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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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Wednesday, 06 August 14
SHIPPING MARKET INSIGHT - EVA TZIMA
Recent reports that Indonesia’s ban on exports of metal ore concentrates was lifted for the first time in six months for two of its biggest m ...
Wednesday, 06 August 14
SGX SUCCESSFULLY LAUNCHED NEW SGX COAL PRODUCTS
COALspot.com: Singapore Exchange (‘SGX’) has announced that, the exchange has successfully launched its new Coking and Thermal Coal pro ...
Monday, 04 August 14
ANNUAL SECOND HALF SURGE IN BRAZILIAN IRON ORE EXPORTS ABOUT TO BEGIN - JEFFREY LANDSBERG
COALspot.com: Great strength in the capesize market has all along been set to occur during the second half of this year, as that is when Brazilian ...
Monday, 04 August 14
SUB-BIT FOB INDONESIA COAL SWAP INCHES UP DESPITE LOW DEMAND
COALspot.com: Indonesian coal swaps for average Q4’ 2014 increased US$ 0.15 day on day and US$ 0.13 per mt week on week. But, the swap was lo ...
Monday, 04 August 14
Q1' 15 API 8 CFR SOUTH CHINA COAL SWAP CLOSED AT US$ 69.37 ON 1 AUGUST 2014; A $ 1.10 HIGHER COMPARED TO Q4' 2014 CLOSING
COALspot.com: Coal swap prices are showing a positive move upward this past week. API 8 CFR South China Coal swap for Q4, Q1 and Q2 2015 show ...
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- Barasentosa Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Kobexindo Tractors - Indoneisa
- Sarangani Energy Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- ICICI Bank Limited - India
- Star Paper Mills Limited - India
- IEA Clean Coal Centre - UK
- Marubeni Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Merrill Lynch Commodities Europe
- PNOC Exploration Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Eastern Energy - Thailand
- Planning Commission, India
- Sical Logistics Limited - India
- Dalmia Cement Bharat India
- London Commodity Brokers - England
- Interocean Group of Companies - India
- SMG Consultants - Indonesia
- Globalindo Alam Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Independent Power Producers Association of India
- Gujarat Mineral Development Corp Ltd - India
- Vizag Seaport Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Orica Australia Pty. Ltd.
- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- TNB Fuel Sdn Bhd - Malaysia
- Singapore Mercantile Exchange
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- Videocon Industries ltd - India
- Edison Trading Spa - Italy
- Mercuria Energy - Indonesia
- The University of Queensland
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- Bayan Resources Tbk. - Indonesia
- Indo Tambangraya Megah - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Lanco Infratech Ltd - India
- Maheswari Brothers Coal Limited - India
- Metalloyd Limited - United Kingdom
- Economic Council, Georgia
- Indian Energy Exchange, India
- Aditya Birla Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rio Tinto Coal - Australia
- Sakthi Sugars Limited - India
- SN Aboitiz Power Inc, Philippines
- Mercator Lines Limited - India
- Directorate Of Revenue Intelligence - India
- Binh Thuan Hamico - Vietnam
- Latin American Coal - Colombia
- Altura Mining Limited, Indonesia
- Semirara Mining Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Grasim Industreis Ltd - India
- Global Coal Blending Company Limited - Australia
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- Essar Steel Hazira Ltd - India
- TeaM Sual Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- VISA Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Africa Commodities Group - South Africa
- Posco Energy - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Medco Energi Mining Internasional
- San Jose City I Power Corp, Philippines
- Ministry of Finance - Indonesia
- Semirara Mining and Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- ASAPP Information Group - India
- Bharathi Cement Corporation - India
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- Energy Link Ltd, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Pendopo Energi Batubara - Indonesia
- Commonwealth Bank - Australia
- Bangladesh Power Developement Board
- Kideco Jaya Agung - Indonesia
- Siam City Cement PLC, Thailand
- Bukit Baiduri Energy - Indonesia
- Deloitte Consulting - India
- Tata Chemicals Ltd - India
- Electricity Authority, New Zealand
- Goldman Sachs - Singapore
- Bhoruka Overseas - Indonesia
- Mintek Dendrill Indonesia
- GMR Energy Limited - India
- PowerSource Philippines DevCo
- Simpson Spence & Young - Indonesia
- Vedanta Resources Plc - India
- Indian Oil Corporation Limited
- Heidelberg Cement - Germany
- Parliament of New Zealand
- Thiess Contractors Indonesia
- OPG Power Generation Pvt Ltd - India
- The State Trading Corporation of India Ltd
- McConnell Dowell - Australia
- Larsen & Toubro Limited - India
- Makarim & Taira - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Attock Cement Pakistan Limited
- Kalimantan Lumbung Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Bhatia International Limited - India
- Manunggal Multi Energi - Indonesia
- Renaissance Capital - South Africa
- Romanian Commodities Exchange
- Tamil Nadu electricity Board
- Indonesian Coal Mining Association
- Asmin Koalindo Tuhup - Indonesia
- Borneo Indobara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- White Energy Company Limited
- Carbofer General Trading SA - India
- Neyveli Lignite Corporation Ltd, - India
- Chamber of Mines of South Africa
- Bulk Trading Sa - Switzerland
- Riau Bara Harum - Indonesia
- Parry Sugars Refinery, India
- Ind-Barath Power Infra Limited - India
- Minerals Council of Australia
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- MS Steel International - UAE
- Energy Development Corp, Philippines
- Gujarat Sidhee Cement - India
- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
- Jorong Barutama Greston.PT - Indonesia
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- Wood Mackenzie - Singapore
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- Bhushan Steel Limited - India
- SMC Global Power, Philippines
- IHS Mccloskey Coal Group - USA
- CNBM International Corporation - China
- Meralco Power Generation, Philippines
- CIMB Investment Bank - Malaysia
- Power Finance Corporation Ltd., India
- Antam Resourcindo - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mjunction Services Limited - India
- Ambuja Cements Ltd - India
- Central Electricity Authority - India
- Global Business Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Uttam Galva Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- Salva Resources Pvt Ltd - India
- Petron Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- GVK Power & Infra Limited - India
- Oldendorff Carriers - Singapore
- GAC Shipping (India) Pvt Ltd
- Sindya Power Generating Company Private Ltd
- Central Java Power - Indonesia
- Xindia Steels Limited - India
- Coalindo Energy - Indonesia
- Trasteel International SA, Italy
- The Treasury - Australian Government
- Billiton Holdings Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Kepco SPC Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Orica Mining Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- European Bulk Services B.V. - Netherlands
- Coal and Oil Company - UAE
- Port Waratah Coal Services - Australia
- Ministry of Mines - Canada
- PetroVietnam Power Coal Import and Supply Company
- Indika Energy - Indonesia
- PTC India Limited - India
- Formosa Plastics Group - Taiwan
- Electricity Generating Authority of Thailand
- Rashtriya Ispat Nigam Limited - India
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- Australian Commodity Traders Exchange
- Maharashtra Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- India Bulls Power Limited - India
- New Zealand Coal & Carbon
- Timah Investasi Mineral - Indoneisa
- Malabar Cements Ltd - India
- Savvy Resources Ltd - HongKong
- South Luzon Thermal Energy Corporation
- Iligan Light & Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
- Intertek Mineral Services - Indonesia
- Agrawal Coal Company - India
- Siam City Cement - Thailand
- Baramulti Group, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Australian Coal Association
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- Pipit Mutiara Jaya. PT, Indonesia
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- Kartika Selabumi Mining - Indonesia
- Sojitz Corporation - Japan
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