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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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Tuesday, 09 December 14
API 8 CFR SOUTH CHINA COAL SWAPS FELL 1.8% MONTH OVER MONTH
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased US$ 1.84 (-2.91%) month over month and US$ 0.95 (-1.52%) we ...
Monday, 08 December 14
GOVERMENT TO WITHDRAW CNC STATUS OVER SUSPECTED FLAWS - THE JAKARTA POST
The Energy and Mineral Resources Ministry’s directorate general for mineral and coal plans to review the clean and clear (CnC) status held by ...
Monday, 08 December 14
FOB NEWCASTLE COAL SWAPS SLIP W-O-W AND M-O-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery closed at US$ 52.10 on 5 December after losing US$ 0.55 (-1.04%) month over ...
Sunday, 07 December 14
SUPRAMAX S8 ROUTE SLIGHTLY INCREASED WEEK ON WEEK
COALspot.com: The BDI continued its fall as cape index fell heavily week on week.
The BDI lost around14.83 pct within last five working day an ...
Saturday, 06 December 14
TANKER FLOATING STORAGE PLAYS COULD COME INTO PLAY IF VLCC RATES STAY AT CURRENT LEVEL - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Contango: A phenomenon in commodities futures price curves where the delivery price of a futures contract is greater than the current price. With t ...
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- Savvy Resources Ltd - HongKong
- Bukit Makmur.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Central Electricity Authority - India
- Asmin Koalindo Tuhup - Indonesia
- Karaikal Port Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Intertek Mineral Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Georgia Ports Authority, United States
- Bhushan Steel Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Xindia Steels Limited - India
- Agrawal Coal Company - India
- Ministry of Transport, Egypt
- Global Green Power PLC Corporation, Philippines
- Goldman Sachs - Singapore
- Grasim Industreis Ltd - India
- Sinarmas Energy and Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- PowerSource Philippines DevCo
- Global Coal Blending Company Limited - Australia
- Dalmia Cement Bharat India
- Vedanta Resources Plc - India
- Makarim & Taira - Indonesia
- Parliament of New Zealand
- Carbofer General Trading SA - India
- GVK Power & Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PTC India Limited - India
- Billiton Holdings Pty Ltd - Australia
- ASAPP Information Group - India
- Gujarat Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Madhucon Powers Ltd - India
- Borneo Indobara - Indonesia
- MS Steel International - UAE
- Kaltim Prima Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Mercuria Energy - Indonesia
- Africa Commodities Group - South Africa
- Gujarat Sidhee Cement - India
- Aboitiz Power Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Commonwealth Bank - Australia
- Mjunction Services Limited - India
- Sarangani Energy Corporation, Philippines
- IEA Clean Coal Centre - UK
- Ministry of Mines - Canada
- Larsen & Toubro Limited - India
- Energy Link Ltd, New Zealand
- Thiess Contractors Indonesia
- Electricity Generating Authority of Thailand
- Jaiprakash Power Ventures ltd
- Samtan Co., Ltd - South Korea
- The Treasury - Australian Government
- Chamber of Mines of South Africa
- Cement Manufacturers Association - India
- Edison Trading Spa - Italy
- Coalindo Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- Power Finance Corporation Ltd., India
- Gujarat Mineral Development Corp Ltd - India
- Posco Energy - South Korea
- Salva Resources Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Sree Jayajothi Cements Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMC Global Power, Philippines
- Ministry of Finance - Indonesia
- Romanian Commodities Exchange
- CIMB Investment Bank - Malaysia
- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
- Planning Commission, India
- Holcim Trading Pte Ltd - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Singapore Mercantile Exchange
- Minerals Council of Australia
- Antam Resourcindo - Indonesia
- Indian Energy Exchange, India
- Kepco SPC Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Banpu Public Company Limited - Thailand
- SMG Consultants - Indonesia
- Siam City Cement - Thailand
- Latin American Coal - Colombia
- PetroVietnam Power Coal Import and Supply Company
- Bukit Baiduri Energy - Indonesia
- CNBM International Corporation - China
- Standard Chartered Bank - UAE
- Miang Besar Coal Terminal - Indonesia
- Meralco Power Generation, Philippines
- Thai Mozambique Logistica
- Straits Asia Resources Limited - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Heidelberg Cement - Germany
- Bayan Resources Tbk. - Indonesia
- PNOC Exploration Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- VISA Power Limited - India
- ICICI Bank Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mintek Dendrill Indonesia
- Bhatia International Limited - India
- Mercator Lines Limited - India
- Petron Corporation, Philippines
- Australian Commodity Traders Exchange
- Australian Coal Association
- Price Waterhouse Coopers - Russia
- Bhoruka Overseas - Indonesia
- Formosa Plastics Group - Taiwan
- Trasteel International SA, Italy
- Altura Mining Limited, Indonesia
- Sojitz Corporation - Japan
- GMR Energy Limited - India
- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
- Semirara Mining Corp, Philippines
- London Commodity Brokers - England
- Star Paper Mills Limited - India
- Timah Investasi Mineral - Indoneisa
- Electricity Authority, New Zealand
- Vizag Seaport Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tata Chemicals Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Economic Council, Georgia
- The State Trading Corporation of India Ltd
- Manunggal Multi Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Anglo American - United Kingdom
- Videocon Industries ltd - India
- Malabar Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Renaissance Capital - South Africa
- India Bulls Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meenaskhi Energy Private Limited - India
- Merrill Lynch Commodities Europe
- Maharashtra Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Sical Logistics Limited - India
- SN Aboitiz Power Inc, Philippines
- Parry Sugars Refinery, India
- Orica Australia Pty. Ltd.
- Sindya Power Generating Company Private Ltd
- Aditya Birla Group - India
- GAC Shipping (India) Pvt Ltd
- Kartika Selabumi Mining - Indonesia
- Energy Development Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Attock Cement Pakistan Limited
- Krishnapatnam Port Company Ltd. - India
- Lanco Infratech Ltd - India
- Oldendorff Carriers - Singapore
- Alfred C Toepfer International GmbH - Germany
- Kohat Cement Company Ltd. - Pakistan
- Riau Bara Harum - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Wilmar Investment Holdings
- Uttam Galva Steels Limited - India
- Medco Energi Mining Internasional
- AsiaOL BioFuels Corp., Philippines
- White Energy Company Limited
- Port Waratah Coal Services - Australia
- McConnell Dowell - Australia
- Bangladesh Power Developement Board
- Wood Mackenzie - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Central Java Power - Indonesia
- Rio Tinto Coal - Australia
- Therma Luzon, Inc, Philippines
- The University of Queensland
- Essar Steel Hazira Ltd - India
- Ambuja Cements Ltd - India
- Coal and Oil Company - UAE
- Toyota Tsusho Corporation, Japan
- Simpson Spence & Young - Indonesia
- Eastern Coal Council - USA
- Rashtriya Ispat Nigam Limited - India
- Indogreen Group - Indonesia
- Indo Tambangraya Megah - Indonesia
- Jindal Steel & Power Ltd - India
- Bulk Trading Sa - Switzerland
- Ind-Barath Power Infra Limited - India
- Deloitte Consulting - India
- Directorate Of Revenue Intelligence - India
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Kumho Petrochemical, South Korea
- Tamil Nadu electricity Board
- Barasentosa Lestari - Indonesia
- Indian Oil Corporation Limited
- Kobexindo Tractors - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Pendopo Energi Batubara - Indonesia
- Sakthi Sugars Limited - India
- Marubeni Corporation - India
- San Jose City I Power Corp, Philippines
- Eastern Energy - Thailand
- Bharathi Cement Corporation - India
- Orica Mining Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
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