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