Palm & Veg Report, May 2017
If you thought the shipping markets looked grim a few months ago then look away now because they just got a lot worse. The short term prognosis for all the vegetable oil trade lanes is worryingly unsettled and it looks highly likely that we are heading for another nail biting summer. The clean petroleum markets have been dropping like a stone since our last report both in the Western Hemisphere as well as out in the Far East and this seems to be dragging all the other markets down with it. On a more positive note we have seen a fairly healthy number of palm oil and vegetable cargoes fixed over the last month and, according to the chief economist of the IMF, the world economy is supposedly gaining momentum again. The dry cargo markets are slowly showing some signs of life again so perhaps (fingers and toes crossed) this will eventually stimulate demand in the liquid markets too.