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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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Wednesday, 14 January 15
MARKET INSIGHT - TIMOS PAPADIMITRIOU
In Oil we trust! The Barrel price has declined by almost a third in comparison to the 2014 January and has being on the downhill since early last s ...
Wednesday, 14 January 15
COMMODITIES AREN'T PRIMED FOR A REBOUND DURING 2015: SHIPPING COULD BENEFIT FROM LOWER PRICES - ROUSSANOGLOU, HELLENIC SHIPPING NEWS
In the recent past, higher commodity prices were driven by an increase in demand from developing countries, which spelled good news for ship owners ...
Wednesday, 14 January 15
SUB-BIT FOB INDONESIA COAL SWAP FOR Q1 DELIVERY CLOSED AT US$ 46.97 PMT
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 declined month on month and week over week.
The Q1 swap has fell US$ 1.53 (-3.15 ...
Wednesday, 14 January 15
Q4' 15 FOB NEWCASTLE COAL SWAP CLOSED 4.51% LOWER COMPARED TO Q1' 15 PRICE
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery lost US$ 1.56 per MT (-3.0%) month over month and US$ 1.03 (-2.0%) week ove ...
Tuesday, 13 January 15
MORE PITFALLS FOR OWNERS LOOKING TO TERMINATE FOR UNPAID HIRE - INCE & CO
KNOWLEDGE TO ELEVATE
It is a debatable point whether or not the obligation to pay hire under a time charter is a condition of the contract or ...
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- Goldman Sachs - Singapore
- Deloitte Consulting - India
- Posco Energy - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Jindal Steel & Power Ltd - India
- Marubeni Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Cement Manufacturers Association - India
- Siam City Cement - Thailand
- Bhoruka Overseas - Indonesia
- Madhucon Powers Ltd - India
- Sical Logistics Limited - India
- Bangladesh Power Developement Board
- Aditya Birla Group - India
- Metalloyd Limited - United Kingdom
- SMC Global Power, Philippines
- Semirara Mining and Power Corporation, Philippines
- Ministry of Mines - Canada
- Global Business Power Corporation, Philippines
- Videocon Industries ltd - India
- Mercuria Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Energy Development Corp, Philippines
- Meralco Power Generation, Philippines
- Larsen & Toubro Limited - India
- MS Steel International - UAE
- ICICI Bank Limited - India
- Simpson Spence & Young - Indonesia
- Indonesian Coal Mining Association
- Krishnapatnam Port Company Ltd. - India
- Asmin Koalindo Tuhup - Indonesia
- Vizag Seaport Private Limited - India
- India Bulls Power Limited - India
- Electricity Generating Authority of Thailand
- Miang Besar Coal Terminal - Indonesia
- Parry Sugars Refinery, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Binh Thuan Hamico - Vietnam
- International Coal Ventures Pvt Ltd - India
- Power Finance Corporation Ltd., India
- PNOC Exploration Corporation - Philippines
- Eastern Coal Council - USA
- Karaikal Port Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Grasim Industreis Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Essar Steel Hazira Ltd - India
- ASAPP Information Group - India
- Bukit Baiduri Energy - Indonesia
- Interocean Group of Companies - India
- Savvy Resources Ltd - HongKong
- Eastern Energy - Thailand
- Meenaskhi Energy Private Limited - India
- Vedanta Resources Plc - India
- Pipit Mutiara Jaya. PT, Indonesia
- Mintek Dendrill Indonesia
- Pendopo Energi Batubara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Merrill Lynch Commodities Europe
- Coalindo Energy - Indonesia
- Independent Power Producers Association of India
- Medco Energi Mining Internasional
- Borneo Indobara - Indonesia
- Oldendorff Carriers - Singapore
- Sojitz Corporation - Japan
- Jorong Barutama Greston.PT - Indonesia
- Indika Energy - Indonesia
- Chamber of Mines of South Africa
- Rashtriya Ispat Nigam Limited - India
- CIMB Investment Bank - Malaysia
- Makarim & Taira - Indonesia
- Altura Mining Limited, Indonesia
- Formosa Plastics Group - Taiwan
- Anglo American - United Kingdom
- Malabar Cements Ltd - India
- Antam Resourcindo - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- CNBM International Corporation - China
- Iligan Light & Power Inc, Philippines
- Heidelberg Cement - Germany
- San Jose City I Power Corp, Philippines
- Mercator Lines Limited - India
- McConnell Dowell - Australia
- Bhatia International Limited - India
- Commonwealth Bank - Australia
- Orica Australia Pty. Ltd.
- SN Aboitiz Power Inc, Philippines
- Central Electricity Authority - India
- Leighton Contractors Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Gujarat Sidhee Cement - India
- Petron Corporation, Philippines
- Wood Mackenzie - Singapore
- Bukit Makmur.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- New Zealand Coal & Carbon
- Attock Cement Pakistan Limited
- Riau Bara Harum - Indonesia
- Ministry of Finance - Indonesia
- Georgia Ports Authority, United States
- Kepco SPC Power Corporation, Philippines
- Indian Energy Exchange, India
- White Energy Company Limited
- Energy Link Ltd, New Zealand
- The State Trading Corporation of India Ltd
- Ind-Barath Power Infra Limited - India
- Barasentosa Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Global Coal Blending Company Limited - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMG Consultants - Indonesia
- TeaM Sual Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Maharashtra Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Singapore Mercantile Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ceylon Electricity Board - Sri Lanka
- Tamil Nadu electricity Board
- Globalindo Alam Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- PowerSource Philippines DevCo
- Edison Trading Spa - Italy
- Coal and Oil Company - UAE
- Aboitiz Power Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Lanco Infratech Ltd - India
- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Sindya Power Generating Company Private Ltd
- Economic Council, Georgia
- Bharathi Cement Corporation - India
- Indogreen Group - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- GMR Energy Limited - India
- Kobexindo Tractors - Indoneisa
- VISA Power Limited - India
- Orica Mining Services - Indonesia
- GVK Power & Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Agrawal Coal Company - India
- Minerals Council of Australia
- Star Paper Mills Limited - India
- Karbindo Abesyapradhi - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Bulk Trading Sa - Switzerland
- Siam City Cement PLC, Thailand
- Sakthi Sugars Limited - India
- Uttam Galva Steels Limited - India
- Mjunction Services Limited - India
- Wilmar Investment Holdings
- GN Power Mariveles Coal Plant, Philippines
- Trasteel International SA, Italy
- Sree Jayajothi Cements Limited - India
- Kumho Petrochemical, South Korea
- Indian Oil Corporation Limited
- LBH Netherlands Bv - Netherlands
- Indo Tambangraya Megah - Indonesia
- Australian Coal Association
- Straits Asia Resources Limited - Singapore
- Maheswari Brothers Coal Limited - India
- The University of Queensland
- Therma Luzon, Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PTC India Limited - India
- Rio Tinto Coal - Australia
- Port Waratah Coal Services - Australia
- IHS Mccloskey Coal Group - USA
- Jaiprakash Power Ventures ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Baramulti Group, Indonesia
- Central Java Power - Indonesia
- Manunggal Multi Energi - Indonesia
- London Commodity Brokers - England
- Semirara Mining Corp, Philippines
- Electricity Authority, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Holcim Trading Pte Ltd - Singapore
- Bayan Resources Tbk. - Indonesia
- Tata Chemicals Ltd - India
- European Bulk Services B.V. - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Planning Commission, India
- Cigading International Bulk Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Thai Mozambique Logistica
- Thiess Contractors Indonesia
- Dalmia Cement Bharat India
- Sinarmas Energy and Mining - Indonesia
- Parliament of New Zealand
- Global Green Power PLC Corporation, Philippines
- Renaissance Capital - South Africa
- Coastal Gujarat Power Limited - India
- Toyota Tsusho Corporation, Japan
- Carbofer General Trading SA - India
- Banpu Public Company Limited - Thailand
- Latin American Coal - Colombia
- Ministry of Transport, Egypt
- Standard Chartered Bank - UAE
- GAC Shipping (India) Pvt Ltd
- Samtan Co., Ltd - South Korea
- Romanian Commodities Exchange
- Australian Commodity Traders Exchange
- Kartika Selabumi Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Africa Commodities Group - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The Treasury - Australian Government
- Bhushan Steel Limited - India
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