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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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Wednesday, 26 November 14
OVERSUPPLY OF TONNAGE PUSHED PANAMAX SEGMENT DOWN FOR ANOTHER WEEK
COALspot.com: The Dry Bulk market managed to reverse its course from the week prior and with the sole exception of the Panamax segment, we witnesse ...
Wednesday, 26 November 14
SHIPPING MARKET INSIGHT - EVA TZIMA
The tanker market has been enjoying some good returns lately. Ok, that may be a big understatement, but with all the ups and downs of the past year ...
Tuesday, 25 November 14
FISCAL BREAKEVEN OIL PRICES SHOW SOVEREIGN VULNERABILITY - FITCH
COALspot.com: The vulnerability of the sovereign credit profiles of net oil exporters, as shown by their fiscal breakeven oil prices, suggests that ...
Tuesday, 25 November 14
UK: TRIBUNAL RULES ON SPEED AND PERFORMANCE CLAIMS UNDER TWO CONSECUTIVE TIME CHARTERPARTIES - REED SMITH
KNOWLEDGE TO ELEVATE
“Owners not to be responsible if the vessel under the currency of this charter party stays at port or anchorage or ...
Tuesday, 25 November 14
FOB RICHARDS BAY COAL SWAP FOR Q4' 15 DELIVERY CLOSED AT US$ 68.20
COALspot.com: API 4 FOB Richards Bay Coal for delivery Q1' 2015 gained month on month, week on week and day over day.
The Q1 swap has gain ...
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- London Commodity Brokers - England
- IHS Mccloskey Coal Group - USA
- The Treasury - Australian Government
- Electricity Authority, New Zealand
- Dalmia Cement Bharat India
- Thiess Contractors Indonesia
- Rashtriya Ispat Nigam Limited - India
- Ministry of Mines - Canada
- ICICI Bank Limited - India
- Miang Besar Coal Terminal - Indonesia
- Mjunction Services Limited - India
- Karaikal Port Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Eastern Energy - Thailand
- Georgia Ports Authority, United States
- Gujarat Mineral Development Corp Ltd - India
- Goldman Sachs - Singapore
- Australian Commodity Traders Exchange
- Toyota Tsusho Corporation, Japan
- Parry Sugars Refinery, India
- PNOC Exploration Corporation - Philippines
- Mintek Dendrill Indonesia
- Wilmar Investment Holdings
- Maharashtra Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Bahari Cakrawala Sebuku - Indonesia
- New Zealand Coal & Carbon
- Riau Bara Harum - Indonesia
- Makarim & Taira - Indonesia
- Economic Council, Georgia
- Gujarat Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Tata Chemicals Ltd - India
- Savvy Resources Ltd - HongKong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tamil Nadu electricity Board
- Parliament of New Zealand
- Marubeni Corporation - India
- Interocean Group of Companies - India
- Cement Manufacturers Association - India
- Aditya Birla Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Altura Mining Limited, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Asmin Koalindo Tuhup - Indonesia
- European Bulk Services B.V. - Netherlands
- Ministry of Finance - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Orica Mining Services - Indonesia
- VISA Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Larsen & Toubro Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Petron Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Romanian Commodities Exchange
- Sical Logistics Limited - India
- Kalimantan Lumbung Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- MS Steel International - UAE
- Orica Australia Pty. Ltd.
- IEA Clean Coal Centre - UK
- Australian Coal Association
- Straits Asia Resources Limited - Singapore
- Coalindo Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Kartika Selabumi Mining - Indonesia
- Indika Energy - Indonesia
- Global Business Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Manunggal Multi Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Salva Resources Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Port Waratah Coal Services - Australia
- Vizag Seaport Private Limited - India
- Power Finance Corporation Ltd., India
- Banpu Public Company Limited - Thailand
- CNBM International Corporation - China
- Antam Resourcindo - Indonesia
- Siam City Cement PLC, Thailand
- Price Waterhouse Coopers - Russia
- Maheswari Brothers Coal Limited - India
- Carbofer General Trading SA - India
- Barasentosa Lestari - Indonesia
- Independent Power Producers Association of India
- South Luzon Thermal Energy Corporation
- GN Power Mariveles Coal Plant, Philippines
- Star Paper Mills Limited - India
- Sakthi Sugars Limited - India
- Thai Mozambique Logistica
- Timah Investasi Mineral - Indoneisa
- White Energy Company Limited
- Kaltim Prima Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- San Jose City I Power Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Uttam Galva Steels Limited - India
- Bhoruka Overseas - Indonesia
- Essar Steel Hazira Ltd - India
- Sinarmas Energy and Mining - Indonesia
- GMR Energy Limited - India
- Aboitiz Power Corporation - Philippines
- Lanco Infratech Ltd - India
- Simpson Spence & Young - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Anglo American - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Indian Energy Exchange, India
- McConnell Dowell - Australia
- Deloitte Consulting - India
- Malabar Cements Ltd - India
- Bhushan Steel Limited - India
- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- International Coal Ventures Pvt Ltd - India
- Vedanta Resources Plc - India
- The State Trading Corporation of India Ltd
- Ind-Barath Power Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Videocon Industries ltd - India
- Globalindo Alam Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kideco Jaya Agung - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kumho Petrochemical, South Korea
- Ambuja Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Central Java Power - Indonesia
- Agrawal Coal Company - India
- SMC Global Power, Philippines
- Mercuria Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Bukit Makmur.PT - Indonesia
- Baramulti Group, Indonesia
- Bharathi Cement Corporation - India
- Medco Energi Mining Internasional
- Indian Oil Corporation Limited
- GVK Power & Infra Limited - India
- Energy Link Ltd, New Zealand
- Wood Mackenzie - Singapore
- Borneo Indobara - Indonesia
- SMG Consultants - Indonesia
- Semirara Mining Corp, Philippines
- Meralco Power Generation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Development Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Mercator Lines Limited - India
- Electricity Generating Authority of Thailand
- Attock Cement Pakistan Limited
- Singapore Mercantile Exchange
- Meenaskhi Energy Private Limited - India
- Planning Commission, India
- LBH Netherlands Bv - Netherlands
- Gujarat Sidhee Cement - India
- Rio Tinto Coal - Australia
- Coastal Gujarat Power Limited - India
- Sarangani Energy Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- PTC India Limited - India
- Bangladesh Power Developement Board
- Jaiprakash Power Ventures ltd
- PowerSource Philippines DevCo
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Transport, Egypt
- Posco Energy - South Korea
- Indogreen Group - Indonesia
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Central Electricity Authority - India
- Grasim Industreis Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Standard Chartered Bank - UAE
- Global Coal Blending Company Limited - Australia
- Heidelberg Cement - Germany
- Directorate General of MIneral and Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bhatia International Limited - India
- Minerals Council of Australia
- India Bulls Power Limited - India
- Siam City Cement - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Latin American Coal - Colombia
- Formosa Plastics Group - Taiwan
- Coal and Oil Company - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Kepco SPC Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Renaissance Capital - South Africa
- The University of Queensland
- Oldendorff Carriers - Singapore
- Chamber of Mines of South Africa
- Kobexindo Tractors - Indoneisa
- Madhucon Powers Ltd - India
- Edison Trading Spa - Italy
- CIMB Investment Bank - Malaysia
- ASAPP Information Group - India
- Sojitz Corporation - Japan
- Merrill Lynch Commodities Europe
- Trasteel International SA, Italy
- Commonwealth Bank - Australia
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