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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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Friday, 19 December 14
U.S WEEKLY COAL PRODUCTION REACHED APPROXIMATELY 19.8 MMST; UP 1.0% WOW
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.8 million short tons (mmst) of coal ...
Friday, 19 December 14
HANDY: SOFTER TONE; PANAMAX: QUIET WEEK; CAPESIZE; PAINFUL WEEK
Handy
A softer tone for rates and volumes for the Supras, perhaps less apparent in the Pacific the last week before the season holidays and good ...
Thursday, 18 December 14
INDONESIA TO REVISE UP COAL OUTPUT TARGET TO 460 MILLION TONS IN 2015
COALspot.com: Indonesian government has revised up its next year coal output forecast to 460 million tons from its previous forecast of 421 million ...
Wednesday, 17 December 14
CAPES RATES SLIPPED BELOW $5,600/DAY, FELL 84% YOY
COALspot.com: In the very rare occurrence when the BCI stands below the BDI, words to describe market sentiment are probably poor, said Intermodal ...
Wednesday, 17 December 14
MARKET INSIGHT - INTERMODAL SHANGHAI, SNP TEAM
As the end of the fourth quarter is approaching, we are all witness to the second hand market prices softening day by day. Any new deal surfacing t ...
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- Trasteel International SA, Italy
- Attock Cement Pakistan Limited
- GN Power Mariveles Coal Plant, Philippines
- Intertek Mineral Services - Indonesia
- Ind-Barath Power Infra Limited - India
- GVK Power & Infra Limited - India
- MS Steel International - UAE
- Aditya Birla Group - India
- PNOC Exploration Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Parliament of New Zealand
- Essar Steel Hazira Ltd - India
- South Luzon Thermal Energy Corporation
- Sarangani Energy Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Merrill Lynch Commodities Europe
- The State Trading Corporation of India Ltd
- Coastal Gujarat Power Limited - India
- Kobexindo Tractors - Indoneisa
- Singapore Mercantile Exchange
- Siam City Cement - Thailand
- Standard Chartered Bank - UAE
- Bharathi Cement Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Larsen & Toubro Limited - India
- Mercuria Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- CNBM International Corporation - China
- Grasim Industreis Ltd - India
- European Bulk Services B.V. - Netherlands
- Gujarat Sidhee Cement - India
- Jindal Steel & Power Ltd - India
- Karaikal Port Pvt Ltd - India
- Meralco Power Generation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Malabar Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Indogreen Group - Indonesia
- TeaM Sual Corporation - Philippines
- White Energy Company Limited
- Agrawal Coal Company - India
- Pipit Mutiara Jaya. PT, Indonesia
- Aboitiz Power Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Madhucon Powers Ltd - India
- Directorate Of Revenue Intelligence - India
- Orica Australia Pty. Ltd.
- Siam City Cement PLC, Thailand
- Sinarmas Energy and Mining - Indonesia
- Indian Energy Exchange, India
- Medco Energi Mining Internasional
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Africa Commodities Group - South Africa
- Globalindo Alam Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Edison Trading Spa - Italy
- ICICI Bank Limited - India
- Sree Jayajothi Cements Limited - India
- Chamber of Mines of South Africa
- Neyveli Lignite Corporation Ltd, - India
- Bukit Makmur.PT - Indonesia
- Commonwealth Bank - Australia
- Central Electricity Authority - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Mintek Dendrill Indonesia
- Ambuja Cements Ltd - India
- Semirara Mining Corp, Philippines
- Makarim & Taira - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Coal Blending Company Limited - Australia
- Samtan Co., Ltd - South Korea
- Indika Energy - Indonesia
- SMG Consultants - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Rio Tinto Coal - Australia
- Oldendorff Carriers - Singapore
- Interocean Group of Companies - India
- Bukit Baiduri Energy - Indonesia
- Star Paper Mills Limited - India
- Meenaskhi Energy Private Limited - India
- Toyota Tsusho Corporation, Japan
- Wilmar Investment Holdings
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- Tamil Nadu electricity Board
- Rashtriya Ispat Nigam Limited - India
- New Zealand Coal & Carbon
- Posco Energy - South Korea
- Holcim Trading Pte Ltd - Singapore
- Anglo American - United Kingdom
- India Bulls Power Limited - India
- Lanco Infratech Ltd - India
- Global Green Power PLC Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Sindya Power Generating Company Private Ltd
- Indo Tambangraya Megah - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- McConnell Dowell - Australia
- Romanian Commodities Exchange
- Sojitz Corporation - Japan
- Latin American Coal - Colombia
- Electricity Generating Authority of Thailand
- Kumho Petrochemical, South Korea
- Kohat Cement Company Ltd. - Pakistan
- Bangladesh Power Developement Board
- PTC India Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Energy Development Corp, Philippines
- Borneo Indobara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bhatia International Limited - India
- Parry Sugars Refinery, India
- Billiton Holdings Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Economic Council, Georgia
- Orica Mining Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bhushan Steel Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Wood Mackenzie - Singapore
- Deloitte Consulting - India
- Petron Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- VISA Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- IHS Mccloskey Coal Group - USA
- Electricity Authority, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Mjunction Services Limited - India
- Mercator Lines Limited - India
- SN Aboitiz Power Inc, Philippines
- Xindia Steels Limited - India
- Tata Chemicals Ltd - India
- The Treasury - Australian Government
- Thai Mozambique Logistica
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Indonesian Coal Mining Association
- OPG Power Generation Pvt Ltd - India
- SMC Global Power, Philippines
- Krishnapatnam Port Company Ltd. - India
- Price Waterhouse Coopers - Russia
- Baramulti Group, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Energy - Thailand
- Ministry of Mines - Canada
- Power Finance Corporation Ltd., India
- GAC Shipping (India) Pvt Ltd
- Banpu Public Company Limited - Thailand
- Planning Commission, India
- Videocon Industries ltd - India
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- ASAPP Information Group - India
- Antam Resourcindo - Indonesia
- Indian Oil Corporation Limited
- Ceylon Electricity Board - Sri Lanka
- Salva Resources Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- London Commodity Brokers - England
- Leighton Contractors Pty Ltd - Australia
- The University of Queensland
- IEA Clean Coal Centre - UK
- Alfred C Toepfer International GmbH - Germany
- Dalmia Cement Bharat India
- Vizag Seaport Private Limited - India
- Heidelberg Cement - Germany
- Global Business Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Commodity Traders Exchange
- Simpson Spence & Young - Indonesia
- GMR Energy Limited - India
- Carbofer General Trading SA - India
- PowerSource Philippines DevCo
- Kaltim Prima Coal - Indonesia
- Marubeni Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Altura Mining Limited, Indonesia
- Coal and Oil Company - UAE
- Independent Power Producers Association of India
- Savvy Resources Ltd - HongKong
- Maharashtra Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Sical Logistics Limited - India
- Timah Investasi Mineral - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Goldman Sachs - Singapore
- Ministry of Transport, Egypt
- Iligan Light & Power Inc, Philippines
- Australian Coal Association
- Kideco Jaya Agung - Indonesia
- Central Java Power - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Minerals Council of Australia
- Miang Besar Coal Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Coalindo Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Vedanta Resources Plc - India
- Renaissance Capital - South Africa
- Cement Manufacturers Association - India
- Ministry of Finance - Indonesia
- Georgia Ports Authority, United States
- Energy Link Ltd, New Zealand
- Kepco SPC Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
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