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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, 20 June 16
THE BDI HAS FELL 23 POINTS WEEK OVER WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities declined this past week. The BDI was fell 3.77 percent fr ...
Friday, 17 June 16
CHINA'S NEW POLICY TO REDUCE WASTE IN RENEWABLE ENERGY - FITCH
Chinese renewable energy producers are likely to benefit from a new policy that guarantees a minimum amount of solar and wind power is purchased in ...
Friday, 17 June 16
KOMIPO INVITES BIDS FOR BITUMINOUS COAL FOR BORYEONG POWER PLANT
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 780,000 Metric Tons of Bituminous Coal for its B ...
Friday, 17 June 16
U.S WEEKLY COAL PRODUCTION UP 7.7% - EIA
COALspot.com – U.S., the world’s one of the largest coal producer has produced approximately totalled an estimated 12.9 million short t ...
Wednesday, 15 June 16
THE DRY BULK PRICES CORRECTED UPWARDS ROUGHLY 15% - KONSTANTINOS KONTOMICHIS
Once more, the international shipping community turned its attention to Greece and more specifically to Attica that hosted Posidonia, the biggest m ...
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- Planning Commission, India
- PNOC Exploration Corporation - Philippines
- Global Business Power Corporation, Philippines
- India Bulls Power Limited - India
- Mjunction Services Limited - India
- Electricity Authority, New Zealand
- International Coal Ventures Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Global Coal Blending Company Limited - Australia
- Eastern Coal Council - USA
- Krishnapatnam Port Company Ltd. - India
- Africa Commodities Group - South Africa
- Deloitte Consulting - India
- Binh Thuan Hamico - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Energy Link Ltd, New Zealand
- Indian Energy Exchange, India
- Orica Mining Services - Indonesia
- Ministry of Mines - Canada
- Rashtriya Ispat Nigam Limited - India
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- New Zealand Coal & Carbon
- Standard Chartered Bank - UAE
- Thai Mozambique Logistica
- Indogreen Group - Indonesia
- Parliament of New Zealand
- Jaiprakash Power Ventures ltd
- Singapore Mercantile Exchange
- SMC Global Power, Philippines
- Global Green Power PLC Corporation, Philippines
- Mercuria Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Chettinad Cement Corporation Ltd - India
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Ceylon Electricity Board - Sri Lanka
- South Luzon Thermal Energy Corporation
- Chamber of Mines of South Africa
- ICICI Bank Limited - India
- Indian Oil Corporation Limited
- Star Paper Mills Limited - India
- Borneo Indobara - Indonesia
- Kaltim Prima Coal - Indonesia
- Thiess Contractors Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement PLC, Thailand
- Economic Council, Georgia
- European Bulk Services B.V. - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Bhatia International Limited - India
- MS Steel International - UAE
- Makarim & Taira - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Metalloyd Limited - United Kingdom
- Videocon Industries ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Kapuas Tunggal Persada - Indonesia
- Georgia Ports Authority, United States
- The University of Queensland
- GN Power Mariveles Coal Plant, Philippines
- Aditya Birla Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Essar Steel Hazira Ltd - India
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- GMR Energy Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- SMG Consultants - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Kideco Jaya Agung - Indonesia
- Ministry of Transport, Egypt
- Coalindo Energy - Indonesia
- Medco Energi Mining Internasional
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- San Jose City I Power Corp, Philippines
- Agrawal Coal Company - India
- Jorong Barutama Greston.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Kepco SPC Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- TeaM Sual Corporation - Philippines
- Oldendorff Carriers - Singapore
- Australian Coal Association
- Edison Trading Spa - Italy
- AsiaOL BioFuels Corp., Philippines
- Banpu Public Company Limited - Thailand
- Formosa Plastics Group - Taiwan
- Sojitz Corporation - Japan
- Manunggal Multi Energi - Indonesia
- Electricity Generating Authority of Thailand
- Price Waterhouse Coopers - Russia
- Central Java Power - Indonesia
- Marubeni Corporation - India
- Toyota Tsusho Corporation, Japan
- Asmin Koalindo Tuhup - Indonesia
- Trasteel International SA, Italy
- Dalmia Cement Bharat India
- Directorate General of MIneral and Coal - Indonesia
- Xindia Steels Limited - India
- Jindal Steel & Power Ltd - India
- Sical Logistics Limited - India
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- Goldman Sachs - Singapore
- Petron Corporation, Philippines
- Port Waratah Coal Services - Australia
- Bangladesh Power Developement Board
- Australian Commodity Traders Exchange
- Bulk Trading Sa - Switzerland
- Bayan Resources Tbk. - Indonesia
- Bukit Baiduri Energy - Indonesia
- Sakthi Sugars Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Iligan Light & Power Inc, Philippines
- Wilmar Investment Holdings
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Minerals Council of Australia
- Barasentosa Lestari - Indonesia
- Indonesian Coal Mining Association
- ASAPP Information Group - India
- Cigading International Bulk Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Anglo American - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Meralco Power Generation, Philippines
- Sarangani Energy Corporation, Philippines
- Tamil Nadu electricity Board
- Renaissance Capital - South Africa
- Semirara Mining Corp, Philippines
- Commonwealth Bank - Australia
- Semirara Mining and Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Intertek Mineral Services - Indonesia
- The Treasury - Australian Government
- McConnell Dowell - Australia
- Mercator Lines Limited - India
- Gujarat Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- IEA Clean Coal Centre - UK
- Rio Tinto Coal - Australia
- Wood Mackenzie - Singapore
- CNBM International Corporation - China
- SN Aboitiz Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Ambuja Cements Ltd - India
- PTC India Limited - India
- PowerSource Philippines DevCo
- Offshore Bulk Terminal Pte Ltd, Singapore
- Riau Bara Harum - Indonesia
- Sindya Power Generating Company Private Ltd
- VISA Power Limited - India
- Malabar Cements Ltd - India
- Grasim Industreis Ltd - India
- Madhucon Powers Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Indo Tambangraya Megah - Indonesia
- Bharathi Cement Corporation - India
- Simpson Spence & Young - Indonesia
- Orica Australia Pty. Ltd.
- Larsen & Toubro Limited - India
- Attock Cement Pakistan Limited
- Tata Chemicals Ltd - India
- Karaikal Port Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Sree Jayajothi Cements Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Finance - Indonesia
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- Timah Investasi Mineral - Indoneisa
- Indika Energy - Indonesia
- Vedanta Resources Plc - India
- Holcim Trading Pte Ltd - Singapore
- Independent Power Producers Association of India
- Interocean Group of Companies - India
- Baramulti Group, Indonesia
- Bhushan Steel Limited - India
- Vizag Seaport Private Limited - India
- Savvy Resources Ltd - HongKong
- Merrill Lynch Commodities Europe
- Coal and Oil Company - UAE
- London Commodity Brokers - England
- Siam City Cement - Thailand
- Bukit Makmur.PT - Indonesia
- Heidelberg Cement - Germany
- Kartika Selabumi Mining - Indonesia
- Central Electricity Authority - India
- Salva Resources Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Bhoruka Overseas - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Latin American Coal - Colombia
- Sinarmas Energy and Mining - Indonesia
- White Energy Company Limited
- Altura Mining Limited, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Parry Sugars Refinery, India
- Romanian Commodities Exchange
- Maharashtra Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Gujarat Sidhee Cement - India
- Mintek Dendrill Indonesia
- Aboitiz Power Corporation - Philippines
- Posco Energy - South Korea
- Uttam Galva Steels Limited - India
- Therma Luzon, Inc, Philippines
- Power Finance Corporation Ltd., India
- IHS Mccloskey Coal Group - USA
- Carbofer General Trading SA - India
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