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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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Monday, 13 October 14
INDONESIAN COAL SWAPS FOR DELIVERY Q4' 2014 GAINED WEEK ON WEEK AND DAY ON DAY
COALspot.com: Indonesian coal swaps for delivery Q4' 2014 gained week on week and day on day.
The swap lost US$ 0.13 (-0.25%) month on mon ...
Monday, 13 October 14
Q1' 2015 CFR SOUTH CHINA COAL SWAP CLOSED US$ 0.31 PMT HIGHER THAN Q4' 2014 CLOSING
COALspot.com: API 8 CFR South China Coal swap for Q4’ 2014 delivery decreased US$ 0.66 (-1.00%) month over month and US$ 0.40 (-0.61%) ...
Sunday, 12 October 14
INDONESIA TO INDIA FREIGHT RATES ARE EXPECTED TO BE WEAK - VISTAAR
COALspot.com: This week all the segments softened. The BDI down 7.13 pct week on week and closed below 1000 points at 963 points.
The Cape ind ...
Saturday, 11 October 14
COAL PRODUCTION RISES ONLY SLIGHTLY AS GOVT LIMITS MINING OPERATIONS - THE JAKARTA POST
Indonesian coal production rose by only 4 percent in the first nine months of this year, a relatively low increase compared to previous years, as t ...
Friday, 10 October 14
INDONESIA TO DEVELOP DOWNSTREAM COAL INDUSTRY - JP
The government is planning to launch a program to develop the downstream coal industry to increase the commodity’s added value, an official h ...
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- Bukit Makmur.PT - Indonesia
- Electricity Authority, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- GMR Energy Limited - India
- Toyota Tsusho Corporation, Japan
- Globalindo Alam Lestari - Indonesia
- Africa Commodities Group - South Africa
- Xindia Steels Limited - India
- Ministry of Mines - Canada
- Heidelberg Cement - Germany
- Bangladesh Power Developement Board
- Posco Energy - South Korea
- Commonwealth Bank - Australia
- Parliament of New Zealand
- Therma Luzon, Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Green Power PLC Corporation, Philippines
- Interocean Group of Companies - India
- AsiaOL BioFuels Corp., Philippines
- Goldman Sachs - Singapore
- Coastal Gujarat Power Limited - India
- Tata Chemicals Ltd - India
- PNOC Exploration Corporation - Philippines
- Bhushan Steel Limited - India
- Australian Commodity Traders Exchange
- Gujarat Mineral Development Corp Ltd - India
- Sarangani Energy Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Coalindo Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Miang Besar Coal Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Altura Mining Limited, Indonesia
- Bulk Trading Sa - Switzerland
- PetroVietnam Power Coal Import and Supply Company
- Cigading International Bulk Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Maharashtra Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Makarim & Taira - Indonesia
- Sojitz Corporation - Japan
- IHS Mccloskey Coal Group - USA
- Thiess Contractors Indonesia
- Vedanta Resources Plc - India
- India Bulls Power Limited - India
- Antam Resourcindo - Indonesia
- Samtan Co., Ltd - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Directorate General of MIneral and Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Aditya Birla Group - India
- Jindal Steel & Power Ltd - India
- The Treasury - Australian Government
- Electricity Generating Authority of Thailand
- Siam City Cement PLC, Thailand
- Gujarat Sidhee Cement - India
- Jaiprakash Power Ventures ltd
- Petron Corporation, Philippines
- Singapore Mercantile Exchange
- Energy Link Ltd, New Zealand
- Star Paper Mills Limited - India
- Formosa Plastics Group - Taiwan
- Riau Bara Harum - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Essar Steel Hazira Ltd - India
- SMC Global Power, Philippines
- GVK Power & Infra Limited - India
- Tamil Nadu electricity Board
- Indika Energy - Indonesia
- Intertek Mineral Services - Indonesia
- The University of Queensland
- Straits Asia Resources Limited - Singapore
- Agrawal Coal Company - India
- Krishnapatnam Port Company Ltd. - India
- Kobexindo Tractors - Indoneisa
- CNBM International Corporation - China
- Ind-Barath Power Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Standard Chartered Bank - UAE
- GAC Shipping (India) Pvt Ltd
- Banpu Public Company Limited - Thailand
- European Bulk Services B.V. - Netherlands
- Malabar Cements Ltd - India
- MS Steel International - UAE
- Meralco Power Generation, Philippines
- Global Coal Blending Company Limited - Australia
- Kohat Cement Company Ltd. - Pakistan
- Wilmar Investment Holdings
- Port Waratah Coal Services - Australia
- Mintek Dendrill Indonesia
- Meenaskhi Energy Private Limited - India
- Sree Jayajothi Cements Limited - India
- Indian Energy Exchange, India
- IEA Clean Coal Centre - UK
- Indian Oil Corporation Limited
- Directorate Of Revenue Intelligence - India
- Metalloyd Limited - United Kingdom
- Cement Manufacturers Association - India
- Kaltim Prima Coal - Indonesia
- Borneo Indobara - Indonesia
- Simpson Spence & Young - Indonesia
- Grasim Industreis Ltd - India
- Kepco SPC Power Corporation, Philippines
- Latin American Coal - Colombia
- TNB Fuel Sdn Bhd - Malaysia
- Orica Australia Pty. Ltd.
- Kartika Selabumi Mining - Indonesia
- London Commodity Brokers - England
- Neyveli Lignite Corporation Ltd, - India
- Ceylon Electricity Board - Sri Lanka
- Holcim Trading Pte Ltd - Singapore
- Wood Mackenzie - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Carbofer General Trading SA - India
- Minerals Council of Australia
- Eastern Coal Council - USA
- Semirara Mining Corp, Philippines
- Central Java Power - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement - Thailand
- Bayan Resources Tbk. - Indonesia
- Thai Mozambique Logistica
- Romanian Commodities Exchange
- Renaissance Capital - South Africa
- Sindya Power Generating Company Private Ltd
- Dalmia Cement Bharat India
- Power Finance Corporation Ltd., India
- Vijayanagar Sugar Pvt Ltd - India
- Bharathi Cement Corporation - India
- Kumho Petrochemical, South Korea
- Kapuas Tunggal Persada - Indonesia
- Georgia Ports Authority, United States
- Bhoruka Overseas - Indonesia
- Medco Energi Mining Internasional
- PTC India Limited - India
- Chamber of Mines of South Africa
- Binh Thuan Hamico - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhatia International Limited - India
- Energy Development Corp, Philippines
- Videocon Industries ltd - India
- Lanco Infratech Ltd - India
- Eastern Energy - Thailand
- Karaikal Port Pvt Ltd - India
- Anglo American - United Kingdom
- Mjunction Services Limited - India
- Central Electricity Authority - India
- White Energy Company Limited
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Indogreen Group - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Madhucon Powers Ltd - India
- VISA Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- PowerSource Philippines DevCo
- Chettinad Cement Corporation Ltd - India
- San Jose City I Power Corp, Philippines
- ASAPP Information Group - India
- International Coal Ventures Pvt Ltd - India
- Rio Tinto Coal - Australia
- Price Waterhouse Coopers - Russia
- Ambuja Cements Ltd - India
- Ministry of Finance - Indonesia
- Merrill Lynch Commodities Europe
- CIMB Investment Bank - Malaysia
- OPG Power Generation Pvt Ltd - India
- Trasteel International SA, Italy
- The State Trading Corporation of India Ltd
- Manunggal Multi Energi - Indonesia
- Parry Sugars Refinery, India
- ICICI Bank Limited - India
- Alfred C Toepfer International GmbH - Germany
- Sical Logistics Limited - India
- Pendopo Energi Batubara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Oldendorff Carriers - Singapore
- Timah Investasi Mineral - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Marubeni Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Uttam Galva Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Planning Commission, India
- Indonesian Coal Mining Association
- Baramulti Group, Indonesia
- Kideco Jaya Agung - Indonesia
- Economic Council, Georgia
- Deloitte Consulting - India
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- Edison Trading Spa - Italy
- Iligan Light & Power Inc, Philippines
- Sakthi Sugars Limited - India
- Attock Cement Pakistan Limited
- SMG Consultants - Indonesia
- Mercuria Energy - Indonesia
- McConnell Dowell - Australia
- Ministry of Transport, Egypt
- Australian Coal Association
- New Zealand Coal & Carbon
- Bahari Cakrawala Sebuku - Indonesia
- Mercator Lines Limited - India
- Independent Power Producers Association of India
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