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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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Wednesday, 31 March 10
DRY BULK MARKET STILL MODERATELY FALLING, BUT POSITIVE SIGNS APPEAR ON THE HORIZON - HELLENIC SHIPPING
The irregularities of the current dry bulk market have been more than evident in the fact that panamax vessels today earn more than their larger cap ...
Wednesday, 31 March 10
INDIKA ENERGYS PROFIT HIT BY FOREX LOSS AND CABOTAGE - THE JAKARTA GLOBE
The Jakarta Globe reportd that, PT Indika Energy posted a 30 percent drop in 2009 net profit due to a foreign exchange loss and impairment of intang ...
Wednesday, 31 March 10
ITMG TO UP COAL OUTPUT DESPITE PERMIT PROBLEMS - THE JAKARTA POST
The Jakarta Post reported that, the country’s third largest coal producer PT Indo Tambang Raya Megah (ITMG) said it can raise output although ...
Tuesday, 30 March 10
ANALYST SEES BDI LIFT, SUGGESTS DRY BULK SHORT SQUEEZE
Analysts at Credit Suisse are bullish on Diana and see a potential short squeeze elsewhere in the sector. The Baltic Dry Index (BDI) -- an industry ...
Tuesday, 30 March 10
CHINA'S DROUGHT RAISES COAL PRICES, LOWERS HYDROPOWER
Bloomberg reported that, Benchmark coal prices at Qinhuangdao, China’s largest port handling the fuel, rose for the first time in 10 weeks aft ...
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- Global Green Power PLC Corporation, Philippines
- Ministry of Transport, Egypt
- SMG Consultants - Indonesia
- Ministry of Mines - Canada
- Ambuja Cements Ltd - India
- Lanco Infratech Ltd - India
- Global Coal Blending Company Limited - Australia
- Straits Asia Resources Limited - Singapore
- Petron Corporation, Philippines
- Sakthi Sugars Limited - India
- Australian Commodity Traders Exchange
- India Bulls Power Limited - India
- Coal and Oil Company - UAE
- Simpson Spence & Young - Indonesia
- Holcim Trading Pte Ltd - Singapore
- GAC Shipping (India) Pvt Ltd
- Africa Commodities Group - South Africa
- Commonwealth Bank - Australia
- Chettinad Cement Corporation Ltd - India
- Mercuria Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Pendopo Energi Batubara - Indonesia
- TeaM Sual Corporation - Philippines
- PTC India Limited - India
- OPG Power Generation Pvt Ltd - India
- Attock Cement Pakistan Limited
- Borneo Indobara - Indonesia
- Bangladesh Power Developement Board
- Kideco Jaya Agung - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Videocon Industries ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Baiduri Energy - Indonesia
- The University of Queensland
- Renaissance Capital - South Africa
- Metalloyd Limited - United Kingdom
- Thai Mozambique Logistica
- Offshore Bulk Terminal Pte Ltd, Singapore
- Standard Chartered Bank - UAE
- Bayan Resources Tbk. - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Manunggal Multi Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement PLC, Thailand
- Coalindo Energy - Indonesia
- Romanian Commodities Exchange
- Price Waterhouse Coopers - Russia
- Indogreen Group - Indonesia
- Riau Bara Harum - Indonesia
- Minerals Council of Australia
- Coastal Gujarat Power Limited - India
- Indian Oil Corporation Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karbindo Abesyapradhi - Indoneisa
- Power Finance Corporation Ltd., India
- Baramulti Group, Indonesia
- Timah Investasi Mineral - Indoneisa
- Meenaskhi Energy Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Therma Luzon, Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Bhatia International Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Trasteel International SA, Italy
- Sindya Power Generating Company Private Ltd
- Central Java Power - Indonesia
- Independent Power Producers Association of India
- Dalmia Cement Bharat India
- Leighton Contractors Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- IEA Clean Coal Centre - UK
- Madhucon Powers Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Vedanta Resources Plc - India
- Intertek Mineral Services - Indonesia
- Electricity Generating Authority of Thailand
- Thiess Contractors Indonesia
- Energy Development Corp, Philippines
- Meralco Power Generation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Kartika Selabumi Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- PowerSource Philippines DevCo
- Tamil Nadu electricity Board
- Billiton Holdings Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Orica Australia Pty. Ltd.
- Georgia Ports Authority, United States
- GMR Energy Limited - India
- Kalimantan Lumbung Energi - Indonesia
- CNBM International Corporation - China
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Sidhee Cement - India
- Ministry of Finance - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Barasentosa Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- White Energy Company Limited
- Samtan Co., Ltd - South Korea
- Salva Resources Pvt Ltd - India
- Eastern Energy - Thailand
- Latin American Coal - Colombia
- Star Paper Mills Limited - India
- Savvy Resources Ltd - HongKong
- Indian Energy Exchange, India
- Directorate General of MIneral and Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Singapore Mercantile Exchange
- GN Power Mariveles Coal Plant, Philippines
- Alfred C Toepfer International GmbH - Germany
- Kumho Petrochemical, South Korea
- Global Business Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Anglo American - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jorong Barutama Greston.PT - Indonesia
- Antam Resourcindo - Indonesia
- IHS Mccloskey Coal Group - USA
- McConnell Dowell - Australia
- MS Steel International - UAE
- Directorate Of Revenue Intelligence - India
- Rashtriya Ispat Nigam Limited - India
- Parry Sugars Refinery, India
- Energy Link Ltd, New Zealand
- Tata Chemicals Ltd - India
- Karaikal Port Pvt Ltd - India
- Orica Mining Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bharathi Cement Corporation - India
- VISA Power Limited - India
- Jaiprakash Power Ventures ltd
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- Iligan Light & Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Edison Trading Spa - Italy
- Mjunction Services Limited - India
- Planning Commission, India
- Port Waratah Coal Services - Australia
- Interocean Group of Companies - India
- Ceylon Electricity Board - Sri Lanka
- SN Aboitiz Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Rio Tinto Coal - Australia
- Indo Tambangraya Megah - Indonesia
- Mintek Dendrill Indonesia
- Deloitte Consulting - India
- Oldendorff Carriers - Singapore
- Electricity Authority, New Zealand
- Banpu Public Company Limited - Thailand
- Larsen & Toubro Limited - India
- Medco Energi Mining Internasional
- Carbofer General Trading SA - India
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Sical Logistics Limited - India
- Australian Coal Association
- GVK Power & Infra Limited - India
- Bhoruka Overseas - Indonesia
- Wilmar Investment Holdings
- London Commodity Brokers - England
- The Treasury - Australian Government
- Bukit Makmur.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Marubeni Corporation - India
- Sojitz Corporation - Japan
- Parliament of New Zealand
- Globalindo Alam Lestari - Indonesia
- Makarim & Taira - Indonesia
- Grasim Industreis Ltd - India
- Xindia Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Central Electricity Authority - India
- International Coal Ventures Pvt Ltd - India
- Heidelberg Cement - Germany
- Vizag Seaport Private Limited - India
- Agrawal Coal Company - India
- San Jose City I Power Corp, Philippines
- Aditya Birla Group - India
- Bulk Trading Sa - Switzerland
- SMC Global Power, Philippines
- Mercator Lines Limited - India
- Goldman Sachs - Singapore
- Economic Council, Georgia
- Essar Steel Hazira Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Posco Energy - South Korea
- Cement Manufacturers Association - India
- Malabar Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Aboitiz Power Corporation - Philippines
- Altura Mining Limited, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement - Thailand
- Chamber of Mines of South Africa
- Indonesian Coal Mining Association
- Bhushan Steel Limited - India
- The State Trading Corporation of India Ltd
- South Luzon Thermal Energy Corporation
- Eastern Coal Council - USA
- ICICI Bank Limited - India
- ASAPP Information Group - India
- Ind-Barath Power Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- New Zealand Coal & Carbon
- Uttam Galva Steels Limited - India
- Indika Energy - Indonesia
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