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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, 17 November 14
INDONESIAN COAL PRICE REFERENCE CONTINUES FREE FALL; SLUMPS TO 69-MONTH LOW
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down the coal bench mark price once again in November. HBA for t ...
Monday, 17 November 14
API 5 FOB NEWCASTLE COAL SWAP FOR Q1' 15 DELIVERY CLOSED AT $ 52.75
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery has decreased US$ 1.77 (-3.25%) month over month and US$ 0.02 (-0.04%) day ...
Monday, 17 November 14
SOUTH CHINA COAL SWAP SLIGHTLY INCREASED WEEK OVER WEEK
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased US$ 1.73 (-2.67%) month over month and US$ 0.10 (-0.16%) da ...
Sunday, 16 November 14
THE BDI LOST 12.59% WEEK ON WEEK; THE BCI LOST 19.95%
COALspot.com: The BDI fell 12.59 percent to 1256 point week on week on Friday 14 November. All the segments were also most down this week. The cape ...
Friday, 14 November 14
U.S. WEEKLY COAL OUTPUT SLIPS SLIGHTLY WEEK ENDING NOVEMBER 08
COALspot.com – United States the world's one of the largest coal producers, produced approximately 18.9 million short tons (mmst) of coal ...
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- Bhushan Steel Limited - India
- SMG Consultants - Indonesia
- Sindya Power Generating Company Private Ltd
- Kobexindo Tractors - Indoneisa
- Uttam Galva Steels Limited - India
- Central Java Power - Indonesia
- Global Business Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- San Jose City I Power Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Heidelberg Cement - Germany
- Leighton Contractors Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Miang Besar Coal Terminal - Indonesia
- Ambuja Cements Ltd - India
- Energy Link Ltd, New Zealand
- Jindal Steel & Power Ltd - India
- Carbofer General Trading SA - India
- Parry Sugars Refinery, India
- Ministry of Mines - Canada
- Power Finance Corporation Ltd., India
- Banpu Public Company Limited - Thailand
- Savvy Resources Ltd - HongKong
- Makarim & Taira - Indonesia
- Timah Investasi Mineral - Indoneisa
- Mercator Lines Limited - India
- Chettinad Cement Corporation Ltd - India
- Aboitiz Power Corporation - Philippines
- Economic Council, Georgia
- Vijayanagar Sugar Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Finance - Indonesia
- Toyota Tsusho Corporation, Japan
- Rio Tinto Coal - Australia
- CIMB Investment Bank - Malaysia
- Electricity Authority, New Zealand
- Romanian Commodities Exchange
- Marubeni Corporation - India
- Bulk Trading Sa - Switzerland
- Barasentosa Lestari - Indonesia
- Anglo American - United Kingdom
- Altura Mining Limited, Indonesia
- Madhucon Powers Ltd - India
- Maheswari Brothers Coal Limited - India
- Medco Energi Mining Internasional
- Lanco Infratech Ltd - India
- Ministry of Transport, Egypt
- Karbindo Abesyapradhi - Indoneisa
- Formosa Plastics Group - Taiwan
- Standard Chartered Bank - UAE
- Antam Resourcindo - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- McConnell Dowell - Australia
- Metalloyd Limited - United Kingdom
- Cement Manufacturers Association - India
- Eastern Coal Council - USA
- Parliament of New Zealand
- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
- TeaM Sual Corporation - Philippines
- MS Steel International - UAE
- The Treasury - Australian Government
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The State Trading Corporation of India Ltd
- LBH Netherlands Bv - Netherlands
- South Luzon Thermal Energy Corporation
- Iligan Light & Power Inc, Philippines
- Deloitte Consulting - India
- New Zealand Coal & Carbon
- Neyveli Lignite Corporation Ltd, - India
- Edison Trading Spa - Italy
- Aditya Birla Group - India
- Bukit Makmur.PT - Indonesia
- Agrawal Coal Company - India
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- Coalindo Energy - Indonesia
- Energy Development Corp, Philippines
- Kumho Petrochemical, South Korea
- London Commodity Brokers - England
- Essar Steel Hazira Ltd - India
- GAC Shipping (India) Pvt Ltd
- Indian Oil Corporation Limited
- India Bulls Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Simpson Spence & Young - Indonesia
- Orica Australia Pty. Ltd.
- Australian Coal Association
- International Coal Ventures Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Coal and Oil Company - UAE
- Indogreen Group - Indonesia
- Commonwealth Bank - Australia
- Minerals Council of Australia
- Renaissance Capital - South Africa
- Borneo Indobara - Indonesia
- Tata Chemicals Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Sakthi Sugars Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Therma Luzon, Inc, Philippines
- Ind-Barath Power Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Samtan Co., Ltd - South Korea
- Central Electricity Authority - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Baramulti Group, Indonesia
- Dalmia Cement Bharat India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Riau Bara Harum - Indonesia
- Straits Asia Resources Limited - Singapore
- Price Waterhouse Coopers - Russia
- Semirara Mining and Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement - Thailand
- Independent Power Producers Association of India
- Singapore Mercantile Exchange
- PTC India Limited - India
- Meralco Power Generation, Philippines
- Petron Corporation, Philippines
- Indika Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Indonesian Coal Mining Association
- Global Coal Blending Company Limited - Australia
- Latin American Coal - Colombia
- SMC Global Power, Philippines
- GMR Energy Limited - India
- Bayan Resources Tbk. - Indonesia
- ASAPP Information Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Thiess Contractors Indonesia
- Bangladesh Power Developement Board
- Kalimantan Lumbung Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Vizag Seaport Private Limited - India
- PowerSource Philippines DevCo
- Star Paper Mills Limited - India
- Mintek Dendrill Indonesia
- Attock Cement Pakistan Limited
- Wilmar Investment Holdings
- Krishnapatnam Port Company Ltd. - India
- Ceylon Electricity Board - Sri Lanka
- Gujarat Mineral Development Corp Ltd - India
- European Bulk Services B.V. - Netherlands
- Indo Tambangraya Megah - Indonesia
- Georgia Ports Authority, United States
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mjunction Services Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- The University of Queensland
- Bhoruka Overseas - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Directorate Of Revenue Intelligence - India
- Videocon Industries ltd - India
- Trasteel International SA, Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Larsen & Toubro Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Wood Mackenzie - Singapore
- Global Green Power PLC Corporation, Philippines
- Posco Energy - South Korea
- Meenaskhi Energy Private Limited - India
- Interocean Group of Companies - India
- Xindia Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Planning Commission, India
- Eastern Energy - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Tamil Nadu electricity Board
- Petrochimia International Co. Ltd.- Taiwan
- Goldman Sachs - Singapore
- Siam City Cement PLC, Thailand
- CNBM International Corporation - China
- Sarangani Energy Corporation, Philippines
- Africa Commodities Group - South Africa
- Pendopo Energi Batubara - Indonesia
- ICICI Bank Limited - India
- Sojitz Corporation - Japan
- Orica Mining Services - Indonesia
- Salva Resources Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- GVK Power & Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Binh Thuan Hamico - Vietnam
- Malabar Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- White Energy Company Limited
- Kartika Selabumi Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Commodity Traders Exchange
- IEA Clean Coal Centre - UK
- Mercuria Energy - Indonesia
- Bhatia International Limited - India
- Semirara Mining Corp, Philippines
- Port Waratah Coal Services - Australia
- Vedanta Resources Plc - India
- Indian Energy Exchange, India
- Sical Logistics Limited - India
- VISA Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Bharathi Cement Corporation - India
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