Berita Arkib

Meeting on palm oil exporters' transport woes

Palm oil exporters will have to opt for local linesBusiness Times - 14 February 2001LOCAL palm oil exporters, scheduled to meet Transport Ministry officialstoday to address their problem of securing bulk tankers, have to opt forlocal lines' services even though their foreign counterparts offer cheaperrates.

Philippines sees higher 01 coconut outputMANILA, Feb 12 (Reuters) - The Philippines said on Monday it expected agood harvest of coconuts this year and next, limiting the recovery of theprice of coconut oil in the world market. Philippine Coconut Authority(PCA) administrator Eduardo Escueta told reporters the full impact of arecurrence of the El Nino weather pattern, which local meteorologists saymay hit the country in the fourth quarter, would only be felt by 2003. ElNino is the Pacific weather phenomenon blamed for causing drought inSoutheast Asia in 1998.Escueta said the Philippines, the world's largest exporter of coconut oil,was likely to produce between 2.2 and 2.3 million tonnes of coconuts incopra terms this year from about 2.0 million in 2000. Copra is driedcoconut meat from which oil is extracted. "In terms of production, it willstill be good in 2002," Escueta said, adding it takes at least a year forcoconut farms to show the impact of an El Nino.Escueta said he expected coconut oil exports to reach between 1.2 and 1.3million tonnes in 2001 with prices averaging $350-400 per tonne at FOB,from an estimated 1.1 million tonnes with prices averaging $300-325 pertonne FOB last year.The expected recovery in price, despite increase in supply, is due toconsumers resuming purchases of coconut oil. Last year, buyers switched toother vegetable oils on fears of lower production from the Philippines,Escueta said. Escueta said the PCA would release actual copra output for2000 later this month, and the government's updated forecast for thisyear.

The global oilseeds production estimate was increased for both 1999/2000and 2000/01 to 303.5 and 305.2 million tons, respectively.

KUALA LUMPUR, Feb 9 (Reuters) - Indonesia's move to cut its export taxeson crude palm oil and by-products is likely to hurt Malaysian palm oilprices, traders said on Friday.Indonesia, the world's largest palm oil producer after Malaysia, said itwill cut export taxes on crude palm oil (CPO) to three percent affective March 1.

ISLAMABAD, Feb 7: Pakistan will review palm oil import duties in June whenthe budget for the next fiscal year will be announced, a finance ministryofficial said on Wednesday.

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Chennai, Jan 15 : Tamil Nadu Industrial Development Corporation (Tidco)signed a memorandum of understanding (MoU) with Cornell University, USA,on Monday, in the presence of Tamil Nadu Chief Minister, M Karunanidhi,for setting up a biotechnology park in Chennai.

Following are freight rates provided by shipping brokers.

Indonesia said it might cut its export taxes on palm oil this month inorder to boost exports.