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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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Friday, 07 November 14
U.S. PRODUCED 85.60 MILLION SHORT TONS OF COAL IN OCTOBER, UP 2.88% M-O-M
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.0 million short tons (mmst) of coal ...
Thursday, 06 November 14
THE ATLANTIC HAS REMAINED STRONG WITH A HEALTHY SUPPLY OF NEW CARGOES
Handy
This week has continued its slow trend in both hemispheres and even though rates are a bit up w-o-w it is not a clear sign for any improvem ...
Wednesday, 05 November 14
CAPESIZE SEGMENT ENJOYED FIRMING RATES ACROSS BOTH BASINS
Following a fantastic week in terms of rate performance for Capes, the Dry Bulk market managed to note another positive weekly closing, which stron ...
Wednesday, 05 November 14
SHIPPING MARKET INSIGHT - PANOS TSILINGIRIS
COALspot.com: The steep appreciation in dry bulker values between late 2012 and March 2014 resulted in unrealistically expensive ship values compar ...
Tuesday, 04 November 14
INDONESIAN COAL SWAPS FOR 2015 DELIVERIES SHOW A WEAK TREND
COALspot.com: Indonesian coal swaps for delivery Q4' 2014 lost month on month and gained day on day and week on week, the trend was same as las ...
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- Edison Trading Spa - Italy
- Meralco Power Generation, Philippines
- Globalindo Alam Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- White Energy Company Limited
- London Commodity Brokers - England
- Barasentosa Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Finance - Indonesia
- SMC Global Power, Philippines
- Siam City Cement - Thailand
- Semirara Mining and Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Tamil Nadu electricity Board
- Intertek Mineral Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Electricity Generating Authority of Thailand
- Billiton Holdings Pty Ltd - Australia
- Indika Energy - Indonesia
- Grasim Industreis Ltd - India
- Cement Manufacturers Association - India
- Pipit Mutiara Jaya. PT, Indonesia
- Malabar Cements Ltd - India
- Madhucon Powers Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Bhushan Steel Limited - India
- Kideco Jaya Agung - Indonesia
- Renaissance Capital - South Africa
- Sree Jayajothi Cements Limited - India
- Antam Resourcindo - Indonesia
- PowerSource Philippines DevCo
- Vedanta Resources Plc - India
- Uttam Galva Steels Limited - India
- Riau Bara Harum - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- CNBM International Corporation - China
- Maheswari Brothers Coal Limited - India
- Directorate Of Revenue Intelligence - India
- SN Aboitiz Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Coalindo Energy - Indonesia
- Commonwealth Bank - Australia
- Sinarmas Energy and Mining - Indonesia
- Minerals Council of Australia
- Marubeni Corporation - India
- Mintek Dendrill Indonesia
- PTC India Limited - India
- Tata Chemicals Ltd - India
- Standard Chartered Bank - UAE
- European Bulk Services B.V. - Netherlands
- GMR Energy Limited - India
- Neyveli Lignite Corporation Ltd, - India
- TNB Fuel Sdn Bhd - Malaysia
- IHS Mccloskey Coal Group - USA
- Bhoruka Overseas - Indonesia
- Videocon Industries ltd - India
- Gujarat Sidhee Cement - India
- Heidelberg Cement - Germany
- Mercator Lines Limited - India
- Straits Asia Resources Limited - Singapore
- Agrawal Coal Company - India
- Altura Mining Limited, Indonesia
- Therma Luzon, Inc, Philippines
- IEA Clean Coal Centre - UK
- Toyota Tsusho Corporation, Japan
- Global Coal Blending Company Limited - Australia
- Bayan Resources Tbk. - Indonesia
- Rio Tinto Coal - Australia
- Price Waterhouse Coopers - Russia
- McConnell Dowell - Australia
- OPG Power Generation Pvt Ltd - India
- Mjunction Services Limited - India
- Parliament of New Zealand
- Kobexindo Tractors - Indoneisa
- Jindal Steel & Power Ltd - India
- Indonesian Coal Mining Association
- Kapuas Tunggal Persada - Indonesia
- Interocean Group of Companies - India
- Electricity Authority, New Zealand
- Attock Cement Pakistan Limited
- Gujarat Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Parry Sugars Refinery, India
- GAC Shipping (India) Pvt Ltd
- India Bulls Power Limited - India
- Manunggal Multi Energi - Indonesia
- Kumho Petrochemical, South Korea
- Coal and Oil Company - UAE
- GVK Power & Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Samtan Co., Ltd - South Korea
- Krishnapatnam Port Company Ltd. - India
- Timah Investasi Mineral - Indoneisa
- LBH Netherlands Bv - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Pendopo Energi Batubara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sindya Power Generating Company Private Ltd
- Port Waratah Coal Services - Australia
- Indian Oil Corporation Limited
- Trasteel International SA, Italy
- Central Java Power - Indonesia
- Simpson Spence & Young - Indonesia
- Bangladesh Power Developement Board
- Iligan Light & Power Inc, Philippines
- Energy Development Corp, Philippines
- TeaM Sual Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Sojitz Corporation - Japan
- Miang Besar Coal Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Australian Commodity Traders Exchange
- Binh Thuan Hamico - Vietnam
- Economic Council, Georgia
- Directorate General of MIneral and Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Posco Energy - South Korea
- Goldman Sachs - Singapore
- Romanian Commodities Exchange
- Ministry of Transport, Egypt
- Bharathi Cement Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Chamber of Mines of South Africa
- Banpu Public Company Limited - Thailand
- Star Paper Mills Limited - India
- MS Steel International - UAE
- Thai Mozambique Logistica
- Savvy Resources Ltd - HongKong
- Planning Commission, India
- Aditya Birla Group - India
- Kaltim Prima Coal - Indonesia
- The State Trading Corporation of India Ltd
- Bahari Cakrawala Sebuku - Indonesia
- San Jose City I Power Corp, Philippines
- Carbofer General Trading SA - India
- Leighton Contractors Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- Eastern Coal Council - USA
- Singapore Mercantile Exchange
- Sakthi Sugars Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Independent Power Producers Association of India
- Kartika Selabumi Mining - Indonesia
- Mercuria Energy - Indonesia
- Makarim & Taira - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Karbindo Abesyapradhi - Indoneisa
- ICICI Bank Limited - India
- Merrill Lynch Commodities Europe
- Australian Coal Association
- Latin American Coal - Colombia
- The University of Queensland
- PetroVietnam Power Coal Import and Supply Company
- Essar Steel Hazira Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Coastal Gujarat Power Limited - India
- Petron Corporation, Philippines
- Ministry of Mines - Canada
- Energy Link Ltd, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Eastern Energy - Thailand
- Meenaskhi Energy Private Limited - India
- SMG Consultants - Indonesia
- Formosa Plastics Group - Taiwan
- Rashtriya Ispat Nigam Limited - India
- Dalmia Cement Bharat India
- Bukit Makmur.PT - Indonesia
- Africa Commodities Group - South Africa
- Ind-Barath Power Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wilmar Investment Holdings
- Jorong Barutama Greston.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Xindia Steels Limited - India
- Indian Energy Exchange, India
- Aboitiz Power Corporation - Philippines
- Anglo American - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Larsen & Toubro Limited - India
- Wood Mackenzie - Singapore
- Global Business Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- The Treasury - Australian Government
- Medco Energi Mining Internasional
- Indo Tambangraya Megah - Indonesia
- Deloitte Consulting - India
- Siam City Cement PLC, Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Baramulti Group, Indonesia
- Orica Mining Services - Indonesia
- Sical Logistics Limited - India
- Central Electricity Authority - India
- Ambuja Cements Ltd - India
- Indogreen Group - Indonesia
- New Zealand Coal & Carbon
- Oldendorff Carriers - Singapore
- CIMB Investment Bank - Malaysia
- Vizag Seaport Private Limited - India
- Georgia Ports Authority, United States
- ASAPP Information Group - India
- VISA Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cigading International Bulk Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Karaikal Port Pvt Ltd - India
- Lanco Infratech Ltd - India
- Orica Australia Pty. Ltd.
- Bukit Baiduri Energy - Indonesia
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