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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, 01 October 14
ASIAN THERMAL COAL PRICES TO REMAIN WEAK ON OVERSUPPLY - FITCH
COALspot.com: The thermal coal market in Asia will remain oversupplied in the next 12 months, in spite of on-going rationalisation of production, a ...
Wednesday, 01 October 14
PANAMAXES: DEFENSIVE, STRUGGLING TO KEEP ANY FURTHER DECREASES - INTERMODAL
COALspot.com: The Dry Bulk market seemed unable to shake off the trend of the week prior and the BDI remained on a downward slope for the bigger pa ...
Wednesday, 01 October 14
FITCH: GLOBAL ECONOMY FACES MULTI-SPEED RECOVERY, MULTIPLE RISKS
Fitch Ratings says in its latest Global Economic Outlook (GEO) that global growth will pick up in 2015 and 2016, but risks are weighted to the down ...
Tuesday, 30 September 14
COALVIEW TO PARTICIPATE AT MET COKE WORLD SUMMIT 2014 IN CHICAGO
COALspot.com: Coalview Ltd., LLC(“Coalview”) America's leading fully integrated coal technology and fine coal recovery company prov ...
Monday, 29 September 14
INDONESIAN COAL EXPORT VOLUME FALL IN AUGUST
COALspot.com: Indonesia, one of the world's largest coal producers and the global leading multi grade coal exporter shipped around $1.50 ...
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- Straits Asia Resources Limited - Singapore
- Bangladesh Power Developement Board
- Meralco Power Generation, Philippines
- PNOC Exploration Corporation - Philippines
- Electricity Generating Authority of Thailand
- OPG Power Generation Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Altura Mining Limited, Indonesia
- Deloitte Consulting - India
- Posco Energy - South Korea
- Edison Trading Spa - Italy
- Antam Resourcindo - Indonesia
- PTC India Limited - India
- Xindia Steels Limited - India
- Africa Commodities Group - South Africa
- Maheswari Brothers Coal Limited - India
- Intertek Mineral Services - Indonesia
- Eastern Coal Council - USA
- Metalloyd Limited - United Kingdom
- Energy Development Corp, Philippines
- Bulk Trading Sa - Switzerland
- Indian Oil Corporation Limited
- Global Green Power PLC Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Central Electricity Authority - India
- Renaissance Capital - South Africa
- Medco Energi Mining Internasional
- Anglo American - United Kingdom
- Sarangani Energy Corporation, Philippines
- Semirara Mining Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Cement Manufacturers Association - India
- Aditya Birla Group - India
- Romanian Commodities Exchange
- IEA Clean Coal Centre - UK
- Mercuria Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Mintek Dendrill Indonesia
- Grasim Industreis Ltd - India
- San Jose City I Power Corp, Philippines
- Bhoruka Overseas - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Alfred C Toepfer International GmbH - Germany
- Binh Thuan Hamico - Vietnam
- Toyota Tsusho Corporation, Japan
- Bayan Resources Tbk. - Indonesia
- Formosa Plastics Group - Taiwan
- Gujarat Mineral Development Corp Ltd - India
- GAC Shipping (India) Pvt Ltd
- Sakthi Sugars Limited - India
- CNBM International Corporation - China
- Essar Steel Hazira Ltd - India
- Coastal Gujarat Power Limited - India
- Thiess Contractors Indonesia
- Kideco Jaya Agung - Indonesia
- Attock Cement Pakistan Limited
- VISA Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Electricity Authority, New Zealand
- Mercator Lines Limited - India
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- ASAPP Information Group - India
- Rio Tinto Coal - Australia
- Mjunction Services Limited - India
- The State Trading Corporation of India Ltd
- Jorong Barutama Greston.PT - Indonesia
- Georgia Ports Authority, United States
- Parry Sugars Refinery, India
- Star Paper Mills Limited - India
- Kumho Petrochemical, South Korea
- IHS Mccloskey Coal Group - USA
- Pipit Mutiara Jaya. PT, Indonesia
- New Zealand Coal & Carbon
- Ministry of Finance - Indonesia
- Orica Australia Pty. Ltd.
- Price Waterhouse Coopers - Russia
- Siam City Cement - Thailand
- Siam City Cement PLC, Thailand
- Samtan Co., Ltd - South Korea
- Bhushan Steel Limited - India
- Tata Chemicals Ltd - India
- India Bulls Power Limited - India
- Indonesian Coal Mining Association
- Vijayanagar Sugar Pvt Ltd - India
- London Commodity Brokers - England
- Bharathi Cement Corporation - India
- LBH Netherlands Bv - Netherlands
- Wood Mackenzie - Singapore
- Minerals Council of Australia
- Videocon Industries ltd - India
- Sindya Power Generating Company Private Ltd
- Sojitz Corporation - Japan
- MS Steel International - UAE
- Directorate Of Revenue Intelligence - India
- Cigading International Bulk Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Wilmar Investment Holdings
- Banpu Public Company Limited - Thailand
- Simpson Spence & Young - Indonesia
- Ind-Barath Power Infra Limited - India
- Singapore Mercantile Exchange
- Bhatia International Limited - India
- Salva Resources Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Miang Besar Coal Terminal - Indonesia
- Indogreen Group - Indonesia
- Petron Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Australian Commodity Traders Exchange
- PowerSource Philippines DevCo
- Kobexindo Tractors - Indoneisa
- Gujarat Sidhee Cement - India
- Leighton Contractors Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Goldman Sachs - Singapore
- Kohat Cement Company Ltd. - Pakistan
- ICICI Bank Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GMR Energy Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Commonwealth Bank - Australia
- SMG Consultants - Indonesia
- Sree Jayajothi Cements Limited - India
- Latin American Coal - Colombia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Malabar Cements Ltd - India
- SMC Global Power, Philippines
- Lanco Infratech Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Ambuja Cements Ltd - India
- Power Finance Corporation Ltd., India
- Gujarat Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Ministry of Transport, Egypt
- Carbofer General Trading SA - India
- Dalmia Cement Bharat India
- Ministry of Mines - Canada
- McConnell Dowell - Australia
- Interocean Group of Companies - India
- Vedanta Resources Plc - India
- Global Business Power Corporation, Philippines
- Tamil Nadu electricity Board
- Kartika Selabumi Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Indika Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Parliament of New Zealand
- Riau Bara Harum - Indonesia
- The Treasury - Australian Government
- Orica Mining Services - Indonesia
- TeaM Sual Corporation - Philippines
- Coalindo Energy - Indonesia
- Madhucon Powers Ltd - India
- Merrill Lynch Commodities Europe
- Australian Coal Association
- Karaikal Port Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- South Luzon Thermal Energy Corporation
- Indian Energy Exchange, India
- Sinarmas Energy and Mining - Indonesia
- Planning Commission, India
- Semirara Mining and Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- The University of Queensland
- CIMB Investment Bank - Malaysia
- Marubeni Corporation - India
- Borneo Indobara - Indonesia
- Economic Council, Georgia
- Global Coal Blending Company Limited - Australia
- Larsen & Toubro Limited - India
- Savvy Resources Ltd - HongKong
- Jindal Steel & Power Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thai Mozambique Logistica
- White Energy Company Limited
- Port Waratah Coal Services - Australia
- Asmin Koalindo Tuhup - Indonesia
- Baramulti Group, Indonesia
- Vizag Seaport Private Limited - India
- Sical Logistics Limited - India
- Barasentosa Lestari - Indonesia
- Coal and Oil Company - UAE
- Rashtriya Ispat Nigam Limited - India
- Kaltim Prima Coal - Indonesia
- Independent Power Producers Association of India
- Billiton Holdings Pty Ltd - Australia
- Central Java Power - Indonesia
- Jaiprakash Power Ventures ltd
- Makarim & Taira - Indonesia
- Agrawal Coal Company - India
- Trasteel International SA, Italy
- PetroVietnam Power Coal Import and Supply Company
- Chamber of Mines of South Africa
- SN Aboitiz Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Heidelberg Cement - Germany
- Meenaskhi Energy Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Bukit Makmur.PT - Indonesia
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