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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, 21 August 14
PREDICTIONS FROM VARIOUS SHIPPERS AND MINING INDUSTRY FOR 2ND HALF YEAR AND ESPECIALLY Q4 IS POSITIVE
Handy
The activity has increased in both hemispheres this week and we see rates edging up on all trades. TA´s are now paying around 8k whic ...
Thursday, 21 August 14
SHIP OWNERS KEEP SHYING AWAY FOR NEW SHIP INVESTMENTS, OVERALL TREND IS DOWN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Ship owners have remained in the sidelines of the Sale & Purchasing market for second hand vessels, during most of August, while they also slow ...
Wednesday, 20 August 14
DRY BULK MARKET TO REBOUND IN THE FOURTH QUARTER, OR NOT....- NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The projected rebound of the dry bulk market is still an elusive trend and shipbrokers and analysts are looking to identify the timing of the loomi ...
Monday, 18 August 14
CAPESIZE RATES TO RISE TO MUCH HIGHER LEVELS THIS YEAR - JEFFREY LANDSBERG
COALspot.com: Capesize rates ended last week at $15,561/day, which marked a week-on-week increase of $6,167 (66%). Capesize rates have been a ...
Monday, 18 August 14
SUB-BIT FOB INDONESIA COAL SWAP CLOSED AT $58.60 FOR SEPTEMBER 2015; UP $4 FROM SEPTEMBER 2014 CLOSING
COALspot.com: Indonesian coal swaps for average September 2014 decreased US$ 0.15 (-0.27%) day on day and US$ 0.75 (-1.36%) per mt week on week. Th ...
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- Tata Chemicals Ltd - India
- Essar Steel Hazira Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Standard Chartered Bank - UAE
- Vijayanagar Sugar Pvt Ltd - India
- SMC Global Power, Philippines
- Kartika Selabumi Mining - Indonesia
- Madhucon Powers Ltd - India
- The State Trading Corporation of India Ltd
- Deloitte Consulting - India
- Antam Resourcindo - Indonesia
- Indian Oil Corporation Limited
- Energy Link Ltd, New Zealand
- Trasteel International SA, Italy
- Maharashtra Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Interocean Group of Companies - India
- Ministry of Transport, Egypt
- Singapore Mercantile Exchange
- Siam City Cement PLC, Thailand
- Uttam Galva Steels Limited - India
- MS Steel International - UAE
- Aboitiz Power Corporation - Philippines
- Sakthi Sugars Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petron Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Energy - Thailand
- Directorate Of Revenue Intelligence - India
- Dalmia Cement Bharat India
- White Energy Company Limited
- Kohat Cement Company Ltd. - Pakistan
- Borneo Indobara - Indonesia
- Africa Commodities Group - South Africa
- Bulk Trading Sa - Switzerland
- Sree Jayajothi Cements Limited - India
- The University of Queensland
- Karaikal Port Pvt Ltd - India
- Central Electricity Authority - India
- Georgia Ports Authority, United States
- Cigading International Bulk Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- The Treasury - Australian Government
- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Global Coal Blending Company Limited - Australia
- Alfred C Toepfer International GmbH - Germany
- Parry Sugars Refinery, India
- Riau Bara Harum - Indonesia
- Sinarmas Energy and Mining - Indonesia
- PowerSource Philippines DevCo
- Kobexindo Tractors - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Malabar Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Toyota Tsusho Corporation, Japan
- South Luzon Thermal Energy Corporation
- Gujarat Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Meralco Power Generation, Philippines
- Banpu Public Company Limited - Thailand
- Romanian Commodities Exchange
- Karbindo Abesyapradhi - Indoneisa
- Manunggal Multi Energi - Indonesia
- Semirara Mining Corp, Philippines
- ASAPP Information Group - India
- Gujarat Mineral Development Corp Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Central Java Power - Indonesia
- PNOC Exploration Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Wilmar Investment Holdings
- Binh Thuan Hamico - Vietnam
- OPG Power Generation Pvt Ltd - India
- ICICI Bank Limited - India
- Aditya Birla Group - India
- Indika Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Ministry of Mines - Canada
- Kumho Petrochemical, South Korea
- Simpson Spence & Young - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Sidhee Cement - India
- Metalloyd Limited - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Ambuja Cements Ltd - India
- Bhushan Steel Limited - India
- Xindia Steels Limited - India
- Maheswari Brothers Coal Limited - India
- SN Aboitiz Power Inc, Philippines
- Grasim Industreis Ltd - India
- Sindya Power Generating Company Private Ltd
- Pendopo Energi Batubara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sical Logistics Limited - India
- Bukit Makmur.PT - Indonesia
- Larsen & Toubro Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Rio Tinto Coal - Australia
- Tamil Nadu electricity Board
- Marubeni Corporation - India
- Vizag Seaport Private Limited - India
- Posco Energy - South Korea
- GVK Power & Infra Limited - India
- Indogreen Group - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Edison Trading Spa - Italy
- Parliament of New Zealand
- Kaltim Prima Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Commonwealth Bank - Australia
- Latin American Coal - Colombia
- Bhatia International Limited - India
- Attock Cement Pakistan Limited
- Mjunction Services Limited - India
- Kapuas Tunggal Persada - Indonesia
- Cement Manufacturers Association - India
- TeaM Sual Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Coalindo Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Thiess Contractors Indonesia
- Global Business Power Corporation, Philippines
- SMG Consultants - Indonesia
- Ministry of Finance - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Authority, New Zealand
- Orica Mining Services - Indonesia
- Indian Energy Exchange, India
- Jaiprakash Power Ventures ltd
- Miang Besar Coal Terminal - Indonesia
- Renaissance Capital - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Videocon Industries ltd - India
- Bhoruka Overseas - Indonesia
- Bayan Resources Tbk. - Indonesia
- Baramulti Group, Indonesia
- Economic Council, Georgia
- Asmin Koalindo Tuhup - Indonesia
- Coal and Oil Company - UAE
- VISA Power Limited - India
- PTC India Limited - India
- GMR Energy Limited - India
- London Commodity Brokers - England
- Holcim Trading Pte Ltd - Singapore
- Heidelberg Cement - Germany
- Minerals Council of Australia
- Planning Commission, India
- Altura Mining Limited, Indonesia
- Oldendorff Carriers - Singapore
- Rashtriya Ispat Nigam Limited - India
- Kideco Jaya Agung - Indonesia
- Bharathi Cement Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GN Power Mariveles Coal Plant, Philippines
- Global Green Power PLC Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Timah Investasi Mineral - Indoneisa
- Eastern Coal Council - USA
- Leighton Contractors Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- India Bulls Power Limited - India
- European Bulk Services B.V. - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Sojitz Corporation - Japan
- Orica Australia Pty. Ltd.
- Energy Development Corp, Philippines
- Port Waratah Coal Services - Australia
- IEA Clean Coal Centre - UK
- McConnell Dowell - Australia
- Vedanta Resources Plc - India
- Agrawal Coal Company - India
- Bangladesh Power Developement Board
- Ceylon Electricity Board - Sri Lanka
- Jorong Barutama Greston.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Chamber of Mines of South Africa
- Mercator Lines Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mintek Dendrill Indonesia
- Australian Commodity Traders Exchange
- Globalindo Alam Lestari - Indonesia
- Australian Coal Association
- Star Paper Mills Limited - India
- Indo Tambangraya Megah - Indonesia
- Merrill Lynch Commodities Europe
- Meenaskhi Energy Private Limited - India
- Intertek Mineral Services - Indonesia
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- Makarim & Taira - Indonesia
- Barasentosa Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Thai Mozambique Logistica
- Chettinad Cement Corporation Ltd - India
- Independent Power Producers Association of India
- International Coal Ventures Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Anglo American - United Kingdom
- Indonesian Coal Mining Association
- Siam City Cement - Thailand
- Goldman Sachs - Singapore
- Medco Energi Mining Internasional
- Savvy Resources Ltd - HongKong
- Ind-Barath Power Infra Limited - India
- Carbofer General Trading SA - India
- Wood Mackenzie - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Coastal Gujarat Power Limited - India
- CNBM International Corporation - China
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