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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, 28 October 14
SGX'S FOB RICHARDS BAY COAL SWAP FOR DELIVERY Q1' 2015 CLOSED AT $ 68.07 ON 24 OCT
COALspot.com: API 4 FOB Richards Bay coal swap for Q4’ 2014 delivery decreased US$ 0.65 (-0.96%) month over month and increased US$ 1.79 (+2. ...
Tuesday, 28 October 14
SUB-BIT FOB INDONESIA COAL SWAP FOR Q1' 15 DELIVERY CLOSED 3.68% LOWER MONTH ON MONTH
COALspot.com: Indonesian coal swaps for delivery Q4' 2014 lost month on month and gained day on day and week on week.
The swap has lost US ...
Monday, 27 October 14
GOVT PROMISES TO EASE LICENSING PROCEDURES IN MINING SECTOR - THE JAKARTA POST
The Energy and Mineral Resources Ministry’s directorate general for mineral and coal plans to simplify the complicated licensing procedures i ...
Monday, 27 October 14
FOB NEWCASTLE COAL SWAP FOR Q1' 15 DELIVERY CLOSED $ 0.10 LESSER THAN Q4' 14 CLOSING OF $ 53.27 PMT
COALspot.com: API 5 FOB Newcastle Coal swap for Q4’ 2014 delivery decreased US$ 1.43 (-2.61%) month over month and increased US$ 0.05 (+0.09% ...
Monday, 27 October 14
CFR SOUTH CHINA COAL SWAPS PERFORMED POSITIVE THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swap for Q4’ 2014 delivery decreased US$ 1.68 (-2.55%) month over month and increased US$ 0.87 (+1.3 ...
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- Bharathi Cement Corporation - India
- IEA Clean Coal Centre - UK
- Mintek Dendrill Indonesia
- Planning Commission, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ambuja Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Orica Australia Pty. Ltd.
- Intertek Mineral Services - Indonesia
- Energy Development Corp, Philippines
- Chamber of Mines of South Africa
- ASAPP Information Group - India
- Aditya Birla Group - India
- Interocean Group of Companies - India
- Meenaskhi Energy Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Bangladesh Power Developement Board
- Minerals Council of Australia
- Coal and Oil Company - UAE
- Posco Energy - South Korea
- SMC Global Power, Philippines
- GVK Power & Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Madhucon Powers Ltd - India
- Parry Sugars Refinery, India
- International Coal Ventures Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Orica Mining Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- White Energy Company Limited
- Renaissance Capital - South Africa
- Banpu Public Company Limited - Thailand
- Eastern Energy - Thailand
- Bhushan Steel Limited - India
- Kalimantan Lumbung Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- McConnell Dowell - Australia
- Kobexindo Tractors - Indoneisa
- Africa Commodities Group - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Wood Mackenzie - Singapore
- Karaikal Port Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Ministry of Finance - Indonesia
- Parliament of New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Medco Energi Mining Internasional
- Jindal Steel & Power Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vedanta Resources Plc - India
- Bahari Cakrawala Sebuku - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Rio Tinto Coal - Australia
- Goldman Sachs - Singapore
- PNOC Exploration Corporation - Philippines
- Indogreen Group - Indonesia
- Tata Chemicals Ltd - India
- Kartika Selabumi Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tamil Nadu electricity Board
- Mercuria Energy - Indonesia
- Grasim Industreis Ltd - India
- Mjunction Services Limited - India
- PTC India Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Heidelberg Cement - Germany
- Xindia Steels Limited - India
- Latin American Coal - Colombia
- Ind-Barath Power Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Singapore Mercantile Exchange
- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- Salva Resources Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- Sindya Power Generating Company Private Ltd
- Mercator Lines Limited - India
- Global Business Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Kapuas Tunggal Persada - Indonesia
- Coalindo Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Bhoruka Overseas - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- New Zealand Coal & Carbon
- Semirara Mining and Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Indian Oil Corporation Limited
- India Bulls Power Limited - India
- PowerSource Philippines DevCo
- Economic Council, Georgia
- Timah Investasi Mineral - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Standard Chartered Bank - UAE
- Dalmia Cement Bharat India
- Altura Mining Limited, Indonesia
- Attock Cement Pakistan Limited
- Thiess Contractors Indonesia
- CIMB Investment Bank - Malaysia
- Petron Corporation, Philippines
- Georgia Ports Authority, United States
- Uttam Galva Steels Limited - India
- Vizag Seaport Private Limited - India
- CNBM International Corporation - China
- The Treasury - Australian Government
- Indonesian Coal Mining Association
- Siam City Cement - Thailand
- Energy Link Ltd, New Zealand
- Indian Energy Exchange, India
- Samtan Co., Ltd - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Kumho Petrochemical, South Korea
- Straits Asia Resources Limited - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- Metalloyd Limited - United Kingdom
- Star Paper Mills Limited - India
- Sojitz Corporation - Japan
- Aboitiz Power Corporation - Philippines
- Eastern Coal Council - USA
- Globalindo Alam Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- TeaM Sual Corporation - Philippines
- Semirara Mining Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Australian Coal Association
- Thai Mozambique Logistica
- Cement Manufacturers Association - India
- Baramulti Group, Indonesia
- Ceylon Electricity Board - Sri Lanka
- OPG Power Generation Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- The State Trading Corporation of India Ltd
- Sakthi Sugars Limited - India
- Bhatia International Limited - India
- Chettinad Cement Corporation Ltd - India
- MS Steel International - UAE
- South Luzon Thermal Energy Corporation
- Indo Tambangraya Megah - Indonesia
- Videocon Industries ltd - India
- Agrawal Coal Company - India
- Antam Resourcindo - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sarangani Energy Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- VISA Power Limited - India
- Central Electricity Authority - India
- Essar Steel Hazira Ltd - India
- Meralco Power Generation, Philippines
- London Commodity Brokers - England
- Australian Commodity Traders Exchange
- Siam City Cement PLC, Thailand
- LBH Netherlands Bv - Netherlands
- Oldendorff Carriers - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Sical Logistics Limited - India
- Sree Jayajothi Cements Limited - India
- Indika Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Electricity Generating Authority of Thailand
- Romanian Commodities Exchange
- Barasentosa Lestari - Indonesia
- Edison Trading Spa - Italy
- Malabar Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- GAC Shipping (India) Pvt Ltd
- Gujarat Mineral Development Corp Ltd - India
- Makarim & Taira - Indonesia
- Price Waterhouse Coopers - Russia
- Global Green Power PLC Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Billiton Holdings Pty Ltd - Australia
- Central Java Power - Indonesia
- SMG Consultants - Indonesia
- Lanco Infratech Ltd - India
- Larsen & Toubro Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Marubeni Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Rashtriya Ispat Nigam Limited - India
- Electricity Authority, New Zealand
- Deloitte Consulting - India
- Independent Power Producers Association of India
- The University of Queensland
- Ministry of Mines - Canada
- ICICI Bank Limited - India
- Carbofer General Trading SA - India
- GN Power Mariveles Coal Plant, Philippines
- Anglo American - United Kingdom
- Riau Bara Harum - Indonesia
- Power Finance Corporation Ltd., India
- Port Waratah Coal Services - Australia
- Wilmar Investment Holdings
- Binh Thuan Hamico - Vietnam
- San Jose City I Power Corp, Philippines
- Commonwealth Bank - Australia
- Ministry of Transport, Egypt
- Formosa Plastics Group - Taiwan
- Kaltim Prima Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Trasteel International SA, Italy
- GMR Energy Limited - India
- Gujarat Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
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