Palm & Veg Report, November 2018

The edible oil freight markets are more or less unchanged from a month ago at least from a volume traded and number of cargoes fixed perspective; however freights have started to nudge slightly higher in most of the main export areas including the Black Sea, South and Central America and out of Asia. These modest increases are mainly driven by higher bunker prices but also a tightness of open tonnage in the West as they pursue better returns in CPP which have most certainly improved from the dismal lows earlier this year. The market out of the US Gulf is especially firm at the moment and there appears to be some measured optimism of further rises over the winter months especially if we experience a colder than normal winter.

James Woolfson