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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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Wednesday, 15 October 14
NEWCASTLE SHIPPED 13.96 MILLION TONS OF COAL IN SEPTEMBER; UP 5.72%
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1,227.7 wor ...
Tuesday, 14 October 14
KING COAL UNDER ATTACK? - EVA TZIMA
With the last quarter of the year being well underway and with no strong signs that the Dry Bulk market could be ready for a big positive reversal, ...
Tuesday, 14 October 14
THE NEW CHINESE TRANSPORTATION TAX LAW: WHAT DOES IT MEAN FOR GREEK SHIPPING? - DELOITTE
China has recently promulgated a new law which imposes tax on profits from freights of inbound routes. The objective of the new tax law titled &ldq ...
Monday, 13 October 14
CHINESE COAL IMPORT TARIFFS YET ANOTHER BLOW TO AUSTRALIAN COAL EXPORTS - TIM BUCKLEY
COALspot.com: China’s unexpected move to reintroduce thermal coal import tariffs of 6% will have a materially negative impact on the viabilit ...
Monday, 13 October 14
NEWCASTLE COAL SWAP FOR Q1' 2015 DELIVERY CLOSED AT US$ 54.92, SGX DATA SHOWS
COALspot.com: API 5 FOB Newcastle Coal swap for delivery Q4' 2014 decreased US$ 0.80 (-1.46%) month over month and US$ 0.52 (-0.95%) week over ...
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- The Treasury - Australian Government
- Kobexindo Tractors - Indoneisa
- Baramulti Group, Indonesia
- Larsen & Toubro Limited - India
- Timah Investasi Mineral - Indoneisa
- Coal and Oil Company - UAE
- Savvy Resources Ltd - HongKong
- Indonesian Coal Mining Association
- Chettinad Cement Corporation Ltd - India
- Kideco Jaya Agung - Indonesia
- Rio Tinto Coal - Australia
- Minerals Council of Australia
- Central Electricity Authority - India
- London Commodity Brokers - England
- Price Waterhouse Coopers - Russia
- Attock Cement Pakistan Limited
- Sindya Power Generating Company Private Ltd
- Samtan Co., Ltd - South Korea
- Manunggal Multi Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- India Bulls Power Limited - India
- San Jose City I Power Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- LBH Netherlands Bv - Netherlands
- CNBM International Corporation - China
- Bharathi Cement Corporation - India
- European Bulk Services B.V. - Netherlands
- Pendopo Energi Batubara - Indonesia
- VISA Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Banpu Public Company Limited - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Oldendorff Carriers - Singapore
- Meenaskhi Energy Private Limited - India
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- Vizag Seaport Private Limited - India
- Bhatia International Limited - India
- Simpson Spence & Young - Indonesia
- SMG Consultants - Indonesia
- Straits Asia Resources Limited - Singapore
- Kartika Selabumi Mining - Indonesia
- Tamil Nadu electricity Board
- Power Finance Corporation Ltd., India
- Orica Mining Services - Indonesia
- Thai Mozambique Logistica
- Parry Sugars Refinery, India
- Posco Energy - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Interocean Group of Companies - India
- Bukit Baiduri Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Georgia Ports Authority, United States
- Thiess Contractors Indonesia
- Orica Australia Pty. Ltd.
- Global Business Power Corporation, Philippines
- Trasteel International SA, Italy
- Siam City Cement - Thailand
- Petron Corporation, Philippines
- Lanco Infratech Ltd - India
- Eastern Coal Council - USA
- Rashtriya Ispat Nigam Limited - India
- South Luzon Thermal Energy Corporation
- Jaiprakash Power Ventures ltd
- Edison Trading Spa - Italy
- Kohat Cement Company Ltd. - Pakistan
- Jorong Barutama Greston.PT - Indonesia
- Xindia Steels Limited - India
- Makarim & Taira - Indonesia
- ICICI Bank Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bhushan Steel Limited - India
- Billiton Holdings Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Romanian Commodities Exchange
- Indo Tambangraya Megah - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Sakthi Sugars Limited - India
- MS Steel International - UAE
- Karbindo Abesyapradhi - Indoneisa
- Coalindo Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Indian Oil Corporation Limited
- Latin American Coal - Colombia
- Alfred C Toepfer International GmbH - Germany
- SN Aboitiz Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Sarangani Energy Corporation, Philippines
- Cement Manufacturers Association - India
- ASAPP Information Group - India
- White Energy Company Limited
- The State Trading Corporation of India Ltd
- Ministry of Mines - Canada
- Essar Steel Hazira Ltd - India
- Sojitz Corporation - Japan
- Aditya Birla Group - India
- Renaissance Capital - South Africa
- Kapuas Tunggal Persada - Indonesia
- Africa Commodities Group - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- AsiaOL BioFuels Corp., Philippines
- Ministry of Finance - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Metalloyd Limited - United Kingdom
- Ambuja Cements Ltd - India
- Semirara Mining Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Sree Jayajothi Cements Limited - India
- Ministry of Transport, Egypt
- Bulk Trading Sa - Switzerland
- Australian Commodity Traders Exchange
- Global Coal Blending Company Limited - Australia
- Videocon Industries ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Grasim Industreis Ltd - India
- Karaikal Port Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Gujarat Sidhee Cement - India
- Independent Power Producers Association of India
- Ceylon Electricity Board - Sri Lanka
- Medco Energi Mining Internasional
- Meralco Power Generation, Philippines
- Chamber of Mines of South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Standard Chartered Bank - UAE
- Aboitiz Power Corporation - Philippines
- Star Paper Mills Limited - India
- Bhoruka Overseas - Indonesia
- New Zealand Coal & Carbon
- PowerSource Philippines DevCo
- Port Waratah Coal Services - Australia
- Sinarmas Energy and Mining - Indonesia
- Parliament of New Zealand
- Sical Logistics Limited - India
- PTC India Limited - India
- Singapore Mercantile Exchange
- Tata Chemicals Ltd - India
- Energy Development Corp, Philippines
- GMR Energy Limited - India
- TeaM Sual Corporation - Philippines
- Mintek Dendrill Indonesia
- PNOC Exploration Corporation - Philippines
- GVK Power & Infra Limited - India
- Commonwealth Bank - Australia
- International Coal Ventures Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- IEA Clean Coal Centre - UK
- Eastern Energy - Thailand
- Iligan Light & Power Inc, Philippines
- Borneo Indobara - Indonesia
- McConnell Dowell - Australia
- Central Java Power - Indonesia
- Madhucon Powers Ltd - India
- Riau Bara Harum - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Leighton Contractors Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Marubeni Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- Indogreen Group - Indonesia
- Deloitte Consulting - India
- Electricity Authority, New Zealand
- SMC Global Power, Philippines
- Mjunction Services Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Dalmia Cement Bharat India
- The University of Queensland
- Global Green Power PLC Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- IHS Mccloskey Coal Group - USA
- CIMB Investment Bank - Malaysia
- Kumho Petrochemical, South Korea
- Anglo American - United Kingdom
- Altura Mining Limited, Indonesia
- Bayan Resources Tbk. - Indonesia
- Wood Mackenzie - Singapore
- Vedanta Resources Plc - India
- Wilmar Investment Holdings
- Gujarat Mineral Development Corp Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Coal Association
- Barasentosa Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Uttam Galva Steels Limited - India
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- Ind-Barath Power Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Energy Link Ltd, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Heidelberg Cement - Germany
- Carbofer General Trading SA - India
- Coastal Gujarat Power Limited - India
- Antam Resourcindo - Indonesia
- Malabar Cements Ltd - India
- Indian Energy Exchange, India
- Goldman Sachs - Singapore
- Agrawal Coal Company - India
- Planning Commission, India
- Mercuria Energy - Indonesia
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