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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, 08 October 14
IS THERE ANY BRIGHT SIDE ON THE DRY BULK SEGMENT? - YANNIS OLZIERSKY
In the movie “Life Of Brian”, a character on a nearby cross was singing the famous “Always look on the bright side of life” ...
Tuesday, 07 October 14
TAIPOWER TO IMPORT 525K MT OF LOW ASH AND EXTRA LOW SULFUR SUB-BITUMINOUS COAL
COALspot.com: Taiwan Power Company intends to procure 525,000 metric tons of low ash and extra low sulfur sub-bituminous coal for Taipower thermal ...
Tuesday, 07 October 14
SUB-BIT FOB INDONESIA COAL SWAP SHOWS A FLAT TO WEAK TREND THIS PAST WEEK
COALspot.com: Indonesian coal swaps November 2014 delivery flat week on week and gained US$ 0.10 (-0.20%) per mt day on day. The swap also lost US$ ...
Tuesday, 07 October 14
THE RIO TINTO CONFIRMS THAT NO DISCUSSIONS ARE TAKING PLACE WITH GLENCORE
COALspot.com: The board of Rio Tinto notes the recent press speculation regarding a possible combination of Rio Tinto and Glencore.The Rio Tinto bo ...
Tuesday, 07 October 14
API 8 CFR SOUTH CHINA COAL SWAP HEADED SOUTH
COALspot.com: API 8 CFR South China Coal swap for delivery in November 2014 decreased US$ 1.10 (-1.64%) month over month and US$ 0.25 (-0.38%) ...
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- Videocon Industries ltd - India
- Cement Manufacturers Association - India
- Neyveli Lignite Corporation Ltd, - India
- Georgia Ports Authority, United States
- Oldendorff Carriers - Singapore
- Ceylon Electricity Board - Sri Lanka
- Jaiprakash Power Ventures ltd
- Formosa Plastics Group - Taiwan
- Ambuja Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Globalindo Alam Lestari - Indonesia
- McConnell Dowell - Australia
- Simpson Spence & Young - Indonesia
- Edison Trading Spa - Italy
- Power Finance Corporation Ltd., India
- Bayan Resources Tbk. - Indonesia
- Posco Energy - South Korea
- Independent Power Producers Association of India
- Thai Mozambique Logistica
- Larsen & Toubro Limited - India
- ICICI Bank Limited - India
- San Jose City I Power Corp, Philippines
- Ministry of Finance - Indonesia
- London Commodity Brokers - England
- CNBM International Corporation - China
- Parliament of New Zealand
- IHS Mccloskey Coal Group - USA
- Gujarat Sidhee Cement - India
- Global Coal Blending Company Limited - Australia
- Indo Tambangraya Megah - Indonesia
- Therma Luzon, Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Global Green Power PLC Corporation, Philippines
- Africa Commodities Group - South Africa
- Eastern Energy - Thailand
- Baramulti Group, Indonesia
- Orica Australia Pty. Ltd.
- Semirara Mining Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Antam Resourcindo - Indonesia
- LBH Netherlands Bv - Netherlands
- Sojitz Corporation - Japan
- Bahari Cakrawala Sebuku - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Samtan Co., Ltd - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Kaltim Prima Coal - Indonesia
- Ministry of Mines - Canada
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- GMR Energy Limited - India
- Sindya Power Generating Company Private Ltd
- Xindia Steels Limited - India
- Carbofer General Trading SA - India
- Kepco SPC Power Corporation, Philippines
- Eastern Coal Council - USA
- Bhoruka Overseas - Indonesia
- Kideco Jaya Agung - Indonesia
- Bangladesh Power Developement Board
- White Energy Company Limited
- Pendopo Energi Batubara - Indonesia
- Toyota Tsusho Corporation, Japan
- New Zealand Coal & Carbon
- Borneo Indobara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Maheswari Brothers Coal Limited - India
- Madhucon Powers Ltd - India
- MS Steel International - UAE
- European Bulk Services B.V. - Netherlands
- Metalloyd Limited - United Kingdom
- Kobexindo Tractors - Indoneisa
- Energy Link Ltd, New Zealand
- Economic Council, Georgia
- Pipit Mutiara Jaya. PT, Indonesia
- Renaissance Capital - South Africa
- Straits Asia Resources Limited - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Marubeni Corporation - India
- Attock Cement Pakistan Limited
- Ind-Barath Power Infra Limited - India
- Savvy Resources Ltd - HongKong
- Uttam Galva Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Timah Investasi Mineral - Indoneisa
- Malabar Cements Ltd - India
- Romanian Commodities Exchange
- Heidelberg Cement - Germany
- Lanco Infratech Ltd - India
- PowerSource Philippines DevCo
- Merrill Lynch Commodities Europe
- Coal and Oil Company - UAE
- Maharashtra Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Standard Chartered Bank - UAE
- Intertek Mineral Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Sakthi Sugars Limited - India
- Planning Commission, India
- Mjunction Services Limited - India
- Australian Commodity Traders Exchange
- Vizag Seaport Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Mercuria Energy - Indonesia
- Bharathi Cement Corporation - India
- Medco Energi Mining Internasional
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement - Thailand
- The Treasury - Australian Government
- Petrochimia International Co. Ltd.- Taiwan
- VISA Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Altura Mining Limited, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Sical Logistics Limited - India
- Deloitte Consulting - India
- Billiton Holdings Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- ASAPP Information Group - India
- Sree Jayajothi Cements Limited - India
- Latin American Coal - Colombia
- The University of Queensland
- Kumho Petrochemical, South Korea
- Singapore Mercantile Exchange
- Star Paper Mills Limited - India
- Gujarat Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Bhatia International Limited - India
- Parry Sugars Refinery, India
- Wilmar Investment Holdings
- Australian Coal Association
- Salva Resources Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Port Waratah Coal Services - Australia
- Rio Tinto Coal - Australia
- Kalimantan Lumbung Energi - Indonesia
- Wood Mackenzie - Singapore
- PTC India Limited - India
- Indian Oil Corporation Limited
- Interocean Group of Companies - India
- Coastal Gujarat Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Karaikal Port Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Indika Energy - Indonesia
- Aditya Birla Group - India
- Manunggal Multi Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Kohat Cement Company Ltd. - Pakistan
- IEA Clean Coal Centre - UK
- Makarim & Taira - Indonesia
- Central Electricity Authority - India
- SMC Global Power, Philippines
- Holcim Trading Pte Ltd - Singapore
- Kartika Selabumi Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Aboitiz Power Corporation - Philippines
- Tamil Nadu electricity Board
- CIMB Investment Bank - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Tata Chemicals Ltd - India
- Riau Bara Harum - Indonesia
- Orica Mining Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Siam City Cement PLC, Thailand
- Petron Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Central Java Power - Indonesia
- Commonwealth Bank - Australia
- Electricity Authority, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Trasteel International SA, Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jorong Barutama Greston.PT - Indonesia
- Indogreen Group - Indonesia
- Chettinad Cement Corporation Ltd - India
- Vedanta Resources Plc - India
- TeaM Sual Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Thiess Contractors Indonesia
- Cigading International Bulk Terminal - Indonesia
- Anglo American - United Kingdom
- Global Business Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Bhushan Steel Limited - India
- OPG Power Generation Pvt Ltd - India
- Coalindo Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Goldman Sachs - Singapore
- Semirara Mining and Power Corporation, Philippines
- Energy Development Corp, Philippines
- SMG Consultants - Indonesia
- Indian Energy Exchange, India
- GAC Shipping (India) Pvt Ltd
- Jindal Steel & Power Ltd - India
- South Luzon Thermal Energy Corporation
- Agrawal Coal Company - India
- Electricity Generating Authority of Thailand
- International Coal Ventures Pvt Ltd - India
- Dalmia Cement Bharat India
- Alfred C Toepfer International GmbH - Germany
- Grasim Industreis Ltd - India
- Indonesian Coal Mining Association
- Ministry of Transport, Egypt
- Chamber of Mines of South Africa
- Essar Steel Hazira Ltd - India
- Minerals Council of Australia
- Mercator Lines Limited - India
- GVK Power & Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
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