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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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Friday, 01 July 16
BREXIT SET TO HURT SHIPPING IN THE LONG-TERM AS IT WILL TAKE ITS TOLL IN THE GLOBAL ECONOMY'S GROWTH - HELLENIC SHIPPING
Setting aside the short-term negative impact of the Brexit, in terms of stock market and currency volatility, it’s more than evident that the ...
Friday, 01 July 16
U.S'S COAL EXPORTS HAVE DECLINED FOR TWELVE QUARTERS IN A ROW - EIA
COALspot.com – U.S, world’s one of the largest coal producers has produced approximately totalled an estimated 13.7 million short t ...
Thursday, 30 June 16
CAPE - THIS WEEK'S FREIGHT AND ACTIVITY LEVEL HAVE KEPT STABLE - FEARNLEYS
Cape
This week’s freight and activity level have kept stable. It is support at the present levels and despite a volatile market the freight ...
Thursday, 30 June 16
OIL PRODUCT TANKERS EARNINGS DECLINE AS STOCKBUILDING SLOWS DOWN - BIMCO
BIMCO’s expectations remain as the oil product tanker fleet continues to grow with earnings at the lowest since Q3 in 2014. But there is stil ...
Wednesday, 29 June 16
THE DRY BULK INDICES, OPPOSITE TO MOST GLOBAL MARKET INDICES, ROSE END OF LAST WEEK
Last week closed off with a massive shockwave for markets across the world following the British referendum, the result of which will mark the begi ...
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- MS Steel International - UAE
- Siam City Cement - Thailand
- Mercuria Energy - Indonesia
- PowerSource Philippines DevCo
- Goldman Sachs - Singapore
- SMC Global Power, Philippines
- Globalindo Alam Lestari - Indonesia
- Mjunction Services Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Gujarat Sidhee Cement - India
- Oldendorff Carriers - Singapore
- Coastal Gujarat Power Limited - India
- Edison Trading Spa - Italy
- Gujarat Mineral Development Corp Ltd - India
- Merrill Lynch Commodities Europe
- GMR Energy Limited - India
- PTC India Limited - India
- India Bulls Power Limited - India
- Xindia Steels Limited - India
- GVK Power & Infra Limited - India
- Siam City Cement PLC, Thailand
- Bangladesh Power Developement Board
- Sojitz Corporation - Japan
- Orica Mining Services - Indonesia
- CIMB Investment Bank - Malaysia
- Jindal Steel & Power Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- LBH Netherlands Bv - Netherlands
- Banpu Public Company Limited - Thailand
- Bhatia International Limited - India
- PNOC Exploration Corporation - Philippines
- Parliament of New Zealand
- Indian Oil Corporation Limited
- Aboitiz Power Corporation - Philippines
- Uttam Galva Steels Limited - India
- Indonesian Coal Mining Association
- Australian Commodity Traders Exchange
- Pendopo Energi Batubara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Makarim & Taira - Indonesia
- Mintek Dendrill Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kapuas Tunggal Persada - Indonesia
- Sindya Power Generating Company Private Ltd
- Savvy Resources Ltd - HongKong
- Formosa Plastics Group - Taiwan
- Wood Mackenzie - Singapore
- Antam Resourcindo - Indonesia
- Kumho Petrochemical, South Korea
- Coalindo Energy - Indonesia
- Indika Energy - Indonesia
- London Commodity Brokers - England
- Sical Logistics Limited - India
- Ind-Barath Power Infra Limited - India
- Simpson Spence & Young - Indonesia
- Gujarat Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Toyota Tsusho Corporation, Japan
- Petron Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Energy Exchange, India
- Bukit Makmur.PT - Indonesia
- Orica Australia Pty. Ltd.
- Central Electricity Authority - India
- Holcim Trading Pte Ltd - Singapore
- Global Business Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- McConnell Dowell - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Videocon Industries ltd - India
- Metalloyd Limited - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Price Waterhouse Coopers - Russia
- Attock Cement Pakistan Limited
- Anglo American - United Kingdom
- Parry Sugars Refinery, India
- Bharathi Cement Corporation - India
- Trasteel International SA, Italy
- Renaissance Capital - South Africa
- Lanco Infratech Ltd - India
- Vedanta Resources Plc - India
- Electricity Generating Authority of Thailand
- CNBM International Corporation - China
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Australian Coal Association
- TeaM Sual Corporation - Philippines
- Rio Tinto Coal - Australia
- Baramulti Group, Indonesia
- Grasim Industreis Ltd - India
- Romanian Commodities Exchange
- PetroVietnam Power Coal Import and Supply Company
- Karaikal Port Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Georgia Ports Authority, United States
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Kobexindo Tractors - Indoneisa
- IEA Clean Coal Centre - UK
- Eastern Energy - Thailand
- Cement Manufacturers Association - India
- Dalmia Cement Bharat India
- Energy Development Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- ICICI Bank Limited - India
- Interocean Group of Companies - India
- Ceylon Electricity Board - Sri Lanka
- Kepco SPC Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Meralco Power Generation, Philippines
- Port Waratah Coal Services - Australia
- VISA Power Limited - India
- Ambuja Cements Ltd - India
- ASAPP Information Group - India
- Thai Mozambique Logistica
- SMG Consultants - Indonesia
- Energy Link Ltd, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Madhucon Powers Ltd - India
- South Luzon Thermal Energy Corporation
- Bhoruka Overseas - Indonesia
- Sree Jayajothi Cements Limited - India
- Tamil Nadu electricity Board
- Latin American Coal - Colombia
- Iligan Light & Power Inc, Philippines
- Bhushan Steel Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- SN Aboitiz Power Inc, Philippines
- Electricity Authority, New Zealand
- Aditya Birla Group - India
- Star Paper Mills Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- Wilmar Investment Holdings
- Economic Council, Georgia
- Singapore Mercantile Exchange
- Semirara Mining and Power Corporation, Philippines
- The University of Queensland
- Maheswari Brothers Coal Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Altura Mining Limited, Indonesia
- Power Finance Corporation Ltd., India
- Essar Steel Hazira Ltd - India
- Global Coal Blending Company Limited - Australia
- Alfred C Toepfer International GmbH - Germany
- Leighton Contractors Pty Ltd - Australia
- Posco Energy - South Korea
- Sakthi Sugars Limited - India
- Indogreen Group - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Heidelberg Cement - Germany
- Manunggal Multi Energi - Indonesia
- Commonwealth Bank - Australia
- Standard Chartered Bank - UAE
- Vizag Seaport Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bayan Resources Tbk. - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Indo Tambangraya Megah - Indonesia
- Tata Chemicals Ltd - India
- Eastern Coal Council - USA
- Borneo Indobara - Indonesia
- Barasentosa Lestari - Indonesia
- Central Java Power - Indonesia
- Marubeni Corporation - India
- GAC Shipping (India) Pvt Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Intertek Mineral Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Deloitte Consulting - India
- Kaltim Prima Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Samtan Co., Ltd - South Korea
- Kartika Selabumi Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- New Zealand Coal & Carbon
- Krishnapatnam Port Company Ltd. - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The Treasury - Australian Government
- Bulk Trading Sa - Switzerland
- Minerals Council of Australia
- Jaiprakash Power Ventures ltd
- Riau Bara Harum - Indonesia
- Kideco Jaya Agung - Indonesia
- Chamber of Mines of South Africa
- Independent Power Producers Association of India
- Africa Commodities Group - South Africa
- International Coal Ventures Pvt Ltd - India
- Malabar Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- The State Trading Corporation of India Ltd
- Bukit Baiduri Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- White Energy Company Limited
- Coal and Oil Company - UAE
- Ministry of Transport, Egypt
- Ministry of Mines - Canada
- Meenaskhi Energy Private Limited - India
- Planning Commission, India
- Chettinad Cement Corporation Ltd - India
- Medco Energi Mining Internasional
- Sarangani Energy Corporation, Philippines
- Mercator Lines Limited - India
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