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