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