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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.
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Friday, 05 December 14
CHINESE SPECIAL STEEL MAKERS' RISK PROFILES MORE RESILIENT - FITCH
Fitch Ratings says the risk profiles of Chinese makers of special steel, especially high-end products, are more like those of manufacturers and mor ...
Friday, 05 December 14
U.S. YEAR-TO-DATE COAL PRODUCTION REACHED AROUND 905 MMST - EIA
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19 million short tons (mmst) of coal i ...
Thursday, 04 December 14
CAPE MARKET IS DEVELOPING FROM BAD TO WORSE
Handy
The Atlantic market has been pretty stable and balanced this week, Fearnleys AS says in its latest weekly report.
The broker furt ...
Thursday, 04 December 14
DRY BULK MARKET; ANOTHER DISAPPOINTING WEEK
COALspot.com: For those who have been hoping to see alignment of freight direction across the Dry Bulk market, this must have been another disappoi ...
Wednesday, 03 December 14
PROGRESSING SMELTER PROJECTS IN INDONESIA
Press Release: Indonesia’s ban on ‘raw mineral export’ that was designed to encouraging downstream investment in mineral processi ...
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- Electricity Authority, New Zealand
- SMG Consultants - Indonesia
- Kumho Petrochemical, South Korea
- Anglo American - United Kingdom
- Commonwealth Bank - Australia
- Vizag Seaport Private Limited - India
- Ministry of Transport, Egypt
- Planning Commission, India
- Sical Logistics Limited - India
- Independent Power Producers Association of India
- Kohat Cement Company Ltd. - Pakistan
- The State Trading Corporation of India Ltd
- Lanco Infratech Ltd - India
- South Luzon Thermal Energy Corporation
- Maharashtra Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Eastern Coal Council - USA
- Central Electricity Authority - India
- Agrawal Coal Company - India
- Coastal Gujarat Power Limited - India
- PTC India Limited - India
- Miang Besar Coal Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Leighton Contractors Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Ambuja Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Economic Council, Georgia
- Sinarmas Energy and Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Global Green Power PLC Corporation, Philippines
- Star Paper Mills Limited - India
- Heidelberg Cement - Germany
- Wilmar Investment Holdings
- Formosa Plastics Group - Taiwan
- ASAPP Information Group - India
- Sarangani Energy Corporation, Philippines
- Siam City Cement PLC, Thailand
- Bayan Resources Tbk. - Indonesia
- Altura Mining Limited, Indonesia
- India Bulls Power Limited - India
- Kobexindo Tractors - Indoneisa
- Orica Australia Pty. Ltd.
- London Commodity Brokers - England
- Mercuria Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Chamber of Mines of South Africa
- Renaissance Capital - South Africa
- Tata Chemicals Ltd - India
- Orica Mining Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Bhoruka Overseas - Indonesia
- Electricity Generating Authority of Thailand
- Carbofer General Trading SA - India
- Samtan Co., Ltd - South Korea
- European Bulk Services B.V. - Netherlands
- Mintek Dendrill Indonesia
- San Jose City I Power Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karbindo Abesyapradhi - Indoneisa
- Maheswari Brothers Coal Limited - India
- SMC Global Power, Philippines
- Bukit Makmur.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Dalmia Cement Bharat India
- Borneo Indobara - Indonesia
- Romanian Commodities Exchange
- Essar Steel Hazira Ltd - India
- Mjunction Services Limited - India
- PetroVietnam Power Coal Import and Supply Company
- MS Steel International - UAE
- Ind-Barath Power Infra Limited - India
- Uttam Galva Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Sindya Power Generating Company Private Ltd
- Intertek Mineral Services - Indonesia
- Singapore Mercantile Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- GAC Shipping (India) Pvt Ltd
- VISA Power Limited - India
- McConnell Dowell - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercator Lines Limited - India
- Oldendorff Carriers - Singapore
- Thiess Contractors Indonesia
- Krishnapatnam Port Company Ltd. - India
- Jindal Steel & Power Ltd - India
- Indian Energy Exchange, India
- Bahari Cakrawala Sebuku - Indonesia
- Simpson Spence & Young - Indonesia
- International Coal Ventures Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Thai Mozambique Logistica
- OPG Power Generation Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Bhushan Steel Limited - India
- Posco Energy - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Goldman Sachs - Singapore
- Alfred C Toepfer International GmbH - Germany
- Riau Bara Harum - Indonesia
- Global Coal Blending Company Limited - Australia
- Savvy Resources Ltd - HongKong
- GN Power Mariveles Coal Plant, Philippines
- Bangladesh Power Developement Board
- Energy Link Ltd, New Zealand
- Bharathi Cement Corporation - India
- Kepco SPC Power Corporation, Philippines
- The University of Queensland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Indika Energy - Indonesia
- GVK Power & Infra Limited - India
- Eastern Energy - Thailand
- Holcim Trading Pte Ltd - Singapore
- Meenaskhi Energy Private Limited - India
- Bhatia International Limited - India
- Ministry of Mines - Canada
- Meralco Power Generation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Larsen & Toubro Limited - India
- Kartika Selabumi Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Banpu Public Company Limited - Thailand
- Indian Oil Corporation Limited
- IEA Clean Coal Centre - UK
- TeaM Sual Corporation - Philippines
- Videocon Industries ltd - India
- Edison Trading Spa - Italy
- Tamil Nadu electricity Board
- Trasteel International SA, Italy
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- New Zealand Coal & Carbon
- Standard Chartered Bank - UAE
- Parliament of New Zealand
- Sakthi Sugars Limited - India
- Straits Asia Resources Limited - Singapore
- ICICI Bank Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Baramulti Group, Indonesia
- Parry Sugars Refinery, India
- Vijayanagar Sugar Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- PowerSource Philippines DevCo
- The Treasury - Australian Government
- Globalindo Alam Lestari - Indonesia
- Latin American Coal - Colombia
- Coal and Oil Company - UAE
- Billiton Holdings Pty Ltd - Australia
- Minerals Council of Australia
- Merrill Lynch Commodities Europe
- Sojitz Corporation - Japan
- Port Waratah Coal Services - Australia
- GMR Energy Limited - India
- Petron Corporation, Philippines
- Makarim & Taira - Indonesia
- Madhucon Powers Ltd - India
- Gujarat Sidhee Cement - India
- Salva Resources Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Deloitte Consulting - India
- Africa Commodities Group - South Africa
- LBH Netherlands Bv - Netherlands
- Cement Manufacturers Association - India
- Pendopo Energi Batubara - Indonesia
- Barasentosa Lestari - Indonesia
- Indonesian Coal Mining Association
- Toyota Tsusho Corporation, Japan
- Timah Investasi Mineral - Indoneisa
- Global Business Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Wood Mackenzie - Singapore
- Australian Commodity Traders Exchange
- Indo Tambangraya Megah - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Georgia Ports Authority, United States
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Power Finance Corporation Ltd., India
- White Energy Company Limited
- Energy Development Corp, Philippines
- CIMB Investment Bank - Malaysia
- Jaiprakash Power Ventures ltd
- Chettinad Cement Corporation Ltd - India
- Xindia Steels Limited - India
- Ministry of Finance - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Attock Cement Pakistan Limited
- Central Java Power - Indonesia
- Malabar Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement - Thailand
- Bukit Baiduri Energy - Indonesia
- Vedanta Resources Plc - India
- Medco Energi Mining Internasional
- Karaikal Port Pvt Ltd - India
- Aditya Birla Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ceylon Electricity Board - Sri Lanka
- Australian Coal Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sree Jayajothi Cements Limited - India
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- CNBM International Corporation - China
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