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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, 20 January 15
INDONESIAN COAL OUTPUT SEEN RISING, DESPITE FALL IN ITS PRICE
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 declined month on month and week over week, but Indonesian Coal Output Seen Rising. T ...
Tuesday, 20 January 15
NEWCASTLE COAL SWAP FOR Q1' 2015 DELIVERY DECLINED 2.83% M-O-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery declined US$ 1.45 per MT (-2.83%) month over month and US$ 0.50 (-0.99%) we ...
Monday, 19 January 15
HBA FALL TO FRESH LOWS; COAL OVERSUPPLY WILL CONTINUE TO PUSH PRICE DOWN
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down Indonesian coal bench mark price this month to US$ 63.84. T ...
Monday, 19 January 15
CFR SOUTH CHINA COAL SWAPS REMAIN WEAK
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery declined US$ 3.37 (-5.63%) per MT month over month and US$ 0.74 (-1.29%) ...
Monday, 19 January 15
FOB RICHARDS BAY COAL SWAP FOR Q4 DELIVERY CLOSED 4% LOWER THAN Q1 DELIVERY PRICE
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q1' 2015 declined month over month and week over week.
The Q1 swap has f ...
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- Edison Trading Spa - Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The State Trading Corporation of India Ltd
- Bhoruka Overseas - Indonesia
- Meralco Power Generation, Philippines
- Tata Chemicals Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- London Commodity Brokers - England
- International Coal Ventures Pvt Ltd - India
- White Energy Company Limited
- Sojitz Corporation - Japan
- TNB Fuel Sdn Bhd - Malaysia
- Attock Cement Pakistan Limited
- MS Steel International - UAE
- Karbindo Abesyapradhi - Indoneisa
- PNOC Exploration Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Economic Council, Georgia
- Holcim Trading Pte Ltd - Singapore
- Port Waratah Coal Services - Australia
- Jorong Barutama Greston.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Formosa Plastics Group - Taiwan
- Thai Mozambique Logistica
- Energy Development Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Power Finance Corporation Ltd., India
- Australian Coal Association
- Bayan Resources Tbk. - Indonesia
- Ambuja Cements Ltd - India
- Thiess Contractors Indonesia
- The Treasury - Australian Government
- Kobexindo Tractors - Indoneisa
- Grasim Industreis Ltd - India
- Electricity Authority, New Zealand
- Coastal Gujarat Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Agrawal Coal Company - India
- Essar Steel Hazira Ltd - India
- Oldendorff Carriers - Singapore
- SMG Consultants - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Rio Tinto Coal - Australia
- Mjunction Services Limited - India
- Central Java Power - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Georgia Ports Authority, United States
- Gujarat Sidhee Cement - India
- Global Green Power PLC Corporation, Philippines
- Trasteel International SA, Italy
- Bhushan Steel Limited - India
- Minerals Council of Australia
- Renaissance Capital - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Savvy Resources Ltd - HongKong
- Sindya Power Generating Company Private Ltd
- Jindal Steel & Power Ltd - India
- Ministry of Finance - Indonesia
- Carbofer General Trading SA - India
- Salva Resources Pvt Ltd - India
- Tamil Nadu electricity Board
- Sakthi Sugars Limited - India
- India Bulls Power Limited - India
- GAC Shipping (India) Pvt Ltd
- PowerSource Philippines DevCo
- ICICI Bank Limited - India
- Global Coal Blending Company Limited - Australia
- Semirara Mining and Power Corporation, Philippines
- Indian Oil Corporation Limited
- Maharashtra Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- TeaM Sual Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Antam Resourcindo - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Billiton Holdings Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Chettinad Cement Corporation Ltd - India
- Deloitte Consulting - India
- Marubeni Corporation - India
- Altura Mining Limited, Indonesia
- Orica Australia Pty. Ltd.
- Vedanta Resources Plc - India
- Lanco Infratech Ltd - India
- Bukit Makmur.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- European Bulk Services B.V. - Netherlands
- ASAPP Information Group - India
- Ministry of Mines - Canada
- GVK Power & Infra Limited - India
- Videocon Industries ltd - India
- Global Business Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Kepco SPC Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cement Manufacturers Association - India
- Manunggal Multi Energi - Indonesia
- Vizag Seaport Private Limited - India
- South Luzon Thermal Energy Corporation
- Siam City Cement - Thailand
- Ceylon Electricity Board - Sri Lanka
- Wilmar Investment Holdings
- Baramulti Group, Indonesia
- Karaikal Port Pvt Ltd - India
- Central Electricity Authority - India
- IEA Clean Coal Centre - UK
- Singapore Mercantile Exchange
- Heidelberg Cement - Germany
- Sinarmas Energy and Mining - Indonesia
- Eastern Coal Council - USA
- Commonwealth Bank - Australia
- Asmin Koalindo Tuhup - Indonesia
- Parliament of New Zealand
- Borneo Indobara - Indonesia
- Australian Commodity Traders Exchange
- CNBM International Corporation - China
- Mercator Lines Limited - India
- SN Aboitiz Power Inc, Philippines
- Africa Commodities Group - South Africa
- Gujarat Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Independent Power Producers Association of India
- Electricity Generating Authority of Thailand
- Barasentosa Lestari - Indonesia
- Standard Chartered Bank - UAE
- Xindia Steels Limited - India
- Anglo American - United Kingdom
- Parry Sugars Refinery, India
- Coalindo Energy - Indonesia
- Bangladesh Power Developement Board
- Bulk Trading Sa - Switzerland
- Coal and Oil Company - UAE
- New Zealand Coal & Carbon
- Kartika Selabumi Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- McConnell Dowell - Australia
- Chamber of Mines of South Africa
- Timah Investasi Mineral - Indoneisa
- Dalmia Cement Bharat India
- Petrochimia International Co. Ltd.- Taiwan
- Mercuria Energy - Indonesia
- Madhucon Powers Ltd - India
- Larsen & Toubro Limited - India
- Ministry of Transport, Egypt
- Eastern Energy - Thailand
- Sarangani Energy Corporation, Philippines
- Makarim & Taira - Indonesia
- Medco Energi Mining Internasional
- Bahari Cakrawala Sebuku - Indonesia
- Orica Mining Services - Indonesia
- Aboitiz Power Corporation - Philippines
- Latin American Coal - Colombia
- Siam City Cement PLC, Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Iligan Light & Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Riau Bara Harum - Indonesia
- IHS Mccloskey Coal Group - USA
- Kohat Cement Company Ltd. - Pakistan
- Mintek Dendrill Indonesia
- Straits Asia Resources Limited - Singapore
- Globalindo Alam Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Energy Link Ltd, New Zealand
- SMC Global Power, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Indonesian Coal Mining Association
- Indian Energy Exchange, India
- Goldman Sachs - Singapore
- Uttam Galva Steels Limited - India
- Planning Commission, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- The University of Queensland
- Jaiprakash Power Ventures ltd
- Therma Luzon, Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Romanian Commodities Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Indika Energy - Indonesia
- Sical Logistics Limited - India
- PTC India Limited - India
- Kumho Petrochemical, South Korea
- Metalloyd Limited - United Kingdom
- Maheswari Brothers Coal Limited - India
- Bharathi Cement Corporation - India
- Samtan Co., Ltd - South Korea
- Ind-Barath Power Infra Limited - India
- Wood Mackenzie - Singapore
- Star Paper Mills Limited - India
- Aditya Birla Group - India
- Binh Thuan Hamico - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Malabar Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- CIMB Investment Bank - Malaysia
- GMR Energy Limited - India
- Bhatia International Limited - India
- VISA Power Limited - India
- Banpu Public Company Limited - Thailand
- Interocean Group of Companies - India
- Indo Tambangraya Megah - Indonesia
- Petron Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Posco Energy - South Korea
- Alfred C Toepfer International GmbH - Germany
- San Jose City I Power Corp, Philippines
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