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