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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, 01 June 16
ZERO SUPPLY TO FUEL GROWTH IN THE DRY BULK MARKET SAYS BIMCO PRESIDENT
The dry bulk market could become profitable again in 2019 – but only if a series of extremely tough and sustained measures are taken by shipo ...
Wednesday, 01 June 16
MARKET INSIGHT - LINOS KOGEVINAS
In another page from this year’s oil drama, oil has, after a series of gains, rebounded to ~$50 / barrel and immediately stopped climbing. &n ...
Tuesday, 31 May 16
CS50 INDONESIA COAL INDEX UP 0.28% COMPARED WITH A WEEK AGO
COALspot.com: Average 5000 GAR coal index of Indonesian origin was up 0.28 percent week over week to averaging $39.01 per ton this past week, shows ...
Monday, 30 May 16
BORYEONG POWER PLANT TO IMPORT HALF A MILLION TONS OF BITUMINOUS COAL
COALspot.com: South Korea’s state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 500,000 Metric Tons of Bituminous Coal T ...
Monday, 30 May 16
BCI ENDING AT 830 POINTS, DOWN 4.6 PER CENT W/W
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline this week. The freight market was weak this past ...
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- IEA Clean Coal Centre - UK
- Gujarat Mineral Development Corp Ltd - India
- TeaM Sual Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Meralco Power Generation, Philippines
- Standard Chartered Bank - UAE
- Star Paper Mills Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Sojitz Corporation - Japan
- Antam Resourcindo - Indonesia
- Wilmar Investment Holdings
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhoruka Overseas - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bulk Trading Sa - Switzerland
- Bukit Asam (Persero) Tbk - Indonesia
- PTC India Limited - India
- Cigading International Bulk Terminal - Indonesia
- SMG Consultants - Indonesia
- Siam City Cement - Thailand
- Vizag Seaport Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- Manunggal Multi Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- CNBM International Corporation - China
- PowerSource Philippines DevCo
- Sindya Power Generating Company Private Ltd
- White Energy Company Limited
- Thiess Contractors Indonesia
- International Coal Ventures Pvt Ltd - India
- Posco Energy - South Korea
- Formosa Plastics Group - Taiwan
- Semirara Mining and Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Independent Power Producers Association of India
- Videocon Industries ltd - India
- Central Java Power - Indonesia
- Samtan Co., Ltd - South Korea
- Karbindo Abesyapradhi - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Maheswari Brothers Coal Limited - India
- Barasentosa Lestari - Indonesia
- Carbofer General Trading SA - India
- Intertek Mineral Services - Indonesia
- Merrill Lynch Commodities Europe
- Pipit Mutiara Jaya. PT, Indonesia
- Price Waterhouse Coopers - Russia
- Tamil Nadu electricity Board
- Petrochimia International Co. Ltd.- Taiwan
- Neyveli Lignite Corporation Ltd, - India
- European Bulk Services B.V. - Netherlands
- Chettinad Cement Corporation Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- The State Trading Corporation of India Ltd
- Kalimantan Lumbung Energi - Indonesia
- Coal and Oil Company - UAE
- GAC Shipping (India) Pvt Ltd
- Riau Bara Harum - Indonesia
- Tata Chemicals Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Altura Mining Limited, Indonesia
- Meenaskhi Energy Private Limited - India
- Minerals Council of Australia
- Medco Energi Mining Internasional
- Uttam Galva Steels Limited - India
- Electricity Authority, New Zealand
- Ind-Barath Power Infra Limited - India
- Salva Resources Pvt Ltd - India
- Deloitte Consulting - India
- Kartika Selabumi Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Indika Energy - Indonesia
- Indian Oil Corporation Limited
- Ministry of Mines - Canada
- Cement Manufacturers Association - India
- Larsen & Toubro Limited - India
- Parry Sugars Refinery, India
- Mercuria Energy - Indonesia
- Electricity Generating Authority of Thailand
- Asmin Koalindo Tuhup - Indonesia
- Central Electricity Authority - India
- Malabar Cements Ltd - India
- Attock Cement Pakistan Limited
- Grasim Industreis Ltd - India
- Directorate Of Revenue Intelligence - India
- Makarim & Taira - Indonesia
- Latin American Coal - Colombia
- Vedanta Resources Plc - India
- GN Power Mariveles Coal Plant, Philippines
- GVK Power & Infra Limited - India
- Mjunction Services Limited - India
- Kaltim Prima Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Aditya Birla Group - India
- Aboitiz Power Corporation - Philippines
- Economic Council, Georgia
- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Simpson Spence & Young - Indonesia
- Heidelberg Cement - Germany
- Anglo American - United Kingdom
- Orica Australia Pty. Ltd.
- The Treasury - Australian Government
- SMC Global Power, Philippines
- Indogreen Group - Indonesia
- Borneo Indobara - Indonesia
- Bukit Makmur.PT - Indonesia
- Trasteel International SA, Italy
- Semirara Mining Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Renaissance Capital - South Africa
- Power Finance Corporation Ltd., India
- Marubeni Corporation - India
- Oldendorff Carriers - Singapore
- GMR Energy Limited - India
- Jaiprakash Power Ventures ltd
- IHS Mccloskey Coal Group - USA
- Leighton Contractors Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Sarangani Energy Corporation, Philippines
- ASAPP Information Group - India
- Global Green Power PLC Corporation, Philippines
- Xindia Steels Limited - India
- Eastern Energy - Thailand
- San Jose City I Power Corp, Philippines
- Jindal Steel & Power Ltd - India
- OPG Power Generation Pvt Ltd - India
- Madhucon Powers Ltd - India
- Goldman Sachs - Singapore
- Romanian Commodities Exchange
- Coalindo Energy - Indonesia
- MS Steel International - UAE
- Planning Commission, India
- Indian Energy Exchange, India
- Siam City Cement PLC, Thailand
- Commonwealth Bank - Australia
- Energy Development Corp, Philippines
- Agrawal Coal Company - India
- Eastern Coal Council - USA
- Bangladesh Power Developement Board
- Indonesian Coal Mining Association
- Parliament of New Zealand
- Port Waratah Coal Services - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dalmia Cement Bharat India
- Sakthi Sugars Limited - India
- Wood Mackenzie - Singapore
- Savvy Resources Ltd - HongKong
- The University of Queensland
- Pendopo Energi Batubara - Indonesia
- PNOC Exploration Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Banpu Public Company Limited - Thailand
- Kumho Petrochemical, South Korea
- VISA Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Global Business Power Corporation, Philippines
- Baramulti Group, Indonesia
- CIMB Investment Bank - Malaysia
- Sical Logistics Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Transport, Egypt
- Australian Coal Association
- Orica Mining Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Link Ltd, New Zealand
- Binh Thuan Hamico - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Commodity Traders Exchange
- Thai Mozambique Logistica
- Iligan Light & Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Africa Commodities Group - South Africa
- Toyota Tsusho Corporation, Japan
- Globalindo Alam Lestari - Indonesia
- Bhatia International Limited - India
- New Zealand Coal & Carbon
- Kohat Cement Company Ltd. - Pakistan
- ICICI Bank Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercator Lines Limited - India
- Rio Tinto Coal - Australia
- Petron Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- South Luzon Thermal Energy Corporation
- Bayan Resources Tbk. - Indonesia
- India Bulls Power Limited - India
- Sree Jayajothi Cements Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Karaikal Port Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Georgia Ports Authority, United States
- Lanco Infratech Ltd - India
- Singapore Mercantile Exchange
- Ambuja Cements Ltd - India
- Bhushan Steel Limited - India
- Edison Trading Spa - Italy
- Mintek Dendrill Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Chamber of Mines of South Africa
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- London Commodity Brokers - England
- Metalloyd Limited - United Kingdom
- Gujarat Sidhee Cement - India
- Bharathi Cement Corporation - India
- Kepco SPC Power Corporation, Philippines
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