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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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Tuesday, 16 September 14
INDONESIAN GOVERNMENT DECLARED HBA SUFFERED ANOTHER SETBACK IN SEPTEMBER
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down the coal bench mark price once again in September. HBA for ...
Tuesday, 16 September 14
INDONESIAN COAL OUTPUT WON'T EXCEED 421M TONS: GOVT - JP
The government is optimistic that it will meet its coal production target for this year, which caps nationwide production at a flat number compared ...
Monday, 15 September 14
CHINA'S COAL PROPOSALS LEAVE SOME HOPE FOR EXPORTERS - DAILY NEWS
When the best thing you can say about new policies is that they aren’t as bad as they could have been, then you know your industry is in deep ...
Monday, 15 September 14
SUB-BIT FOB INDONESIA COAL SWAP, JANUARY 2015 DELIVERY GAINED DAY ON DAY AND WEEK ON WEEK
COALspot.com: Indonesian coal swaps for average October 2014 increased US$ 0.40 (+0.78%) day on day and US$ 0.55 (+1.08%) per mt week on week. The ...
Monday, 15 September 14
CFR SOUTH CHINA COAL SWAP GAINED DAY ON DAY AND WEEK ON WEEK
COALspot.com: API 8 CFR South China Coal swap for delivery in October 2014 decreased US$ 2.30 (-3.36%) month over month, but increased day on day a ...
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- Meralco Power Generation, Philippines
- London Commodity Brokers - England
- The State Trading Corporation of India Ltd
- Bhatia International Limited - India
- Riau Bara Harum - Indonesia
- Economic Council, Georgia
- Essar Steel Hazira Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- VISA Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Posco Energy - South Korea
- Marubeni Corporation - India
- Indonesian Coal Mining Association
- Timah Investasi Mineral - Indoneisa
- Semirara Mining Corp, Philippines
- Central Java Power - Indonesia
- Electricity Generating Authority of Thailand
- Tamil Nadu electricity Board
- LBH Netherlands Bv - Netherlands
- Trasteel International SA, Italy
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Coal Council - USA
- Ministry of Mines - Canada
- The University of Queensland
- Baramulti Group, Indonesia
- Altura Mining Limited, Indonesia
- Indogreen Group - Indonesia
- Eastern Energy - Thailand
- Larsen & Toubro Limited - India
- CIMB Investment Bank - Malaysia
- Salva Resources Pvt Ltd - India
- Power Finance Corporation Ltd., India
- White Energy Company Limited
- GVK Power & Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Bhoruka Overseas - Indonesia
- Australian Commodity Traders Exchange
- Coalindo Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Lanco Infratech Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Gujarat Mineral Development Corp Ltd - India
- Malabar Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Attock Cement Pakistan Limited
- Central Electricity Authority - India
- Wilmar Investment Holdings
- Sindya Power Generating Company Private Ltd
- Jaiprakash Power Ventures ltd
- ASAPP Information Group - India
- Minerals Council of Australia
- Kalimantan Lumbung Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- ICICI Bank Limited - India
- Uttam Galva Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Edison Trading Spa - Italy
- Bharathi Cement Corporation - India
- Gujarat Sidhee Cement - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rio Tinto Coal - Australia
- PetroVietnam Power Coal Import and Supply Company
- Bukit Baiduri Energy - Indonesia
- Port Waratah Coal Services - Australia
- Thai Mozambique Logistica
- Orica Mining Services - Indonesia
- Mercator Lines Limited - India
- Georgia Ports Authority, United States
- Romanian Commodities Exchange
- Iligan Light & Power Inc, Philippines
- PTC India Limited - India
- Indian Oil Corporation Limited
- Indo Tambangraya Megah - Indonesia
- McConnell Dowell - Australia
- SMC Global Power, Philippines
- Global Business Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Wood Mackenzie - Singapore
- Standard Chartered Bank - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercuria Energy - Indonesia
- India Bulls Power Limited - India
- Anglo American - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- IEA Clean Coal Centre - UK
- Binh Thuan Hamico - Vietnam
- Samtan Co., Ltd - South Korea
- Billiton Holdings Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- MS Steel International - UAE
- Thiess Contractors Indonesia
- Interocean Group of Companies - India
- Miang Besar Coal Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Goldman Sachs - Singapore
- Bayan Resources Tbk. - Indonesia
- Coastal Gujarat Power Limited - India
- Formosa Plastics Group - Taiwan
- Rashtriya Ispat Nigam Limited - India
- CNBM International Corporation - China
- Kepco SPC Power Corporation, Philippines
- The Treasury - Australian Government
- Vijayanagar Sugar Pvt Ltd - India
- Bangladesh Power Developement Board
- Sree Jayajothi Cements Limited - India
- Manunggal Multi Energi - Indonesia
- Ministry of Transport, Egypt
- International Coal Ventures Pvt Ltd - India
- Ambuja Cements Ltd - India
- Cement Manufacturers Association - India
- OPG Power Generation Pvt Ltd - India
- Electricity Authority, New Zealand
- Mintek Dendrill Indonesia
- Planning Commission, India
- Sakthi Sugars Limited - India
- Independent Power Producers Association of India
- Therma Luzon, Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Latin American Coal - Colombia
- Barasentosa Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Videocon Industries ltd - India
- TeaM Sual Corporation - Philippines
- Sical Logistics Limited - India
- GMR Energy Limited - India
- Indika Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Global Green Power PLC Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Madhucon Powers Ltd - India
- Gujarat Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Commonwealth Bank - Australia
- Siam City Cement - Thailand
- South Luzon Thermal Energy Corporation
- Pipit Mutiara Jaya. PT, Indonesia
- Oldendorff Carriers - Singapore
- SMG Consultants - Indonesia
- Borneo Indobara - Indonesia
- Aditya Birla Group - India
- Vizag Seaport Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Sojitz Corporation - Japan
- Kartika Selabumi Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Jindal Steel & Power Ltd - India
- Metalloyd Limited - United Kingdom
- Kumho Petrochemical, South Korea
- Ministry of Finance - Indonesia
- Energy Link Ltd, New Zealand
- Chamber of Mines of South Africa
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement PLC, Thailand
- Indian Energy Exchange, India
- SN Aboitiz Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Mjunction Services Limited - India
- Parry Sugars Refinery, India
- Petrochimia International Co. Ltd.- Taiwan
- Globalindo Alam Lestari - Indonesia
- Coal and Oil Company - UAE
- Maharashtra Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Directorate Of Revenue Intelligence - India
- Pendopo Energi Batubara - Indonesia
- Energy Development Corp, Philippines
- Bhushan Steel Limited - India
- PowerSource Philippines DevCo
- Africa Commodities Group - South Africa
- IHS Mccloskey Coal Group - USA
- Directorate General of MIneral and Coal - Indonesia
- Bulk Trading Sa - Switzerland
- New Zealand Coal & Carbon
- Global Coal Blending Company Limited - Australia
- Makarim & Taira - Indonesia
- Antam Resourcindo - Indonesia
- Karaikal Port Pvt Ltd - India
- Dalmia Cement Bharat India
- Karbindo Abesyapradhi - Indoneisa
- Singapore Mercantile Exchange
- Cigading International Bulk Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Toyota Tsusho Corporation, Japan
- Simpson Spence & Young - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Heidelberg Cement - Germany
- Parliament of New Zealand
- Price Waterhouse Coopers - Russia
- Sinarmas Energy and Mining - Indonesia
- Vedanta Resources Plc - India
- Kobexindo Tractors - Indoneisa
- Intertek Mineral Services - Indonesia
- Grasim Industreis Ltd - India
- Petron Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Merrill Lynch Commodities Europe
- Xindia Steels Limited - India
- Renaissance Capital - South Africa
- Star Paper Mills Limited - India
- Ind-Barath Power Infra Limited - India
- Australian Coal Association
- Bukit Makmur.PT - Indonesia
- Agrawal Coal Company - India
- Deloitte Consulting - India
- Neyveli Lignite Corporation Ltd, - India
- Tata Chemicals Ltd - India
- Carbofer General Trading SA - India
- AsiaOL BioFuels Corp., Philippines
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