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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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Monday, 17 November 14
INDONESIAN COAL PRICE REFERENCE CONTINUES FREE FALL; SLUMPS TO 69-MONTH LOW
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down the coal bench mark price once again in November. HBA for t ...
Monday, 17 November 14
API 5 FOB NEWCASTLE COAL SWAP FOR Q1' 15 DELIVERY CLOSED AT $ 52.75
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery has decreased US$ 1.77 (-3.25%) month over month and US$ 0.02 (-0.04%) day ...
Monday, 17 November 14
SOUTH CHINA COAL SWAP SLIGHTLY INCREASED WEEK OVER WEEK
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased US$ 1.73 (-2.67%) month over month and US$ 0.10 (-0.16%) da ...
Sunday, 16 November 14
THE BDI LOST 12.59% WEEK ON WEEK; THE BCI LOST 19.95%
COALspot.com: The BDI fell 12.59 percent to 1256 point week on week on Friday 14 November. All the segments were also most down this week. The cape ...
Friday, 14 November 14
U.S. WEEKLY COAL OUTPUT SLIPS SLIGHTLY WEEK ENDING NOVEMBER 08
COALspot.com – United States the world's one of the largest coal producers, produced approximately 18.9 million short tons (mmst) of coal ...
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- Electricity Generating Authority of Thailand
- Bhushan Steel Limited - India
- Indogreen Group - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kumho Petrochemical, South Korea
- Miang Besar Coal Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Medco Energi Mining Internasional
- Petron Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- VISA Power Limited - India
- London Commodity Brokers - England
- PTC India Limited - India
- Gujarat Sidhee Cement - India
- Sical Logistics Limited - India
- Coalindo Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Electricity Authority, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indonesian Coal Mining Association
- India Bulls Power Limited - India
- Wood Mackenzie - Singapore
- SN Aboitiz Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Australian Coal Association
- Goldman Sachs - Singapore
- Bukit Baiduri Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Savvy Resources Ltd - HongKong
- Toyota Tsusho Corporation, Japan
- Semirara Mining and Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement - Thailand
- Eastern Energy - Thailand
- Indika Energy - Indonesia
- Energy Development Corp, Philippines
- Heidelberg Cement - Germany
- PowerSource Philippines DevCo
- Cement Manufacturers Association - India
- Trasteel International SA, Italy
- Attock Cement Pakistan Limited
- Sindya Power Generating Company Private Ltd
- Planning Commission, India
- Jaiprakash Power Ventures ltd
- Parry Sugars Refinery, India
- Directorate Of Revenue Intelligence - India
- Australian Commodity Traders Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Makarim & Taira - Indonesia
- Globalindo Alam Lestari - Indonesia
- Thiess Contractors Indonesia
- Mintek Dendrill Indonesia
- Independent Power Producers Association of India
- Gujarat Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Gujarat Mineral Development Corp Ltd - India
- Orica Australia Pty. Ltd.
- International Coal Ventures Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Alfred C Toepfer International GmbH - Germany
- Ministry of Finance - Indonesia
- CNBM International Corporation - China
- PetroVietnam Power Coal Import and Supply Company
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- GMR Energy Limited - India
- Meralco Power Generation, Philippines
- Commonwealth Bank - Australia
- OPG Power Generation Pvt Ltd - India
- Malabar Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Anglo American - United Kingdom
- Coastal Gujarat Power Limited - India
- Grasim Industreis Ltd - India
- Ind-Barath Power Infra Limited - India
- MS Steel International - UAE
- Billiton Holdings Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Bhatia International Limited - India
- Iligan Light & Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Bulk Trading Sa - Switzerland
- The Treasury - Australian Government
- New Zealand Coal & Carbon
- Indo Tambangraya Megah - Indonesia
- Intertek Mineral Services - Indonesia
- Tata Chemicals Ltd - India
- Rio Tinto Coal - Australia
- Cigading International Bulk Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Eastern Coal Council - USA
- Latin American Coal - Colombia
- Sinarmas Energy and Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Carbofer General Trading SA - India
- The State Trading Corporation of India Ltd
- Tamil Nadu electricity Board
- Bahari Cakrawala Sebuku - Indonesia
- Karaikal Port Pvt Ltd - India
- Mercator Lines Limited - India
- Mjunction Services Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Star Paper Mills Limited - India
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- McConnell Dowell - Australia
- Parliament of New Zealand
- Romanian Commodities Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMC Global Power, Philippines
- Dalmia Cement Bharat India
- Pipit Mutiara Jaya. PT, Indonesia
- Thai Mozambique Logistica
- Coal and Oil Company - UAE
- SMG Consultants - Indonesia
- Siam City Cement PLC, Thailand
- Global Green Power PLC Corporation, Philippines
- Salva Resources Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Vizag Seaport Private Limited - India
- Barasentosa Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- CIMB Investment Bank - Malaysia
- Banpu Public Company Limited - Thailand
- Antam Resourcindo - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Orica Mining Services - Indonesia
- Singapore Mercantile Exchange
- Krishnapatnam Port Company Ltd. - India
- Neyveli Lignite Corporation Ltd, - India
- Riau Bara Harum - Indonesia
- Therma Luzon, Inc, Philippines
- Chamber of Mines of South Africa
- Ambuja Cements Ltd - India
- Edison Trading Spa - Italy
- Jorong Barutama Greston.PT - Indonesia
- Merrill Lynch Commodities Europe
- Formosa Plastics Group - Taiwan
- Videocon Industries ltd - India
- Bhoruka Overseas - Indonesia
- ASAPP Information Group - India
- Agrawal Coal Company - India
- Sojitz Corporation - Japan
- San Jose City I Power Corp, Philippines
- Central Electricity Authority - India
- Sarangani Energy Corporation, Philippines
- Wilmar Investment Holdings
- ICICI Bank Limited - India
- Kobexindo Tractors - Indoneisa
- GVK Power & Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Indian Oil Corporation Limited
- Deloitte Consulting - India
- Ministry of Transport, Egypt
- Vedanta Resources Plc - India
- Aboitiz Power Corporation - Philippines
- Baramulti Group, Indonesia
- White Energy Company Limited
- IEA Clean Coal Centre - UK
- Essar Steel Hazira Ltd - India
- Sakthi Sugars Limited - India
- Ministry of Mines - Canada
- Marubeni Corporation - India
- Bharathi Cement Corporation - India
- Indian Energy Exchange, India
- Oldendorff Carriers - Singapore
- Xindia Steels Limited - India
- Power Finance Corporation Ltd., India
- Central Java Power - Indonesia
- The University of Queensland
- Timah Investasi Mineral - Indoneisa
- Metalloyd Limited - United Kingdom
- Global Coal Blending Company Limited - Australia
- Georgia Ports Authority, United States
- Kideco Jaya Agung - Indonesia
- Madhucon Powers Ltd - India
- Minerals Council of Australia
- Lanco Infratech Ltd - India
- Chettinad Cement Corporation Ltd - India
- Bangladesh Power Developement Board
- PNOC Exploration Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Interocean Group of Companies - India
- Rashtriya Ispat Nigam Limited - India
- Renaissance Capital - South Africa
- Africa Commodities Group - South Africa
- Samtan Co., Ltd - South Korea
- Sree Jayajothi Cements Limited - India
- Economic Council, Georgia
- Global Business Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Larsen & Toubro Limited - India
- South Luzon Thermal Energy Corporation
- Jindal Steel & Power Ltd - India
- Uttam Galva Steels Limited - India
- Borneo Indobara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining Corp, Philippines
- Posco Energy - South Korea
- Simpson Spence & Young - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kapuas Tunggal Persada - Indonesia
- Binh Thuan Hamico - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Port Waratah Coal Services - Australia
- Kohat Cement Company Ltd. - Pakistan
- Mercuria Energy - Indonesia
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