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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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Saturday, 27 September 14
MORE COAL MINERS AGREE TO AMEND CONTRACTS - THE JAKARTA POST
The Energy and Mineral Resources Ministry is in a rush to beat a deadline for the conclusion of numerous memorandums of understanding (MoUs) with t ...
Friday, 26 September 14
INDIA SUPREME COURT RULING TO HIT STEEL, UTILITY EARNINGS, SAYS FITCH
COALspot.com: The 24 September Supreme Court of India (SCI) decision to cancel almost every coal block allocation since 1993 will have a negative f ...
Friday, 26 September 14
U.S WEEKLY COAL PRODUCTION FELL 1.8% WEEK OVER WEEK, SAYS EIA
COALspot.com – United States the world's one of largest coal producers, produced approximately 18.80 million short tons (mmst) of c ...
Friday, 26 September 14
ORACLE SIGNS EPC FRAMEWORK AGREEMENT WITH SEPCO FOR COAL MINE AND POWER PLANT IN PAKISTAN
COALspot.com: Oracle Coalfields PLC, the UK developer of a lignite coal mine and power plant in the south-eastern Sindh Province, Pakistan, has ann ...
Friday, 26 September 14
NEWCASTLMAXES ARE THE MOST SOUGHT AFTER VESSELS BY SHIP OWNERS TODAY SAYS VESSELS VALUE
KNOWLEDGE TO ELEVATE
Determining a ship’s fair value can be a very tricky business, especially when you’re the one paying. As such ...
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- Ambuja Cements Ltd - India
- Latin American Coal - Colombia
- Heidelberg Cement - Germany
- Bayan Resources Tbk. - Indonesia
- PNOC Exploration Corporation - Philippines
- Mjunction Services Limited - India
- Ministry of Transport, Egypt
- Sical Logistics Limited - India
- Star Paper Mills Limited - India
- Petron Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Videocon Industries ltd - India
- San Jose City I Power Corp, Philippines
- Oldendorff Carriers - Singapore
- Standard Chartered Bank - UAE
- PetroVietnam Power Coal Import and Supply Company
- Romanian Commodities Exchange
- Energy Development Corp, Philippines
- Bharathi Cement Corporation - India
- Posco Energy - South Korea
- Marubeni Corporation - India
- Salva Resources Pvt Ltd - India
- Malabar Cements Ltd - India
- Ministry of Finance - Indonesia
- Minerals Council of Australia
- Commonwealth Bank - Australia
- Eastern Energy - Thailand
- European Bulk Services B.V. - Netherlands
- Aboitiz Power Corporation - Philippines
- Edison Trading Spa - Italy
- Deloitte Consulting - India
- Krishnapatnam Port Company Ltd. - India
- Jorong Barutama Greston.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Electricity Authority, New Zealand
- Mercuria Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Wilmar Investment Holdings
- South Luzon Thermal Energy Corporation
- PTC India Limited - India
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Aditya Birla Group - India
- Larsen & Toubro Limited - India
- Directorate General of MIneral and Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Chamber of Mines of South Africa
- India Bulls Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Borneo Indobara - Indonesia
- Attock Cement Pakistan Limited
- Anglo American - United Kingdom
- Kideco Jaya Agung - Indonesia
- Sarangani Energy Corporation, Philippines
- Ministry of Mines - Canada
- Asmin Koalindo Tuhup - Indonesia
- Global Business Power Corporation, Philippines
- The University of Queensland
- Semirara Mining Corp, Philippines
- ICICI Bank Limited - India
- Timah Investasi Mineral - Indoneisa
- Jindal Steel & Power Ltd - India
- White Energy Company Limited
- Holcim Trading Pte Ltd - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- Energy Link Ltd, New Zealand
- Coal and Oil Company - UAE
- Alfred C Toepfer International GmbH - Germany
- Globalindo Alam Lestari - Indonesia
- Bangladesh Power Developement Board
- Billiton Holdings Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Simpson Spence & Young - Indonesia
- Kepco SPC Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Therma Luzon, Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Indian Oil Corporation Limited
- Renaissance Capital - South Africa
- Africa Commodities Group - South Africa
- Siam City Cement PLC, Thailand
- Orica Australia Pty. Ltd.
- Intertek Mineral Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Global Green Power PLC Corporation, Philippines
- Trasteel International SA, Italy
- Gujarat Mineral Development Corp Ltd - India
- Agrawal Coal Company - India
- Sojitz Corporation - Japan
- Australian Commodity Traders Exchange
- Vizag Seaport Private Limited - India
- Sree Jayajothi Cements Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Power Finance Corporation Ltd., India
- GVK Power & Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Bhoruka Overseas - Indonesia
- Bulk Trading Sa - Switzerland
- Maheswari Brothers Coal Limited - India
- ASAPP Information Group - India
- Eastern Coal Council - USA
- Manunggal Multi Energi - Indonesia
- Coalindo Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Georgia Ports Authority, United States
- Tamil Nadu electricity Board
- Bhatia International Limited - India
- Central Electricity Authority - India
- Altura Mining Limited, Indonesia
- Meralco Power Generation, Philippines
- London Commodity Brokers - England
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indika Energy - Indonesia
- Indogreen Group - Indonesia
- Dalmia Cement Bharat India
- Indo Tambangraya Megah - Indonesia
- Toyota Tsusho Corporation, Japan
- Antam Resourcindo - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- McConnell Dowell - Australia
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement - Thailand
- Bukit Makmur.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- IHS Mccloskey Coal Group - USA
- CIMB Investment Bank - Malaysia
- TeaM Sual Corporation - Philippines
- Mercator Lines Limited - India
- AsiaOL BioFuels Corp., Philippines
- Global Coal Blending Company Limited - Australia
- Planning Commission, India
- Economic Council, Georgia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PowerSource Philippines DevCo
- Vijayanagar Sugar Pvt Ltd - India
- Independent Power Producers Association of India
- SMG Consultants - Indonesia
- Kartika Selabumi Mining - Indonesia
- Makarim & Taira - Indonesia
- Jaiprakash Power Ventures ltd
- Samtan Co., Ltd - South Korea
- Orica Mining Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Coastal Gujarat Power Limited - India
- GMR Energy Limited - India
- VISA Power Limited - India
- Xindia Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Uttam Galva Steels Limited - India
- Indonesian Coal Mining Association
- Parry Sugars Refinery, India
- Bhushan Steel Limited - India
- MS Steel International - UAE
- New Zealand Coal & Carbon
- Australian Coal Association
- Thiess Contractors Indonesia
- Interocean Group of Companies - India
- CNBM International Corporation - China
- Bukit Asam (Persero) Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Riau Bara Harum - Indonesia
- Madhucon Powers Ltd - India
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- Tata Chemicals Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
- Carbofer General Trading SA - India
- GAC Shipping (India) Pvt Ltd
- Vedanta Resources Plc - India
- Ceylon Electricity Board - Sri Lanka
- Pendopo Energi Batubara - Indonesia
- Kumho Petrochemical, South Korea
- Meenaskhi Energy Private Limited - India
- Mintek Dendrill Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- Formosa Plastics Group - Taiwan
- Indian Energy Exchange, India
- TNB Fuel Sdn Bhd - Malaysia
- Savvy Resources Ltd - HongKong
- Metalloyd Limited - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Lanco Infratech Ltd - India
- Parliament of New Zealand
- Iligan Light & Power Inc, Philippines
- Merrill Lynch Commodities Europe
- The State Trading Corporation of India Ltd
- Central Java Power - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Rio Tinto Coal - Australia
- The Treasury - Australian Government
- Cement Manufacturers Association - India
- Baramulti Group, Indonesia
- Medco Energi Mining Internasional
- Sakthi Sugars Limited - India
- Wood Mackenzie - Singapore
- SMC Global Power, Philippines
- Port Waratah Coal Services - Australia
- Essar Steel Hazira Ltd - India
- Straits Asia Resources Limited - Singapore
- Gujarat Sidhee Cement - India
- Kobexindo Tractors - Indoneisa
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