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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, 17 July 23
APPROVED AMMONIA-FUELED CONTAINERSHIP - BENEFITS AND RISKS: REED SMITH
Following the news in Offshore Energy that Korea Maritime Consultants has secured approval in principle from the American Bureau of Shipping for it ...
Friday, 14 July 23
CLEAN COAL USE KEY TO DEEP CUTS IN EMISSIONS, STABLE ELECTRICITY SUPPLY - CHINA DAILY
China must push for the clean use of coal and step up integration of the dirty fuel with carbon capture, utilization and storage to achieve sustain ...
Thursday, 13 July 23
VIETNAM'S COAL EMISSIONS PRIMED FOR SURGE AFTER IMPORTS JUMP - REUTERS
Vietnam’s thermal power emissions are primed for a steep climb this summer after the country’s imports of thermal coal soared to their ...
Monday, 26 June 23
COAL PRODUCTION AND CONSUMPTION UP IN 2022 - EUROSTAT
In 2022, EU coal production and consumption continued to increase, reaching 349 million tonnes (+5% compared with the previous year) and 454 millio ...
Wednesday, 21 June 23
QATAR STRIKES SECOND BIG LNG SUPPLY DEAL WITH CHINA - REUTERS
Qatar on Tuesday secured its second large gas supply deal with a Chinese state-controlled company in less than a year, putting Asia clearly ahead i ...
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- Ceylon Electricity Board - Sri Lanka
- Offshore Bulk Terminal Pte Ltd, Singapore
- Oldendorff Carriers - Singapore
- Straits Asia Resources Limited - Singapore
- White Energy Company Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Oil Corporation Limited
- Tata Chemicals Ltd - India
- SMG Consultants - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Antam Resourcindo - Indonesia
- Wood Mackenzie - Singapore
- Chamber of Mines of South Africa
- Standard Chartered Bank - UAE
- Australian Commodity Traders Exchange
- Kumho Petrochemical, South Korea
- Africa Commodities Group - South Africa
- Bangladesh Power Developement Board
- ICICI Bank Limited - India
- The Treasury - Australian Government
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thiess Contractors Indonesia
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Intertek Mineral Services - Indonesia
- Mercuria Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Economic Council, Georgia
- Medco Energi Mining Internasional
- Marubeni Corporation - India
- Global Coal Blending Company Limited - Australia
- McConnell Dowell - Australia
- Sakthi Sugars Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Sindya Power Generating Company Private Ltd
- Attock Cement Pakistan Limited
- Metalloyd Limited - United Kingdom
- Ministry of Transport, Egypt
- Eastern Coal Council - USA
- Sree Jayajothi Cements Limited - India
- Planning Commission, India
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- Siam City Cement PLC, Thailand
- Orica Mining Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Asmin Koalindo Tuhup - Indonesia
- Videocon Industries ltd - India
- Indo Tambangraya Megah - Indonesia
- Chettinad Cement Corporation Ltd - India
- Binh Thuan Hamico - Vietnam
- Makarim & Taira - Indonesia
- Borneo Indobara - Indonesia
- Lanco Infratech Ltd - India
- Sical Logistics Limited - India
- Jindal Steel & Power Ltd - India
- Renaissance Capital - South Africa
- Mercator Lines Limited - India
- Toyota Tsusho Corporation, Japan
- Global Green Power PLC Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Edison Trading Spa - Italy
- Aditya Birla Group - India
- Iligan Light & Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GMR Energy Limited - India
- Mjunction Services Limited - India
- Bharathi Cement Corporation - India
- Bulk Trading Sa - Switzerland
- Global Business Power Corporation, Philippines
- Trasteel International SA, Italy
- Krishnapatnam Port Company Ltd. - India
- GVK Power & Infra Limited - India
- Thai Mozambique Logistica
- CIMB Investment Bank - Malaysia
- Larsen & Toubro Limited - India
- Cement Manufacturers Association - India
- Manunggal Multi Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Parry Sugars Refinery, India
- Coastal Gujarat Power Limited - India
- Meralco Power Generation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Energy Link Ltd, New Zealand
- Samtan Co., Ltd - South Korea
- Rio Tinto Coal - Australia
- Commonwealth Bank - Australia
- CNBM International Corporation - China
- Malabar Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Karaikal Port Pvt Ltd - India
- Agrawal Coal Company - India
- PetroVietnam Power Coal Import and Supply Company
- Xindia Steels Limited - India
- Riau Bara Harum - Indonesia
- Therma Luzon, Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Formosa Plastics Group - Taiwan
- TeaM Sual Corporation - Philippines
- PowerSource Philippines DevCo
- London Commodity Brokers - England
- Singapore Mercantile Exchange
- Kohat Cement Company Ltd. - Pakistan
- Heidelberg Cement - Germany
- Posco Energy - South Korea
- Port Waratah Coal Services - Australia
- Altura Mining Limited, Indonesia
- VISA Power Limited - India
- Georgia Ports Authority, United States
- Bank of Tokyo Mitsubishi UFJ Ltd
- MS Steel International - UAE
- Kaltim Prima Coal - Indonesia
- Interocean Group of Companies - India
- Coalindo Energy - Indonesia
- Madhucon Powers Ltd - India
- Ministry of Mines - Canada
- Independent Power Producers Association of India
- San Jose City I Power Corp, Philippines
- SMC Global Power, Philippines
- Orica Australia Pty. Ltd.
- Dalmia Cement Bharat India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Coal Association
- Latin American Coal - Colombia
- PTC India Limited - India
- New Zealand Coal & Carbon
- Petron Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Price Waterhouse Coopers - Russia
- Baramulti Group, Indonesia
- Energy Development Corp, Philippines
- Bhoruka Overseas - Indonesia
- The University of Queensland
- PNOC Exploration Corporation - Philippines
- Coal and Oil Company - UAE
- SN Aboitiz Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Parliament of New Zealand
- Merrill Lynch Commodities Europe
- Electricity Generating Authority of Thailand
- Jaiprakash Power Ventures ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Indonesian Coal Mining Association
- Kalimantan Lumbung Energi - Indonesia
- Central Electricity Authority - India
- Sarangani Energy Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Kepco SPC Power Corporation, Philippines
- Indika Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Ministry of Finance - Indonesia
- Carbofer General Trading SA - India
- Vijayanagar Sugar Pvt Ltd - India
- Romanian Commodities Exchange
- OPG Power Generation Pvt Ltd - India
- Grasim Industreis Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Gujarat Sidhee Cement - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Java Power - Indonesia
- Bhatia International Limited - India
- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Deloitte Consulting - India
- India Bulls Power Limited - India
- Minerals Council of Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Uttam Galva Steels Limited - India
- Simpson Spence & Young - Indonesia
- Mintek Dendrill Indonesia
- Gujarat Mineral Development Corp Ltd - India
- IEA Clean Coal Centre - UK
- Rashtriya Ispat Nigam Limited - India
- Indian Energy Exchange, India
- Vizag Seaport Private Limited - India
- Wilmar Investment Holdings
- Indogreen Group - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sojitz Corporation - Japan
- Power Finance Corporation Ltd., India
- Semirara Mining Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Star Paper Mills Limited - India
- Tamil Nadu electricity Board
- Savvy Resources Ltd - HongKong
- Kobexindo Tractors - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement - Thailand
- Ind-Barath Power Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Globalindo Alam Lestari - Indonesia
- Vedanta Resources Plc - India
- Directorate Of Revenue Intelligence - India
- South Luzon Thermal Energy Corporation
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Goldman Sachs - Singapore
- Essar Steel Hazira Ltd - India
- Bhushan Steel Limited - India
- Neyveli Lignite Corporation Ltd, - India
- ASAPP Information Group - India
- Barasentosa Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- European Bulk Services B.V. - Netherlands
- Ambuja Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Eastern Energy - Thailand
- Anglo American - United Kingdom
- LBH Netherlands Bv - Netherlands
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