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