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