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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, 02 December 14
U.S WEEKLY COAL PRODUCTION FELL 1.4% WEEK ON WEEK - EIA
COALspot.com – United States the world's one of the largest coal producers, produced approximately 18.6 million short tons (mmst) o ...
Tuesday, 02 December 14
FOB RICHARDS BAY COAL SWAPS LOST MONTH OVER MONTH
COALspot.com: API 4 FOB Richards Bay Coal for delivery Q1' 2015 lost month on month, week on week and day over day.
The Q1 swap has lost U ...
Tuesday, 02 December 14
SUB-BIT FOB INDONESIA COAL Q1' 15 DELIVERY SWAP CLOSED AT US$ 49.50
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$ 0.4 ...
Monday, 01 December 14
SGX'S FOB NEWCASTLE COAL SWAP FOR Q1' 2015 DELIVERY CLOSED AT US$ 52.50
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery closed at US$ 52.50 on 28 November after losing US$ 1.20 (-2.23%) month ove ...
Monday, 01 December 14
Q2' 15 DELIVERY CFR SOUTH CHINA COAL SWAP CLOSED 0.42% LOWER THAN Q1' 15 DELIVERY CLOSING
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased US$ 2.45 (-3.78%) month over month and US$ 0.67 (-1.06%) we ...
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- San Jose City I Power Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Indonesian Coal Mining Association
- Iligan Light & Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Bulk Trading Sa - Switzerland
- Price Waterhouse Coopers - Russia
- Kobexindo Tractors - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Star Paper Mills Limited - India
- Ministry of Mines - Canada
- Coal and Oil Company - UAE
- Mintek Dendrill Indonesia
- New Zealand Coal & Carbon
- Independent Power Producers Association of India
- Africa Commodities Group - South Africa
- Aditya Birla Group - India
- PTC India Limited - India
- Coastal Gujarat Power Limited - India
- Pendopo Energi Batubara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Indian Energy Exchange, India
- Meenaskhi Energy Private Limited - India
- Vedanta Resources Plc - India
- Orica Australia Pty. Ltd.
- Samtan Co., Ltd - South Korea
- LBH Netherlands Bv - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Heidelberg Cement - Germany
- Chettinad Cement Corporation Ltd - India
- The State Trading Corporation of India Ltd
- Ceylon Electricity Board - Sri Lanka
- Anglo American - United Kingdom
- GMR Energy Limited - India
- Salva Resources Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Borneo Indobara - Indonesia
- Orica Mining Services - Indonesia
- Agrawal Coal Company - India
- Parliament of New Zealand
- Cement Manufacturers Association - India
- Kepco SPC Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Uttam Galva Steels Limited - India
- Medco Energi Mining Internasional
- Global Coal Blending Company Limited - Australia
- Wood Mackenzie - Singapore
- Coalindo Energy - Indonesia
- Chamber of Mines of South Africa
- IHS Mccloskey Coal Group - USA
- Bukit Makmur.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Madhucon Powers Ltd - India
- Georgia Ports Authority, United States
- Globalindo Alam Lestari - Indonesia
- Edison Trading Spa - Italy
- GN Power Mariveles Coal Plant, Philippines
- Latin American Coal - Colombia
- Singapore Mercantile Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Metalloyd Limited - United Kingdom
- Wilmar Investment Holdings
- MS Steel International - UAE
- Merrill Lynch Commodities Europe
- Deloitte Consulting - India
- Savvy Resources Ltd - HongKong
- CIMB Investment Bank - Malaysia
- Binh Thuan Hamico - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Vizag Seaport Private Limited - India
- Sakthi Sugars Limited - India
- Jaiprakash Power Ventures ltd
- Asmin Koalindo Tuhup - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- India Bulls Power Limited - India
- Sindya Power Generating Company Private Ltd
- Rashtriya Ispat Nigam Limited - India
- Sarangani Energy Corporation, Philippines
- Minerals Council of Australia
- The University of Queensland
- Therma Luzon, Inc, Philippines
- Semirara Mining Corp, Philippines
- Tamil Nadu electricity Board
- Alfred C Toepfer International GmbH - Germany
- Eastern Energy - Thailand
- Banpu Public Company Limited - Thailand
- Romanian Commodities Exchange
- Petrochimia International Co. Ltd.- Taiwan
- SN Aboitiz Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- International Coal Ventures Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Makarim & Taira - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Karbindo Abesyapradhi - Indoneisa
- Thiess Contractors Indonesia
- Jindal Steel & Power Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Lanco Infratech Ltd - India
- SMG Consultants - Indonesia
- Sojitz Corporation - Japan
- Kumho Petrochemical, South Korea
- VISA Power Limited - India
- TeaM Sual Corporation - Philippines
- Rio Tinto Coal - Australia
- Jorong Barutama Greston.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Mjunction Services Limited - India
- Xindia Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Mercator Lines Limited - India
- Meralco Power Generation, Philippines
- Economic Council, Georgia
- South Luzon Thermal Energy Corporation
- Energy Link Ltd, New Zealand
- Siam City Cement PLC, Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Baiduri Energy - Indonesia
- Carbofer General Trading SA - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Riau Bara Harum - Indonesia
- CNBM International Corporation - China
- Cigading International Bulk Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Timah Investasi Mineral - Indoneisa
- Parry Sugars Refinery, India
- Manunggal Multi Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Energy Development Corp, Philippines
- Bharathi Cement Corporation - India
- SMC Global Power, Philippines
- Toyota Tsusho Corporation, Japan
- Leighton Contractors Pty Ltd - Australia
- Bangladesh Power Developement Board
- White Energy Company Limited
- Maharashtra Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Indian Oil Corporation Limited
- Ambuja Cements Ltd - India
- Central Electricity Authority - India
- Straits Asia Resources Limited - Singapore
- Bayan Resources Tbk. - Indonesia
- Larsen & Toubro Limited - India
- Maheswari Brothers Coal Limited - India
- PNOC Exploration Corporation - Philippines
- Altura Mining Limited, Indonesia
- ASAPP Information Group - India
- Power Finance Corporation Ltd., India
- McConnell Dowell - Australia
- Central Java Power - Indonesia
- Bhushan Steel Limited - India
- Intertek Mineral Services - Indonesia
- Trasteel International SA, Italy
- Kideco Jaya Agung - Indonesia
- Tata Chemicals Ltd - India
- Essar Steel Hazira Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Mercuria Energy - Indonesia
- Petron Corporation, Philippines
- Attock Cement Pakistan Limited
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Renaissance Capital - South Africa
- GVK Power & Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- London Commodity Brokers - England
- Electricity Authority, New Zealand
- Australian Commodity Traders Exchange
- Sical Logistics Limited - India
- Indika Energy - Indonesia
- Goldman Sachs - Singapore
- Gujarat Sidhee Cement - India
- Siam City Cement - Thailand
- ICICI Bank Limited - India
- Commonwealth Bank - Australia
- Australian Coal Association
- Eastern Coal Council - USA
- Global Business Power Corporation, Philippines
- Grasim Industreis Ltd - India
- PowerSource Philippines DevCo
- Standard Chartered Bank - UAE
- Baramulti Group, Indonesia
- Marubeni Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Finance - Indonesia
- Electricity Generating Authority of Thailand
- Dalmia Cement Bharat India
- Interocean Group of Companies - India
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- Bhoruka Overseas - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indogreen Group - Indonesia
- Karaikal Port Pvt Ltd - India
- Planning Commission, India
- Billiton Holdings Pty Ltd - Australia
- Ministry of Transport, Egypt
- Thai Mozambique Logistica
- Oldendorff Carriers - Singapore
- Videocon Industries ltd - India
- The Treasury - Australian Government
- Indo Tambangraya Megah - Indonesia
- Bhatia International Limited - India
- Gujarat Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Malabar Cements Ltd - India
- Directorate Of Revenue Intelligence - India
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