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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, 03 June 10
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- SMG Consultants - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Kartika Selabumi Mining - Indonesia
- Merrill Lynch Commodities Europe
- Singapore Mercantile Exchange
- CIMB Investment Bank - Malaysia
- Posco Energy - South Korea
- Bhoruka Overseas - Indonesia
- Timah Investasi Mineral - Indoneisa
- Formosa Plastics Group - Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Tata Chemicals Ltd - India
- PowerSource Philippines DevCo
- Attock Cement Pakistan Limited
- Planning Commission, India
- Vizag Seaport Private Limited - India
- Madhucon Powers Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Xindia Steels Limited - India
- Sical Logistics Limited - India
- Jindal Steel & Power Ltd - India
- Power Finance Corporation Ltd., India
- Commonwealth Bank - Australia
- Indogreen Group - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Java Power - Indonesia
- IEA Clean Coal Centre - UK
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- Parry Sugars Refinery, India
- Kumho Petrochemical, South Korea
- Gujarat Mineral Development Corp Ltd - India
- Minerals Council of Australia
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- Mjunction Services Limited - India
- Petron Corporation, Philippines
- Dalmia Cement Bharat India
- TeaM Sual Corporation - Philippines
- Altura Mining Limited, Indonesia
- New Zealand Coal & Carbon
- ASAPP Information Group - India
- Savvy Resources Ltd - HongKong
- Mintek Dendrill Indonesia
- India Bulls Power Limited - India
- Goldman Sachs - Singapore
- Wood Mackenzie - Singapore
- Indonesian Coal Mining Association
- Siam City Cement - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Indika Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- McConnell Dowell - Australia
- Eastern Energy - Thailand
- Vedanta Resources Plc - India
- The State Trading Corporation of India Ltd
- Antam Resourcindo - Indonesia
- Kideco Jaya Agung - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Larsen & Toubro Limited - India
- Sinarmas Energy and Mining - Indonesia
- Carbofer General Trading SA - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thai Mozambique Logistica
- Billiton Holdings Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kaltim Prima Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Baiduri Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Africa Commodities Group - South Africa
- Videocon Industries ltd - India
- Alfred C Toepfer International GmbH - Germany
- Deloitte Consulting - India
- Riau Bara Harum - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Uttam Galva Steels Limited - India
- MS Steel International - UAE
- GVK Power & Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Anglo American - United Kingdom
- Price Waterhouse Coopers - Russia
- GMR Energy Limited - India
- Banpu Public Company Limited - Thailand
- Parliament of New Zealand
- Sakthi Sugars Limited - India
- Sojitz Corporation - Japan
- Leighton Contractors Pty Ltd - Australia
- London Commodity Brokers - England
- SMC Global Power, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Meralco Power Generation, Philippines
- Straits Asia Resources Limited - Singapore
- Orica Mining Services - Indonesia
- Bangladesh Power Developement Board
- Star Paper Mills Limited - India
- Indo Tambangraya Megah - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Baramulti Group, Indonesia
- Ministry of Finance - Indonesia
- Tamil Nadu electricity Board
- SN Aboitiz Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Eastern Coal Council - USA
- Malabar Cements Ltd - India
- Borneo Indobara - Indonesia
- Binh Thuan Hamico - Vietnam
- Interocean Group of Companies - India
- Kapuas Tunggal Persada - Indonesia
- Mercator Lines Limited - India
- Makarim & Taira - Indonesia
- Ambuja Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Latin American Coal - Colombia
- Electricity Generating Authority of Thailand
- Semirara Mining Corp, Philippines
- Coalindo Energy - Indonesia
- Therma Luzon, Inc, Philippines
- San Jose City I Power Corp, Philippines
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- ICICI Bank Limited - India
- Bharathi Cement Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Barasentosa Lestari - Indonesia
- PTC India Limited - India
- Romanian Commodities Exchange
- Trasteel International SA, Italy
- The University of Queensland
- Australian Commodity Traders Exchange
- Sindya Power Generating Company Private Ltd
- Essar Steel Hazira Ltd - India
- Manunggal Multi Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Rio Tinto Coal - Australia
- Indian Oil Corporation Limited
- Toyota Tsusho Corporation, Japan
- Orica Australia Pty. Ltd.
- Global Business Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Economic Council, Georgia
- CNBM International Corporation - China
- Holcim Trading Pte Ltd - Singapore
- Port Waratah Coal Services - Australia
- Rashtriya Ispat Nigam Limited - India
- European Bulk Services B.V. - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Metalloyd Limited - United Kingdom
- Sarangani Energy Corporation, Philippines
- Australian Coal Association
- PNOC Exploration Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Electricity Authority, New Zealand
- Thiess Contractors Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Maheswari Brothers Coal Limited - India
- Marubeni Corporation - India
- Edison Trading Spa - Italy
- Bukit Makmur.PT - Indonesia
- Bhatia International Limited - India
- Chettinad Cement Corporation Ltd - India
- GAC Shipping (India) Pvt Ltd
- Oldendorff Carriers - Singapore
- VISA Power Limited - India
- Sree Jayajothi Cements Limited - India
- OPG Power Generation Pvt Ltd - India
- Ministry of Transport, Egypt
- Maharashtra Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Bulk Trading Sa - Switzerland
- Lanco Infratech Ltd - India
- Energy Development Corp, Philippines
- Energy Link Ltd, New Zealand
- Heidelberg Cement - Germany
- Simpson Spence & Young - Indonesia
- Bhushan Steel Limited - India
- Coal and Oil Company - UAE
- Chamber of Mines of South Africa
- Karaikal Port Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- South Luzon Thermal Energy Corporation
- Cigading International Bulk Terminal - Indonesia
- Cement Manufacturers Association - India
- Aditya Birla Group - India
- Independent Power Producers Association of India
- Gujarat Sidhee Cement - India
- Kepco SPC Power Corporation, Philippines
- Agrawal Coal Company - India
- White Energy Company Limited
- Standard Chartered Bank - UAE
- Samtan Co., Ltd - South Korea
- Jaiprakash Power Ventures ltd
- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement PLC, Thailand
- Globalindo Alam Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Ministry of Mines - Canada
- The Treasury - Australian Government
- Mercuria Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- Global Coal Blending Company Limited - Australia
- Medco Energi Mining Internasional
- Directorate Of Revenue Intelligence - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Grasim Industreis Ltd - India
- Global Green Power PLC Corporation, Philippines
- Indian Energy Exchange, India
- Renaissance Capital - South Africa
- Wilmar Investment Holdings
- Semirara Mining and Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
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