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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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Sunday, 26 October 14
CAPE'S STRONG PERFORMANCE PUSHES BDI INDEX UPWARDS
COALspot.com: The BDI was up by 26.27 pct and closed at 1192 points week and week. The Cape size performance has pushed up BDI and Cape size index ...
Friday, 24 October 14
WEEKLY U.S COAL PRODUCTION DOWN 2.7% FOR THE WEEK ENDING OCTOBER 18
COALspot.com – United States the world's one of largest coal producers, produced approximately 18.7 million short tons (mmst) of coal in ...
Thursday, 23 October 14
THE BEARS, HOWEVER, STILL CRY; FOR HOW LONG WILL IT LAST? - FEARNLEYS
Handy
"We experience a typical oversupply of ships in the Atlantic which causing rates to slide. In the USG it is just enough cargoes to kee ...
Wednesday, 22 October 14
MARKET INSIGHT - THEODORE NTALAKOS, INTERMODAL
ECO designs - revisited
The ECO vessels are already here but the oil and bunker prices are plummeting to their cheapest level since 2010. Is this ...
Wednesday, 22 October 14
CAPESIZE MARKET REMAINED UNDER PRESSURE
COALspot.com: The Dry Bulk market closed on the red for yet another week although following Friday sentiment has started to improve on the back of ...
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- The State Trading Corporation of India Ltd
- Semirara Mining Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- GVK Power & Infra Limited - India
- Lanco Infratech Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Gujarat Sidhee Cement - India
- Parliament of New Zealand
- Energy Link Ltd, New Zealand
- IHS Mccloskey Coal Group - USA
- Salva Resources Pvt Ltd - India
- SMC Global Power, Philippines
- Essar Steel Hazira Ltd - India
- London Commodity Brokers - England
- Samtan Co., Ltd - South Korea
- Star Paper Mills Limited - India
- Grasim Industreis Ltd - India
- White Energy Company Limited
- Manunggal Multi Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Ministry of Mines - Canada
- TeaM Sual Corporation - Philippines
- Cement Manufacturers Association - India
- Oldendorff Carriers - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Thai Mozambique Logistica
- Minerals Council of Australia
- Coal and Oil Company - UAE
- Malabar Cements Ltd - India
- Indian Energy Exchange, India
- Parry Sugars Refinery, India
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Sojitz Corporation - Japan
- Maharashtra Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Mintek Dendrill Indonesia
- SMG Consultants - Indonesia
- MS Steel International - UAE
- Ind-Barath Power Infra Limited - India
- CIMB Investment Bank - Malaysia
- Mercator Lines Limited - India
- Orica Mining Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Altura Mining Limited, Indonesia
- Global Coal Blending Company Limited - Australia
- Orica Australia Pty. Ltd.
- Dalmia Cement Bharat India
- AsiaOL BioFuels Corp., Philippines
- Indo Tambangraya Megah - Indonesia
- Antam Resourcindo - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Meralco Power Generation, Philippines
- Energy Development Corp, Philippines
- Attock Cement Pakistan Limited
- Kaltim Prima Coal - Indonesia
- Goldman Sachs - Singapore
- The University of Queensland
- Sical Logistics Limited - India
- CNBM International Corporation - China
- Port Waratah Coal Services - Australia
- Xindia Steels Limited - India
- Standard Chartered Bank - UAE
- LBH Netherlands Bv - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- OPG Power Generation Pvt Ltd - India
- Videocon Industries ltd - India
- SN Aboitiz Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Australian Coal Association
- PNOC Exploration Corporation - Philippines
- Wilmar Investment Holdings
- Bukit Asam (Persero) Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- European Bulk Services B.V. - Netherlands
- The Treasury - Australian Government
- Central Electricity Authority - India
- Petrochimia International Co. Ltd.- Taiwan
- Agrawal Coal Company - India
- Sinarmas Energy and Mining - Indonesia
- Interocean Group of Companies - India
- Sindya Power Generating Company Private Ltd
- Holcim Trading Pte Ltd - Singapore
- Ministry of Finance - Indonesia
- GMR Energy Limited - India
- Cigading International Bulk Terminal - Indonesia
- Borneo Indobara - Indonesia
- Straits Asia Resources Limited - Singapore
- Kepco SPC Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Baramulti Group, Indonesia
- Bharathi Cement Corporation - India
- Mjunction Services Limited - India
- Australian Commodity Traders Exchange
- Trasteel International SA, Italy
- Medco Energi Mining Internasional
- Aditya Birla Group - India
- Indonesian Coal Mining Association
- Economic Council, Georgia
- Deloitte Consulting - India
- Gujarat Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Renaissance Capital - South Africa
- Price Waterhouse Coopers - Russia
- Metalloyd Limited - United Kingdom
- Coastal Gujarat Power Limited - India
- Anglo American - United Kingdom
- San Jose City I Power Corp, Philippines
- Thiess Contractors Indonesia
- Ambuja Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Maheswari Brothers Coal Limited - India
- Karaikal Port Pvt Ltd - India
- Eastern Coal Council - USA
- Bhushan Steel Limited - India
- New Zealand Coal & Carbon
- Sakthi Sugars Limited - India
- Indika Energy - Indonesia
- ICICI Bank Limited - India
- Bukit Baiduri Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Ministry of Transport, Egypt
- Bahari Cakrawala Sebuku - Indonesia
- Petron Corporation, Philippines
- Heidelberg Cement - Germany
- Vedanta Resources Plc - India
- Asmin Koalindo Tuhup - Indonesia
- Jaiprakash Power Ventures ltd
- Pendopo Energi Batubara - Indonesia
- Electricity Authority, New Zealand
- Bangladesh Power Developement Board
- Jindal Steel & Power Ltd - India
- Mercuria Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Merrill Lynch Commodities Europe
- Chettinad Cement Corporation Ltd - India
- Banpu Public Company Limited - Thailand
- Marubeni Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Georgia Ports Authority, United States
- Kartika Selabumi Mining - Indonesia
- Kumho Petrochemical, South Korea
- PTC India Limited - India
- Eastern Energy - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Madhucon Powers Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Tata Chemicals Ltd - India
- Singapore Mercantile Exchange
- Rashtriya Ispat Nigam Limited - India
- Rio Tinto Coal - Australia
- Central Java Power - Indonesia
- Edison Trading Spa - Italy
- Latin American Coal - Colombia
- McConnell Dowell - Australia
- Timah Investasi Mineral - Indoneisa
- Bhatia International Limited - India
- Wood Mackenzie - Singapore
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- Formosa Plastics Group - Taiwan
- Alfred C Toepfer International GmbH - Germany
- Commonwealth Bank - Australia
- International Coal Ventures Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pipit Mutiara Jaya. PT, Indonesia
- Sarangani Energy Corporation, Philippines
- Tamil Nadu electricity Board
- Kobexindo Tractors - Indoneisa
- Directorate Of Revenue Intelligence - India
- Riau Bara Harum - Indonesia
- Posco Energy - South Korea
- Romanian Commodities Exchange
- Vizag Seaport Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chamber of Mines of South Africa
- Independent Power Producers Association of India
- India Bulls Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- South Luzon Thermal Energy Corporation
- Indogreen Group - Indonesia
- Larsen & Toubro Limited - India
- PowerSource Philippines DevCo
- Jorong Barutama Greston.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kideco Jaya Agung - Indonesia
- Planning Commission, India
- Power Finance Corporation Ltd., India
- Bulk Trading Sa - Switzerland
- Uttam Galva Steels Limited - India
- IEA Clean Coal Centre - UK
- Siam City Cement - Thailand
- Carbofer General Trading SA - India
- ASAPP Information Group - India
- Indian Oil Corporation Limited
- Ceylon Electricity Board - Sri Lanka
- Electricity Generating Authority of Thailand
- Global Business Power Corporation, Philippines
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