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Wednesday, 20 July 16
EDIBLE OIL MARKETS ACROSS THE GLOBE REMAIN UNDER PRESSURE - STELIOS KOLLINTZAS
 The edible oil markets across the globe remain under pressure on the back of lackluster demand. Some of the main factors causing the low activity are seasonality, increased stocks and wet and dry weather conditions in the west and east respectively. While S. America activity has already been ‘’hit’’ by the summer seasonal cool-off, effects of El Nino are still evident on the palm oil exports from SE Asia. Needless to say that the impact of this has resulted in long lists of ships available and has pushed freight rates down to new lows. In the meantime, the CPP market in both the Atlantic and the Pacific has not provided support to Owners looking to escape the dull palm and vegetable oil market and has further extended their feeling of uncertainty.
Against Owners’ expectations, the traditional increase of demand before and after the Ramadan has failed to materialize this year. India and Pakistan, the main demand sources, have been very slow, while Europe and China have also been weak. However, the Middle East and Red Sea markets have experienced healthier activity, still not enough to absorb the ample tonnage around though. Palm oil shipments have been 8.5% lower in June compared to May, forcing a number of Owners to heavily compete for each cargo that becomes available in the market. Hire rates during the past month for the usual long haul MR TC Trip to Med-Continent-USA bss delivery at charterer's preferred load port, have dropped from $16,500 to $15,000 per day at the time of writing, the lowest fixing levels in a long time. As far as the regional SE Asia market is concerned, there has been a slight increase of cargoes quoted as charterers look to replenish their stocks, but overall the market is still far from achieving a balance.
After many months of a rather firm market, freight rates on the edible trade lanes from S. America have softened. Having been the strong leg on the triangulation trade for the dedicated on the edible oil market Owners, it has finally followed the rest of the routes on the downside. This is mainly the result of a sharp decrease in Indian demand, which has been traditionally the main destination of vegetable oils from S. America. However, the recent boost of CPP imports into Argentina has led many ships in the area, building as a result a long tonnage list and causing great supply/demand imbalance. On the other hand, there are serious delays on discharging those ships, which causes increased concern to Owners and Charterers that aim to get ships with firm itineraries. With ample tonnage available we do not expect MR veg oil freight rates to firm over the next few weeks. In fact, it is possible that they will soften further. At the moment, the rate for 40k mtons of cargo to India is about USD 36-38 pmt bss 2/2.
The outlook for the Black Sea/Med market is not very different compared to the previous months. Once again, activity is low and it is mostly small parcels that move around. However, there is better luck for FOSFA accepted vessels which are still in demand and able to negotiate better numbers. Despite the slow market, rates have been stable with the usual route to India on 12,000 tons fixing around $ mid/high 50s pmt bss 1/2.
As the summer months roll on, signs of recovery to 2015 levels remain scarce. More likely, palm oil exports/freight rates to India will remain slow until the next festive season of Diwali in October, as for rates ex-S. America things are more complicated, with Atlantic basket CPP fundamentals most likely being the key factor behind the performance of the market there.
By Stelios Kollintzas
Tanker Chartering - 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 reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Monday, 15 August 16
THE SPOT FREIGHT MARKET STRENGTHEN OVER THIS WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose as Cape and Panamax segments ending in a positive no ...
Friday, 12 August 16
U.S. WEEKLY COAL OUTPUT ENDING AUGUST 6 FELL SLIGHTLY
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.9 million short ton ...
Thursday, 11 August 16
CAPESIZE THE PACIFIC SIDE IS LOOKING MORE POSITIVE, DRIVEN BY AUSTRALIAN IRON ORE - FEARNLEYS
Supramax
Rates continue to be under pressure with index ending up with 639 points and average TC value at USD6,680, said Fearnleys. Fearnleys A/S ...
Thursday, 11 August 16
EIA ESTIMATES THE DELIVERED COAL PRICE TO U.S. ELECTRIC UTILITIES IN 2017 AVERAGED $2.24/MMBTU; $0.05/MMBTU HIGHER THAN 2016 ESTIMATES
Coal Supply
U.S. coal production in July was 65 million short tons (MMst), an 8 MMst (14%) increase from the previous month but 11 MMst (15%) low ...
Wednesday, 10 August 16
THE DRY BULK MARKET KEPT SOFTENING LAST WEEK; WE CAN SEE MUCH HEALTHIER NUMBERS STARTING SEPTEMBER
The Dry Bulk market kept softening last week as we have now started going through the traditionally quieter days of the summer season peak period, ...
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- Merrill Lynch Commodities Europe
- Africa Commodities Group - South Africa
- Ambuja Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Makarim & Taira - Indonesia
- Goldman Sachs - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Electricity Authority, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Tata Chemicals Ltd - India
- Indika Energy - Indonesia
- Power Finance Corporation Ltd., India
- Leighton Contractors Pty Ltd - Australia
- ASAPP Information Group - India
- Economic Council, Georgia
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- SN Aboitiz Power Inc, Philippines
- Mjunction Services Limited - India
- Romanian Commodities Exchange
- Malabar Cements Ltd - India
- Oldendorff Carriers - Singapore
- PowerSource Philippines DevCo
- VISA Power Limited - India
- Straits Asia Resources Limited - Singapore
- Semirara Mining Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Manunggal Multi Energi - Indonesia
- Edison Trading Spa - Italy
- Bharathi Cement Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Barasentosa Lestari - Indonesia
- Sakthi Sugars Limited - India
- Bulk Trading Sa - Switzerland
- Gujarat Sidhee Cement - India
- SMC Global Power, Philippines
- Ceylon Electricity Board - Sri Lanka
- Vedanta Resources Plc - India
- MS Steel International - UAE
- Agrawal Coal Company - India
- Kalimantan Lumbung Energi - Indonesia
- Mintek Dendrill Indonesia
- LBH Netherlands Bv - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Kaltim Prima Coal - Indonesia
- Australian Coal Association
- Trasteel International SA, Italy
- Kumho Petrochemical, South Korea
- White Energy Company Limited
- Coastal Gujarat Power Limited - India
- Orica Mining Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- SMG Consultants - Indonesia
- Commonwealth Bank - Australia
- Baramulti Group, Indonesia
- Thiess Contractors Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Latin American Coal - Colombia
- South Luzon Thermal Energy Corporation
- Toyota Tsusho Corporation, Japan
- Independent Power Producers Association of India
- Maharashtra Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Videocon Industries ltd - India
- Iligan Light & Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- AsiaOL BioFuels Corp., Philippines
- PTC India Limited - India
- Gujarat Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Thai Mozambique Logistica
- PetroVietnam Power Coal Import and Supply Company
- GVK Power & Infra Limited - India
- Energy Link Ltd, New Zealand
- Star Paper Mills Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Coal and Oil Company - UAE
- Sree Jayajothi Cements Limited - India
- Electricity Generating Authority of Thailand
- Planning Commission, India
- India Bulls Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Mercator Lines Limited - India
- Medco Energi Mining Internasional
- Orica Australia Pty. Ltd.
- IHS Mccloskey Coal Group - USA
- Bayan Resources Tbk. - Indonesia
- Indogreen Group - Indonesia
- IEA Clean Coal Centre - UK
- Heidelberg Cement - Germany
- Kapuas Tunggal Persada - Indonesia
- Jaiprakash Power Ventures ltd
- Banpu Public Company Limited - Thailand
- Tamil Nadu electricity Board
- Altura Mining Limited, Indonesia
- International Coal Ventures Pvt Ltd - India
- Siam City Cement - Thailand
- Coalindo Energy - Indonesia
- Ministry of Mines - Canada
- The Treasury - Australian Government
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rio Tinto Coal - Australia
- Chettinad Cement Corporation Ltd - India
- Metalloyd Limited - United Kingdom
- Ministry of Transport, Egypt
- Riau Bara Harum - Indonesia
- Vizag Seaport Private Limited - India
- Simpson Spence & Young - Indonesia
- Ind-Barath Power Infra Limited - India
- Meralco Power Generation, Philippines
- Binh Thuan Hamico - Vietnam
- Uttam Galva Steels Limited - India
- TeaM Sual Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Bukit Makmur.PT - Indonesia
- Bangladesh Power Developement Board
- Interocean Group of Companies - India
- Globalindo Alam Lestari - Indonesia
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- Pendopo Energi Batubara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Aditya Birla Group - India
- Kideco Jaya Agung - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Minerals Council of Australia
- Parliament of New Zealand
- London Commodity Brokers - England
- GMR Energy Limited - India
- Cement Manufacturers Association - India
- Timah Investasi Mineral - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- CIMB Investment Bank - Malaysia
- CNBM International Corporation - China
- Antam Resourcindo - Indonesia
- Madhucon Powers Ltd - India
- Indian Energy Exchange, India
- Bhatia International Limited - India
- Siam City Cement PLC, Thailand
- Central Electricity Authority - India
- Formosa Plastics Group - Taiwan
- McConnell Dowell - Australia
- Kobexindo Tractors - Indoneisa
- Savvy Resources Ltd - HongKong
- Renaissance Capital - South Africa
- Sojitz Corporation - Japan
- OPG Power Generation Pvt Ltd - India
- New Zealand Coal & Carbon
- Jorong Barutama Greston.PT - Indonesia
- Anglo American - United Kingdom
- Deloitte Consulting - India
- Wood Mackenzie - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- European Bulk Services B.V. - Netherlands
- Karaikal Port Pvt Ltd - India
- Indonesian Coal Mining Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Price Waterhouse Coopers - Russia
- Sical Logistics Limited - India
- Eastern Coal Council - USA
- Bhushan Steel Limited - India
- Wilmar Investment Holdings
- Georgia Ports Authority, United States
- Ministry of Finance - Indonesia
- Mercuria Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Therma Luzon, Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Commodity Traders Exchange
- Sinarmas Energy and Mining - Indonesia
- Singapore Mercantile Exchange
- ICICI Bank Limited - India
- Parry Sugars Refinery, India
- Salva Resources Pvt Ltd - India
- Petron Corporation, Philippines
- Posco Energy - South Korea
- PNOC Exploration Corporation - Philippines
- Port Waratah Coal Services - Australia
- Borneo Indobara - Indonesia
- Global Business Power Corporation, Philippines
- Xindia Steels Limited - India
- Grasim Industreis Ltd - India
- Standard Chartered Bank - UAE
- Lanco Infratech Ltd - India
- Jindal Steel & Power Ltd - India
- The University of Queensland
- Central Java Power - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Neyveli Lignite Corporation Ltd, - India
- GN Power Mariveles Coal Plant, Philippines
- Chamber of Mines of South Africa
- Indian Oil Corporation Limited
- Indo Tambangraya Megah - Indonesia
- Dalmia Cement Bharat India
- Carbofer General Trading SA - India
- Kepco SPC Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Bhoruka Overseas - Indonesia
- Attock Cement Pakistan Limited
- Global Green Power PLC Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Larsen & Toubro Limited - India
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