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Wednesday, 01 December 21
MARKET INSIGHT - INTERMODAL
 Essentially, anyone involved in the shipping and commodity markets still struggle with commodity supply issues and skyrocketing prices in the context of a strained global supply chain.
This year, labor constraints, supply disruptions as well as high fertilizers costs led to a tight supply of edible oils, with palm oil particularly seeing its price pushed to record high levels two weeks ago, before softening during the current one amid negative cues from the emergence of the new COVID variant spurring volatility across commodities.
A great shortage of plantation workers who have been unable to re-enter the country due to pandemic related issues in Malaysia has lowered palm oil production estimates for 2021 to 18.3 million tons, down from 19.2 million tons in 2020, while although Indonesia’s palm oil output has been relatively flat y-o-y, its exports are expected to halve this year according to the Indonesia Palm Oil Association, due to heavy export levies.
While the Malaysian government, plans a special approval to bring about 30,000 workers back vs a shortage of 70,000 estimated at the beginning of the year by the Malaysian Palm Oil Association, efforts to bring them back will take a while before they reach plantations and start harvesting. A plan which might now be prolonged in the hearing and speculation around omicron variant, the last prompting buyers to begin stockpiling palm oil again.
Palm oil futures in Busra Malaysia have reached back-to-back record highs during the past year, setting the highest on November 18 at MYR (Malaysian Ringgit) 5,446/mt or $1,292.88 ( DEC 21). Industry analysts expect that from March 2022 onwards, production issues in edible oils will ease and post a steep rise after 2 years of supply disruptions. Naturally, a correction on prices is anticipated, however, it is also believed that we have entered a new era of higher price levels that are here to stay.
As far as the freight market is concerned rates for regional voyages to India and China have been moving sideways during the past weeks. On the other hand, FOSFA tonnage, especially on the westbound MR size TC Trip runs enjoyed a good premium, before correcting during mid Nov when the CPP Markets in the FEAST stagnated.
Representative freight rates loading palms oils from South East Asia to:
E.C. India 12-15,000 mtons at 33.00 usd/pmt
W.C. India/Pakistan 12-15,000 mtons at 35.00-37.00 usd/pmt
Mid China 12-15,000 mtons at 35.00 usd/pmt
Rotterdam 40-42,000 mtons at 49-51 usd/pmt
T/C Del Korea-Re-del Cont. 47-51,000 DWT 15,000/16,000 USD/PD (NON ECO ) +2K FOR ECO
Looking forward, there is no sight of supply and prices easing materially until post Q1 of 2022, while inventories will be scarce for the first half of next year. Finally, freight markets are likely to head north alongside a highly anticipated CPP seasonal market recovery during Q1 2022. Hopefully, this time will be more than seasonal, if at all.
By Stelios Kollintzas,
Tanker Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Yiannis Parganas
Tamara Apostolou
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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Monday, 08 January 24
KOSPO TO BUY 80000 MT OF INDONESIAN LOW CALORIFIC VALUE COAL FOR FEB 2024
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for the supply of Indonesian Low Calorific Value Coal from qualified suppliers for Korean ...
Monday, 08 January 24
SEABORNE TRADE REACHES 12.4BN TONNES - CLARKSONS
China will establish a back-up coal production system by 2027 to stabilise prices and secure coal supply, the state planner said on Wednesday, even ...
Monday, 08 January 24
CAPESIZES START THE NEW YEAR ON POSITIVE NOTE - BALTIC EXCHANGE
Capesize
This week the capsize market has been marked by a mix of activities and challenges. Despite a slow start following the Christmas and N ...
Friday, 05 January 24
MORGAN STANLEY SEES LOWER OIL PRICES IN 2024 ON OVERSUPPLY CONCERNS - REUTERS
Morgan Stanley sees Brent crude prices anchored near $80 per barrel in the first half in 2024 before declining towards the end of the year as it ex ...
Friday, 05 January 24
INDIA'S COAL OUTPUT RISES NEARLY 11 PC IN DEC TO 92.87 MT - PTI
India’s coal production increased by 10.75 per cent to 92.87 million tonne in December 2023 as compared to the year-ago period, an official s ...
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- Vizag Seaport Private Limited - India
- Kideco Jaya Agung - Indonesia
- Anglo American - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Iligan Light & Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Samtan Co., Ltd - South Korea
- PowerSource Philippines DevCo
- CIMB Investment Bank - Malaysia
- Kapuas Tunggal Persada - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Maharashtra Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Semirara Mining Corp, Philippines
- Jindal Steel & Power Ltd - India
- Orica Australia Pty. Ltd.
- Aditya Birla Group - India
- Renaissance Capital - South Africa
- Dalmia Cement Bharat India
- India Bulls Power Limited - India
- SMC Global Power, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sojitz Corporation - Japan
- Vijayanagar Sugar Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Standard Chartered Bank - UAE
- CNBM International Corporation - China
- Rio Tinto Coal - Australia
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- ICICI Bank Limited - India
- Ministry of Transport, Egypt
- PNOC Exploration Corporation - Philippines
- Wood Mackenzie - Singapore
- Medco Energi Mining Internasional
- Directorate General of MIneral and Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Parry Sugars Refinery, India
- Deloitte Consulting - India
- Xindia Steels Limited - India
- Bhoruka Overseas - Indonesia
- Australian Coal Association
- Globalindo Alam Lestari - Indonesia
- Agrawal Coal Company - India
- San Jose City I Power Corp, Philippines
- TeaM Sual Corporation - Philippines
- MS Steel International - UAE
- Global Green Power PLC Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Kumho Petrochemical, South Korea
- Planning Commission, India
- Minerals Council of Australia
- Cement Manufacturers Association - India
- Oldendorff Carriers - Singapore
- Krishnapatnam Port Company Ltd. - India
- SN Aboitiz Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Coal and Oil Company - UAE
- Attock Cement Pakistan Limited
- Merrill Lynch Commodities Europe
- Star Paper Mills Limited - India
- Karaikal Port Pvt Ltd - India
- Eastern Energy - Thailand
- Kepco SPC Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Posco Energy - South Korea
- Alfred C Toepfer International GmbH - Germany
- London Commodity Brokers - England
- Aboitiz Power Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- PTC India Limited - India
- Sindya Power Generating Company Private Ltd
- Malabar Cements Ltd - India
- Tata Chemicals Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petron Corporation, Philippines
- Ambuja Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Indika Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- ASAPP Information Group - India
- Siam City Cement PLC, Thailand
- Global Business Power Corporation, Philippines
- VISA Power Limited - India
- Makarim & Taira - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sarangani Energy Corporation, Philippines
- Altura Mining Limited, Indonesia
- Grasim Industreis Ltd - India
- Singapore Mercantile Exchange
- Independent Power Producers Association of India
- Indian Oil Corporation Limited
- Bhatia International Limited - India
- Bhushan Steel Limited - India
- Riau Bara Harum - Indonesia
- Vedanta Resources Plc - India
- The State Trading Corporation of India Ltd
- Sree Jayajothi Cements Limited - India
- SMG Consultants - Indonesia
- Georgia Ports Authority, United States
- GAC Shipping (India) Pvt Ltd
- Sakthi Sugars Limited - India
- White Energy Company Limited
- Energy Link Ltd, New Zealand
- Port Waratah Coal Services - Australia
- Banpu Public Company Limited - Thailand
- Larsen & Toubro Limited - India
- Ceylon Electricity Board - Sri Lanka
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Manunggal Multi Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Mintek Dendrill Indonesia
- IHS Mccloskey Coal Group - USA
- Leighton Contractors Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Edison Trading Spa - Italy
- Central Electricity Authority - India
- McConnell Dowell - Australia
- Essar Steel Hazira Ltd - India
- Goldman Sachs - Singapore
- Formosa Plastics Group - Taiwan
- Eastern Coal Council - USA
- Gujarat Sidhee Cement - India
- Trasteel International SA, Italy
- Gujarat Mineral Development Corp Ltd - India
- Australian Commodity Traders Exchange
- GMR Energy Limited - India
- Cigading International Bulk Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Salva Resources Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Billiton Holdings Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Parliament of New Zealand
- Energy Development Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Mercator Lines Limited - India
- Jaiprakash Power Ventures ltd
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Bangladesh Power Developement Board
- TNB Fuel Sdn Bhd - Malaysia
- Kaltim Prima Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Ministry of Mines - Canada
- Meralco Power Generation, Philippines
- Sical Logistics Limited - India
- Carbofer General Trading SA - India
- Meenaskhi Energy Private Limited - India
- Power Finance Corporation Ltd., India
- Central Java Power - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Bharathi Cement Corporation - India
- European Bulk Services B.V. - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Coalindo Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- New Zealand Coal & Carbon
- OPG Power Generation Pvt Ltd - India
- Latin American Coal - Colombia
- Bukit Baiduri Energy - Indonesia
- Mjunction Services Limited - India
- Interocean Group of Companies - India
- Electricity Authority, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Bulk Trading Sa - Switzerland
- The Treasury - Australian Government
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thiess Contractors Indonesia
- Uttam Galva Steels Limited - India
- Indogreen Group - Indonesia
- Pendopo Energi Batubara - Indonesia
- Marubeni Corporation - India
- LBH Netherlands Bv - Netherlands
- South Luzon Thermal Energy Corporation
- Rashtriya Ispat Nigam Limited - India
- Barasentosa Lestari - Indonesia
- Mercuria Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Electricity Generating Authority of Thailand
- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Economic Council, Georgia
- Wilmar Investment Holdings
- Holcim Trading Pte Ltd - Singapore
- Thai Mozambique Logistica
- Chamber of Mines of South Africa
- Africa Commodities Group - South Africa
- Borneo Indobara - Indonesia
- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kartika Selabumi Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Maheswari Brothers Coal Limited - India
- Straits Asia Resources Limited - Singapore
- Tamil Nadu electricity Board
- Lanco Infratech Ltd - India
- The University of Queensland
- Romanian Commodities Exchange
- Indian Energy Exchange, India
- Heidelberg Cement - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Finance - Indonesia
- Orica Mining Services - Indonesia
- Videocon Industries ltd - India
- Indonesian Coal Mining Association
- Commonwealth Bank - Australia
- Madhucon Powers Ltd - India
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