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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, 30 July 14
CAPES SEEMED TO BE STRANDED AT THE SAME LEVELS; PANAMAXES MANAGED TO SLIGHTLY REVIVE - INTERMODAL
COALspot.com: The Dry Bulk market took a breath this past week, as both Panamaxes and Supras started to see a small influx of activity, which was j ...
Tuesday, 29 July 14
TOTAL SELLS ITS SOUTH AFRICAN COAL MINING ASSETS TO EXXARO
Total has signed an agreement with Exxaro Resources Ltd for the sale of its 100% stake in Total Coal South Africa (TCSA), its coal-producing affili ...
Tuesday, 29 July 14
GENCO: DRY BULK SHIPPING VALUATIONS NO LONGER ANCHORED TO DISCOUNTED CASH FLOW METHOD - WEIL
KNOWLEDGE TO ELEVATE
Discounted cash flow analysis is a mainstay among the valuation methodologies used by restructuring professionals and bank ...
Tuesday, 29 July 14
SHIP OWNERS' DEMAND OF NEW VESSELS DENTED AS A RESULT OF LOWER FREIGHT RATES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The sharp downward direction of dry bulk freight rates has had a negative impact on investors’ secondhand buying appetite that wait to see th ...
Monday, 28 July 14
Q3' 14, SUB-BIT FOB INDONESIA COAL SWAP GAINED $ 0.08 DAY ON DAY AND $ 0.68 WEEK ON WEEK
COALspot.com: Indonesian coal swaps for average Q3’ 2014 increased by just US$ 0.08 day on day and US$ 0.68 week on week. The swap was lost U ...
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- Maheswari Brothers Coal Limited - India
- Jaiprakash Power Ventures ltd
- Vedanta Resources Plc - India
- PowerSource Philippines DevCo
- AsiaOL BioFuels Corp., Philippines
- Grasim Industreis Ltd - India
- Borneo Indobara - Indonesia
- Lanco Infratech Ltd - India
- Independent Power Producers Association of India
- Holcim Trading Pte Ltd - Singapore
- Kartika Selabumi Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- TeaM Sual Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Marubeni Corporation - India
- Commonwealth Bank - Australia
- Romanian Commodities Exchange
- Aboitiz Power Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Renaissance Capital - South Africa
- The Treasury - Australian Government
- Asmin Koalindo Tuhup - Indonesia
- Georgia Ports Authority, United States
- Meralco Power Generation, Philippines
- IHS Mccloskey Coal Group - USA
- Barasentosa Lestari - Indonesia
- Mercuria Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Sojitz Corporation - Japan
- Simpson Spence & Young - Indonesia
- Uttam Galva Steels Limited - India
- Parry Sugars Refinery, India
- Savvy Resources Ltd - HongKong
- Indian Oil Corporation Limited
- Attock Cement Pakistan Limited
- Bhatia International Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Baramulti Group, Indonesia
- European Bulk Services B.V. - Netherlands
- Tamil Nadu electricity Board
- Indonesian Coal Mining Association
- Straits Asia Resources Limited - Singapore
- Bhushan Steel Limited - India
- Medco Energi Mining Internasional
- Wilmar Investment Holdings
- GN Power Mariveles Coal Plant, Philippines
- Thiess Contractors Indonesia
- GVK Power & Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Latin American Coal - Colombia
- Oldendorff Carriers - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Ministry of Transport, Egypt
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karbindo Abesyapradhi - Indoneisa
- Global Coal Blending Company Limited - Australia
- Africa Commodities Group - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- SMG Consultants - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Salva Resources Pvt Ltd - India
- Central Java Power - Indonesia
- Energy Development Corp, Philippines
- Trasteel International SA, Italy
- Central Electricity Authority - India
- Ministry of Mines - Canada
- Price Waterhouse Coopers - Russia
- Orica Mining Services - Indonesia
- Indian Energy Exchange, India
- Bhoruka Overseas - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Heidelberg Cement - Germany
- Ministry of Finance - Indonesia
- Kobexindo Tractors - Indoneisa
- Port Waratah Coal Services - Australia
- Singapore Mercantile Exchange
- Ceylon Electricity Board - Sri Lanka
- Bukit Asam (Persero) Tbk - Indonesia
- Petron Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- New Zealand Coal & Carbon
- Merrill Lynch Commodities Europe
- Tata Chemicals Ltd - India
- Eastern Coal Council - USA
- Pendopo Energi Batubara - Indonesia
- Ambuja Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Parliament of New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Sakthi Sugars Limited - India
- Ind-Barath Power Infra Limited - India
- Siam City Cement PLC, Thailand
- Vizag Seaport Private Limited - India
- London Commodity Brokers - England
- Mjunction Services Limited - India
- Cigading International Bulk Terminal - Indonesia
- Posco Energy - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TNB Fuel Sdn Bhd - Malaysia
- Kepco SPC Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Bayan Resources Tbk. - Indonesia
- Mintek Dendrill Indonesia
- SMC Global Power, Philippines
- Sinarmas Energy and Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Coalindo Energy - Indonesia
- Sical Logistics Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- CNBM International Corporation - China
- Bangladesh Power Developement Board
- South Luzon Thermal Energy Corporation
- ASAPP Information Group - India
- Bulk Trading Sa - Switzerland
- Samtan Co., Ltd - South Korea
- Gujarat Sidhee Cement - India
- Therma Luzon, Inc, Philippines
- Manunggal Multi Energi - Indonesia
- White Energy Company Limited
- Coastal Gujarat Power Limited - India
- Power Finance Corporation Ltd., India
- Global Business Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Australian Coal Association
- Xindia Steels Limited - India
- Videocon Industries ltd - India
- Indika Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- PTC India Limited - India
- Riau Bara Harum - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Australian Commodity Traders Exchange
- Altura Mining Limited, Indonesia
- Kapuas Tunggal Persada - Indonesia
- IEA Clean Coal Centre - UK
- Planning Commission, India
- Krishnapatnam Port Company Ltd. - India
- Aditya Birla Group - India
- Miang Besar Coal Terminal - Indonesia
- Agrawal Coal Company - India
- Coal and Oil Company - UAE
- Directorate Of Revenue Intelligence - India
- San Jose City I Power Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Banpu Public Company Limited - Thailand
- Thai Mozambique Logistica
- GMR Energy Limited - India
- Jorong Barutama Greston.PT - Indonesia
- McConnell Dowell - Australia
- Chamber of Mines of South Africa
- Makarim & Taira - Indonesia
- Indo Tambangraya Megah - Indonesia
- Economic Council, Georgia
- Star Paper Mills Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Wood Mackenzie - Singapore
- Malabar Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- MS Steel International - UAE
- Rashtriya Ispat Nigam Limited - India
- Kideco Jaya Agung - Indonesia
- Formosa Plastics Group - Taiwan
- Mercator Lines Limited - India
- Deloitte Consulting - India
- Siam City Cement - Thailand
- Anglo American - United Kingdom
- Electricity Generating Authority of Thailand
- VISA Power Limited - India
- Interocean Group of Companies - India
- Karaikal Port Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Eastern Energy - Thailand
- Standard Chartered Bank - UAE
- Essar Steel Hazira Ltd - India
- Timah Investasi Mineral - Indoneisa
- ICICI Bank Limited - India
- Jindal Steel & Power Ltd - India
- Carbofer General Trading SA - India
- Indogreen Group - Indonesia
- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
- Bharathi Cement Corporation - India
- India Bulls Power Limited - India
- Sree Jayajothi Cements Limited - India
- Minerals Council of Australia
- Electricity Authority, New Zealand
- Iligan Light & Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Cement Manufacturers Association - India
- The University of Queensland
- Meenaskhi Energy Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Goldman Sachs - Singapore
- Bukit Baiduri Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Sindya Power Generating Company Private Ltd
- Orica Australia Pty. Ltd.
- Edison Trading Spa - Italy
- Metalloyd Limited - United Kingdom
- LBH Netherlands Bv - Netherlands
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