasional
- Manunggal Multi Energi - Indonesia
- Indika Energy - Indonesia
- The Treasury - Australian Government
- Bulk Trading Sa - Switzerland
- Ambuja Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Coalindo Energy - Indonesia
- Parliament of New Zealand
- South Luzon Thermal Energy Corporation
- Coal and Oil Company - UAE
- Global Coal Blending Company Limited - Australia
- GN Power Mariveles Coal Plant, Philippines
- IHS Mccloskey Coal Group - USA
- Samtan Co., Ltd - South Korea
- Wood Mackenzie - Singapore
- Petron Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Xindia Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Metalloyd Limited - United Kingdom
- Timah Investasi Mineral - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Tata Chemicals Ltd - India
- CIMB Investment Bank - Malaysia
- Madhucon Powers Ltd - India
- Ministry of Mines - Canada
- Indogreen Group - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Romanian Commodities Exchange
- Iligan Light & Power Inc, Philippines
- London Commodity Brokers - England
- Global Business Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IEA Clean Coal Centre - UK
- Renaissance Capital - South Africa
- Sarangani Energy Corporation, Philippines
- Singapore Mercantile Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Bhoruka Overseas - Indonesia
- Vedanta Resources Plc - India
- Binh Thuan Hamico - Vietnam
- Pendopo Energi Batubara - Indonesia
- The State Trading Corporation of India Ltd
- Electricity Authority, New Zealand
- Planning Commission, India
- Economic Council, Georgia
- Independent Power Producers Association of India
- Antam Resourcindo - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Sidhee Cement - India
- VISA Power Limited - India
- Carbofer General Trading SA - India
- Straits Asia Resources Limited - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Bhushan Steel Limited - India
- Baramulti Group, Indonesia
- Globalindo Alam Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Bukit Asam (Persero) Tbk - Indonesia
- Trasteel International SA, Italy
- PTC India Limited - India
- Kapuas Tunggal Persada - Indonesia
- Malabar Cements Ltd - India
- SMC Global Power, Philippines
- Posco Energy - South Korea
- Australian Commodity Traders Exchange
- Bangladesh Power Developement Board
- ASAPP Information Group - India
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining and Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- International Coal Ventures Pvt Ltd - India
- Commonwealth Bank - Australia
- Karaikal Port Pvt Ltd - India
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