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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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- Tata Chemicals Ltd - India
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- TeaM Sual Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- CIMB Investment Bank - Malaysia
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- European Bulk Services B.V. - Netherlands
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- Deloitte Consulting - India
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- Singapore Mercantile Exchange
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- Indian Energy Exchange, India
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- Global Green Power PLC Corporation, Philippines
- IEA Clean Coal Centre - UK
- The Treasury - Australian Government
- PTC India Limited - India
- Indogreen Group - Indonesia
- Jindal Steel & Power Ltd - India
- Siam City Cement - Thailand
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- Central Java Power - Indonesia
- San Jose City I Power Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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- Goldman Sachs - Singapore
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- Banpu Public Company Limited - Thailand
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- Bulk Trading Sa - Switzerland
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- Holcim Trading Pte Ltd - Singapore
- Toyota Tsusho Corporation, Japan
- Bhoruka Overseas - Indonesia
- Marubeni Corporation - India
- Electricity Generating Authority of Thailand
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- Minerals Council of Australia
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- Therma Luzon, Inc, Philippines
- Sojitz Corporation - Japan
- Indonesian Coal Mining Association
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- Thai Mozambique Logistica
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- Borneo Indobara - Indonesia
- Global Coal Blending Company Limited - Australia
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- GVK Power & Infra Limited - India
- Samtan Co., Ltd - South Korea
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- TNB Fuel Sdn Bhd - Malaysia
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- Ministry of Transport, Egypt
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- Metalloyd Limited - United Kingdom
- Semirara Mining Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Price Waterhouse Coopers - Russia
- The State Trading Corporation of India Ltd
- Interocean Group of Companies - India
- Ceylon Electricity Board - Sri Lanka
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chamber of Mines of South Africa
- Bukit Baiduri Energy - Indonesia
- New Zealand Coal & Carbon
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- Rio Tinto Coal - Australia
- Jaiprakash Power Ventures ltd
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- Commonwealth Bank - Australia
- Ministry of Finance - Indonesia
- Mintek Dendrill Indonesia
- Coal and Oil Company - UAE
- Iligan Light & Power Inc, Philippines
- Bhushan Steel Limited - India
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- Siam City Cement PLC, Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Oldendorff Carriers - Singapore
- Ministry of Mines - Canada
- Globalindo Alam Lestari - Indonesia
- CNBM International Corporation - China
- Kepco SPC Power Corporation, Philippines
- Anglo American - United Kingdom
- Parliament of New Zealand
- The University of Queensland
- Kohat Cement Company Ltd. - Pakistan
- GMR Energy Limited - India
- Kaltim Prima Coal - Indonesia
- Australian Commodity Traders Exchange
- MS Steel International - UAE
- Coalindo Energy - Indonesia
- Power Finance Corporation Ltd., India
- Independent Power Producers Association of India
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- Antam Resourcindo - Indonesia
- Bukit Makmur.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- SN Aboitiz Power Inc, Philippines
- Eastern Coal Council - USA
- Bhatia International Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- Altura Mining Limited, Indonesia
- Bharathi Cement Corporation - India
- South Luzon Thermal Energy Corporation
- Attock Cement Pakistan Limited
- SMC Global Power, Philippines
- Wood Mackenzie - Singapore
- Manunggal Multi Energi - Indonesia
- Mercator Lines Limited - India
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- Tamil Nadu electricity Board
- Petron Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Kobexindo Tractors - Indoneisa
- PowerSource Philippines DevCo
- Grasim Industreis Ltd - India
- Meenaskhi Energy Private Limited - India
- Australian Coal Association
- GAC Shipping (India) Pvt Ltd
- Ind-Barath Power Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Madhucon Powers Ltd - India
- Mjunction Services Limited - India
- Electricity Authority, New Zealand
- Trasteel International SA, Italy
- GN Power Mariveles Coal Plant, Philippines
- Maheswari Brothers Coal Limited - India
- LBH Netherlands Bv - Netherlands
- Gujarat Sidhee Cement - India
- Malabar Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Videocon Industries ltd - India
- Renaissance Capital - South Africa
- Merrill Lynch Commodities Europe
- Wilmar Investment Holdings
- Edison Trading Spa - Italy
- Timah Investasi Mineral - Indoneisa
- Planning Commission, India
- Pipit Mutiara Jaya. PT, Indonesia
- Posco Energy - South Korea
- Semirara Mining and Power Corporation, Philippines
- London Commodity Brokers - England
- Pendopo Energi Batubara - Indonesia
- Cement Manufacturers Association - India
- McConnell Dowell - Australia
- AsiaOL BioFuels Corp., Philippines
- Sarangani Energy Corporation, Philippines
- Agrawal Coal Company - India
- Economic Council, Georgia
- Georgia Ports Authority, United States
- Kumho Petrochemical, South Korea
- Port Waratah Coal Services - Australia
- Essar Steel Hazira Ltd - India
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- Indian Oil Corporation Limited
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