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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, 28 August 14
BANPU REPORTS HIGHER FIRST-HALF YEAR RESULTS FOR 2014
COALspot.com: Banpu Public Company Limited (BANPU) reports higher first half-year financial results for 2014 having its gross profit increasing 3 p ...
Wednesday, 27 August 14
FREIGHT MARKET: IS THE MARKET IN A RECOVERY MOOD? - GEORGE ILIOPOULOS
Is the market in a recovery mood?
August is typically a time when the shipping industry takes it easy… charter-ers book their requireme ...
Tuesday, 26 August 14
4TH ANNUAL ASIA NICKEL
4th Annual Asia Nickel
19-20 Nov 2014
Grand Hyatt Jakarta, Indonesia
Web Site
Asia’s Premier Nickel Conference
Regulation in ...
Tuesday, 26 August 14
DESPITE LOW DRY BULK RATES, BULKER PRICES ARE STILL HIGH - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Traditionally, August tends to be a month of slow activity in the sale and purchasing market and this year has been no exception. However, as shipb ...
Tuesday, 26 August 14
GOVT ON TRACK TO LIMIT COAL OUTPUT - THE JAKARTA POST
The government has announced that it will proceed with plans to cap the production of coal next year, a move aimed not only at protecting the envir ...
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- Posco Energy - South Korea
- SMC Global Power, Philippines
- Lanco Infratech Ltd - India
- Global Green Power PLC Corporation, Philippines
- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mjunction Services Limited - India
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- Thiess Contractors Indonesia
- Ceylon Electricity Board - Sri Lanka
- Essar Steel Hazira Ltd - India
- IHS Mccloskey Coal Group - USA
- CIMB Investment Bank - Malaysia
- Singapore Mercantile Exchange
- Tata Chemicals Ltd - India
- LBH Netherlands Bv - Netherlands
- Wood Mackenzie - Singapore
- Africa Commodities Group - South Africa
- Tamil Nadu electricity Board
- Karaikal Port Pvt Ltd - India
- Videocon Industries ltd - India
- White Energy Company Limited
- PTC India Limited - India
- International Coal Ventures Pvt Ltd - India
- Attock Cement Pakistan Limited
- Timah Investasi Mineral - Indoneisa
- Standard Chartered Bank - UAE
- Price Waterhouse Coopers - Russia
- Economic Council, Georgia
- Star Paper Mills Limited - India
- Siam City Cement - Thailand
- San Jose City I Power Corp, Philippines
- Sakthi Sugars Limited - India
- Meralco Power Generation, Philippines
- Central Java Power - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bhushan Steel Limited - India
- Sojitz Corporation - Japan
- Jaiprakash Power Ventures ltd
- Port Waratah Coal Services - Australia
- Borneo Indobara - Indonesia
- GVK Power & Infra Limited - India
- Romanian Commodities Exchange
- Iligan Light & Power Inc, Philippines
- Indian Oil Corporation Limited
- Directorate Of Revenue Intelligence - India
- Therma Luzon, Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Grasim Industreis Ltd - India
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- MS Steel International - UAE
- Latin American Coal - Colombia
- Bulk Trading Sa - Switzerland
- Sree Jayajothi Cements Limited - India
- Maheswari Brothers Coal Limited - India
- Power Finance Corporation Ltd., India
- Orica Australia Pty. Ltd.
- Trasteel International SA, Italy
- Orica Mining Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Krishnapatnam Port Company Ltd. - India
- CNBM International Corporation - China
- Minerals Council of Australia
- McConnell Dowell - Australia
- Straits Asia Resources Limited - Singapore
- Mercator Lines Limited - India
- Petron Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- ICICI Bank Limited - India
- Aditya Birla Group - India
- Mintek Dendrill Indonesia
- London Commodity Brokers - England
- Directorate General of MIneral and Coal - Indonesia
- The Treasury - Australian Government
- Chamber of Mines of South Africa
- Indonesian Coal Mining Association
- Kepco SPC Power Corporation, Philippines
- Central Electricity Authority - India
- Bhoruka Overseas - Indonesia
- Carbofer General Trading SA - India
- Coal and Oil Company - UAE
- Cigading International Bulk Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Uttam Galva Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Ambuja Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Finance - Indonesia
- Thai Mozambique Logistica
- The State Trading Corporation of India Ltd
- Global Business Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Barasentosa Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Aboitiz Power Corporation - Philippines
- Goldman Sachs - Singapore
- European Bulk Services B.V. - Netherlands
- Wilmar Investment Holdings
- Malabar Cements Ltd - India
- Electricity Generating Authority of Thailand
- Binh Thuan Hamico - Vietnam
- Dalmia Cement Bharat India
- Toyota Tsusho Corporation, Japan
- Bayan Resources Tbk. - Indonesia
- Bangladesh Power Developement Board
- Bhatia International Limited - India
- Xindia Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Anglo American - United Kingdom
- ASAPP Information Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Development Corp, Philippines
- Mercuria Energy - Indonesia
- Agrawal Coal Company - India
- Miang Besar Coal Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Jindal Steel & Power Ltd - India
- Indian Energy Exchange, India
- Heidelberg Cement - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Energy - Thailand
- Indogreen Group - Indonesia
- Sindya Power Generating Company Private Ltd
- Renaissance Capital - South Africa
- Oldendorff Carriers - Singapore
- Sinarmas Energy and Mining - Indonesia
- Cement Manufacturers Association - India
- Maharashtra Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Petrochimia International Co. Ltd.- Taiwan
- India Bulls Power Limited - India
- Sical Logistics Limited - India
- SN Aboitiz Power Inc, Philippines
- Makarim & Taira - Indonesia
- Gujarat Sidhee Cement - India
- Sarangani Energy Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Planning Commission, India
- Manunggal Multi Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Coal Council - USA
- Deloitte Consulting - India
- Kaltim Prima Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Billiton Holdings Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Kobexindo Tractors - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Australian Coal Association
- Parliament of New Zealand
- Salva Resources Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Meenaskhi Energy Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- GMR Energy Limited - India
- Semirara Mining Corp, Philippines
- Independent Power Producers Association of India
- Savvy Resources Ltd - HongKong
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Transport, Egypt
- Alfred C Toepfer International GmbH - Germany
- Edison Trading Spa - Italy
- Ministry of Mines - Canada
- Globalindo Alam Lestari - Indonesia
- Interocean Group of Companies - India
- Merrill Lynch Commodities Europe
- Larsen & Toubro Limited - India
- Parry Sugars Refinery, India
- Kapuas Tunggal Persada - Indonesia
- IEA Clean Coal Centre - UK
- Formosa Plastics Group - Taiwan
- Energy Link Ltd, New Zealand
- GAC Shipping (India) Pvt Ltd
- Vedanta Resources Plc - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement PLC, Thailand
- Kalimantan Lumbung Energi - Indonesia
- Samtan Co., Ltd - South Korea
- The University of Queensland
- SMG Consultants - Indonesia
- PNOC Exploration Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Coalindo Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- Kumho Petrochemical, South Korea
- Leighton Contractors Pty Ltd - Australia
- New Zealand Coal & Carbon
- AsiaOL BioFuels Corp., Philippines
- Commonwealth Bank - Australia
- Indo Tambangraya Megah - Indonesia
- Medco Energi Mining Internasional
- VISA Power Limited - India
- Kideco Jaya Agung - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Ind-Barath Power Infra Limited - India
- TeaM Sual Corporation - Philippines
- Altura Mining Limited, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Metalloyd Limited - United Kingdom
- Marubeni Corporation - India
- Baramulti Group, Indonesia
- PowerSource Philippines DevCo
- Neyveli Lignite Corporation Ltd, - India
- Kohat Cement Company Ltd. - Pakistan
- Intertek Mineral Services - Indonesia
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