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