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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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Sunday, 07 September 14
SHIPMANAGERS SUPERVISION CONTRACT FOR NEWBUILDS - BIMCO
Shipmanagers are frequently called upon by their owner clients to supervise newbuilding projects on their behalf. The scope of the manager’s ...
Saturday, 06 September 14
SLOW COAL EXPORT REGISTRATION RAISES CONCERNS - THE JAKARTA POST
Several coal mining companies have yet to receive the go-ahead from the Energy and Mineral Resources Ministry to obtain exporting licenses, leading ...
Saturday, 06 September 14
DRY BULK MARKET'S PROSPECTS ARE IMPROVING, DESPITE WEAK SECOND QUARTER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has been rebounding during the past month, with the Baltic Dry Index (BDI) ended the week on a high note, reaching 1,155 points ...
Saturday, 06 September 14
INDONESIA WANTS TO REGULATE COAL DEALS - THE TELEGRAPH INDIA
Indonesia has raised concerns about suspected coal deals struck between overseas buyers and its unregistered domestic miners, the telegraph India r ...
Friday, 05 September 14
U.S. PRODUCED 19.2 MMST OF COAL LAST WEEK
COALspot.com – United States the world's second largest coal producer, produced approximately 19.20 million short tons (mmst) of coal in ...
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- Power Finance Corporation Ltd., India
- GMR Energy Limited - India
- Indian Energy Exchange, India
- White Energy Company Limited
- Electricity Authority, New Zealand
- Formosa Plastics Group - Taiwan
- Kaltim Prima Coal - Indonesia
- CNBM International Corporation - China
- San Jose City I Power Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Makarim & Taira - Indonesia
- Meralco Power Generation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Planning Commission, India
- Borneo Indobara - Indonesia
- Agrawal Coal Company - India
- Bhushan Steel Limited - India
- Latin American Coal - Colombia
- The State Trading Corporation of India Ltd
- Heidelberg Cement - Germany
- Orica Mining Services - Indonesia
- Metalloyd Limited - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Toyota Tsusho Corporation, Japan
- Ministry of Transport, Egypt
- Posco Energy - South Korea
- Billiton Holdings Pty Ltd - Australia
- Star Paper Mills Limited - India
- Commonwealth Bank - Australia
- IHS Mccloskey Coal Group - USA
- TeaM Sual Corporation - Philippines
- Xindia Steels Limited - India
- Baramulti Group, Indonesia
- Globalindo Alam Lestari - Indonesia
- Eastern Coal Council - USA
- Salva Resources Pvt Ltd - India
- Mercator Lines Limited - India
- Central Electricity Authority - India
- Essar Steel Hazira Ltd - India
- Sojitz Corporation - Japan
- Independent Power Producers Association of India
- Bulk Trading Sa - Switzerland
- Australian Commodity Traders Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Green Power PLC Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Mercuria Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Georgia Ports Authority, United States
- Therma Luzon, Inc, Philippines
- Cement Manufacturers Association - India
- Orica Australia Pty. Ltd.
- Global Coal Blending Company Limited - Australia
- McConnell Dowell - Australia
- Lanco Infratech Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Petron Corporation, Philippines
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- GAC Shipping (India) Pvt Ltd
- Ceylon Electricity Board - Sri Lanka
- Madhucon Powers Ltd - India
- Binh Thuan Hamico - Vietnam
- Energy Development Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Standard Chartered Bank - UAE
- Antam Resourcindo - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bhatia International Limited - India
- PNOC Exploration Corporation - Philippines
- Wilmar Investment Holdings
- Electricity Generating Authority of Thailand
- PowerSource Philippines DevCo
- Mintek Dendrill Indonesia
- Coalindo Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Tamil Nadu electricity Board
- OPG Power Generation Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- ASAPP Information Group - India
- Siam City Cement PLC, Thailand
- Coal and Oil Company - UAE
- Maheswari Brothers Coal Limited - India
- Ind-Barath Power Infra Limited - India
- Eastern Energy - Thailand
- Bangladesh Power Developement Board
- Holcim Trading Pte Ltd - Singapore
- Sical Logistics Limited - India
- Global Business Power Corporation, Philippines
- Marubeni Corporation - India
- Merrill Lynch Commodities Europe
- Thai Mozambique Logistica
- LBH Netherlands Bv - Netherlands
- Ministry of Mines - Canada
- GVK Power & Infra Limited - India
- Indian Oil Corporation Limited
- SMG Consultants - Indonesia
- Samtan Co., Ltd - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Parry Sugars Refinery, India
- Economic Council, Georgia
- AsiaOL BioFuels Corp., Philippines
- Sree Jayajothi Cements Limited - India
- Barasentosa Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining and Power Corporation, Philippines
- The University of Queensland
- Price Waterhouse Coopers - Russia
- Rio Tinto Coal - Australia
- GN Power Mariveles Coal Plant, Philippines
- Africa Commodities Group - South Africa
- Indonesian Coal Mining Association
- Trasteel International SA, Italy
- Sarangani Energy Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Anglo American - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Attock Cement Pakistan Limited
- Kumho Petrochemical, South Korea
- Minerals Council of Australia
- IEA Clean Coal Centre - UK
- The Treasury - Australian Government
- Carbofer General Trading SA - India
- Bhoruka Overseas - Indonesia
- Directorate Of Revenue Intelligence - India
- Neyveli Lignite Corporation Ltd, - India
- European Bulk Services B.V. - Netherlands
- Ambuja Cements Ltd - India
- Interocean Group of Companies - India
- Straits Asia Resources Limited - Singapore
- Indogreen Group - Indonesia
- Grasim Industreis Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Intertek Mineral Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Wood Mackenzie - Singapore
- Kartika Selabumi Mining - Indonesia
- Gujarat Sidhee Cement - India
- Coastal Gujarat Power Limited - India
- Kideco Jaya Agung - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bharathi Cement Corporation - India
- Sindya Power Generating Company Private Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Baiduri Energy - Indonesia
- Semirara Mining Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Jindal Steel & Power Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Jaiprakash Power Ventures ltd
- Parliament of New Zealand
- Altura Mining Limited, Indonesia
- Simpson Spence & Young - Indonesia
- Savvy Resources Ltd - HongKong
- CIMB Investment Bank - Malaysia
- Romanian Commodities Exchange
- Chamber of Mines of South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Uttam Galva Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Sakthi Sugars Limited - India
- Edison Trading Spa - Italy
- Bayan Resources Tbk. - Indonesia
- South Luzon Thermal Energy Corporation
- India Bulls Power Limited - India
- Tata Chemicals Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Larsen & Toubro Limited - India
- Alfred C Toepfer International GmbH - Germany
- Malabar Cements Ltd - India
- Siam City Cement - Thailand
- Medco Energi Mining Internasional
- Pendopo Energi Batubara - Indonesia
- Vedanta Resources Plc - India
- Central Java Power - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Deloitte Consulting - India
- Goldman Sachs - Singapore
- New Zealand Coal & Carbon
- Jorong Barutama Greston.PT - Indonesia
- Videocon Industries ltd - India
- Australian Coal Association
- Petrochimia International Co. Ltd.- Taiwan
- International Coal Ventures Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- London Commodity Brokers - England
- Port Waratah Coal Services - Australia
- VISA Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Iligan Light & Power Inc, Philippines
- Dalmia Cement Bharat India
- Oldendorff Carriers - Singapore
- Singapore Mercantile Exchange
- Renaissance Capital - South Africa
- ICICI Bank Limited - India
- MS Steel International - UAE
- Indika Energy - Indonesia
- PTC India Limited - India
- Banpu Public Company Limited - Thailand
- SMC Global Power, Philippines
- Mjunction Services Limited - India
- Vizag Seaport Private Limited - India
- Kobexindo Tractors - Indoneisa
- Thiess Contractors Indonesia
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