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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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Tuesday, 27 March 18
SHIPPING MARKET ANALYSIS - GERRY LATHROP
With the almost complete phase out of Tier II new-building slots on our door step, along with the plethora of emissions related articles seemingly ...
Friday, 23 March 18
RIO TINTO AGREES SALE OF HAIL CREEK AND VALERIA TO GLENCORE FOR $1.7 BILLION
Press Release: Rio Tinto has entered into a binding agreement with Glencore for the sale of its entire interests in the Hail Creek coal mine and th ...
Wednesday, 21 March 18
CHINA'S RAW COAL OUTPUT UP IN 2017, FIRST GROWTH SINCE 2014 - XINHUA
China’s raw coal output rose in 2017 due to rebounding demand and high-quality capacity, according to the National Bureau of Statistics (NBS) ...
Wednesday, 21 March 18
MARKET INSIGHT - CHRISTOPHER T. WHITTY
President’s Trump administration proposed tariffs on steel and aluminum imports in an attempt to target China and Europe among others. Earlie ...
Tuesday, 20 March 18
SHIPPING MARKET ANALYSIS - GEORGE LAZARIDIS
It has been a chilling start to the week for the global economy, with the vast majority of stock exchanges noting a fair drop, after a series of se ...
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- Kapuas Tunggal Persada - Indonesia
- Standard Chartered Bank - UAE
- The University of Queensland
- Australian Commodity Traders Exchange
- Indian Energy Exchange, India
- South Luzon Thermal Energy Corporation
- Tata Chemicals Ltd - India
- Ambuja Cements Ltd - India
- Riau Bara Harum - Indonesia
- Makarim & Taira - Indonesia
- Formosa Plastics Group - Taiwan
- Metalloyd Limited - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Mercuria Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Ministry of Finance - Indonesia
- Power Finance Corporation Ltd., India
- Parry Sugars Refinery, India
- Sojitz Corporation - Japan
- Meralco Power Generation, Philippines
- Essar Steel Hazira Ltd - India
- Therma Luzon, Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Electricity Generating Authority of Thailand
- Australian Coal Association
- Krishnapatnam Port Company Ltd. - India
- Posco Energy - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Wood Mackenzie - Singapore
- Simpson Spence & Young - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Malabar Cements Ltd - India
- GMR Energy Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Orica Australia Pty. Ltd.
- ASAPP Information Group - India
- PowerSource Philippines DevCo
- MS Steel International - UAE
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining and Power Corporation, Philippines
- Minerals Council of Australia
- Central Electricity Authority - India
- Coalindo Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Rashtriya Ispat Nigam Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- CNBM International Corporation - China
- Attock Cement Pakistan Limited
- Indonesian Coal Mining Association
- Gujarat Sidhee Cement - India
- Coal and Oil Company - UAE
- Edison Trading Spa - Italy
- Energy Development Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Semirara Mining Corp, Philippines
- Grasim Industreis Ltd - India
- Bhushan Steel Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Romanian Commodities Exchange
- Indika Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- VISA Power Limited - India
- Aditya Birla Group - India
- Gujarat Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Siam City Cement - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Medco Energi Mining Internasional
- Coastal Gujarat Power Limited - India
- Kaltim Prima Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Kartika Selabumi Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Interocean Group of Companies - India
- Marubeni Corporation - India
- Jaiprakash Power Ventures ltd
- Siam City Cement PLC, Thailand
- Port Waratah Coal Services - Australia
- White Energy Company Limited
- Anglo American - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- San Jose City I Power Corp, Philippines
- Madhucon Powers Ltd - India
- PNOC Exploration Corporation - Philippines
- Larsen & Toubro Limited - India
- Sical Logistics Limited - India
- CIMB Investment Bank - Malaysia
- Thiess Contractors Indonesia
- Ind-Barath Power Infra Limited - India
- Renaissance Capital - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Lanco Infratech Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Kobexindo Tractors - Indoneisa
- Altura Mining Limited, Indonesia
- Mintek Dendrill Indonesia
- Bangladesh Power Developement Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Heidelberg Cement - Germany
- Toyota Tsusho Corporation, Japan
- SMC Global Power, Philippines
- Bulk Trading Sa - Switzerland
- Planning Commission, India
- SMG Consultants - Indonesia
- Parliament of New Zealand
- Cement Manufacturers Association - India
- Manunggal Multi Energi - Indonesia
- Chamber of Mines of South Africa
- ICICI Bank Limited - India
- The Treasury - Australian Government
- Independent Power Producers Association of India
- Bukit Baiduri Energy - Indonesia
- Borneo Indobara - Indonesia
- Global Coal Blending Company Limited - Australia
- Trasteel International SA, Italy
- Energy Link Ltd, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Mines - Canada
- Africa Commodities Group - South Africa
- Jindal Steel & Power Ltd - India
- Bhoruka Overseas - Indonesia
- Global Business Power Corporation, Philippines
- Petron Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Kepco SPC Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Kalimantan Lumbung Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Antam Resourcindo - Indonesia
- Bukit Makmur.PT - Indonesia
- Bharathi Cement Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- GAC Shipping (India) Pvt Ltd
- Star Paper Mills Limited - India
- Bayan Resources Tbk. - Indonesia
- Maheswari Brothers Coal Limited - India
- Billiton Holdings Pty Ltd - Australia
- PTC India Limited - India
- McConnell Dowell - Australia
- GVK Power & Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Goldman Sachs - Singapore
- Thai Mozambique Logistica
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Xindia Steels Limited - India
- Oldendorff Carriers - Singapore
- Uttam Galva Steels Limited - India
- Georgia Ports Authority, United States
- Orica Mining Services - Indonesia
- Central Java Power - Indonesia
- Sree Jayajothi Cements Limited - India
- Timah Investasi Mineral - Indoneisa
- Wilmar Investment Holdings
- Neyveli Lignite Corporation Ltd, - India
- Sindya Power Generating Company Private Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Economic Council, Georgia
- LBH Netherlands Bv - Netherlands
- Sarangani Energy Corporation, Philippines
- Indogreen Group - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Deloitte Consulting - India
- Rio Tinto Coal - Australia
- Vedanta Resources Plc - India
- Karaikal Port Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Mercator Lines Limited - India
- Eastern Energy - Thailand
- The State Trading Corporation of India Ltd
- Cigading International Bulk Terminal - Indonesia
- Dalmia Cement Bharat India
- Indian Oil Corporation Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- London Commodity Brokers - England
- Latin American Coal - Colombia
- Baramulti Group, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- IEA Clean Coal Centre - UK
- Ministry of Transport, Egypt
- Carbofer General Trading SA - India
- Iligan Light & Power Inc, Philippines
- Bhatia International Limited - India
- India Bulls Power Limited - India
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Intertek Mineral Services - Indonesia
- Banpu Public Company Limited - Thailand
- Sakthi Sugars Limited - India
- Merrill Lynch Commodities Europe
- Vizag Seaport Private Limited - India
- TeaM Sual Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chettinad Cement Corporation Ltd - India
- Aboitiz Power Corporation - Philippines
- Tamil Nadu electricity Board
- Commonwealth Bank - Australia
- Jorong Barutama Greston.PT - Indonesia
- Videocon Industries ltd - India
- Agrawal Coal Company - India
- International Coal Ventures Pvt Ltd - India
- Eastern Coal Council - USA
- New Zealand Coal & Carbon
- Singapore Mercantile Exchange
- AsiaOL BioFuels Corp., Philippines
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