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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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Monday, 05 January 15
FIVE ENERGY SURPRISES FOR 2015: THE POSSIBLE AND THE IMPROBABLE - KURT COBB
The coming year is likely to be as full of surprises in the field of energy as 2014 was. We just don't know which surprises! I am not predictin ...
Monday, 05 January 15
THE SHIPPING MARKET IN 2014 AND LOOKING FORWARD - BIMCO
2014 started with plenty of optimism for a considerably better global economy and an improved shipping market. Things turned out somewhat different ...
Monday, 05 January 15
API 5 FOB NEWCASTLE COAL SWAP FOR Q1'15 DELIVERY CLOSED US$ 0.45 HIGHER COMPARED TO Q2'15 CLOSING
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery lost US$ 0.60 per MT (-1.15%) month over month and gained US$ 0.02 (+0.04%) ...
Sunday, 04 January 15
BALTIC DRY INDEX CONTINUES ITS DECLINE IN 2015
Wish you all a very Happy New Year 2015. The last report was dated 19th Dec 2014 and due to Christmas and new year holidays no reports were publish ...
Saturday, 03 January 15
U.S WEEKLY COAL PRODUCTION FELL 11.2% TO 17.6 MMST WEEK OVER WEEK - EIA
COALspot.com – United States the world's one of the largest coal producers, produced approximately 17.6 million short tons (mmst) of coal ...
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- Straits Asia Resources Limited - Singapore
- VISA Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Directorate Of Revenue Intelligence - India
- Semirara Mining and Power Corporation, Philippines
- New Zealand Coal & Carbon
- Kohat Cement Company Ltd. - Pakistan
- London Commodity Brokers - England
- Deloitte Consulting - India
- Mercuria Energy - Indonesia
- Siam City Cement - Thailand
- India Bulls Power Limited - India
- Singapore Mercantile Exchange
- Makarim & Taira - Indonesia
- Semirara Mining Corp, Philippines
- Videocon Industries ltd - India
- The Treasury - Australian Government
- Indian Energy Exchange, India
- Sical Logistics Limited - India
- Indogreen Group - Indonesia
- SMG Consultants - Indonesia
- Standard Chartered Bank - UAE
- Riau Bara Harum - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Larsen & Toubro Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Ambuja Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Agrawal Coal Company - India
- McConnell Dowell - Australia
- GMR Energy Limited - India
- PNOC Exploration Corporation - Philippines
- Anglo American - United Kingdom
- Borneo Indobara - Indonesia
- Indian Oil Corporation Limited
- Romanian Commodities Exchange
- Merrill Lynch Commodities Europe
- Electricity Authority, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Intertek Mineral Services - Indonesia
- Indika Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Kepco SPC Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Renaissance Capital - South Africa
- Bhushan Steel Limited - India
- IEA Clean Coal Centre - UK
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Altura Mining Limited, Indonesia
- Meralco Power Generation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- Globalindo Alam Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Chamber of Mines of South Africa
- Simpson Spence & Young - Indonesia
- Commonwealth Bank - Australia
- Binh Thuan Hamico - Vietnam
- Bulk Trading Sa - Switzerland
- IHS Mccloskey Coal Group - USA
- Aboitiz Power Corporation - Philippines
- Dalmia Cement Bharat India
- Uttam Galva Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhatia International Limited - India
- LBH Netherlands Bv - Netherlands
- Orica Mining Services - Indonesia
- Heidelberg Cement - Germany
- Kapuas Tunggal Persada - Indonesia
- Bayan Resources Tbk. - Indonesia
- Goldman Sachs - Singapore
- Australian Commodity Traders Exchange
- Bahari Cakrawala Sebuku - Indonesia
- GVK Power & Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Eastern Coal Council - USA
- MS Steel International - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Malabar Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Power Finance Corporation Ltd., India
- Wilmar Investment Holdings
- Antam Resourcindo - Indonesia
- Port Waratah Coal Services - Australia
- Minerals Council of Australia
- Edison Trading Spa - Italy
- Tata Chemicals Ltd - India
- Parliament of New Zealand
- Lanco Infratech Ltd - India
- Attock Cement Pakistan Limited
- Manunggal Multi Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Petron Corporation, Philippines
- Star Paper Mills Limited - India
- Iligan Light & Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Cigading International Bulk Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- SN Aboitiz Power Inc, Philippines
- Sakthi Sugars Limited - India
- Kobexindo Tractors - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Tamil Nadu electricity Board
- Marubeni Corporation - India
- Kartika Selabumi Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Orica Australia Pty. Ltd.
- Energy Link Ltd, New Zealand
- Global Coal Blending Company Limited - Australia
- White Energy Company Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Price Waterhouse Coopers - Russia
- OPG Power Generation Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- European Bulk Services B.V. - Netherlands
- Wood Mackenzie - Singapore
- Thai Mozambique Logistica
- ICICI Bank Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kumho Petrochemical, South Korea
- Timah Investasi Mineral - Indoneisa
- San Jose City I Power Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Interocean Group of Companies - India
- Coalindo Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Toyota Tsusho Corporation, Japan
- The University of Queensland
- Trasteel International SA, Italy
- CNBM International Corporation - China
- Indo Tambangraya Megah - Indonesia
- Mintek Dendrill Indonesia
- Central Electricity Authority - India
- PTC India Limited - India
- Meenaskhi Energy Private Limited - India
- Sojitz Corporation - Japan
- Kideco Jaya Agung - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Latin American Coal - Colombia
- Vijayanagar Sugar Pvt Ltd - India
- Mercator Lines Limited - India
- Banpu Public Company Limited - Thailand
- Eastern Energy - Thailand
- Energy Development Corp, Philippines
- Ministry of Mines - Canada
- CIMB Investment Bank - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GAC Shipping (India) Pvt Ltd
- Jaiprakash Power Ventures ltd
- Directorate General of MIneral and Coal - Indonesia
- PowerSource Philippines DevCo
- Miang Besar Coal Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Posco Energy - South Korea
- Jindal Steel & Power Ltd - India
- Salva Resources Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Oldendorff Carriers - Singapore
- Electricity Generating Authority of Thailand
- Coal and Oil Company - UAE
- Vedanta Resources Plc - India
- Bangladesh Power Developement Board
- Baramulti Group, Indonesia
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- ASAPP Information Group - India
- Carbofer General Trading SA - India
- Independent Power Producers Association of India
- Madhucon Powers Ltd - India
- Formosa Plastics Group - Taiwan
- Thiess Contractors Indonesia
- Vizag Seaport Private Limited - India
- Sree Jayajothi Cements Limited - India
- Rio Tinto Coal - Australia
- Chettinad Cement Corporation Ltd - India
- Bukit Makmur.PT - Indonesia
- Ministry of Finance - Indonesia
- Indonesian Coal Mining Association
- Coastal Gujarat Power Limited - India
- Central Java Power - Indonesia
- The State Trading Corporation of India Ltd
- Planning Commission, India
- Cement Manufacturers Association - India
- Australian Coal Association
- Therma Luzon, Inc, Philippines
- SMC Global Power, Philippines
- Essar Steel Hazira Ltd - India
- Siam City Cement PLC, Thailand
- Mjunction Services Limited - India
- International Coal Ventures Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Parry Sugars Refinery, India
- Aditya Birla Group - India
- Economic Council, Georgia
- Sinarmas Energy and Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Ministry of Transport, Egypt
- Sarangani Energy Corporation, Philippines
- Bharathi Cement Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ind-Barath Power Infra Limited - India
- Maheswari Brothers Coal Limited - India
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