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