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