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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, 10 November 14
Q4' 15 FOB INDONESIA COAL SWAP CLOSED LOWER THAN Q1' 15 CLOSING PRICE OF US$ 49.58 ON LAST FRIDAY
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month, week on week and day on day.
The Q1 swap has lost just US$ ...
Monday, 10 November 14
SGX'S API 4 FOB RICHARDS BAY COAL SWAP FOR Q1' 2015 DELIVERY CLOSED AT US$ 65.44 ON 7 NOV, LOST 4.08% M-O-M
COALspot.com: API 4 FOB Richards Bay Coal swap for Q1’ 2015 delivery has decreased US$ 2.78 (-4.08%) month over month and US$ 1.41 (-2.11%) w ...
Monday, 10 November 14
MOZAMBIQUE SIGNED CONTRACT WITH ETA STAR OF UAE FOR OPEN CAST COAL MINE IN TETE - AIM
- ETA Star to build slurry pipeline over the 600 kilometers to Beira in Mozambique to transport coal.
- The viability studies show the presence o ...
Monday, 10 November 14
YEAR 2015 CFR SOUTH CHINA COAL SWAP SHOWS A WEAK TREND THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased US$ 3.74 (-5.63%) month over month and US$ 2.19 (+3.37%) we ...
Sunday, 09 November 14
CAPE INDEX UP 3.06%; PANAMAX INDEX FELL 4.05%
COALspot.com: The BDI was almost at same levels compared to last week closing or just increased 0.77 pct from last week. The BDI was closed at 1437 ...
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- Intertek Mineral Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Bharathi Cement Corporation - India
- ICICI Bank Limited - India
- Karbindo Abesyapradhi - Indoneisa
- London Commodity Brokers - England
- Bahari Cakrawala Sebuku - Indonesia
- Georgia Ports Authority, United States
- PowerSource Philippines DevCo
- Aboitiz Power Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Independent Power Producers Association of India
- Siam City Cement PLC, Thailand
- Neyveli Lignite Corporation Ltd, - India
- Larsen & Toubro Limited - India
- Port Waratah Coal Services - Australia
- Singapore Mercantile Exchange
- SN Aboitiz Power Inc, Philippines
- Romanian Commodities Exchange
- Marubeni Corporation - India
- Minerals Council of Australia
- Karaikal Port Pvt Ltd - India
- Siam City Cement - Thailand
- Australian Coal Association
- Tamil Nadu electricity Board
- Leighton Contractors Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Ministry of Finance - Indonesia
- Simpson Spence & Young - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- White Energy Company Limited
- The State Trading Corporation of India Ltd
- Borneo Indobara - Indonesia
- Lanco Infratech Ltd - India
- Thai Mozambique Logistica
- Timah Investasi Mineral - Indoneisa
- Indogreen Group - Indonesia
- Attock Cement Pakistan Limited
- Electricity Generating Authority of Thailand
- SMG Consultants - Indonesia
- Interocean Group of Companies - India
- Petrochimia International Co. Ltd.- Taiwan
- OPG Power Generation Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Bulk Trading Sa - Switzerland
- Commonwealth Bank - Australia
- Banpu Public Company Limited - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Madhucon Powers Ltd - India
- Parry Sugars Refinery, India
- Merrill Lynch Commodities Europe
- Bhushan Steel Limited - India
- ASAPP Information Group - India
- Samtan Co., Ltd - South Korea
- Essar Steel Hazira Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- McConnell Dowell - Australia
- The Treasury - Australian Government
- Bhatia International Limited - India
- Australian Commodity Traders Exchange
- Global Green Power PLC Corporation, Philippines
- Global Business Power Corporation, Philippines
- Chamber of Mines of South Africa
- TeaM Sual Corporation - Philippines
- Meralco Power Generation, Philippines
- Bayan Resources Tbk. - Indonesia
- IEA Clean Coal Centre - UK
- Wood Mackenzie - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Trasteel International SA, Italy
- Ind-Barath Power Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Mines - Canada
- Bank of Tokyo Mitsubishi UFJ Ltd
- South Luzon Thermal Energy Corporation
- Indian Energy Exchange, India
- Sarangani Energy Corporation, Philippines
- Grasim Industreis Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Therma Luzon, Inc, Philippines
- Vizag Seaport Private Limited - India
- San Jose City I Power Corp, Philippines
- Vedanta Resources Plc - India
- Posco Energy - South Korea
- Sojitz Corporation - Japan
- Bangladesh Power Developement Board
- Deloitte Consulting - India
- Bhoruka Overseas - Indonesia
- Aditya Birla Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Agrawal Coal Company - India
- Ceylon Electricity Board - Sri Lanka
- Kohat Cement Company Ltd. - Pakistan
- Carbofer General Trading SA - India
- Latin American Coal - Colombia
- Sical Logistics Limited - India
- Indo Tambangraya Megah - Indonesia
- Economic Council, Georgia
- Jindal Steel & Power Ltd - India
- Mercator Lines Limited - India
- Oldendorff Carriers - Singapore
- Formosa Plastics Group - Taiwan
- Mintek Dendrill Indonesia
- Goldman Sachs - Singapore
- Alfred C Toepfer International GmbH - Germany
- Krishnapatnam Port Company Ltd. - India
- Bukit Baiduri Energy - Indonesia
- Indian Oil Corporation Limited
- Savvy Resources Ltd - HongKong
- Heidelberg Cement - Germany
- Orica Australia Pty. Ltd.
- Metalloyd Limited - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- PTC India Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- TNB Fuel Sdn Bhd - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Orica Mining Services - Indonesia
- Malabar Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Standard Chartered Bank - UAE
- Kideco Jaya Agung - Indonesia
- GMR Energy Limited - India
- Altura Mining Limited, Indonesia
- European Bulk Services B.V. - Netherlands
- Planning Commission, India
- Antam Resourcindo - Indonesia
- Kepco SPC Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sakthi Sugars Limited - India
- Ministry of Transport, Egypt
- Jaiprakash Power Ventures ltd
- Edison Trading Spa - Italy
- CNBM International Corporation - China
- Indonesian Coal Mining Association
- Electricity Authority, New Zealand
- VISA Power Limited - India
- Kaltim Prima Coal - Indonesia
- Uttam Galva Steels Limited - India
- Coalindo Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Straits Asia Resources Limited - Singapore
- Star Paper Mills Limited - India
- Billiton Holdings Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Tata Chemicals Ltd - India
- Dalmia Cement Bharat India
- Thiess Contractors Indonesia
- India Bulls Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cement Manufacturers Association - India
- GVK Power & Infra Limited - India
- New Zealand Coal & Carbon
- Semirara Mining and Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Africa Commodities Group - South Africa
- Central Electricity Authority - India
- Energy Development Corp, Philippines
- The University of Queensland
- Meenaskhi Energy Private Limited - India
- Eastern Coal Council - USA
- Pendopo Energi Batubara - Indonesia
- SMC Global Power, Philippines
- Energy Link Ltd, New Zealand
- Salva Resources Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Coastal Gujarat Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Indika Energy - Indonesia
- Xindia Steels Limited - India
- Renaissance Capital - South Africa
- Wilmar Investment Holdings
- Parliament of New Zealand
- GN Power Mariveles Coal Plant, Philippines
- PNOC Exploration Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Coal and Oil Company - UAE
- Sindya Power Generating Company Private Ltd
- Sinarmas Energy and Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Medco Energi Mining Internasional
- Bukit Makmur.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Petron Corporation, Philippines
- MS Steel International - UAE
- International Coal Ventures Pvt Ltd - India
- Baramulti Group, Indonesia
- Holcim Trading Pte Ltd - Singapore
- GAC Shipping (India) Pvt Ltd
- Semirara Mining Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Anglo American - United Kingdom
- Mjunction Services Limited - India
- Rio Tinto Coal - Australia
- Videocon Industries ltd - India
- Kobexindo Tractors - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Cigading International Bulk Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Eastern Energy - Thailand
- Central Java Power - Indonesia
- Barasentosa Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Ambuja Cements Ltd - India
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