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