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