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Wednesday, 18 April 18
SHIPPING MARKET INSIGHT - STELIOS KOLLINTZAS
 The return of traders and charterers from the Easter festivities came along with a slight increase in activity across the edible oil markets. However, in most cases tonnage supply has been more than enough to meet demand and rates have been moving sideways as a result.
At the same time the CPP markets are not supporting the situation at all, while a trade war between China and USA is having its own effect in certain routes. Additionally, changes on import/export taxes in the regional palm oil market are also shaping the cargo flow.
As things stand, fundamentals in the veg oil market ex- South America are in charterers favour. CPP freights in the West have been in the doldrums and this is having an effect on veg oil freights as well, as several CPP owners try to find leverage on alternative markets. In addition, an increased import of CPP into Argentina/Brazil is building a long tonnage list in the South Atlantic. As if there were not enough negative factors in the market, the threat of China imposing import taxes on US agricultural products, including soy beans, is causing additional headache to traders.
The tax, which is considered a countermeasure on taxes already imposed by US on several products imported from China, is making traders cautious. This is to say that while soybean price from US has depreciated, the premium gained on the back of it by the soybean price from Argentina and Brazil, has in many cases made the product too expensive for the local crushers to buy. For the record, freight rates are still moving sideways at last done levels, USD mid-30s pmt bss 2/2 (South America/ India) on min 40,000mt.
Freight rates from the Black Sea are currently under pressure. While there is a steady flow of cargoes, the poor CPP market is pushing more Handy and MR tankers to look at loading sunflower oil from the Black Sea, however, shipments for the latter size are becoming scarcer lately. The 30-35,000mtons parcels to India are currently paying about USD high-30s/low-40s, while 35-40,000mtons parcels to China are paying about USD mid-40s, depending on port combination.
The long-haul palm oil market has generated some decent rates during the past month. However, given that the tonnage list for May is longer, unless there is an increase in activity, the positive trend is unlikely to continue. The rates for FOSFA MR ships on a TC Trip Far East/Europe are currently between 15,500-16,500 USD/pd.
Looking into the regional market, it is evident that the increased tax by 14% on India’s palm oil imports has had a significant impact on the country’s buying interest. On the contrary, Malaysia’s decision to suspend export taxes on CPO until the end of April has been partly offsetting the lack of activity in the region. Moreover China’s recently imposed 25% tariff on US soybean imports could generate a growth in demand for regional palm oil, as CPO can be used as an alternative in certain circumstances.
By Stelios Kollintzas
Specialized Products
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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Thursday, 16 December 10
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- San Jose City I Power Corp, Philippines
- Goldman Sachs - Singapore
- CNBM International Corporation - China
- Petrochimia International Co. Ltd.- Taiwan
- Rio Tinto Coal - Australia
- PNOC Exploration Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Orica Australia Pty. Ltd.
- Bank of Tokyo Mitsubishi UFJ Ltd
- Simpson Spence & Young - Indonesia
- Eastern Coal Council - USA
- Jaiprakash Power Ventures ltd
- MS Steel International - UAE
- Energy Link Ltd, New Zealand
- Kepco SPC Power Corporation, Philippines
- Dalmia Cement Bharat India
- Timah Investasi Mineral - Indoneisa
- Oldendorff Carriers - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Bharathi Cement Corporation - India
- LBH Netherlands Bv - Netherlands
- Orica Mining Services - Indonesia
- Commonwealth Bank - Australia
- Iligan Light & Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Sical Logistics Limited - India
- Medco Energi Mining Internasional
- Ministry of Transport, Egypt
- GMR Energy Limited - India
- Maheswari Brothers Coal Limited - India
- TeaM Sual Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Karbindo Abesyapradhi - Indoneisa
- Wilmar Investment Holdings
- Edison Trading Spa - Italy
- Australian Commodity Traders Exchange
- GN Power Mariveles Coal Plant, Philippines
- Coalindo Energy - Indonesia
- Parliament of New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mintek Dendrill Indonesia
- Borneo Indobara - Indonesia
- Baramulti Group, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Essar Steel Hazira Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Miang Besar Coal Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Global Coal Blending Company Limited - Australia
- Bayan Resources Tbk. - Indonesia
- Lanco Infratech Ltd - India
- Indo Tambangraya Megah - Indonesia
- Riau Bara Harum - Indonesia
- OPG Power Generation Pvt Ltd - India
- Mjunction Services Limited - India
- Barasentosa Lestari - Indonesia
- Parry Sugars Refinery, India
- Grasim Industreis Ltd - India
- Heidelberg Cement - Germany
- Holcim Trading Pte Ltd - Singapore
- Bhatia International Limited - India
- Sakthi Sugars Limited - India
- Sindya Power Generating Company Private Ltd
- Gujarat Mineral Development Corp Ltd - India
- Deloitte Consulting - India
- Bahari Cakrawala Sebuku - Indonesia
- Singapore Mercantile Exchange
- Madhucon Powers Ltd - India
- ICICI Bank Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Metalloyd Limited - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tata Chemicals Ltd - India
- Latin American Coal - Colombia
- Electricity Generating Authority of Thailand
- London Commodity Brokers - England
- Romanian Commodities Exchange
- AsiaOL BioFuels Corp., Philippines
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- PowerSource Philippines DevCo
- Directorate Of Revenue Intelligence - India
- Renaissance Capital - South Africa
- Coastal Gujarat Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Petron Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Minerals Council of Australia
- Mercuria Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Star Paper Mills Limited - India
- Semirara Mining Corp, Philippines
- New Zealand Coal & Carbon
- Kartika Selabumi Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Central Electricity Authority - India
- Ambuja Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Energy Development Corp, Philippines
- Indogreen Group - Indonesia
- Sojitz Corporation - Japan
- Straits Asia Resources Limited - Singapore
- Australian Coal Association
- Indian Energy Exchange, India
- Bukit Asam (Persero) Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Interocean Group of Companies - India
- SMC Global Power, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Price Waterhouse Coopers - Russia
- VISA Power Limited - India
- Bulk Trading Sa - Switzerland
- Global Business Power Corporation, Philippines
- Posco Energy - South Korea
- Xindia Steels Limited - India
- Antam Resourcindo - Indonesia
- Aboitiz Power Corporation - Philippines
- Aditya Birla Group - India
- Larsen & Toubro Limited - India
- Indika Energy - Indonesia
- Standard Chartered Bank - UAE
- ASAPP Information Group - India
- CIMB Investment Bank - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Central Java Power - Indonesia
- Vizag Seaport Private Limited - India
- The University of Queensland
- Carbofer General Trading SA - India
- Coal and Oil Company - UAE
- Power Finance Corporation Ltd., India
- European Bulk Services B.V. - Netherlands
- Ministry of Finance - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Authority, New Zealand
- Gujarat Sidhee Cement - India
- Makarim & Taira - Indonesia
- Independent Power Producers Association of India
- Formosa Plastics Group - Taiwan
- Videocon Industries ltd - India
- Uttam Galva Steels Limited - India
- Africa Commodities Group - South Africa
- Meralco Power Generation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Agrawal Coal Company - India
- Rashtriya Ispat Nigam Limited - India
- Intertek Mineral Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- McConnell Dowell - Australia
- Leighton Contractors Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Economic Council, Georgia
- Toyota Tsusho Corporation, Japan
- Cement Manufacturers Association - India
- White Energy Company Limited
- Thiess Contractors Indonesia
- Mercator Lines Limited - India
- Indian Oil Corporation Limited
- Globalindo Alam Lestari - Indonesia
- Tamil Nadu electricity Board
- Therma Luzon, Inc, Philippines
- Anglo American - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Kumho Petrochemical, South Korea
- Samtan Co., Ltd - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement - Thailand
- Kobexindo Tractors - Indoneisa
- Attock Cement Pakistan Limited
- Planning Commission, India
- Savvy Resources Ltd - HongKong
- PTC India Limited - India
- The Treasury - Australian Government
- Global Green Power PLC Corporation, Philippines
- Siam City Cement PLC, Thailand
- Pendopo Energi Batubara - Indonesia
- Trasteel International SA, Italy
- Ministry of Mines - Canada
- Eastern Energy - Thailand
- Directorate General of MIneral and Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- GVK Power & Infra Limited - India
- Georgia Ports Authority, United States
- Malabar Cements Ltd - India
- Merrill Lynch Commodities Europe
- India Bulls Power Limited - India
- Bangladesh Power Developement Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jindal Steel & Power Ltd - India
- Port Waratah Coal Services - Australia
- SMG Consultants - Indonesia
- South Luzon Thermal Energy Corporation
- Kideco Jaya Agung - Indonesia
- Thai Mozambique Logistica
- Krishnapatnam Port Company Ltd. - India
- Vedanta Resources Plc - India
- Manunggal Multi Energi - Indonesia
- Marubeni Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Wood Mackenzie - Singapore
- Kapuas Tunggal Persada - Indonesia
- Salva Resources Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Ind-Barath Power Infra Limited - India
- Chamber of Mines of South Africa
- IEA Clean Coal Centre - UK
- IHS Mccloskey Coal Group - USA
- Bukit Baiduri Energy - Indonesia
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