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Tuesday, 19 July 22
INDONESIA REMOVES PALM OIL EXPORT LEVY UNTIL AUG. 31 - REUTERS
Indonesia has scrapped its export levy for all palm oil products until Aug. 31 in a fresh attempt to boost exports and ease high inventories, finance ministry officials said on Saturday, adding the move would not disrupt government revenues.
The decision by the world’s biggest palm oil exporter could further depress prices FCPOc3, which have fallen by about 50% since late April to their lowest in over a year.
Indonesian palm oil producers have been struggling with high inventories since the country imposed a three-week export ban through to May 23 to reduce domestic cooking oil prices.
Since lifting the ban, Jakarta has implemented rules on mandatory local sales – known as the domestic market obligation (DMO) – to keep produce at home to be made into cooking oil.
At the same time, it has tried to clear up storage tanks by cutting export taxes and launching a shipment acceleration programme, but exports remained slow and companies have blamed the DMO rules, as well as problems with securing cargo vessels.
The levy removal is intended to further support exports, Febrio Kacaribu, the ministry’s head of fiscal policy agency, told reporters on the sideline of a G20 finance meeting in Bali.
“In the context of government revenues, (the impact) won’t be too big,” he said.
Finance Minister Sri Mulyani Indrawati said a progressive palm oil export levy would be applied starting Sept. 1, with the rate set between $55 and $240 per tonne for crude palm oil, depending on prices.
High palm oil stocks have forced mills to limit purchases of palm fruits. Farmers have complained their unsold fruits have been left to rot.
There were 7.23 million tonnes of crude palm oil in storage tanks at the end of May, data from the Indonesian Palm Oil Association (GAPKI) showed on Friday.
GAPKI welcomed the new measure, but it recommended the DMO rules be removed too, its secretary general Eddy Martono said.
“For now remove the DMO … until stocks drop to 3 million to 4 million tonnes. Our problem now is the inventory is too high,” he told Reuters.
Source: Reuters
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Friday, 08 May 20
THE COLLAPSE OF THE OIL AND BUNKER FUEL MARKETS IN EARLY 2020 - PETER SAND
The sulphur regulation from the International Maritime Organization (IMO) that came into force on 1 January 2020 took the centre stage in the shipp ...
Friday, 08 May 20
LNG DEMAND FACED SEVERAL HEADWINDS IN THE FIRST QUARTER OF 2020 - GASLOG
LNG demand faced several headwinds in the first quarter of 2020 including a warmer than average winter in the northern hemisphere, high inventory l ...
Thursday, 07 May 20
IEEFA UPDATE: THE OUTLOOK FOR THERMAL COAL IN SOUTHEAST ASIA AND SOUTH ASIA
Seven headwinds are building to sustained growth in coal in Asia
The medium term outlook for thermal coal in Southeast Asia is posit ...
Thursday, 07 May 20
IMO 2020: BUNKER CLAIMS HANDLING GUIDE FOR A NEW DECADE - THE STANDARD CLUB
KNOWLEDGE TO ELEVATE
IMO 2020 is the term generally used to describe the following regulations under Annex VI of the International Convention ...
Thursday, 07 May 20
CRUDE OIL TANKER EARNINGS DROP 68% IN NINE DAYS - BIMCO
Crude oil tanker earnings have come down sharply in recent weeks with Very Large Crude Carrier (VLCC) earnings from the Middle East Gulf to China d ...
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- Electricity Generating Authority of Thailand
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- Sical Logistics Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Mines - Canada
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- Indogreen Group - Indonesia
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- Metalloyd Limited - United Kingdom
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- Parry Sugars Refinery, India
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- Eastern Coal Council - USA
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- PTC India Limited - India
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- Coalindo Energy - Indonesia
- Bangladesh Power Developement Board
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- Merrill Lynch Commodities Europe
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- Meenaskhi Energy Private Limited - India
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- Heidelberg Cement - Germany
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- McConnell Dowell - Australia
- Sree Jayajothi Cements Limited - India
- Indonesian Coal Mining Association
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- Kohat Cement Company Ltd. - Pakistan
- SMG Consultants - Indonesia
- White Energy Company Limited
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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- SMC Global Power, Philippines
- Australian Coal Association
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- Bharathi Cement Corporation - India
- Posco Energy - South Korea
- Eastern Energy - Thailand
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- Dalmia Cement Bharat India
- The State Trading Corporation of India Ltd
- Samtan Co., Ltd - South Korea
- Aboitiz Power Corporation - Philippines
- Formosa Plastics Group - Taiwan
- ICICI Bank Limited - India
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- Parliament of New Zealand
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- Global Green Power PLC Corporation, Philippines
- Agrawal Coal Company - India
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- Indian Energy Exchange, India
- Directorate General of MIneral and Coal - Indonesia
- Minerals Council of Australia
- Marubeni Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Star Paper Mills Limited - India
- Edison Trading Spa - Italy
- Billiton Holdings Pty Ltd - Australia
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- Planning Commission, India
- Petron Corporation, Philippines
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- Ambuja Cements Ltd - India
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- Ministry of Transport, Egypt
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- Baramulti Group, Indonesia
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- Thai Mozambique Logistica
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- Attock Cement Pakistan Limited
- Renaissance Capital - South Africa
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- Trasteel International SA, Italy
- SN Aboitiz Power Inc, Philippines
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- Asia Pacific Energy Resources Ventures Inc, Philippines
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- Pipit Mutiara Jaya. PT, Indonesia
- IEA Clean Coal Centre - UK
- Interocean Group of Companies - India
- European Bulk Services B.V. - Netherlands
- Port Waratah Coal Services - Australia
- Essar Steel Hazira Ltd - India
- Goldman Sachs - Singapore
- Ceylon Electricity Board - Sri Lanka
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Bhoruka Overseas - Indonesia
- Straits Asia Resources Limited - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Wood Mackenzie - Singapore
- Pendopo Energi Batubara - Indonesia
- Oldendorff Carriers - Singapore
- Binh Thuan Hamico - Vietnam
- Indo Tambangraya Megah - Indonesia
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Banpu Public Company Limited - Thailand
- Energy Link Ltd, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Wilmar Investment Holdings
- Kepco SPC Power Corporation, Philippines
- GMR Energy Limited - India
- Directorate Of Revenue Intelligence - India
- ASAPP Information Group - India
- Alfred C Toepfer International GmbH - Germany
- Mercator Lines Limited - India
- Romanian Commodities Exchange
- Economic Council, Georgia
- Globalindo Alam Lestari - Indonesia
- MS Steel International - UAE
- Medco Energi Mining Internasional
- Karaikal Port Pvt Ltd - India
- Madhucon Powers Ltd - India
- GVK Power & Infra Limited - India
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- Therma Luzon, Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Singapore Mercantile Exchange
- Antam Resourcindo - Indonesia
- Electricity Authority, New Zealand
- Intertek Mineral Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Aditya Birla Group - India
- Siam City Cement PLC, Thailand
- India Bulls Power Limited - India
- Sakthi Sugars Limited - India
- Thiess Contractors Indonesia
- Carbofer General Trading SA - India
- Bukit Baiduri Energy - Indonesia
- CIMB Investment Bank - Malaysia
- The University of Queensland
- Cement Manufacturers Association - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Bulk Trading Sa - Switzerland
- Kalimantan Lumbung Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- London Commodity Brokers - England
- Borneo Indobara - Indonesia
- Kaltim Prima Coal - Indonesia
- Coal and Oil Company - UAE
- Asmin Koalindo Tuhup - Indonesia
- Indika Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Toyota Tsusho Corporation, Japan
- Rio Tinto Coal - Australia
- Xindia Steels Limited - India
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- Indian Oil Corporation Limited
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