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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, 17 October 14
INTERNATIONAL COAL PRICES ARE AT LOWEST LEVEL; COAL STOCKS AT INDIAN POWER PLANTS ARE ALSO AT LOWEST LEVEL
International coal prices as well as coal freights are falling and reaching to its lowest levels. According to PTI, fuel stockpiles at the thermal ...
Friday, 17 October 14
U.S. COAL PRODUCTION UP BY 3.6% WEEK - ON - WEEK
COALspot.com – United States the world's one of largest coal producers, produced approximately 19.20 million short tons (mmst) of coal in ...
Friday, 17 October 14
DRY BULK SHIPPING'S OUTLOOK NOW SHIFTING TO A LESS PROMISING ONE, SHIP PRICES EXPECTED TO FOLLOW SOON - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
China’s and other Asian countries’ return to the dry bulk market last week, didn’t trigger the hoped support towards the dry bulk ...
Thursday, 16 October 14
KOREA MIDLAND POWER TO BUY 490K MT OF LCV COAL FOR 1Q 2015
COALspot.com : Korea Midland Power Co., Ltd. has invited bids through International open bidding for 490,000 Metric Tons (MT) of LCV (Sub) Bitumino ...
Thursday, 16 October 14
PANAMAX OWNERS RECEIVE A PREMIUM FOR GOING TO INDIA VIA INDONESIA - FEARNLEYS AS
Handy
The Handy/Supra market continues to slide in both hemispheres, said Fearnleys AS in its latest week report. In the Atlantic we see rates co ...
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- SMC Global Power, Philippines
- Tamil Nadu electricity Board
- India Bulls Power Limited - India
- Energy Link Ltd, New Zealand
- Indian Energy Exchange, India
- Globalindo Alam Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- South Luzon Thermal Energy Corporation
- New Zealand Coal & Carbon
- Sical Logistics Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Posco Energy - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Parry Sugars Refinery, India
- SN Aboitiz Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Coastal Gujarat Power Limited - India
- Tata Chemicals Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Energy Development Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- London Commodity Brokers - England
- Carbofer General Trading SA - India
- Pipit Mutiara Jaya. PT, Indonesia
- Straits Asia Resources Limited - Singapore
- Larsen & Toubro Limited - India
- Miang Besar Coal Terminal - Indonesia
- Orica Mining Services - Indonesia
- ICICI Bank Limited - India
- McConnell Dowell - Australia
- Ministry of Finance - Indonesia
- Chettinad Cement Corporation Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Therma Luzon, Inc, Philippines
- Commonwealth Bank - Australia
- Chamber of Mines of South Africa
- Eastern Coal Council - USA
- Marubeni Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- VISA Power Limited - India
- Electricity Generating Authority of Thailand
- Savvy Resources Ltd - HongKong
- Bangladesh Power Developement Board
- Jaiprakash Power Ventures ltd
- Siam City Cement - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Riau Bara Harum - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cement Manufacturers Association - India
- PNOC Exploration Corporation - Philippines
- Singapore Mercantile Exchange
- Africa Commodities Group - South Africa
- Sarangani Energy Corporation, Philippines
- Bhushan Steel Limited - India
- Indika Energy - Indonesia
- The University of Queensland
- Romanian Commodities Exchange
- Alfred C Toepfer International GmbH - Germany
- Toyota Tsusho Corporation, Japan
- Central Java Power - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- PowerSource Philippines DevCo
- Directorate Of Revenue Intelligence - India
- Interocean Group of Companies - India
- Semirara Mining and Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Coal and Oil Company - UAE
- Port Waratah Coal Services - Australia
- Kohat Cement Company Ltd. - Pakistan
- Georgia Ports Authority, United States
- Oldendorff Carriers - Singapore
- Neyveli Lignite Corporation Ltd, - India
- IHS Mccloskey Coal Group - USA
- Formosa Plastics Group - Taiwan
- Mercator Lines Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Star Paper Mills Limited - India
- Bukit Makmur.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Wilmar Investment Holdings
- PTC India Limited - India
- Ind-Barath Power Infra Limited - India
- Eastern Energy - Thailand
- The Treasury - Australian Government
- Sree Jayajothi Cements Limited - India
- Indonesian Coal Mining Association
- Renaissance Capital - South Africa
- Makarim & Taira - Indonesia
- Deloitte Consulting - India
- Minerals Council of Australia
- Cigading International Bulk Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thiess Contractors Indonesia
- Goldman Sachs - Singapore
- Ceylon Electricity Board - Sri Lanka
- Heidelberg Cement - Germany
- Sinarmas Energy and Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- SMG Consultants - Indonesia
- Kumho Petrochemical, South Korea
- TeaM Sual Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Ambuja Cements Ltd - India
- Global Business Power Corporation, Philippines
- Edison Trading Spa - Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Intertek Mineral Services - Indonesia
- Essar Steel Hazira Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Simpson Spence & Young - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Anglo American - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Kepco SPC Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Kaltim Prima Coal - Indonesia
- MS Steel International - UAE
- Kobexindo Tractors - Indoneisa
- Economic Council, Georgia
- Ministry of Mines - Canada
- Aditya Birla Group - India
- Borneo Indobara - Indonesia
- Standard Chartered Bank - UAE
- Trasteel International SA, Italy
- Bharathi Cement Corporation - India
- OPG Power Generation Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Karbindo Abesyapradhi - Indoneisa
- Planning Commission, India
- The State Trading Corporation of India Ltd
- Jindal Steel & Power Ltd - India
- Dalmia Cement Bharat India
- Baramulti Group, Indonesia
- Global Green Power PLC Corporation, Philippines
- Uttam Galva Steels Limited - India
- IEA Clean Coal Centre - UK
- Jorong Barutama Greston.PT - Indonesia
- Vizag Seaport Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Agrawal Coal Company - India
- Wood Mackenzie - Singapore
- Gujarat Sidhee Cement - India
- Krishnapatnam Port Company Ltd. - India
- Attock Cement Pakistan Limited
- Aboitiz Power Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Petron Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Bhatia International Limited - India
- Central Electricity Authority - India
- CIMB Investment Bank - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Maheswari Brothers Coal Limited - India
- Indian Oil Corporation Limited
- Thai Mozambique Logistica
- Bukit Baiduri Energy - Indonesia
- Parliament of New Zealand
- Videocon Industries ltd - India
- Orica Australia Pty. Ltd.
- Sojitz Corporation - Japan
- Independent Power Producers Association of India
- Salva Resources Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Sakthi Sugars Limited - India
- ASAPP Information Group - India
- GAC Shipping (India) Pvt Ltd
- LBH Netherlands Bv - Netherlands
- Holcim Trading Pte Ltd - Singapore
- GVK Power & Infra Limited - India
- Xindia Steels Limited - India
- Coalindo Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Binh Thuan Hamico - Vietnam
- Rio Tinto Coal - Australia
- Meralco Power Generation, Philippines
- Price Waterhouse Coopers - Russia
- Mjunction Services Limited - India
- Bhoruka Overseas - Indonesia
- Bulk Trading Sa - Switzerland
- GMR Energy Limited - India
- White Energy Company Limited
- Electricity Authority, New Zealand
- Vedanta Resources Plc - India
- Medco Energi Mining Internasional
- Antam Resourcindo - Indonesia
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- San Jose City I Power Corp, Philippines
- Lanco Infratech Ltd - India
- Australian Coal Association
- European Bulk Services B.V. - Netherlands
- Mintek Dendrill Indonesia
- Bayan Resources Tbk. - Indonesia
- Sindya Power Generating Company Private Ltd
- Semirara Mining Corp, Philippines
- Mercuria Energy - Indonesia
- Grasim Industreis Ltd - India
- Malabar Cements Ltd - India
- Latin American Coal - Colombia
- Global Coal Blending Company Limited - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Altura Mining Limited, Indonesia
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
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