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Monday, 24 November 14
CHOPPY WATERS IN DRY BULK - SGX
 COALspot.com: Dry bulk freight rates have experienced a sharp rise in volatility in recent weeks as bulk commodity supply has ramped up, said SGX in its latest note.
SGX, Singapore Exchange represents the premier access point for managing Asian capital and investment exposure, and is Asia’s most international exchange with more than 40% of companies listed on SGX originating outside of Singapore.
SGX further said, the 30-day annualised volatility of the Baltic Dry Index has surpassed 50%, versus a Q3 average of 37%. This spike in volatility has been primarily driven by Capesize rates, with the Baltic Capesize Index 30-day annualised volatility averaging a staggering 138% so far this month.
According to SGX, year-to-date, the benchmark iron ore price has fallen 48% while thermal coal prices have also steadily declined through the course of the year. Freight rates meanwhile have been extremely volatile, but on average holding well at higher levels. As a result, freight rates have become a much more significant component of delivered iron ore and coal prices.
"In January 2014 for example, the C5 route (Western Australia to China) averaged less than 7% of the benchmark delivered iron ore price into China. At present, the same route makes up more than 13% of the delivered iron ore price. Falling bulk commodity prices have led freight to become a relatively more important consideration along the commodity value chain, and with volatility spiking, effective freight risk management tools have become all the more important," said SGX.
The dry bulk freight market is often subject to severe seasonality, with typically stronger demand through Q4. Iron ore, coal and steel account for about 60% of total dry bulk tonne-miles, according to Clarksons. Seasonality within the seaborne iron ore and thermal coal markets therefore has a significant impact on the dry bulk freight market, as noted by SGX.
SGX further said, Iron ore usually sees strong seaborne trade volumes during Q4 as producers look to maximise exports ahead of seasonal weather-related supply disruptions that often occur in Q1, while the Chinese steel industry typically restocks steelmaking raw materials ahead of the cold winter months/Chinese New Year. Over the past three years, Brazilian and Australian iron ore shipments have on average risen in Q4 (versus Q3) by 9% and 6%, respectively. Thermal coal also usually experiences higher seaborne volumes towards year-end in anticipation of winter as power supply companies look to build inventory. In the past three years, Indonesian and Australian thermal coal exports have on average risen by 17% and 5% respectively in Q4.
With relatively inelastic supply in the dry bulk freight market, these seasonal demand fluctuations can lead to heightened price volatility, and in past years freight rates have often risen in Q4. Indeed, recent prices rises in Capesize and Panamax rates are indicative of such seasonality. That said, uncertainty remains over whether we will see typical seasonal impacts sustained over the coming months. Reasons for such uncertainty and potentially unseasonal trends may include: (i) tight credit availability and ample iron ore port inventory in China, which may limit the degree of seasonal restocking; (ii) Chinese coal imports are declining, and government regulations appear supportive of this trend; and (iii) meteorologists are suggesting a high probability of an El Nino event this year, which may mean drier than usual weather in Australia and Indonesia, and potentially therefore lower than normal weather-related supply disruptions, concluded SGX.
According to SGX, it is managing both commodity & freight on one platform; capital efficiencies through margin optimisation
SGX uniquely provides effective risk management tools to manage both the underlying bulk commodity and freight rate exposures together on the same platform. Furthermore, with all products on one platform SGX is able to offer highly competitive intra-commodity margin offsets. With a range of margin credits across different freight products as well as intra-commodity margin offsets between freight and iron ore, SGX provides a unique value proposition for the clearing of freight and bulk commodity derivatives.
For more details about SGX please click here to visit its official website.
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Monday, 15 December 14
INDONESIAN COAL PRICE REFERENCE CRASHES THROUGH $65
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down the coal bench mark price once again in December. HBA for t ...
Monday, 15 December 14
CFR SOUTH CHINA COAL SWAP LOST $3.37 M-O-M
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased by US$ 3,37 (-5.33%) month over month and US$ 1.58 (-2.57%) ...
Monday, 15 December 14
Q1' 15 FOB NEWCASTLE COAL SWAP CLOSED AT $ 51.45 ON 12 DEC
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery lost US$ 1.45 per MT (-2.74%) closed at US$ 51.45 on 12 December month over ...
Sunday, 14 December 14
FREIGHT RATES ARE EXPECTED TO BE SOFT NEXT WEEK
COALspot.com: The Baltic Dry Index (BDI), a measure of commodity-shipping costs, fell 12.12 pct to 863 points week ending 12 December 2014.
Th ...
Friday, 12 December 14
LIMITED TRADING AND AN OVERSUPPLY OF TONNAGE PUSHED HANDY SIZE SHIPS TO DOWN IN USG
Handy
We have seen the TA spot market come down this week lead by limited trading and an oversupply of tonnage in the USG, Fearnleys said in its ...
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- Leighton Contractors Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Sarangani Energy Corporation, Philippines
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- Carbofer General Trading SA - India
- Xindia Steels Limited - India
- Madhucon Powers Ltd - India
- Global Coal Blending Company Limited - Australia
- Indian Oil Corporation Limited
- Indika Energy - Indonesia
- SMG Consultants - Indonesia
- Central Java Power - Indonesia
- Romanian Commodities Exchange
- Binh Thuan Hamico - Vietnam
- Manunggal Multi Energi - Indonesia
- Lanco Infratech Ltd - India
- Karaikal Port Pvt Ltd - India
- Aditya Birla Group - India
- Parliament of New Zealand
- Uttam Galva Steels Limited - India
- Bhatia International Limited - India
- McConnell Dowell - Australia
- Eastern Energy - Thailand
- SN Aboitiz Power Inc, Philippines
- Oldendorff Carriers - Singapore
- PNOC Exploration Corporation - Philippines
- Anglo American - United Kingdom
- Vedanta Resources Plc - India
- Antam Resourcindo - Indonesia
- Mintek Dendrill Indonesia
- CNBM International Corporation - China
- Krishnapatnam Port Company Ltd. - India
- Salva Resources Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- MS Steel International - UAE
- Marubeni Corporation - India
- Straits Asia Resources Limited - Singapore
- Siam City Cement PLC, Thailand
- Maharashtra Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Alfred C Toepfer International GmbH - Germany
- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
- CIMB Investment Bank - Malaysia
- TNB Fuel Sdn Bhd - Malaysia
- Baramulti Group, Indonesia
- Singapore Mercantile Exchange
- Trasteel International SA, Italy
- SMC Global Power, Philippines
- Chamber of Mines of South Africa
- Orica Australia Pty. Ltd.
- TeaM Sual Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Rio Tinto Coal - Australia
- Edison Trading Spa - Italy
- Sojitz Corporation - Japan
- Borneo Indobara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Goldman Sachs - Singapore
- Banpu Public Company Limited - Thailand
- Pendopo Energi Batubara - Indonesia
- Jindal Steel & Power Ltd - India
- Coalindo Energy - Indonesia
- Merrill Lynch Commodities Europe
- LBH Netherlands Bv - Netherlands
- Sree Jayajothi Cements Limited - India
- Standard Chartered Bank - UAE
- Bukit Baiduri Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bangladesh Power Developement Board
- Global Business Power Corporation, Philippines
- Mjunction Services Limited - India
- Semirara Mining and Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Meenaskhi Energy Private Limited - India
- Economic Council, Georgia
- PetroVietnam Power Coal Import and Supply Company
- Karbindo Abesyapradhi - Indoneisa
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Asmin Koalindo Tuhup - Indonesia
- Aboitiz Power Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Mining Services - Indonesia
- Mercuria Energy - Indonesia
- IEA Clean Coal Centre - UK
- Sical Logistics Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Makarim & Taira - Indonesia
- Eastern Coal Council - USA
- Agrawal Coal Company - India
- Kaltim Prima Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- GMR Energy Limited - India
- Ambuja Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- PowerSource Philippines DevCo
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Latin American Coal - Colombia
- The State Trading Corporation of India Ltd
- The Treasury - Australian Government
- Central Electricity Authority - India
- PTC India Limited - India
- Siam City Cement - Thailand
- Coal and Oil Company - UAE
- Bukit Makmur.PT - Indonesia
- Ministry of Finance - Indonesia
- Altura Mining Limited, Indonesia
- Kideco Jaya Agung - Indonesia
- Indonesian Coal Mining Association
- Ministry of Transport, Egypt
- Australian Coal Association
- Chettinad Cement Corporation Ltd - India
- Renaissance Capital - South Africa
- Barasentosa Lestari - Indonesia
- Attock Cement Pakistan Limited
- Heidelberg Cement - Germany
- Independent Power Producers Association of India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dalmia Cement Bharat India
- Parry Sugars Refinery, India
- Timah Investasi Mineral - Indoneisa
- Deloitte Consulting - India
- Thiess Contractors Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Port Waratah Coal Services - Australia
- VISA Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- San Jose City I Power Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Kumho Petrochemical, South Korea
- Commonwealth Bank - Australia
- Gujarat Sidhee Cement - India
- Bahari Cakrawala Sebuku - Indonesia
- Sakthi Sugars Limited - India
- Price Waterhouse Coopers - Russia
- Posco Energy - South Korea
- Simpson Spence & Young - Indonesia
- Australian Commodity Traders Exchange
- Kapuas Tunggal Persada - Indonesia
- ASAPP Information Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Iligan Light & Power Inc, Philippines
- Grasim Industreis Ltd - India
- European Bulk Services B.V. - Netherlands
- Electricity Generating Authority of Thailand
- Semirara Mining Corp, Philippines
- Medco Energi Mining Internasional
- Coastal Gujarat Power Limited - India
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Intertek Mineral Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Meralco Power Generation, Philippines
- Jaiprakash Power Ventures ltd
- Power Finance Corporation Ltd., India
- Bukit Asam (Persero) Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Interocean Group of Companies - India
- The University of Queensland
- Metalloyd Limited - United Kingdom
- White Energy Company Limited
- New Zealand Coal & Carbon
- Planning Commission, India
- Essar Steel Hazira Ltd - India
- Petron Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Electricity Authority, New Zealand
- Star Paper Mills Limited - India
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- Minerals Council of Australia
- Holcim Trading Pte Ltd - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Toyota Tsusho Corporation, Japan
- Jorong Barutama Greston.PT - Indonesia
- Tamil Nadu electricity Board
- Kalimantan Lumbung Energi - Indonesia
- Vizag Seaport Private Limited - India
- Ministry of Mines - Canada
- Vijayanagar Sugar Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Bhushan Steel Limited - India
- Tata Chemicals Ltd - India
- India Bulls Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Thai Mozambique Logistica
- London Commodity Brokers - England
- Georgia Ports Authority, United States
- International Coal Ventures Pvt Ltd - India
- Bharathi Cement Corporation - India
- Larsen & Toubro Limited - India
- OPG Power Generation Pvt Ltd - India
- Mercator Lines Limited - India
- Rashtriya Ispat Nigam Limited - India
- Billiton Holdings Pty Ltd - Australia
- Indogreen Group - Indonesia
- South Luzon Thermal Energy Corporation
- Indo Tambangraya Megah - Indonesia
- Wilmar Investment Holdings
- Africa Commodities Group - South Africa
- Gujarat Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- ICICI Bank Limited - India
- Ceylon Electricity Board - Sri Lanka
- Indian Energy Exchange, India
- Energy Link Ltd, New Zealand
- Bayan Resources Tbk. - Indonesia
- Savvy Resources Ltd - HongKong
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