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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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Saturday, 13 February 10
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Although the company’s revenues dipped in the December quarter, its long-term story is intact.
Lower power generation and realisations saw ...
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- Billiton Holdings Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Economic Council, Georgia
- Kobexindo Tractors - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Therma Luzon, Inc, Philippines
- The State Trading Corporation of India Ltd
- Ministry of Transport, Egypt
- Kumho Petrochemical, South Korea
- Miang Besar Coal Terminal - Indonesia
- Bharathi Cement Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bulk Trading Sa - Switzerland
- Siam City Cement - Thailand
- Thai Mozambique Logistica
- Lanco Infratech Ltd - India
- IEA Clean Coal Centre - UK
- Merrill Lynch Commodities Europe
- Uttam Galva Steels Limited - India
- Gujarat Sidhee Cement - India
- Interocean Group of Companies - India
- Tata Chemicals Ltd - India
- Iligan Light & Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- Minerals Council of Australia
- Kapuas Tunggal Persada - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Meralco Power Generation, Philippines
- Siam City Cement PLC, Thailand
- Attock Cement Pakistan Limited
- Vijayanagar Sugar Pvt Ltd - India
- Mercuria Energy - Indonesia
- Renaissance Capital - South Africa
- Indian Oil Corporation Limited
- Ministry of Mines - Canada
- Savvy Resources Ltd - HongKong
- Rio Tinto Coal - Australia
- Electricity Authority, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Eastern Energy - Thailand
- Rashtriya Ispat Nigam Limited - India
- San Jose City I Power Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- The Treasury - Australian Government
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- Agrawal Coal Company - India
- Sinarmas Energy and Mining - Indonesia
- Anglo American - United Kingdom
- Larsen & Toubro Limited - India
- Planning Commission, India
- London Commodity Brokers - England
- Electricity Generating Authority of Thailand
- Coal and Oil Company - UAE
- SMG Consultants - Indonesia
- Karaikal Port Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Tamil Nadu electricity Board
- Bukit Baiduri Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Star Paper Mills Limited - India
- McConnell Dowell - Australia
- Standard Chartered Bank - UAE
- Riau Bara Harum - Indonesia
- Goldman Sachs - Singapore
- IHS Mccloskey Coal Group - USA
- Meenaskhi Energy Private Limited - India
- Vizag Seaport Private Limited - India
- New Zealand Coal & Carbon
- Chettinad Cement Corporation Ltd - India
- Bangladesh Power Developement Board
- Africa Commodities Group - South Africa
- Power Finance Corporation Ltd., India
- PetroVietnam Power Coal Import and Supply Company
- Toyota Tsusho Corporation, Japan
- MS Steel International - UAE
- AsiaOL BioFuels Corp., Philippines
- GAC Shipping (India) Pvt Ltd
- Semirara Mining Corp, Philippines
- Dalmia Cement Bharat India
- Sojitz Corporation - Japan
- European Bulk Services B.V. - Netherlands
- Latin American Coal - Colombia
- Kaltim Prima Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Carbofer General Trading SA - India
- TeaM Sual Corporation - Philippines
- Coalindo Energy - Indonesia
- Baramulti Group, Indonesia
- Essar Steel Hazira Ltd - India
- Altura Mining Limited, Indonesia
- Timah Investasi Mineral - Indoneisa
- Kideco Jaya Agung - Indonesia
- Pendopo Energi Batubara - Indonesia
- VISA Power Limited - India
- CIMB Investment Bank - Malaysia
- TNB Fuel Sdn Bhd - Malaysia
- Manunggal Multi Energi - Indonesia
- Ministry of Finance - Indonesia
- Medco Energi Mining Internasional
- Formosa Plastics Group - Taiwan
- PTC India Limited - India
- Samtan Co., Ltd - South Korea
- Cigading International Bulk Terminal - Indonesia
- Mjunction Services Limited - India
- The University of Queensland
- Mercator Lines Limited - India
- CNBM International Corporation - China
- International Coal Ventures Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Maharashtra Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Bhatia International Limited - India
- White Energy Company Limited
- Ceylon Electricity Board - Sri Lanka
- Ind-Barath Power Infra Limited - India
- Bhushan Steel Limited - India
- Straits Asia Resources Limited - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- SN Aboitiz Power Inc, Philippines
- Mintek Dendrill Indonesia
- Directorate Of Revenue Intelligence - India
- Vedanta Resources Plc - India
- Wilmar Investment Holdings
- Jindal Steel & Power Ltd - India
- Australian Commodity Traders Exchange
- Aboitiz Power Corporation - Philippines
- Indian Energy Exchange, India
- PowerSource Philippines DevCo
- Parliament of New Zealand
- PNOC Exploration Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Barasentosa Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Videocon Industries ltd - India
- South Luzon Thermal Energy Corporation
- Kalimantan Lumbung Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Indogreen Group - Indonesia
- Trasteel International SA, Italy
- GVK Power & Infra Limited - India
- Sakthi Sugars Limited - India
- Eastern Coal Council - USA
- GN Power Mariveles Coal Plant, Philippines
- Maheswari Brothers Coal Limited - India
- Sical Logistics Limited - India
- ICICI Bank Limited - India
- Wood Mackenzie - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Metalloyd Limited - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Borneo Indobara - Indonesia
- Deloitte Consulting - India
- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
- Petron Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Energy Development Corp, Philippines
- SMC Global Power, Philippines
- GMR Energy Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Heidelberg Cement - Germany
- Edison Trading Spa - Italy
- Malabar Cements Ltd - India
- ASAPP Information Group - India
- Aditya Birla Group - India
- LBH Netherlands Bv - Netherlands
- Posco Energy - South Korea
- Independent Power Producers Association of India
- Energy Link Ltd, New Zealand
- India Bulls Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Madhucon Powers Ltd - India
- Chamber of Mines of South Africa
- Indonesian Coal Mining Association
- Central Java Power - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Bayan Resources Tbk. - Indonesia
- Central Electricity Authority - India
- Thiess Contractors Indonesia
- Parry Sugars Refinery, India
- Xindia Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Romanian Commodities Exchange
- Holcim Trading Pte Ltd - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Intertek Mineral Services - Indonesia
- Indika Energy - Indonesia
- Antam Resourcindo - Indonesia
- Australian Coal Association
- Kartika Selabumi Mining - Indonesia
- Commonwealth Bank - Australia
- Makarim & Taira - Indonesia
- Cement Manufacturers Association - India
- Global Coal Blending Company Limited - Australia
- Sree Jayajothi Cements Limited - India
- Globalindo Alam Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Port Waratah Coal Services - Australia
- Directorate General of MIneral and Coal - Indonesia
- Ambuja Cements Ltd - India
- Oldendorff Carriers - Singapore
- Petrochimia International Co. Ltd.- Taiwan
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