EPCA ’07: Europe shippers laud Asia palm oil return

30 September 2007 12:35  [Source: ICIS news]

BERLIN (ICIS news)--Expectations in Europe that the palm oil business out of Asia could return will be a welcome relief to the shipping community, one shipowner said on Sunday.

 

The owner said that the sudden demise of the vegetable oil business from Malaysia and Indonesia had a major impact on the European shipping industry which has been in difficulties since June.

 

“It appears that the weakness of the dollar means that no-one is doing business and with that it has inadvertently stimulated the vegetable oil trade again,” said the owner.

 

A total of 132,000 tonnes of palm and coconut oil was quoted for shipping from the Straits of Malacca and the Philippines for delivery to the Black Sea, Mediterranean and northern European regions.

 

This cargo will be instrumental in building a more buoyant market in the months to come as yet more ships are set to be delivered out of Asian yards, the owner added.

By: Nick Savvides
+44 20 8652 3214

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