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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, 13 January 15
Q2 CFR SOUTH CHINA COAL SWAP DECLINED 8.66% M-O-M
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery declined by US$ 3.48 (-5.73%) month over month and US$ 2.35 (-3.94%) week ...
Tuesday, 13 January 15
Q1' 2015 RICHARDS BAY COAL SWAP SLIGHTLY HIGHER THAN Q2 & Q4 2015 SWAPS
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q1' 2015 lost month on month and week over week.
The Q1 swap has lost US$ 7.21 ...
Monday, 12 January 15
COAL: LOW PRICES ARE EXPECTED TO DRIVE A SUPPLY-DRIVEN RECOVERY IN THE MEDIUM TERM - SGX
COALspot.com: Thermal coal prices dropped to six-year lows in 2014 driven by persistent oversupply, SGX says in its “ Commodities 2014 - A ye ...
Monday, 12 January 15
FREIGHT MARKET: 2015 FLEET SUPPLY GROWTH IS EXPECTED TO REMAIN SLIGHTLY AHEAD OF CARGO GROWTH - SGX
COALspot.com: The dry bulk freight market was forced to digest a number of negatives in 2014 leading the Baltic Dry Index to fall 66% through the y ...
Monday, 12 January 15
SHIPPING - CHALLENGES AND RESOLUTIONS - EVA TZIMA
Last year has without a doubt been another challenging one both for both our industry and our country. As Greece is currently dominated by election ...
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- Kohat Cement Company Ltd. - Pakistan
- Simpson Spence & Young - Indonesia
- McConnell Dowell - Australia
- Marubeni Corporation - India
- Formosa Plastics Group - Taiwan
- Petron Corporation, Philippines
- Siam City Cement PLC, Thailand
- Semirara Mining Corp, Philippines
- Dalmia Cement Bharat India
- Gujarat Sidhee Cement - India
- Standard Chartered Bank - UAE
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Chamber of Mines of South Africa
- Therma Luzon, Inc, Philippines
- Xindia Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- SMC Global Power, Philippines
- Eastern Energy - Thailand
- Altura Mining Limited, Indonesia
- TeaM Sual Corporation - Philippines
- Vedanta Resources Plc - India
- Thiess Contractors Indonesia
- Electricity Authority, New Zealand
- Savvy Resources Ltd - HongKong
- Sarangani Energy Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- LBH Netherlands Bv - Netherlands
- Grasim Industreis Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- MS Steel International - UAE
- Mjunction Services Limited - India
- Ministry of Finance - Indonesia
- Bhatia International Limited - India
- Indo Tambangraya Megah - Indonesia
- Wood Mackenzie - Singapore
- Binh Thuan Hamico - Vietnam
- Commonwealth Bank - Australia
- Price Waterhouse Coopers - Russia
- Tata Chemicals Ltd - India
- Samtan Co., Ltd - South Korea
- Intertek Mineral Services - Indonesia
- Energy Development Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Baramulti Group, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Parliament of New Zealand
- CNBM International Corporation - China
- Meralco Power Generation, Philippines
- Sindya Power Generating Company Private Ltd
- Uttam Galva Steels Limited - India
- New Zealand Coal & Carbon
- Barasentosa Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maheswari Brothers Coal Limited - India
- Indogreen Group - Indonesia
- Romanian Commodities Exchange
- OPG Power Generation Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- The State Trading Corporation of India Ltd
- Kartika Selabumi Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Georgia Ports Authority, United States
- Star Paper Mills Limited - India
- Antam Resourcindo - Indonesia
- Rio Tinto Coal - Australia
- Billiton Holdings Pty Ltd - Australia
- Medco Energi Mining Internasional
- Kalimantan Lumbung Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Bukit Baiduri Energy - Indonesia
- Agrawal Coal Company - India
- Mercator Lines Limited - India
- India Bulls Power Limited - India
- Jindal Steel & Power Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GVK Power & Infra Limited - India
- Vizag Seaport Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Economic Council, Georgia
- Power Finance Corporation Ltd., India
- Goldman Sachs - Singapore
- Central Java Power - Indonesia
- Sree Jayajothi Cements Limited - India
- The University of Queensland
- Heidelberg Cement - Germany
- San Jose City I Power Corp, Philippines
- Malabar Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- The Treasury - Australian Government
- Ministry of Mines - Canada
- Lanco Infratech Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Edison Trading Spa - Italy
- PetroVietnam Power Coal Import and Supply Company
- Orica Australia Pty. Ltd.
- Indonesian Coal Mining Association
- Kapuas Tunggal Persada - Indonesia
- Borneo Indobara - Indonesia
- Kaltim Prima Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Australian Commodity Traders Exchange
- IHS Mccloskey Coal Group - USA
- London Commodity Brokers - England
- Coastal Gujarat Power Limited - India
- PNOC Exploration Corporation - Philippines
- Australian Coal Association
- Minerals Council of Australia
- Bukit Asam (Persero) Tbk - Indonesia
- ICICI Bank Limited - India
- Renaissance Capital - South Africa
- Ind-Barath Power Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Leighton Contractors Pty Ltd - Australia
- Ambuja Cements Ltd - India
- SMG Consultants - Indonesia
- PowerSource Philippines DevCo
- IEA Clean Coal Centre - UK
- Bangladesh Power Developement Board
- Indian Oil Corporation Limited
- Meenaskhi Energy Private Limited - India
- Wilmar Investment Holdings
- Energy Link Ltd, New Zealand
- Bukit Makmur.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Gujarat Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Eastern Coal Council - USA
- Bhoruka Overseas - Indonesia
- Orica Mining Services - Indonesia
- Salva Resources Pvt Ltd - India
- Parry Sugars Refinery, India
- Thai Mozambique Logistica
- CIMB Investment Bank - Malaysia
- Electricity Generating Authority of Thailand
- Africa Commodities Group - South Africa
- Madhucon Powers Ltd - India
- Larsen & Toubro Limited - India
- SN Aboitiz Power Inc, Philippines
- PTC India Limited - India
- Aditya Birla Group - India
- Siam City Cement - Thailand
- Bharathi Cement Corporation - India
- Pendopo Energi Batubara - Indonesia
- Toyota Tsusho Corporation, Japan
- Trasteel International SA, Italy
- Indian Energy Exchange, India
- Timah Investasi Mineral - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kideco Jaya Agung - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Mintek Dendrill Indonesia
- European Bulk Services B.V. - Netherlands
- Sakthi Sugars Limited - India
- Port Waratah Coal Services - Australia
- Kumho Petrochemical, South Korea
- Banpu Public Company Limited - Thailand
- Holcim Trading Pte Ltd - Singapore
- VISA Power Limited - India
- Essar Steel Hazira Ltd - India
- Kobexindo Tractors - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Planning Commission, India
- GMR Energy Limited - India
- Posco Energy - South Korea
- Mercuria Energy - Indonesia
- Coal and Oil Company - UAE
- Jorong Barutama Greston.PT - Indonesia
- Interocean Group of Companies - India
- Kepco SPC Power Corporation, Philippines
- Videocon Industries ltd - India
- Metalloyd Limited - United Kingdom
- South Luzon Thermal Energy Corporation
- Sical Logistics Limited - India
- White Energy Company Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhushan Steel Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Central Electricity Authority - India
- Latin American Coal - Colombia
- Anglo American - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Directorate Of Revenue Intelligence - India
- Attock Cement Pakistan Limited
- Tamil Nadu electricity Board
- Iligan Light & Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Deloitte Consulting - India
- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Merrill Lynch Commodities Europe
- Cement Manufacturers Association - India
- Coalindo Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Jaiprakash Power Ventures ltd
- Ministry of Transport, Egypt
- Carbofer General Trading SA - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- ASAPP Information Group - India
- Sinarmas Energy and Mining - Indonesia
- Oldendorff Carriers - Singapore
- Sojitz Corporation - Japan
- Bayan Resources Tbk. - Indonesia
- Singapore Mercantile Exchange
- Bulk Trading Sa - Switzerland
- Riau Bara Harum - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Petrochimia International Co. Ltd.- Taiwan
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