Crude palm oil freights to India, Pakistan fall on weak demand

20 January 2012 02:40  [Source: ICIS news]

SINGAPORE (ICIS)--Shipping freights for crude palm oil (CPO) from southeast Asia to the west coast of India and Pakistan fell because of weak demand and the ample availability of vessels, a palm oil shipowner said on Friday.

“Palm oil charterers are pushing for low $30s/tonne freights for prompt-to-first-half February shipments of CPO to [the] west coast of India, but we are holding firm at the mid-$30s/tonne level to offset [the] stronger bunker fuel prices,” said the major shipowner.

Bunker fuel prices have increased by $39-49/tonne (€30-38/tonne) since 29 December 2011, according to market sources.

Shipping freights for 10,000-15,000 tonnes of CPO from southeast Asia to the west coast of India and Pakistan were last assessed at $36-38/tonne on 13 January, ICIS data showed.

($1 = €0.77)

By: Lester Teo

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