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Friday, 01 August 14
UNCERTAINTY IN ASIAN COAL MARKETS WHERE INDEX-LINKED PRICING DOMINATES - SGX
 COALspot.com: In the past 3 years, seaborne thermal coal markets have been in a state of constant oversupply.
Reuters expects this oversupply to continue into 2015 with current physical markets sloshed with roughly 10 million tons of thermal coal in excess of 2014 demand. The result is depressed and falling prices which has placed at risk many coal mining firms globally. However, current low prices belies great uncertainty in a market where the supply glut could rapidly turn into a squeeze, SGX said in its latest memo.
Bulking Up SGX Thermal Coal Derivatives
-- Growing uncertainty in Asian thermal coal markets reflected in rising price volatility from 3% to roughly 10%.
-- SGX will introduce API 4 and API 5 thermal coal derivatives on 4 Aug 2014 to complement to existing thermal coal contracts.
-- 50% margin credits for any pair of SGX thermal coal derivatives improve capital efficiencies.
According to SGX, although the surplus numbers look relatively puny next to a global output of 9 billion tons and an annual seaborne trade of a billion tons, it is the process of rebalancing such marginal supply (or marginal demand) that can sharply swing coal prices and create elevated levels of volatility. If the 10 million tons of excess supply gets absorbed by shocks or fresh demand, the seaborne coal market could quickly turn bullish with undersupply driving rising prices and higher volatility. In fact, 30-day active month historical price volatility has already risen significantly from 3% to approximately 10% in the last 2 months.
SGX further said, with physical coal trade flows heavily hinged on Asia, there is little doubt where a demand trigger could come from. Major consumers in China, India, and South East Asia look set to increase consumption as they fight poverty through rapid industrialization and urbanization—both of which require electricity.
For these countries, despite global concerns regarding pollution, coal remains the most affordable source of power. Meanwhile, in response to the recent glut, various government policies are being put in place to rationalize supply. Also, key producers in Indonesia and Australia are already in the midst of cutting production, said SGX
A combination of supply side discipline and rising demand may result in the re-balancing which could tilt market equilibrium. However, it is unknown when the effects of higher demand and reduced supply will hit the market.
SGX introduces API 4 and API 5 derivatives
Barring some exceptions, majority of international thermal coal deals are priced against an index or basket of indices. Many power generators in the region price electricity against index. This continues to create rising demand for index-linked thermal coal derivatives in Asia to meet hedging needs of miners, power gencos, and traders alike.
In responding to that trend, SGX will expand its current thermal coal derivative offerings from SGX API8 CFR China Coal Derivatives and SGX IHS McCloskey Indonesian Sub-Bit FOB Swaps/ Futures to also include SGX API4 FOB Richards Bay Coal Derivatives and SGX API5 FOB Newcastle Coal Derivatives.
The expanded suite will facilitate more effective hedging of thermal coal prices in Asia. The two new thermal coal contracts will be launched on 4 August 2014, alongside two coking coal derivative products. (please click here to find out more).
For more information on SGX Commodities, please visit SGX
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Wednesday, 30 July 14
CAPES SEEMED TO BE STRANDED AT THE SAME LEVELS; PANAMAXES MANAGED TO SLIGHTLY REVIVE - INTERMODAL
COALspot.com: The Dry Bulk market took a breath this past week, as both Panamaxes and Supras started to see a small influx of activity, which was j ...
Tuesday, 29 July 14
TOTAL SELLS ITS SOUTH AFRICAN COAL MINING ASSETS TO EXXARO
Total has signed an agreement with Exxaro Resources Ltd for the sale of its 100% stake in Total Coal South Africa (TCSA), its coal-producing affili ...
Tuesday, 29 July 14
GENCO: DRY BULK SHIPPING VALUATIONS NO LONGER ANCHORED TO DISCOUNTED CASH FLOW METHOD - WEIL
KNOWLEDGE TO ELEVATE
Discounted cash flow analysis is a mainstay among the valuation methodologies used by restructuring professionals and bank ...
Tuesday, 29 July 14
SHIP OWNERS' DEMAND OF NEW VESSELS DENTED AS A RESULT OF LOWER FREIGHT RATES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The sharp downward direction of dry bulk freight rates has had a negative impact on investors’ secondhand buying appetite that wait to see th ...
Monday, 28 July 14
Q3' 14, SUB-BIT FOB INDONESIA COAL SWAP GAINED $ 0.08 DAY ON DAY AND $ 0.68 WEEK ON WEEK
COALspot.com: Indonesian coal swaps for average Q3’ 2014 increased by just US$ 0.08 day on day and US$ 0.68 week on week. The swap was lost U ...
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- Anglo American - United Kingdom
- Parry Sugars Refinery, India
- Independent Power Producers Association of India
- Kumho Petrochemical, South Korea
- Deloitte Consulting - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kapuas Tunggal Persada - Indonesia
- White Energy Company Limited
- PTC India Limited - India
- Electricity Generating Authority of Thailand
- Bhatia International Limited - India
- Global Green Power PLC Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Medco Energi Mining Internasional
- Bukit Baiduri Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Borneo Indobara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Indonesian Coal Mining Association
- San Jose City I Power Corp, Philippines
- Riau Bara Harum - Indonesia
- TeaM Sual Corporation - Philippines
- New Zealand Coal & Carbon
- Petrochimia International Co. Ltd.- Taiwan
- Toyota Tsusho Corporation, Japan
- Grasim Industreis Ltd - India
- Star Paper Mills Limited - India
- Metalloyd Limited - United Kingdom
- Petron Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining and Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Singapore Mercantile Exchange
- Chamber of Mines of South Africa
- ASAPP Information Group - India
- Maharashtra Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- European Bulk Services B.V. - Netherlands
- Bhoruka Overseas - Indonesia
- Indo Tambangraya Megah - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Samtan Co., Ltd - South Korea
- Directorate Of Revenue Intelligence - India
- Power Finance Corporation Ltd., India
- VISA Power Limited - India
- Thai Mozambique Logistica
- Ministry of Finance - Indonesia
- CIMB Investment Bank - Malaysia
- Makarim & Taira - Indonesia
- IHS Mccloskey Coal Group - USA
- Parliament of New Zealand
- Attock Cement Pakistan Limited
- Global Coal Blending Company Limited - Australia
- Goldman Sachs - Singapore
- Vedanta Resources Plc - India
- Dalmia Cement Bharat India
- Australian Commodity Traders Exchange
- Latin American Coal - Colombia
- Georgia Ports Authority, United States
- Sinarmas Energy and Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Sree Jayajothi Cements Limited - India
- Port Waratah Coal Services - Australia
- Siam City Cement - Thailand
- Sakthi Sugars Limited - India
- Salva Resources Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Bharathi Cement Corporation - India
- SMG Consultants - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Ministry of Transport, Egypt
- OPG Power Generation Pvt Ltd - India
- Larsen & Toubro Limited - India
- CNBM International Corporation - China
- Globalindo Alam Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bulk Trading Sa - Switzerland
- Sindya Power Generating Company Private Ltd
- Ambuja Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Videocon Industries ltd - India
- Bayan Resources Tbk. - Indonesia
- Interocean Group of Companies - India
- Planning Commission, India
- Madhucon Powers Ltd - India
- The State Trading Corporation of India Ltd
- Heidelberg Cement - Germany
- Ind-Barath Power Infra Limited - India
- India Bulls Power Limited - India
- Indian Oil Corporation Limited
- Karaikal Port Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ICICI Bank Limited - India
- Central Java Power - Indonesia
- Maheswari Brothers Coal Limited - India
- Leighton Contractors Pty Ltd - Australia
- Sical Logistics Limited - India
- Binh Thuan Hamico - Vietnam
- SMC Global Power, Philippines
- GVK Power & Infra Limited - India
- Semirara Mining Corp, Philippines
- McConnell Dowell - Australia
- LBH Netherlands Bv - Netherlands
- Barasentosa Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kepco SPC Power Corporation, Philippines
- Central Electricity Authority - India
- Economic Council, Georgia
- Kohat Cement Company Ltd. - Pakistan
- Billiton Holdings Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Simpson Spence & Young - Indonesia
- Indika Energy - Indonesia
- Orica Mining Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Standard Chartered Bank - UAE
- Price Waterhouse Coopers - Russia
- Edison Trading Spa - Italy
- Aboitiz Power Corporation - Philippines
- Indogreen Group - Indonesia
- Minerals Council of Australia
- IEA Clean Coal Centre - UK
- Meralco Power Generation, Philippines
- Oldendorff Carriers - Singapore
- MS Steel International - UAE
- Romanian Commodities Exchange
- PowerSource Philippines DevCo
- Uttam Galva Steels Limited - India
- Tata Chemicals Ltd - India
- Jindal Steel & Power Ltd - India
- Cement Manufacturers Association - India
- GN Power Mariveles Coal Plant, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Mjunction Services Limited - India
- Formosa Plastics Group - Taiwan
- Trasteel International SA, Italy
- Savvy Resources Ltd - HongKong
- Coalindo Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- The University of Queensland
- Marubeni Corporation - India
- Carbofer General Trading SA - India
- Kobexindo Tractors - Indoneisa
- Bangladesh Power Developement Board
- Ceylon Electricity Board - Sri Lanka
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jorong Barutama Greston.PT - Indonesia
- Lanco Infratech Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aditya Birla Group - India
- Wood Mackenzie - Singapore
- Siam City Cement PLC, Thailand
- Electricity Authority, New Zealand
- Agrawal Coal Company - India
- Australian Coal Association
- AsiaOL BioFuels Corp., Philippines
- Therma Luzon, Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Merrill Lynch Commodities Europe
- International Coal Ventures Pvt Ltd - India
- Africa Commodities Group - South Africa
- Sarangani Energy Corporation, Philippines
- Malabar Cements Ltd - India
- Wilmar Investment Holdings
- Mercator Lines Limited - India
- Eastern Energy - Thailand
- Indian Energy Exchange, India
- Iligan Light & Power Inc, Philippines
- Eastern Coal Council - USA
- Thiess Contractors Indonesia
- Ministry of Mines - Canada
- Orica Australia Pty. Ltd.
- Xindia Steels Limited - India
- Mercuria Energy - Indonesia
- Energy Link Ltd, New Zealand
- Renaissance Capital - South Africa
- Timah Investasi Mineral - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Altura Mining Limited, Indonesia
- Energy Development Corp, Philippines
- Commonwealth Bank - Australia
- GMR Energy Limited - India
- London Commodity Brokers - England
- Vizag Seaport Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sojitz Corporation - Japan
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
- Bhushan Steel Limited - India
- Gujarat Sidhee Cement - India
- The Treasury - Australian Government
- Posco Energy - South Korea
- Antam Resourcindo - Indonesia
- Pendopo Energi Batubara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- PNOC Exploration Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Rio Tinto Coal - Australia
- Mintek Dendrill Indonesia
- SN Aboitiz Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- Asmin Koalindo Tuhup - Indonesia
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