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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, 30 December 14
U.S WEEKLY COAL PRODUCTION ALMOST FLAT AT -0.2%
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.8 million short tons (mmst) of coal ...
Monday, 29 December 14
CHINESE COAL IMPORTS: REGULATORY RISKS? - CLARKSONS
In recent years, Chinese seaborne coal imports have surged, registering average growth of 67% p.a. between 2009 and 2013 to total 265mt. However, t ...
Monday, 29 December 14
BULK MARKET ENDS YEAR ON SOUR NOTE, SHIPBROKER SEES 'BUMPY ROAD AHEAD' - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
2014 was supposed to be the year that the dry bulk market would stage a comeback and a sustainable one for that matter. However, while for the most ...
Monday, 29 December 14
Q1'15 CFR SOUTH CHINA COAL SWAP CLOSED AT $59.42
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased by US$ 3.51 (-5.58%) month over month and US$ 0.08 (-0.13%) ...
Monday, 29 December 14
SGX'S FOB NEWCASTLE COAL SWAPS IMPROVED W-O-W, LOST M-O-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery lost US$ 1.44 per MT (-2.73%) month over month and gained US$ 0.36 (+0.71%) ...
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Manunggal Multi Energi - Indonesia
- Vizag Seaport Private Limited - India
- Latin American Coal - Colombia
- Kalimantan Lumbung Energi - Indonesia
- Cement Manufacturers Association - India
- Mjunction Services Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- South Luzon Thermal Energy Corporation
- Alfred C Toepfer International GmbH - Germany
- Deloitte Consulting - India
- Karbindo Abesyapradhi - Indoneisa
- Medco Energi Mining Internasional
- Holcim Trading Pte Ltd - Singapore
- India Bulls Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Maheswari Brothers Coal Limited - India
- The University of Queensland
- Madhucon Powers Ltd - India
- Tamil Nadu electricity Board
- ICICI Bank Limited - India
- Kumho Petrochemical, South Korea
- Jindal Steel & Power Ltd - India
- Kideco Jaya Agung - Indonesia
- GMR Energy Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Samtan Co., Ltd - South Korea
- Orica Mining Services - Indonesia
- Australian Coal Association
- Metalloyd Limited - United Kingdom
- Bangladesh Power Developement Board
- Gujarat Mineral Development Corp Ltd - India
- Indian Energy Exchange, India
- Heidelberg Cement - Germany
- Aditya Birla Group - India
- ASAPP Information Group - India
- Borneo Indobara - Indonesia
- VISA Power Limited - India
- Bharathi Cement Corporation - India
- Merrill Lynch Commodities Europe
- Oldendorff Carriers - Singapore
- AsiaOL BioFuels Corp., Philippines
- Tata Chemicals Ltd - India
- Gujarat Sidhee Cement - India
- Star Paper Mills Limited - India
- SMC Global Power, Philippines
- Kobexindo Tractors - Indoneisa
- Minerals Council of Australia
- Sarangani Energy Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Therma Luzon, Inc, Philippines
- London Commodity Brokers - England
- Meenaskhi Energy Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Parry Sugars Refinery, India
- Globalindo Alam Lestari - Indonesia
- Interocean Group of Companies - India
- Price Waterhouse Coopers - Russia
- Sakthi Sugars Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- The Treasury - Australian Government
- Trasteel International SA, Italy
- Rashtriya Ispat Nigam Limited - India
- Sojitz Corporation - Japan
- Antam Resourcindo - Indonesia
- Indogreen Group - Indonesia
- Indo Tambangraya Megah - Indonesia
- Coastal Gujarat Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Eastern Coal Council - USA
- Baramulti Group, Indonesia
- SMG Consultants - Indonesia
- Central Java Power - Indonesia
- Wilmar Investment Holdings
- Singapore Mercantile Exchange
- Kohat Cement Company Ltd. - Pakistan
- Anglo American - United Kingdom
- Indonesian Coal Mining Association
- GVK Power & Infra Limited - India
- Romanian Commodities Exchange
- PTC India Limited - India
- White Energy Company Limited
- Salva Resources Pvt Ltd - India
- Energy Development Corp, Philippines
- Africa Commodities Group - South Africa
- Chamber of Mines of South Africa
- Semirara Mining Corp, Philippines
- New Zealand Coal & Carbon
- Standard Chartered Bank - UAE
- European Bulk Services B.V. - Netherlands
- Dalmia Cement Bharat India
- Banpu Public Company Limited - Thailand
- Ministry of Finance - Indonesia
- Thiess Contractors Indonesia
- Meralco Power Generation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Power Finance Corporation Ltd., India
- OPG Power Generation Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Barasentosa Lestari - Indonesia
- Malabar Cements Ltd - India
- Petron Corporation, Philippines
- Attock Cement Pakistan Limited
- Karaikal Port Pvt Ltd - India
- Independent Power Producers Association of India
- Vijayanagar Sugar Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Economic Council, Georgia
- Timah Investasi Mineral - Indoneisa
- MS Steel International - UAE
- Gujarat Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Makarim & Taira - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Commonwealth Bank - Australia
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Altura Mining Limited, Indonesia
- Pendopo Energi Batubara - Indonesia
- The State Trading Corporation of India Ltd
- Vedanta Resources Plc - India
- PowerSource Philippines DevCo
- Agrawal Coal Company - India
- Videocon Industries ltd - India
- Bhushan Steel Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- San Jose City I Power Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Transport, Egypt
- Mercuria Energy - Indonesia
- Lanco Infratech Ltd - India
- Global Coal Blending Company Limited - Australia
- Goldman Sachs - Singapore
- Planning Commission, India
- Renaissance Capital - South Africa
- Intertek Mineral Services - Indonesia
- Electricity Authority, New Zealand
- Australian Commodity Traders Exchange
- Ambuja Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Essar Steel Hazira Ltd - India
- IEA Clean Coal Centre - UK
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aboitiz Power Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Kepco SPC Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Larsen & Toubro Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Toyota Tsusho Corporation, Japan
- Jaiprakash Power Ventures ltd
- Straits Asia Resources Limited - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Orica Australia Pty. Ltd.
- Global Business Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Rio Tinto Coal - Australia
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Mines - Canada
- Edison Trading Spa - Italy
- Ceylon Electricity Board - Sri Lanka
- LBH Netherlands Bv - Netherlands
- Formosa Plastics Group - Taiwan
- TeaM Sual Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Simpson Spence & Young - Indonesia
- Grasim Industreis Ltd - India
- Parliament of New Zealand
- Posco Energy - South Korea
- Coalindo Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Bhoruka Overseas - Indonesia
- Marubeni Corporation - India
- PNOC Exploration Corporation - Philippines
- Bhatia International Limited - India
- SN Aboitiz Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sindya Power Generating Company Private Ltd
- Sical Logistics Limited - India
- CIMB Investment Bank - Malaysia
- CNBM International Corporation - China
- Carbofer General Trading SA - India
- Billiton Holdings Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Central Electricity Authority - India
- Kaltim Prima Coal - Indonesia
- Coal and Oil Company - UAE
- Georgia Ports Authority, United States
- Bulk Trading Sa - Switzerland
- Mintek Dendrill Indonesia
- Indika Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Port Waratah Coal Services - Australia
- McConnell Dowell - Australia
- Eastern Energy - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Xindia Steels Limited - India
- Mercator Lines Limited - India
- Global Green Power PLC Corporation, Philippines
- Wood Mackenzie - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Indian Oil Corporation Limited
- Bayan Resources Tbk. - Indonesia
- International Coal Ventures Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
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