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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, 03 August 14
LACK OF COAL SHIPMENTS FROM FAR EAST/SE ASIA, THE PRESSURE ON CHARTER RATES CONTINUED THIS WEEK
COALspot.com: This week, the freight rates were almost flat as charter rates were also almost steady from last week.
The BDI was up by 2.59 pc ...
Friday, 01 August 14
UNCERTAINTY IN ASIAN COAL MARKETS WHERE INDEX-LINKED PRICING DOMINATES - SGX
COALspot.com: In the past 3 years, seaborne thermal coal markets have been in a state of constant oversupply.
Reuters expects this oversupply ...
Friday, 01 August 14
U.S PRODUCED 19.4 MMST OF COAL IN A WEEK, SAYS EIA
COALspot.com – United States the world's second largest coal producer, produced approximately 19.40 million short tons (mmst) of coal in ...
Thursday, 31 July 14
CAPESIZE: CARGO VOLUMES, COAL IN PARTICULAR, PRESENTLY NOT SUFFICIENT TO EMPLOY A GROWING FLEET - FERNLEYS
Handy
Both the Atlantic and Pacific has improved in the supramax segment over the last week, said Fernleys in Its latest weekly report . There we ...
Thursday, 31 July 14
RIO TINTO SELLS MOZAMBIQUE COAL ASSETS FOR US$ 50 MILLION TO INDIA'S ICVL
COALspot.com: Rio Tinto has agreed to sell its Mozambique coal assets for just US$ 50 million to International coal ventures Private limited of Ind ...
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- Price Waterhouse Coopers - Russia
- Jaiprakash Power Ventures ltd
- Binh Thuan Hamico - Vietnam
- CNBM International Corporation - China
- London Commodity Brokers - England
- Trasteel International SA, Italy
- Kideco Jaya Agung - Indonesia
- New Zealand Coal & Carbon
- Ministry of Transport, Egypt
- Singapore Mercantile Exchange
- Bukit Baiduri Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kaltim Prima Coal - Indonesia
- Bhatia International Limited - India
- IEA Clean Coal Centre - UK
- Straits Asia Resources Limited - Singapore
- Energy Development Corp, Philippines
- Central Java Power - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- San Jose City I Power Corp, Philippines
- Electricity Authority, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Banpu Public Company Limited - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Mines - Canada
- Therma Luzon, Inc, Philippines
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- Iligan Light & Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Gujarat Sidhee Cement - India
- Indogreen Group - Indonesia
- Jindal Steel & Power Ltd - India
- The Treasury - Australian Government
- Asmin Koalindo Tuhup - Indonesia
- Posco Energy - South Korea
- Australian Coal Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Interocean Group of Companies - India
- Bukit Makmur.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Rashtriya Ispat Nigam Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Business Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Africa Commodities Group - South Africa
- Global Coal Blending Company Limited - Australia
- Sarangani Energy Corporation, Philippines
- Mjunction Services Limited - India
- Kumho Petrochemical, South Korea
- TeaM Sual Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Independent Power Producers Association of India
- Karaikal Port Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Indian Energy Exchange, India
- Riau Bara Harum - Indonesia
- Vedanta Resources Plc - India
- Karbindo Abesyapradhi - Indoneisa
- Wilmar Investment Holdings
- Pipit Mutiara Jaya. PT, Indonesia
- Coastal Gujarat Power Limited - India
- Minerals Council of Australia
- Rio Tinto Coal - Australia
- Romanian Commodities Exchange
- Indo Tambangraya Megah - Indonesia
- Thai Mozambique Logistica
- Uttam Galva Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Videocon Industries ltd - India
- Kapuas Tunggal Persada - Indonesia
- SMG Consultants - Indonesia
- Manunggal Multi Energi - Indonesia
- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- MS Steel International - UAE
- GN Power Mariveles Coal Plant, Philippines
- PNOC Exploration Corporation - Philippines
- Siam City Cement PLC, Thailand
- Coal and Oil Company - UAE
- Parry Sugars Refinery, India
- Sakthi Sugars Limited - India
- Larsen & Toubro Limited - India
- Chettinad Cement Corporation Ltd - India
- Maheswari Brothers Coal Limited - India
- IHS Mccloskey Coal Group - USA
- Latin American Coal - Colombia
- Eastern Coal Council - USA
- Indika Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Mercuria Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- International Coal Ventures Pvt Ltd - India
- McConnell Dowell - Australia
- Heidelberg Cement - Germany
- SMC Global Power, Philippines
- Madhucon Powers Ltd - India
- Marubeni Corporation - India
- Bhushan Steel Limited - India
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- GMR Energy Limited - India
- Alfred C Toepfer International GmbH - Germany
- Thiess Contractors Indonesia
- Sojitz Corporation - Japan
- Malabar Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Orica Australia Pty. Ltd.
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Samtan Co., Ltd - South Korea
- Directorate General of MIneral and Coal - Indonesia
- PowerSource Philippines DevCo
- Eastern Energy - Thailand
- Ceylon Electricity Board - Sri Lanka
- Sindya Power Generating Company Private Ltd
- Baramulti Group, Indonesia
- Sical Logistics Limited - India
- Indian Oil Corporation Limited
- Merrill Lynch Commodities Europe
- LBH Netherlands Bv - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Krishnapatnam Port Company Ltd. - India
- Kohat Cement Company Ltd. - Pakistan
- Jorong Barutama Greston.PT - Indonesia
- Antam Resourcindo - Indonesia
- Edison Trading Spa - Italy
- Wood Mackenzie - Singapore
- Siam City Cement - Thailand
- Sree Jayajothi Cements Limited - India
- Miang Besar Coal Terminal - Indonesia
- Commonwealth Bank - Australia
- Star Paper Mills Limited - India
- Globalindo Alam Lestari - Indonesia
- Mintek Dendrill Indonesia
- Tata Chemicals Ltd - India
- SN Aboitiz Power Inc, Philippines
- Standard Chartered Bank - UAE
- Grasim Industreis Ltd - India
- Toyota Tsusho Corporation, Japan
- ICICI Bank Limited - India
- PTC India Limited - India
- Attock Cement Pakistan Limited
- Orica Mining Services - Indonesia
- Agrawal Coal Company - India
- Chamber of Mines of South Africa
- GVK Power & Infra Limited - India
- Savvy Resources Ltd - HongKong
- White Energy Company Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kalimantan Lumbung Energi - Indonesia
- Goldman Sachs - Singapore
- Lanco Infratech Ltd - India
- Ambuja Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Parliament of New Zealand
- Bayan Resources Tbk. - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Aditya Birla Group - India
- VISA Power Limited - India
- CIMB Investment Bank - Malaysia
- Carbofer General Trading SA - India
- AsiaOL BioFuels Corp., Philippines
- Planning Commission, India
- Maharashtra Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Bulk Trading Sa - Switzerland
- Anglo American - United Kingdom
- Port Waratah Coal Services - Australia
- Economic Council, Georgia
- Dalmia Cement Bharat India
- Ind-Barath Power Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Australian Commodity Traders Exchange
- Semirara Mining Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Bharathi Cement Corporation - India
- OPG Power Generation Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Medco Energi Mining Internasional
- Electricity Generating Authority of Thailand
- European Bulk Services B.V. - Netherlands
- Vizag Seaport Private Limited - India
- Cement Manufacturers Association - India
- Formosa Plastics Group - Taiwan
- Intertek Mineral Services - Indonesia
- Oldendorff Carriers - Singapore
- Ministry of Finance - Indonesia
- Petron Corporation, Philippines
- Coalindo Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Altura Mining Limited, Indonesia
- Meralco Power Generation, Philippines
- Energy Link Ltd, New Zealand
- Deloitte Consulting - India
- Global Green Power PLC Corporation, Philippines
- Power Finance Corporation Ltd., India
- Bhoruka Overseas - Indonesia
- Renaissance Capital - South Africa
- Central Electricity Authority - India
- The University of Queensland
- India Bulls Power Limited - India
- ASAPP Information Group - India
- South Luzon Thermal Energy Corporation
- Borneo Indobara - Indonesia
- Simpson Spence & Young - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bangladesh Power Developement Board
- Gujarat Mineral Development Corp Ltd - India
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