Articles By Min Jie Yaw

Malaysia lowered its crude palm oil (CPO) reference price for February to 4,817.70 ringgit ($1,072) per tonne, according to a circular issued by the Malaysian Palm Oil Board (MPOB) on Thursday January 16.

Freight for vessels carrying palm oil cargoes within Asia was stable to down in the week to Wednesday January 15 on unchanged fundamentals.

India imported 1.19 million tonnes of edible vegetable oils in December, down by 25.4% or 404,639 tonnes from November, the lowest level in three months, according to data released by the Solvent Extractors Association of India (SEA) on Tuesday January 14.

Malaysia’s palm oil inventories at the end of December were reported at 1.71 million tonnes, 6.94% lower than November’s 1.84 million tonnes and the lowest level since March 2023, according to data released by the Malaysian Palm Oil Board (MPOB) on Friday January 10.

Freight sentiment for vessels carrying palm oil cargoes within Asia softened in the week to Wednesday January 8 on weaker demand from palm oil charterers and abundant tonnage.

Malaysia exported more palm oil for the entirety of 2024 compared with 2023 levels, excluding shipments of used cooking oil (UCO), soft oil and coconut oil, according to data from cargo surveyor Intertek Testing Services (ITS).

Indonesia’s palm oil exports hit a four-month high at 2.88 million tonnes in October, up by 27.8% from 2.26 million tonnes in September, according to the latest data published by the Indonesian Palm Oil Association (Gapki) on Tuesday December 24.

High palm oil stocks in key importing countries, relatively high prices of palm products versus other vegetable oils and uncertainty around European legislation all brought downward pressure to palm oil freight rates in 2024, as soft demand weighed on freight movements.

Indonesia’s palm oil exports fell by 10% to 2.01 million tonnes in November after hitting a four-month high of 2.23 million tonnes in October, with buying subsiding after the Diwali holiday, according to cargo surveyor Intertek Testing Services (ITS).

Freight rates for vessels carrying palm oil cargoes within Asia were largely unchanged in the week to Wednesday December 18, on unchanged fundamentals, with enquiries remaining limited and tonnage spaces remaining abundant, sources told Fastmarkets.

Malaysia raised its crude palm oil (CPO) reference price for December to 5,001.72 ringgit ($1,141) per tonne, according to a circular issued by the Malaysian Palm Oil Board (MPOB) on Tuesday December 17.

Freight rates for vessels carrying palm oil cargoes within Asia were flat in the week to Wednesday December 4, on unchanged fundamentals with demand from charterers still soft but shipowners still unwilling to lower rates.

Freight rates for vessels carrying palm oil cargoes within Asia held firm in the week to Wednesday November 27, after charterer sentiment remained lackluster amidst tightened tonnage caused by weather woes especially in Northeast Asia.

Indonesia’s palm oil exports totaled 1.86 million tonnes in September, down 22% from 2.38 million tonnes in August, according to the latest data published by the Indonesian Palm Oil Association (Gapki) on Thursday November 21.

Malaysia raised its crude palm oil (CPO) reference price for December to 4,471.39 ringgit ($1,059) per tonne, according to a circular issued by the Malaysian Palm Oil Board (MPOB) on Tuesday November 19.

China will cut the export tax rebate of 13% for chemically modified animal, plant or microbial oils and fats, including used cooking oil (UCO) and aluminium and copper products, in a statement by the country's Ministry of Finance on Friday November 15.

China imported 250,000 tonnes of corn in October, down from 310,000 tonnes in September, figures from the country’s General Administration of Customs (GACC) showed on Monday November 18.

India’s palm oil imports rose to a three-month high in October at 845,681 tonnes – up a whopping 60% compared with September levels, according to figures from industry group Solvent Extractors Association of India (SEA) on Tuesday November 13.

Freight rates for vessels carrying palm oil cargoes within Asia were flat in the week to Wednesday November 13, after charterer sentiment remained lackluster amidst tightened tonnage caused by weather woes especially in Northeast Asia.

Mixed levels of readiness among European member states may hinder the implementation of the European Union Deforestation Regulation (EUDR), according to speakers at the Indonesian Palm Oil Conference (IPOC) 2024, held in Bali last week.