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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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Friday, 12 December 14
U.S WEEKLY COAL PRODUCTION UP 3.4% W/E DECEMBER 6
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.6 million short tons (mmst) of coal ...
Wednesday, 10 December 14
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS, INTERMODAL
COALspot.com: As 2014 is coming to an end, we look back to what has happened during the year and notice that SnP activity has been particularly sof ...
Wednesday, 10 December 14
WORLD HARD COAL MARKET 2014: PRODUCTION AND TRADE STAGNATING, IMPORTS TO GERMANY AND EUROPE ON THE DECLINE
Press Release: German Coal Importers Association (VDKi) criticizes regulations ordering reduction of CO2 emissions from coal-fired power plants as ...
Tuesday, 09 December 14
PRESSURE ON CHINA COAL MINERS TO CONTINUE DESPITE GOVERNMENT SUPPORT - FITCH
COALspot.com: Fitch Ratings says that Chinese coal mining companies will continue to be pressured by low prices, which will persist despite recent ...
Tuesday, 09 December 14
Q4' 2015, FOB INDONESIA COAL SWAP CLOSED AT $ 49.02 W/E 5 DEC
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month, week over week and day on day.
The Q1 swap has lost US$ 0.2 ...
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- Africa Commodities Group - South Africa
- Anglo American - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Bhushan Steel Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- New Zealand Coal & Carbon
- Riau Bara Harum - Indonesia
- TeaM Sual Corporation - Philippines
- Parliament of New Zealand
- Metalloyd Limited - United Kingdom
- Therma Luzon, Inc, Philippines
- Rio Tinto Coal - Australia
- Renaissance Capital - South Africa
- Leighton Contractors Pty Ltd - Australia
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- IEA Clean Coal Centre - UK
- Jindal Steel & Power Ltd - India
- Independent Power Producers Association of India
- Petrochimia International Co. Ltd.- Taiwan
- Baramulti Group, Indonesia
- Kepco SPC Power Corporation, Philippines
- Star Paper Mills Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Thai Mozambique Logistica
- Bharathi Cement Corporation - India
- Vizag Seaport Private Limited - India
- PNOC Exploration Corporation - Philippines
- Interocean Group of Companies - India
- Trasteel International SA, Italy
- Wilmar Investment Holdings
- Banpu Public Company Limited - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Iligan Light & Power Inc, Philippines
- VISA Power Limited - India
- Standard Chartered Bank - UAE
- Toyota Tsusho Corporation, Japan
- Bhoruka Overseas - Indonesia
- Makarim & Taira - Indonesia
- Tata Chemicals Ltd - India
- Mjunction Services Limited - India
- LBH Netherlands Bv - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- Deloitte Consulting - India
- PowerSource Philippines DevCo
- Bukit Baiduri Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Uttam Galva Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Manunggal Multi Energi - Indonesia
- Wood Mackenzie - Singapore
- Coalindo Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Jaiprakash Power Ventures ltd
- Kapuas Tunggal Persada - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining Corp, Philippines
- Latin American Coal - Colombia
- Maharashtra Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Barasentosa Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Maheswari Brothers Coal Limited - India
- GMR Energy Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Krishnapatnam Port Company Ltd. - India
- Heidelberg Cement - Germany
- McConnell Dowell - Australia
- India Bulls Power Limited - India
- MS Steel International - UAE
- Mintek Dendrill Indonesia
- Carbofer General Trading SA - India
- Indian Oil Corporation Limited
- Pendopo Energi Batubara - Indonesia
- Kobexindo Tractors - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Central Java Power - Indonesia
- Kumho Petrochemical, South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The Treasury - Australian Government
- Mercator Lines Limited - India
- Simpson Spence & Young - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Electricity Generating Authority of Thailand
- Dalmia Cement Bharat India
- SMG Consultants - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Planning Commission, India
- IHS Mccloskey Coal Group - USA
- Posco Energy - South Korea
- Bukit Makmur.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Goldman Sachs - Singapore
- Lanco Infratech Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Altura Mining Limited, Indonesia
- GVK Power & Infra Limited - India
- Meralco Power Generation, Philippines
- Sical Logistics Limited - India
- Economic Council, Georgia
- AsiaOL BioFuels Corp., Philippines
- Binh Thuan Hamico - Vietnam
- Aboitiz Power Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Videocon Industries ltd - India
- Energy Development Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Madhucon Powers Ltd - India
- Directorate Of Revenue Intelligence - India
- Ministry of Transport, Egypt
- Oldendorff Carriers - Singapore
- Agrawal Coal Company - India
- Essar Steel Hazira Ltd - India
- Energy Link Ltd, New Zealand
- CIMB Investment Bank - Malaysia
- Romanian Commodities Exchange
- Edison Trading Spa - Italy
- Billiton Holdings Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Borneo Indobara - Indonesia
- Coal and Oil Company - UAE
- Global Green Power PLC Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Indika Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- European Bulk Services B.V. - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- Singapore Mercantile Exchange
- Australian Coal Association
- CNBM International Corporation - China
- Electricity Authority, New Zealand
- Xindia Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Intertek Mineral Services - Indonesia
- Medco Energi Mining Internasional
- SN Aboitiz Power Inc, Philippines
- Cement Manufacturers Association - India
- Indonesian Coal Mining Association
- Salva Resources Pvt Ltd - India
- Antam Resourcindo - Indonesia
- The University of Queensland
- Gujarat Sidhee Cement - India
- Commonwealth Bank - Australia
- Attock Cement Pakistan Limited
- Ambuja Cements Ltd - India
- Eastern Coal Council - USA
- TNB Fuel Sdn Bhd - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- Grasim Industreis Ltd - India
- Port Waratah Coal Services - Australia
- GN Power Mariveles Coal Plant, Philippines
- Samtan Co., Ltd - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- Petron Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Sakthi Sugars Limited - India
- London Commodity Brokers - England
- Chettinad Cement Corporation Ltd - India
- Ministry of Finance - Indonesia
- ICICI Bank Limited - India
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- Mercuria Energy - Indonesia
- Vedanta Resources Plc - India
- Vijayanagar Sugar Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Aditya Birla Group - India
- Australian Commodity Traders Exchange
- Central Electricity Authority - India
- Thiess Contractors Indonesia
- Indogreen Group - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sojitz Corporation - Japan
- PTC India Limited - India
- White Energy Company Limited
- Ceylon Electricity Board - Sri Lanka
- Parry Sugars Refinery, India
- Bhatia International Limited - India
- Larsen & Toubro Limited - India
- Marubeni Corporation - India
- Georgia Ports Authority, United States
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Eastern Energy - Thailand
- Formosa Plastics Group - Taiwan
- Sindya Power Generating Company Private Ltd
- Ministry of Mines - Canada
- Sarangani Energy Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- ASAPP Information Group - India
- Bulk Trading Sa - Switzerland
- San Jose City I Power Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Indian Energy Exchange, India
- Tamil Nadu electricity Board
- Siam City Cement - Thailand
- Merrill Lynch Commodities Europe
- Straits Asia Resources Limited - Singapore
- Orica Australia Pty. Ltd.
- The State Trading Corporation of India Ltd
- Power Finance Corporation Ltd., India
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