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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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Wednesday, 06 July 16
MARKET INSIGHT - VASSILIS VASSILIOU
After a fairly silent first half of the year in the ship repair sector, we have finally a harmonized workload in the shipyards around the world. Ma ...
Tuesday, 05 July 16
DRY BULK SHIPPING'S RECOVERY NOT SEEN UNTIL 2018 - SGX
SGX freight derivative volumes totaled 36,542 contracts in June (-28% m/m; +52% y/y), while open interest averaged 121,189 contracts during the mon ...
Tuesday, 05 July 16
SPOT COAL INDEXES FOR INDONESIAN COAL CONTINUE TO HOLD FIRM - CS COAL INDEX
COALspot.com: Average 5000 GAR coal index of Indonesian origin was up by 0.83 percent week over week to averaging $39.98 per ton this past week, sh ...
Monday, 04 July 16
INDONESIA COAL PRICE REFERENCE CLIMBED 2.30% IN JULY
COALspot.com: The Indonesia Coal Benchmark Price increased in July 2016.
The Director General of Mineral and Coal of Indonesia, the r ...
Monday, 04 July 16
BDI ROSE ON STRONGER DEMAND ACROSS ALL VESSEL SEGMENTS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose this past week. The BDI was up 11.16 percent from la ...
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- Siam City Cement - Thailand
- Salva Resources Pvt Ltd - India
- Larsen & Toubro Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Therma Luzon, Inc, Philippines
- Aboitiz Power Corporation - Philippines
- CNBM International Corporation - China
- Banpu Public Company Limited - Thailand
- Star Paper Mills Limited - India
- Tamil Nadu electricity Board
- Ambuja Cements Ltd - India
- Semirara Mining Corp, Philippines
- IEA Clean Coal Centre - UK
- PTC India Limited - India
- TeaM Sual Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Rio Tinto Coal - Australia
- Edison Trading Spa - Italy
- Carbofer General Trading SA - India
- Altura Mining Limited, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Mintek Dendrill Indonesia
- Jaiprakash Power Ventures ltd
- Savvy Resources Ltd - HongKong
- MS Steel International - UAE
- Kaltim Prima Coal - Indonesia
- Wood Mackenzie - Singapore
- European Bulk Services B.V. - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Videocon Industries ltd - India
- Kideco Jaya Agung - Indonesia
- Chamber of Mines of South Africa
- Bharathi Cement Corporation - India
- Latin American Coal - Colombia
- Energy Development Corp, Philippines
- PowerSource Philippines DevCo
- Jindal Steel & Power Ltd - India
- Samtan Co., Ltd - South Korea
- Renaissance Capital - South Africa
- Sinarmas Energy and Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Oldendorff Carriers - Singapore
- Sindya Power Generating Company Private Ltd
- Sical Logistics Limited - India
- Kartika Selabumi Mining - Indonesia
- Australian Commodity Traders Exchange
- CIMB Investment Bank - Malaysia
- GAC Shipping (India) Pvt Ltd
- Gujarat Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Krishnapatnam Port Company Ltd. - India
- Petrochimia International Co. Ltd.- Taiwan
- Sakthi Sugars Limited - India
- Indonesian Coal Mining Association
- New Zealand Coal & Carbon
- Eastern Coal Council - USA
- Maharashtra Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- The Treasury - Australian Government
- Formosa Plastics Group - Taiwan
- Orica Australia Pty. Ltd.
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- San Jose City I Power Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Madhucon Powers Ltd - India
- Merrill Lynch Commodities Europe
- Ministry of Mines - Canada
- Indogreen Group - Indonesia
- Meenaskhi Energy Private Limited - India
- Sarangani Energy Corporation, Philippines
- Economic Council, Georgia
- Mercuria Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PNOC Exploration Corporation - Philippines
- Indian Energy Exchange, India
- Planning Commission, India
- Orica Mining Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Leighton Contractors Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Thai Mozambique Logistica
- Bulk Trading Sa - Switzerland
- GVK Power & Infra Limited - India
- Trasteel International SA, Italy
- Electricity Generating Authority of Thailand
- Coal and Oil Company - UAE
- Bhatia International Limited - India
- Maheswari Brothers Coal Limited - India
- Marubeni Corporation - India
- Toyota Tsusho Corporation, Japan
- PetroVietnam Power Coal Import and Supply Company
- Attock Cement Pakistan Limited
- Xindia Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- SMC Global Power, Philippines
- Iligan Light & Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Coalindo Energy - Indonesia
- Uttam Galva Steels Limited - India
- Bangladesh Power Developement Board
- Ministry of Finance - Indonesia
- Commonwealth Bank - Australia
- Timah Investasi Mineral - Indoneisa
- Central Java Power - Indonesia
- Petron Corporation, Philippines
- Baramulti Group, Indonesia
- Price Waterhouse Coopers - Russia
- Posco Energy - South Korea
- Bhoruka Overseas - Indonesia
- Eastern Energy - Thailand
- Chettinad Cement Corporation Ltd - India
- Miang Besar Coal Terminal - Indonesia
- VISA Power Limited - India
- The University of Queensland
- White Energy Company Limited
- Global Green Power PLC Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sojitz Corporation - Japan
- SN Aboitiz Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Makmur.PT - Indonesia
- GMR Energy Limited - India
- Siam City Cement PLC, Thailand
- Bhushan Steel Limited - India
- Power Finance Corporation Ltd., India
- Dalmia Cement Bharat India
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Anglo American - United Kingdom
- Thiess Contractors Indonesia
- Gujarat Sidhee Cement - India
- Interocean Group of Companies - India
- Binh Thuan Hamico - Vietnam
- Metalloyd Limited - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- IHS Mccloskey Coal Group - USA
- Holcim Trading Pte Ltd - Singapore
- Vedanta Resources Plc - India
- Independent Power Producers Association of India
- Bahari Cakrawala Sebuku - Indonesia
- Cement Manufacturers Association - India
- India Bulls Power Limited - India
- Borneo Indobara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Energy Link Ltd, New Zealand
- Indo Tambangraya Megah - Indonesia
- SMG Consultants - Indonesia
- Parry Sugars Refinery, India
- Indika Energy - Indonesia
- Kumho Petrochemical, South Korea
- Grasim Industreis Ltd - India
- Standard Chartered Bank - UAE
- Lanco Infratech Ltd - India
- Ind-Barath Power Infra Limited - India
- Tata Chemicals Ltd - India
- Deloitte Consulting - India
- Mjunction Services Limited - India
- ICICI Bank Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Mercator Lines Limited - India
- Semirara Mining and Power Corporation, Philippines
- Minerals Council of Australia
- ASAPP Information Group - India
- Ministry of Transport, Egypt
- Makarim & Taira - Indonesia
- Indian Oil Corporation Limited
- Wilmar Investment Holdings
- Global Coal Blending Company Limited - Australia
- Directorate Of Revenue Intelligence - India
- Kapuas Tunggal Persada - Indonesia
- Electricity Authority, New Zealand
- Karaikal Port Pvt Ltd - India
- Meralco Power Generation, Philippines
- Pendopo Energi Batubara - Indonesia
- McConnell Dowell - Australia
- Malabar Cements Ltd - India
- Medco Energi Mining Internasional
- Aditya Birla Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parliament of New Zealand
- International Coal Ventures Pvt Ltd - India
- London Commodity Brokers - England
- Straits Asia Resources Limited - Singapore
- Port Waratah Coal Services - Australia
- Alfred C Toepfer International GmbH - Germany
- South Luzon Thermal Energy Corporation
- Ceylon Electricity Board - Sri Lanka
- Riau Bara Harum - Indonesia
- Africa Commodities Group - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Antam Resourcindo - Indonesia
- Coastal Gujarat Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
- Bukit Baiduri Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- Romanian Commodities Exchange
- Agrawal Coal Company - India
- Bayan Resources Tbk. - Indonesia
- Central Electricity Authority - India
- OPG Power Generation Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Manunggal Multi Energi - Indonesia
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