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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, 25 November 14
SUB-BIT FOB INDONESIA COAL SWAP FOR Q2' 15 DELIVERY CLOSED AT $ 49.55
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month, gained week on week.
The Q1 swap has lost US$ 0.12 (-0.24%) ...
Monday, 24 November 14
Q1 2015 FOB NEWCASTLE COAL SWAP CLOSED AT $ 52.73
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery closed at US$ 52.73 on 21 November after losing US$ 0.40 (-0.75%) month ove ...
Monday, 24 November 14
CFR SOUTH CHINA COAL: Q2' 15 COAL SWAPS CLOSED LOWER COMPARED TO Q1' 15 SWAPS
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased US$ 0.63 (-0.99%) month over month and US$ 0.12 (-0.19%) da ...
Sunday, 23 November 14
SPOT FREIGHT RATES IMPROVED SLIGHTLY OVER PREVIOUS WEEK
COALspot.com: The BDI was up 5.41 pct week on week and closed at 1,324 points on Friday. All the segments were up this week except Panamax index.&n ...
Sunday, 23 November 14
ITALY'S STEAM COAL IMPORTS TO DROP BY 11% IN 2014 - ASSOCARBONI
COALspot.com: Italy’s steam coal imports expected to drop to 16 million tons in 2014 (-11% compared to 2013); coking coal imports to plunge t ...
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- GMR Energy Limited - India
- MS Steel International - UAE
- Maharashtra Electricity Regulatory Commission - India
- Central Electricity Authority - India
- PTC India Limited - India
- Mintek Dendrill Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kobexindo Tractors - Indoneisa
- Ind-Barath Power Infra Limited - India
- Eastern Energy - Thailand
- Standard Chartered Bank - UAE
- Eastern Coal Council - USA
- Electricity Authority, New Zealand
- Meenaskhi Energy Private Limited - India
- Larsen & Toubro Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Price Waterhouse Coopers - Russia
- Bhoruka Overseas - Indonesia
- Altura Mining Limited, Indonesia
- Karaikal Port Pvt Ltd - India
- Edison Trading Spa - Italy
- Sojitz Corporation - Japan
- Cigading International Bulk Terminal - Indonesia
- Grasim Industreis Ltd - India
- Power Finance Corporation Ltd., India
- Port Waratah Coal Services - Australia
- The State Trading Corporation of India Ltd
- Energy Link Ltd, New Zealand
- Intertek Mineral Services - Indonesia
- Ministry of Mines - Canada
- Siam City Cement PLC, Thailand
- European Bulk Services B.V. - Netherlands
- Commonwealth Bank - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- New Zealand Coal & Carbon
- Agrawal Coal Company - India
- Coastal Gujarat Power Limited - India
- Trasteel International SA, Italy
- Global Green Power PLC Corporation, Philippines
- Parry Sugars Refinery, India
- Interocean Group of Companies - India
- Essar Steel Hazira Ltd - India
- Malabar Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PowerSource Philippines DevCo
- Directorate Of Revenue Intelligence - India
- Krishnapatnam Port Company Ltd. - India
- Sakthi Sugars Limited - India
- Kaltim Prima Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Tata Chemicals Ltd - India
- Global Coal Blending Company Limited - Australia
- CIMB Investment Bank - Malaysia
- Global Business Power Corporation, Philippines
- Thiess Contractors Indonesia
- Indika Energy - Indonesia
- Ministry of Transport, Egypt
- Metalloyd Limited - United Kingdom
- Independent Power Producers Association of India
- Savvy Resources Ltd - HongKong
- Marubeni Corporation - India
- Goldman Sachs - Singapore
- Bhushan Steel Limited - India
- Simpson Spence & Young - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- India Bulls Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Deloitte Consulting - India
- ICICI Bank Limited - India
- Xindia Steels Limited - India
- Uttam Galva Steels Limited - India
- Semirara Mining Corp, Philippines
- Aboitiz Power Corporation - Philippines
- CNBM International Corporation - China
- Kapuas Tunggal Persada - Indonesia
- Riau Bara Harum - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Madhucon Powers Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Bhatia International Limited - India
- Tamil Nadu electricity Board
- Medco Energi Mining Internasional
- McConnell Dowell - Australia
- Karbindo Abesyapradhi - Indoneisa
- Wilmar Investment Holdings
- Gujarat Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Chettinad Cement Corporation Ltd - India
- Renaissance Capital - South Africa
- Ambuja Cements Ltd - India
- The University of Queensland
- Borneo Indobara - Indonesia
- TeaM Sual Corporation - Philippines
- Indian Oil Corporation Limited
- International Coal Ventures Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- Sarangani Energy Corporation, Philippines
- Antam Resourcindo - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bukit Makmur.PT - Indonesia
- SMC Global Power, Philippines
- Africa Commodities Group - South Africa
- Barasentosa Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- Romanian Commodities Exchange
- Siam City Cement - Thailand
- The Treasury - Australian Government
- Samtan Co., Ltd - South Korea
- Chamber of Mines of South Africa
- Rio Tinto Coal - Australia
- Globalindo Alam Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- San Jose City I Power Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Banpu Public Company Limited - Thailand
- Mercuria Energy - Indonesia
- Minerals Council of Australia
- Iligan Light & Power Inc, Philippines
- ASAPP Information Group - India
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jaiprakash Power Ventures ltd
- Sical Logistics Limited - India
- Bharathi Cement Corporation - India
- Parliament of New Zealand
- Billiton Holdings Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Indian Energy Exchange, India
- GVK Power & Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Therma Luzon, Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Kideco Jaya Agung - Indonesia
- Singapore Mercantile Exchange
- Cement Manufacturers Association - India
- LBH Netherlands Bv - Netherlands
- Coal and Oil Company - UAE
- Kartika Selabumi Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Thai Mozambique Logistica
- Indogreen Group - Indonesia
- Heidelberg Cement - Germany
- Binh Thuan Hamico - Vietnam
- Straits Asia Resources Limited - Singapore
- Bulk Trading Sa - Switzerland
- White Energy Company Limited
- Australian Commodity Traders Exchange
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Sidhee Cement - India
- Electricity Generating Authority of Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Jorong Barutama Greston.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- VISA Power Limited - India
- South Luzon Thermal Energy Corporation
- Holcim Trading Pte Ltd - Singapore
- Makarim & Taira - Indonesia
- OPG Power Generation Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Coalindo Energy - Indonesia
- Baramulti Group, Indonesia
- SMG Consultants - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- Bukit Baiduri Energy - Indonesia
- Central Java Power - Indonesia
- Energy Development Corp, Philippines
- Planning Commission, India
- Wood Mackenzie - Singapore
- Miang Besar Coal Terminal - Indonesia
- Australian Coal Association
- Rashtriya Ispat Nigam Limited - India
- Ministry of Finance - Indonesia
- Posco Energy - South Korea
- Manunggal Multi Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Dalmia Cement Bharat India
- Pipit Mutiara Jaya. PT, Indonesia
- Merrill Lynch Commodities Europe
- Sinarmas Energy and Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Attock Cement Pakistan Limited
- London Commodity Brokers - England
- Kalimantan Lumbung Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Mercator Lines Limited - India
- Orica Australia Pty. Ltd.
- Petron Corporation, Philippines
- Videocon Industries ltd - India
- Latin American Coal - Colombia
- SN Aboitiz Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Kumho Petrochemical, South Korea
- Indo Tambangraya Megah - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Star Paper Mills Limited - India
- Carbofer General Trading SA - India
- Mjunction Services Limited - India
- Orica Mining Services - Indonesia
- Oldendorff Carriers - Singapore
- Vedanta Resources Plc - India
- Sindya Power Generating Company Private Ltd
- Indonesian Coal Mining Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meralco Power Generation, Philippines
- Bangladesh Power Developement Board
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