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