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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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Thursday, 18 September 14
INDONESIA'S JULY COAL EXPORT VOLUME DROPPED 5.13% M-O-M
COALspot.com: Indonesia, one of the world's largest coal producer and the global leading multi grade coal exporter shipped around $1.65* ...
Thursday, 18 September 14
PANAMAX : US GULF/CHINA FRONTHAUL ARE NOW PAYING TYPICALLY 14.5K + 450K BB - FEARNRESEARCH
Handy
We still see a firming tendency in the Atlantic and it is still ECSA and USG leading on. USG/Cont now up in about USD 17/18k for a Smax whi ...
Thursday, 18 September 14
ELECTRONIC BILLS OF LADING: A GUIDE TO PAPERLESS TRADING WHICH HAS TAKEN THE SHIPPING INDUSTRY BY STORM
Bimco has recently developed and published a charter party clause that specifically addresses the use of electronic bills of lading. Increasing use ...
Wednesday, 17 September 14
PANAMAX: LIMITED INTEREST IN BOTH BASINS; RISING TONNAGE - INTERMODAL
With the week starting off at a fast pace and with the positive momentum from the previous Friday seemingly sticking around for a bit longer, most ...
Wednesday, 17 September 14
SHIPPING MARKET INSIGHT - GEORGE LAZARIDIS
Since the onslaught of 2013 the rising tide of asset prices had been primarily driven by the increasing freight market conditions and the improving ...
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- PTC India Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Tata Chemicals Ltd - India
- Semirara Mining Corp, Philippines
- Romanian Commodities Exchange
- CNBM International Corporation - China
- Coastal Gujarat Power Limited - India
- Interocean Group of Companies - India
- Manunggal Multi Energi - Indonesia
- Indogreen Group - Indonesia
- Goldman Sachs - Singapore
- SMC Global Power, Philippines
- Antam Resourcindo - Indonesia
- Dalmia Cement Bharat India
- Altura Mining Limited, Indonesia
- Meralco Power Generation, Philippines
- Makarim & Taira - Indonesia
- Minerals Council of Australia
- Ind-Barath Power Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- The Treasury - Australian Government
- Mercator Lines Limited - India
- Central Java Power - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Mercuria Energy - Indonesia
- Africa Commodities Group - South Africa
- Riau Bara Harum - Indonesia
- The University of Queensland
- GMR Energy Limited - India
- Commonwealth Bank - Australia
- Kumho Petrochemical, South Korea
- Metalloyd Limited - United Kingdom
- Kaltim Prima Coal - Indonesia
- Georgia Ports Authority, United States
- SMG Consultants - Indonesia
- McConnell Dowell - Australia
- Price Waterhouse Coopers - Russia
- Bhatia International Limited - India
- Sindya Power Generating Company Private Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- The State Trading Corporation of India Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- Latin American Coal - Colombia
- Formosa Plastics Group - Taiwan
- Ministry of Finance - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Energy Development Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Mjunction Services Limited - India
- Globalindo Alam Lestari - Indonesia
- Indian Energy Exchange, India
- Ambuja Cements Ltd - India
- Baramulti Group, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bhushan Steel Limited - India
- Merrill Lynch Commodities Europe
- Mintek Dendrill Indonesia
- Bayan Resources Tbk. - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bharathi Cement Corporation - India
- IEA Clean Coal Centre - UK
- Rio Tinto Coal - Australia
- Borneo Indobara - Indonesia
- Kepco SPC Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Singapore Mercantile Exchange
- Cement Manufacturers Association - India
- Holcim Trading Pte Ltd - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Simpson Spence & Young - Indonesia
- Jaiprakash Power Ventures ltd
- London Commodity Brokers - England
- European Bulk Services B.V. - Netherlands
- Independent Power Producers Association of India
- Essar Steel Hazira Ltd - India
- Thai Mozambique Logistica
- Orica Australia Pty. Ltd.
- Iligan Light & Power Inc, Philippines
- Eastern Energy - Thailand
- Bangladesh Power Developement Board
- Carbofer General Trading SA - India
- Xindia Steels Limited - India
- Thiess Contractors Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement PLC, Thailand
- Uttam Galva Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Videocon Industries ltd - India
- India Bulls Power Limited - India
- Medco Energi Mining Internasional
- Posco Energy - South Korea
- Heidelberg Cement - Germany
- Eastern Coal Council - USA
- Oldendorff Carriers - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Kideco Jaya Agung - Indonesia
- Sree Jayajothi Cements Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PowerSource Philippines DevCo
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coal and Oil Company - UAE
- Indika Energy - Indonesia
- Australian Commodity Traders Exchange
- Agrawal Coal Company - India
- Global Coal Blending Company Limited - Australia
- Aboitiz Power Corporation - Philippines
- Sakthi Sugars Limited - India
- Star Paper Mills Limited - India
- Electricity Authority, New Zealand
- Sarangani Energy Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Vedanta Resources Plc - India
- Wood Mackenzie - Singapore
- Meenaskhi Energy Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Samtan Co., Ltd - South Korea
- Semirara Mining and Power Corporation, Philippines
- Grasim Industreis Ltd - India
- MS Steel International - UAE
- Australian Coal Association
- VISA Power Limited - India
- Vizag Seaport Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Petron Corporation, Philippines
- Edison Trading Spa - Italy
- Economic Council, Georgia
- Gujarat Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Banpu Public Company Limited - Thailand
- Barasentosa Lestari - Indonesia
- Power Finance Corporation Ltd., India
- SN Aboitiz Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ASAPP Information Group - India
- Chettinad Cement Corporation Ltd - India
- Parry Sugars Refinery, India
- Sojitz Corporation - Japan
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- Directorate Of Revenue Intelligence - India
- South Luzon Thermal Energy Corporation
- Binh Thuan Hamico - Vietnam
- Parliament of New Zealand
- CIMB Investment Bank - Malaysia
- Intertek Mineral Services - Indonesia
- Orica Mining Services - Indonesia
- Trasteel International SA, Italy
- Salva Resources Pvt Ltd - India
- Ministry of Transport, Egypt
- Kartika Selabumi Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Ministry of Mines - Canada
- Gujarat Mineral Development Corp Ltd - India
- Cigading International Bulk Terminal - Indonesia
- White Energy Company Limited
- Karbindo Abesyapradhi - Indoneisa
- Madhucon Powers Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Renaissance Capital - South Africa
- LBH Netherlands Bv - Netherlands
- Electricity Generating Authority of Thailand
- Anglo American - United Kingdom
- Deloitte Consulting - India
- Energy Link Ltd, New Zealand
- Maheswari Brothers Coal Limited - India
- Marubeni Corporation - India
- Chamber of Mines of South Africa
- Indian Oil Corporation Limited
- PNOC Exploration Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- TeaM Sual Corporation - Philippines
- Bulk Trading Sa - Switzerland
- GVK Power & Infra Limited - India
- Central Electricity Authority - India
- Indonesian Coal Mining Association
- Sical Logistics Limited - India
- Savvy Resources Ltd - HongKong
- Global Business Power Corporation, Philippines
- Wilmar Investment Holdings
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- Gujarat Sidhee Cement - India
- ICICI Bank Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Standard Chartered Bank - UAE
- Attock Cement Pakistan Limited
- GN Power Mariveles Coal Plant, Philippines
- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Larsen & Toubro Limited - India
- OPG Power Generation Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Malabar Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Siam City Cement - Thailand
- Tamil Nadu electricity Board
- Therma Luzon, Inc, Philippines
- Karaikal Port Pvt Ltd - India
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