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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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Wednesday, 21 January 15
SHIFT IN INTERNATIONAL COAL TRADE TO THE PACIFIC BASIN WILL CONTINUE - IMF
COALspot.com: The shift in international coal trade to the Pacific Basin will continue, IMF said in its latest Medium-Term Coal Market Report.
...
Wednesday, 21 January 15
MARKET INSIGHT - VASSILIS LOGOTHETIS, INTERMODAL
The World Bank has lowered its forecast for global growth in 2015 to 3% down from its previous level of 3.4% amid rising concerns over the economic ...
Wednesday, 21 January 15
THERMAL COAL PRICE OUTLOOK DEPENDENT ON INDIAN IMPORT DEMAND - MATTHEW BOYLE, CRU
COALspot.com: Supply and demand side developments in India will be an important determinant of future market dynamics and prices for thermal coal a ...
Wednesday, 21 January 15
PORT OF NEWCASTLE COAL EXPORTS JUMP 16.19% ON MONTH TO 15.80 MIL MT IN DECEMBER' 14
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1.136 billi ...
Tuesday, 20 January 15
INDIA TO SURPASS THE UNITED STATES AND BECOME THE SECOND-LARGEST COAL CONSUMER IN THE WORLD BY 2019 - IMF
COALspot.com: In 2013, coal added more primary energy than any other fuel and was the fastest-growing fossil fuel, enhancing its position as the se ...
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- Renaissance Capital - South Africa
- Vizag Seaport Private Limited - India
- The Treasury - Australian Government
- LBH Netherlands Bv - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Latin American Coal - Colombia
- Deloitte Consulting - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Mines - Canada
- Formosa Plastics Group - Taiwan
- Price Waterhouse Coopers - Russia
- Electricity Generating Authority of Thailand
- South Luzon Thermal Energy Corporation
- Oldendorff Carriers - Singapore
- ICICI Bank Limited - India
- Siam City Cement PLC, Thailand
- San Jose City I Power Corp, Philippines
- Dalmia Cement Bharat India
- MS Steel International - UAE
- Coalindo Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Romanian Commodities Exchange
- Asmin Koalindo Tuhup - Indonesia
- Uttam Galva Steels Limited - India
- Sojitz Corporation - Japan
- Parry Sugars Refinery, India
- Central Electricity Authority - India
- Ministry of Transport, Egypt
- Ind-Barath Power Infra Limited - India
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- Georgia Ports Authority, United States
- Kartika Selabumi Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Meralco Power Generation, Philippines
- Independent Power Producers Association of India
- Riau Bara Harum - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Miang Besar Coal Terminal - Indonesia
- Bhushan Steel Limited - India
- TeaM Sual Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Madhucon Powers Ltd - India
- CIMB Investment Bank - Malaysia
- CNBM International Corporation - China
- Ministry of Finance - Indonesia
- OPG Power Generation Pvt Ltd - India
- Indian Energy Exchange, India
- Kohat Cement Company Ltd. - Pakistan
- Coastal Gujarat Power Limited - India
- Bharathi Cement Corporation - India
- Manunggal Multi Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Merrill Lynch Commodities Europe
- Karbindo Abesyapradhi - Indoneisa
- Star Paper Mills Limited - India
- Siam City Cement - Thailand
- Thiess Contractors Indonesia
- Intertek Mineral Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- Anglo American - United Kingdom
- Minerals Council of Australia
- GMR Energy Limited - India
- Ambuja Cements Ltd - India
- Standard Chartered Bank - UAE
- Altura Mining Limited, Indonesia
- Aboitiz Power Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Baramulti Group, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Sree Jayajothi Cements Limited - India
- Cement Manufacturers Association - India
- The State Trading Corporation of India Ltd
- Timah Investasi Mineral - Indoneisa
- Heidelberg Cement - Germany
- Bulk Trading Sa - Switzerland
- McConnell Dowell - Australia
- Mercuria Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Neyveli Lignite Corporation Ltd, - India
- Medco Energi Mining Internasional
- Indian Oil Corporation Limited
- Larsen & Toubro Limited - India
- Parliament of New Zealand
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- Malabar Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Toyota Tsusho Corporation, Japan
- Power Finance Corporation Ltd., India
- Thai Mozambique Logistica
- Videocon Industries ltd - India
- Goldman Sachs - Singapore
- Straits Asia Resources Limited - Singapore
- Maheswari Brothers Coal Limited - India
- VISA Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PTC India Limited - India
- Coal and Oil Company - UAE
- Commonwealth Bank - Australia
- Australian Coal Association
- Semirara Mining Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Gujarat Sidhee Cement - India
- European Bulk Services B.V. - Netherlands
- Africa Commodities Group - South Africa
- PowerSource Philippines DevCo
- Carbofer General Trading SA - India
- Jorong Barutama Greston.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Jindal Steel & Power Ltd - India
- Marubeni Corporation - India
- Bhatia International Limited - India
- Simpson Spence & Young - Indonesia
- Mjunction Services Limited - India
- Alfred C Toepfer International GmbH - Germany
- ASAPP Information Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Xindia Steels Limited - India
- Attock Cement Pakistan Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Chamber of Mines of South Africa
- SMC Global Power, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Essar Steel Hazira Ltd - India
- Tata Chemicals Ltd - India
- Posco Energy - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Energy - Thailand
- Chettinad Cement Corporation Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate General of MIneral and Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Meenaskhi Energy Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Edison Trading Spa - Italy
- Bahari Cakrawala Sebuku - Indonesia
- Sical Logistics Limited - India
- Sindya Power Generating Company Private Ltd
- Australian Commodity Traders Exchange
- Energy Link Ltd, New Zealand
- Indogreen Group - Indonesia
- New Zealand Coal & Carbon
- Singapore Mercantile Exchange
- Bayan Resources Tbk. - Indonesia
- The University of Queensland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Lanco Infratech Ltd - India
- International Coal Ventures Pvt Ltd - India
- Orica Mining Services - Indonesia
- Electricity Authority, New Zealand
- Sakthi Sugars Limited - India
- Petron Corporation, Philippines
- Grasim Industreis Ltd - India
- Barasentosa Lestari - Indonesia
- SMG Consultants - Indonesia
- Karaikal Port Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Central Java Power - Indonesia
- Jaiprakash Power Ventures ltd
- Agrawal Coal Company - India
- Indonesian Coal Mining Association
- Savvy Resources Ltd - HongKong
- Leighton Contractors Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Bangladesh Power Developement Board
- Antam Resourcindo - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kaltim Prima Coal - Indonesia
- Borneo Indobara - Indonesia
- Therma Luzon, Inc, Philippines
- Planning Commission, India
- Trasteel International SA, Italy
- Salva Resources Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- PNOC Exploration Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- GVK Power & Infra Limited - India
- Rio Tinto Coal - Australia
- SN Aboitiz Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Indika Energy - Indonesia
- Mintek Dendrill Indonesia
- Binh Thuan Hamico - Vietnam
- Interocean Group of Companies - India
- IHS Mccloskey Coal Group - USA
- Tamil Nadu electricity Board
- Iligan Light & Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Port Waratah Coal Services - Australia
- Economic Council, Georgia
- Wilmar Investment Holdings
- Mercator Lines Limited - India
- Aditya Birla Group - India
- Kobexindo Tractors - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Vedanta Resources Plc - India
- IEA Clean Coal Centre - UK
- India Bulls Power Limited - India
- Global Business Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Makarim & Taira - Indonesia
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