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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, 22 September 14
CFR SOUTH CHINA COAL SWAPS LOST ON DAY, WEEK AND MONTH
COALspot.com: API 8 CFR South China Coal swap for delivery in October 2014 decreased US$ 3.10 (-4.50%) month over month and $ 0.95 PT MT week over ...
Monday, 22 September 14
INDONESIAN COAL SWAPS LOST WEEK ON WEEK AND MONTH OVER MONTH
COALspot.com: Indonesian coal swaps for average October 2014 increased US$ 0.35 (+0.69%) day on day and lost US$ 0.30 (-0.58%) per mt week on week. ...
Sunday, 21 September 14
CAPE INDEX LOST 17% W-O-W ; BALTIC DRY PLUNGES 106 POINTS
COALspot.com: This week the freight market softened a bit compared to last week.
BDI fell 8.97% week on week and closed BDI at 1075 points on ...
Friday, 19 September 14
U.S. WEEKLY COAL PRODUCTION RELATIVELY FLAT AT +0.1% - EIA
COALspot.com – United States the world's second largest coal producer, produced approximately 19.20 million short tons (mmst) of coal in ...
Friday, 19 September 14
PRICES FOR DRY BULK CARRIERS HAVEN'T CORRECTED ENOUGH, DESPITE LOWER THAN EXPECTED FREIGHT RATES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
A lot has been said and written about the looming dry bulk market recovery over the past few months. However, even if this hasn’t been materi ...
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- Bharathi Cement Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Chamber of Mines of South Africa
- Jaiprakash Power Ventures ltd
- New Zealand Coal & Carbon
- Trasteel International SA, Italy
- International Coal Ventures Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Medco Energi Mining Internasional
- Meenaskhi Energy Private Limited - India
- Sical Logistics Limited - India
- Jindal Steel & Power Ltd - India
- Bukit Baiduri Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Port Waratah Coal Services - Australia
- Coastal Gujarat Power Limited - India
- Kideco Jaya Agung - Indonesia
- Mintek Dendrill Indonesia
- Formosa Plastics Group - Taiwan
- Altura Mining Limited, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Coal Blending Company Limited - Australia
- Siam City Cement - Thailand
- TeaM Sual Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sree Jayajothi Cements Limited - India
- Barasentosa Lestari - Indonesia
- PowerSource Philippines DevCo
- South Luzon Thermal Energy Corporation
- GN Power Mariveles Coal Plant, Philippines
- Bulk Trading Sa - Switzerland
- Vedanta Resources Plc - India
- Bhoruka Overseas - Indonesia
- Uttam Galva Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Banpu Public Company Limited - Thailand
- Indian Energy Exchange, India
- ICICI Bank Limited - India
- White Energy Company Limited
- AsiaOL BioFuels Corp., Philippines
- Singapore Mercantile Exchange
- Kalimantan Lumbung Energi - Indonesia
- Attock Cement Pakistan Limited
- Edison Trading Spa - Italy
- Karbindo Abesyapradhi - Indoneisa
- Indika Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Wood Mackenzie - Singapore
- The State Trading Corporation of India Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- SN Aboitiz Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Global Business Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Ambuja Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Cement Manufacturers Association - India
- Gujarat Sidhee Cement - India
- Lanco Infratech Ltd - India
- London Commodity Brokers - England
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- IHS Mccloskey Coal Group - USA
- Makarim & Taira - Indonesia
- Parry Sugars Refinery, India
- Maheswari Brothers Coal Limited - India
- Goldman Sachs - Singapore
- Grasim Industreis Ltd - India
- SMG Consultants - Indonesia
- Leighton Contractors Pty Ltd - Australia
- VISA Power Limited - India
- Posco Energy - South Korea
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
- Orica Mining Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Essar Steel Hazira Ltd - India
- Eastern Energy - Thailand
- Videocon Industries ltd - India
- The University of Queensland
- Holcim Trading Pte Ltd - Singapore
- Electricity Authority, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Interocean Group of Companies - India
- Energy Development Corp, Philippines
- Rio Tinto Coal - Australia
- Bhatia International Limited - India
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- LBH Netherlands Bv - Netherlands
- Global Green Power PLC Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Indogreen Group - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Petrochimia International Co. Ltd.- Taiwan
- Africa Commodities Group - South Africa
- Aboitiz Power Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Therma Luzon, Inc, Philippines
- SMC Global Power, Philippines
- Ministry of Finance - Indonesia
- Australian Commodity Traders Exchange
- Parliament of New Zealand
- CIMB Investment Bank - Malaysia
- Georgia Ports Authority, United States
- Ministry of Mines - Canada
- Toyota Tsusho Corporation, Japan
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Australian Coal Association
- Malabar Cements Ltd - India
- Mercuria Energy - Indonesia
- Mercator Lines Limited - India
- MS Steel International - UAE
- IEA Clean Coal Centre - UK
- Salva Resources Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- GVK Power & Infra Limited - India
- Mjunction Services Limited - India
- Orica Australia Pty. Ltd.
- Central Java Power - Indonesia
- Vizag Seaport Private Limited - India
- Sarangani Energy Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Madhucon Powers Ltd - India
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- Heidelberg Cement - Germany
- Electricity Generating Authority of Thailand
- Deloitte Consulting - India
- Alfred C Toepfer International GmbH - Germany
- Indonesian Coal Mining Association
- Gujarat Mineral Development Corp Ltd - India
- Larsen & Toubro Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bhushan Steel Limited - India
- Kobexindo Tractors - Indoneisa
- Binh Thuan Hamico - Vietnam
- Anglo American - United Kingdom
- Coal and Oil Company - UAE
- Minerals Council of Australia
- Directorate General of MIneral and Coal - Indonesia
- Standard Chartered Bank - UAE
- Commonwealth Bank - Australia
- Carbofer General Trading SA - India
- Ind-Barath Power Infra Limited - India
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- McConnell Dowell - Australia
- Intertek Mineral Services - Indonesia
- Ministry of Transport, Egypt
- Kapuas Tunggal Persada - Indonesia
- San Jose City I Power Corp, Philippines
- Sakthi Sugars Limited - India
- Bangladesh Power Developement Board
- Antam Resourcindo - Indonesia
- Riau Bara Harum - Indonesia
- PTC India Limited - India
- Central Electricity Authority - India
- Semirara Mining Corp, Philippines
- India Bulls Power Limited - India
- Planning Commission, India
- Thiess Contractors Indonesia
- Star Paper Mills Limited - India
- Renaissance Capital - South Africa
- Siam City Cement PLC, Thailand
- Coalindo Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Iligan Light & Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- GMR Energy Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Jorong Barutama Greston.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Indian Oil Corporation Limited
- Kepco SPC Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Samtan Co., Ltd - South Korea
- Straits Asia Resources Limited - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Aditya Birla Group - India
- Kartika Selabumi Mining - Indonesia
- Tata Chemicals Ltd - India
- Baramulti Group, Indonesia
- Metalloyd Limited - United Kingdom
- Kaltim Prima Coal - Indonesia
- Wilmar Investment Holdings
- Eastern Coal Council - USA
- Thai Mozambique Logistica
- Meralco Power Generation, Philippines
- Dalmia Cement Bharat India
- Simpson Spence & Young - Indonesia
- Xindia Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- CNBM International Corporation - China
- Romanian Commodities Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Sojitz Corporation - Japan
- Savvy Resources Ltd - HongKong
- Bahari Cakrawala Sebuku - Indonesia
- Agrawal Coal Company - India
- Petron Corporation, Philippines
- The Treasury - Australian Government
- Latin American Coal - Colombia
- Maharashtra Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Kumho Petrochemical, South Korea
- Borneo Indobara - Indonesia
- Oldendorff Carriers - Singapore
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