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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, 08 December 14
GOVERMENT TO WITHDRAW CNC STATUS OVER SUSPECTED FLAWS - THE JAKARTA POST
The Energy and Mineral Resources Ministry’s directorate general for mineral and coal plans to review the clean and clear (CnC) status held by ...
Monday, 08 December 14
FOB NEWCASTLE COAL SWAPS SLIP W-O-W AND M-O-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery closed at US$ 52.10 on 5 December after losing US$ 0.55 (-1.04%) month over ...
Sunday, 07 December 14
SUPRAMAX S8 ROUTE SLIGHTLY INCREASED WEEK ON WEEK
COALspot.com: The BDI continued its fall as cape index fell heavily week on week.
The BDI lost around14.83 pct within last five working day an ...
Saturday, 06 December 14
TANKER FLOATING STORAGE PLAYS COULD COME INTO PLAY IF VLCC RATES STAY AT CURRENT LEVEL - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Contango: A phenomenon in commodities futures price curves where the delivery price of a futures contract is greater than the current price. With t ...
Saturday, 06 December 14
MUNDRA PORT MAKES HISTORY BY HANDLING THE LARGEST BULK CARRIER TO CALL ON WEST COAST OF INDIA
COALspot.com: Adani Ports & SEZ Ltd, India’s largest port developer and part of Adani Group, yesterday said its Mundra Port successf ...
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- Jaiprakash Power Ventures ltd
- CIMB Investment Bank - Malaysia
- Ministry of Mines - Canada
- Semirara Mining and Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- PTC India Limited - India
- LBH Netherlands Bv - Netherlands
- Kaltim Prima Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- SMG Consultants - Indonesia
- Attock Cement Pakistan Limited
- Sindya Power Generating Company Private Ltd
- Planning Commission, India
- Indonesian Coal Mining Association
- Cement Manufacturers Association - India
- OPG Power Generation Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Madhucon Powers Ltd - India
- Indian Energy Exchange, India
- Edison Trading Spa - Italy
- Sinarmas Energy and Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Coal and Oil Company - UAE
- Kohat Cement Company Ltd. - Pakistan
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- Central Electricity Authority - India
- Wilmar Investment Holdings
- Larsen & Toubro Limited - India
- Bharathi Cement Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Simpson Spence & Young - Indonesia
- Deloitte Consulting - India
- Kalimantan Lumbung Energi - Indonesia
- Electricity Authority, New Zealand
- Vizag Seaport Private Limited - India
- Parliament of New Zealand
- Orica Mining Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Mercuria Energy - Indonesia
- The University of Queensland
- Sarangani Energy Corporation, Philippines
- Australian Coal Association
- Indo Tambangraya Megah - Indonesia
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Heidelberg Cement - Germany
- Kartika Selabumi Mining - Indonesia
- Meralco Power Generation, Philippines
- Georgia Ports Authority, United States
- Timah Investasi Mineral - Indoneisa
- Uttam Galva Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Antam Resourcindo - Indonesia
- Independent Power Producers Association of India
- Directorate Of Revenue Intelligence - India
- Vedanta Resources Plc - India
- Intertek Mineral Services - Indonesia
- Rio Tinto Coal - Australia
- Holcim Trading Pte Ltd - Singapore
- Ambuja Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Global Coal Blending Company Limited - Australia
- Agrawal Coal Company - India
- Posco Energy - South Korea
- Borneo Indobara - Indonesia
- Sree Jayajothi Cements Limited - India
- CNBM International Corporation - China
- Savvy Resources Ltd - HongKong
- Miang Besar Coal Terminal - Indonesia
- Eastern Energy - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- SN Aboitiz Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Tamil Nadu electricity Board
- Chamber of Mines of South Africa
- Meenaskhi Energy Private Limited - India
- Economic Council, Georgia
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- Petron Corporation, Philippines
- Africa Commodities Group - South Africa
- Coalindo Energy - Indonesia
- Port Waratah Coal Services - Australia
- Star Paper Mills Limited - India
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Tata Chemicals Ltd - India
- Singapore Mercantile Exchange
- Directorate General of MIneral and Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Semirara Mining Corp, Philippines
- Oldendorff Carriers - Singapore
- Thiess Contractors Indonesia
- Rashtriya Ispat Nigam Limited - India
- GAC Shipping (India) Pvt Ltd
- Latin American Coal - Colombia
- Krishnapatnam Port Company Ltd. - India
- Bukit Makmur.PT - Indonesia
- ICICI Bank Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- European Bulk Services B.V. - Netherlands
- Goldman Sachs - Singapore
- Wood Mackenzie - Singapore
- Coastal Gujarat Power Limited - India
- ASAPP Information Group - India
- Eastern Coal Council - USA
- GN Power Mariveles Coal Plant, Philippines
- Globalindo Alam Lestari - Indonesia
- PowerSource Philippines DevCo
- Minerals Council of Australia
- Maharashtra Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Siam City Cement PLC, Thailand
- McConnell Dowell - Australia
- Aditya Birla Group - India
- Videocon Industries ltd - India
- Grasim Industreis Ltd - India
- Karaikal Port Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- IEA Clean Coal Centre - UK
- Bulk Trading Sa - Switzerland
- Altura Mining Limited, Indonesia
- Dalmia Cement Bharat India
- Bhushan Steel Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Thai Mozambique Logistica
- Energy Development Corp, Philippines
- Electricity Generating Authority of Thailand
- Romanian Commodities Exchange
- Ministry of Finance - Indonesia
- Bhatia International Limited - India
- Indian Oil Corporation Limited
- MS Steel International - UAE
- Baramulti Group, Indonesia
- Interocean Group of Companies - India
- Xindia Steels Limited - India
- Mercator Lines Limited - India
- Energy Link Ltd, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Indogreen Group - Indonesia
- Australian Commodity Traders Exchange
- Alfred C Toepfer International GmbH - Germany
- Kepco SPC Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- South Luzon Thermal Energy Corporation
- Binh Thuan Hamico - Vietnam
- GVK Power & Infra Limited - India
- SMC Global Power, Philippines
- Bhoruka Overseas - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Ind-Barath Power Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Toyota Tsusho Corporation, Japan
- Kapuas Tunggal Persada - Indonesia
- Parry Sugars Refinery, India
- Commonwealth Bank - Australia
- Neyveli Lignite Corporation Ltd, - India
- Standard Chartered Bank - UAE
- Siam City Cement - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Samtan Co., Ltd - South Korea
- Marubeni Corporation - India
- Sojitz Corporation - Japan
- India Bulls Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- International Coal Ventures Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Indika Energy - Indonesia
- The Treasury - Australian Government
- Manunggal Multi Energi - Indonesia
- Riau Bara Harum - Indonesia
- White Energy Company Limited
- Vijayanagar Sugar Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Global Business Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Price Waterhouse Coopers - Russia
- TNB Fuel Sdn Bhd - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Lanco Infratech Ltd - India
- London Commodity Brokers - England
- Aboitiz Power Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Sical Logistics Limited - India
- Orica Australia Pty. Ltd.
- Carbofer General Trading SA - India
- Iligan Light & Power Inc, Philippines
- Central Java Power - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Mjunction Services Limited - India
- Renaissance Capital - South Africa
- Gujarat Sidhee Cement - India
- Billiton Holdings Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Kumho Petrochemical, South Korea
- Formosa Plastics Group - Taiwan
- Power Finance Corporation Ltd., India
- Makarim & Taira - Indonesia
- Sakthi Sugars Limited - India
- VISA Power Limited - India
- Essar Steel Hazira Ltd - India
- Malabar Cements Ltd - India
- GMR Energy Limited - India
- Merrill Lynch Commodities Europe
- Bukit Baiduri Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Transport, Egypt
- AsiaOL BioFuels Corp., Philippines
- Medco Energi Mining Internasional
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