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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, 18 November 14
VALEMAX DEAL TO DETERMINE DRY BULK MARKET'S FATE - DREWRY MARITIME RESEARCH
Vale’s accord to sell and lease four Valemax vessels to COSCO might have negative repercussions on dry bulk freight rates. Vale has committed ...
Tuesday, 18 November 14
SUB-BIT FOB INDONESIA COAL SWAP DELIVERY Q2' 2015 CLOSED AT $ 49.55; DOWN 4.10% M-O-M
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month, gained week on week and day on day.
The Q1 swap has lost US ...
Tuesday, 18 November 14
FOB RICHARDS BAY COAL SWAP FOR Q1' 2015 DELIVERY CLOSED AT $ 66.31; UP 1.33% W-O-W
COALspot.com: API 4 FOB Richards Bay Coal swap for Q1’ 2015 delivery has gained US$ 0.27 (+0.41%) month over month and US$ 0.87 (+1.33%) week ...
Tuesday, 18 November 14
CHEAP OIL PRICES COULD RESHAPE GLOBAL OIL EXPORTING MAP - HELLENIC SHIPPING
Tanker owners have enjoyed a rather healthy 2014, but as the year draws to a close, the fall of oil prices is bound to reshape traditional, as well ...
Monday, 17 November 14
SKULD ISSUES URGENT NOTICE ON BANKRUPTCY OF OW BUNKER A/S
Further to the Association’s advices of 7 November 2014, more information has come to light with respect to the potential impact and scale of ...
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- The University of Queensland
- Central Java Power - Indonesia
- Chettinad Cement Corporation Ltd - India
- IHS Mccloskey Coal Group - USA
- Grasim Industreis Ltd - India
- Lanco Infratech Ltd - India
- Australian Coal Association
- Samtan Co., Ltd - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Wilmar Investment Holdings
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate Of Revenue Intelligence - India
- Economic Council, Georgia
- Uttam Galva Steels Limited - India
- Mercator Lines Limited - India
- International Coal Ventures Pvt Ltd - India
- Star Paper Mills Limited - India
- Mercuria Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sakthi Sugars Limited - India
- Ceylon Electricity Board - Sri Lanka
- TeaM Sual Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Vijayanagar Sugar Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Madhucon Powers Ltd - India
- San Jose City I Power Corp, Philippines
- London Commodity Brokers - England
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cement Manufacturers Association - India
- Global Green Power PLC Corporation, Philippines
- South Luzon Thermal Energy Corporation
- MS Steel International - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Manunggal Multi Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Essar Steel Hazira Ltd - India
- Interocean Group of Companies - India
- PNOC Exploration Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Sindya Power Generating Company Private Ltd
- Baramulti Group, Indonesia
- ICICI Bank Limited - India
- Binh Thuan Hamico - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Eastern Energy - Thailand
- Simpson Spence & Young - Indonesia
- Rio Tinto Coal - Australia
- Kapuas Tunggal Persada - Indonesia
- Heidelberg Cement - Germany
- Formosa Plastics Group - Taiwan
- Indian Oil Corporation Limited
- Petron Corporation, Philippines
- Merrill Lynch Commodities Europe
- Jindal Steel & Power Ltd - India
- Globalindo Alam Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Romanian Commodities Exchange
- Neyveli Lignite Corporation Ltd, - India
- Ind-Barath Power Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Bangladesh Power Developement Board
- Bukit Makmur.PT - Indonesia
- White Energy Company Limited
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement PLC, Thailand
- Kepco SPC Power Corporation, Philippines
- Aditya Birla Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- SMC Global Power, Philippines
- Sree Jayajothi Cements Limited - India
- Coal and Oil Company - UAE
- IEA Clean Coal Centre - UK
- Orica Australia Pty. Ltd.
- Toyota Tsusho Corporation, Japan
- Billiton Holdings Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Goldman Sachs - Singapore
- Malabar Cements Ltd - India
- Electricity Authority, New Zealand
- PowerSource Philippines DevCo
- Semirara Mining and Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Wood Mackenzie - Singapore
- GVK Power & Infra Limited - India
- Bhatia International Limited - India
- Parry Sugars Refinery, India
- Indian Energy Exchange, India
- Gujarat Sidhee Cement - India
- GMR Energy Limited - India
- Singapore Mercantile Exchange
- Planning Commission, India
- CIMB Investment Bank - Malaysia
- Chamber of Mines of South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Global Business Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Borneo Indobara - Indonesia
- Electricity Generating Authority of Thailand
- Kumho Petrochemical, South Korea
- Posco Energy - South Korea
- Ministry of Mines - Canada
- Ministry of Transport, Egypt
- The Treasury - Australian Government
- Asmin Koalindo Tuhup - Indonesia
- New Zealand Coal & Carbon
- India Bulls Power Limited - India
- Siam City Cement - Thailand
- Agrawal Coal Company - India
- Iligan Light & Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Central Electricity Authority - India
- Indika Energy - Indonesia
- Eastern Coal Council - USA
- LBH Netherlands Bv - Netherlands
- Coastal Gujarat Power Limited - India
- Bhushan Steel Limited - India
- Leighton Contractors Pty Ltd - Australia
- Commonwealth Bank - Australia
- Bukit Baiduri Energy - Indonesia
- Sical Logistics Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Anglo American - United Kingdom
- Marubeni Corporation - India
- Carbofer General Trading SA - India
- Bhoruka Overseas - Indonesia
- Thiess Contractors Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Independent Power Producers Association of India
- Latin American Coal - Colombia
- Alfred C Toepfer International GmbH - Germany
- Parliament of New Zealand
- OPG Power Generation Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Indonesian Coal Mining Association
- Kideco Jaya Agung - Indonesia
- Vedanta Resources Plc - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Deloitte Consulting - India
- Global Coal Blending Company Limited - Australia
- Trasteel International SA, Italy
- Gujarat Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- ASAPP Information Group - India
- Makarim & Taira - Indonesia
- CNBM International Corporation - China
- Vizag Seaport Private Limited - India
- Minerals Council of Australia
- Savvy Resources Ltd - HongKong
- McConnell Dowell - Australia
- Price Waterhouse Coopers - Russia
- Dalmia Cement Bharat India
- SN Aboitiz Power Inc, Philippines
- Africa Commodities Group - South Africa
- Karaikal Port Pvt Ltd - India
- Thai Mozambique Logistica
- Petrochimia International Co. Ltd.- Taiwan
- Larsen & Toubro Limited - India
- SMG Consultants - Indonesia
- Edison Trading Spa - Italy
- Karbindo Abesyapradhi - Indoneisa
- Straits Asia Resources Limited - Singapore
- Xindia Steels Limited - India
- Medco Energi Mining Internasional
- Indogreen Group - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Development Corp, Philippines
- Renaissance Capital - South Africa
- Meenaskhi Energy Private Limited - India
- Orica Mining Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Coalindo Energy - Indonesia
- Semirara Mining Corp, Philippines
- Mjunction Services Limited - India
- Tata Chemicals Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Australian Commodity Traders Exchange
- Sojitz Corporation - Japan
- Antam Resourcindo - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Mintek Dendrill Indonesia
- Bulk Trading Sa - Switzerland
- Georgia Ports Authority, United States
- Sarangani Energy Corporation, Philippines
- Port Waratah Coal Services - Australia
- Attock Cement Pakistan Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tamil Nadu electricity Board
- GAC Shipping (India) Pvt Ltd
- Bharathi Cement Corporation - India
- Oldendorff Carriers - Singapore
- Banpu Public Company Limited - Thailand
- VISA Power Limited - India
- Ministry of Finance - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Standard Chartered Bank - UAE
- Krishnapatnam Port Company Ltd. - India
- Kaltim Prima Coal - Indonesia
- PTC India Limited - India
- Salva Resources Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Bayan Resources Tbk. - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Videocon Industries ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meralco Power Generation, Philippines
- Maheswari Brothers Coal Limited - India
- The State Trading Corporation of India Ltd
- Timah Investasi Mineral - Indoneisa
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