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