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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, 24 July 14
INDONESIA'S JUNE 2014 COAL EXPORT VOLUME DOWN 6.82%; AVERAGE SELLING PRICE DOWN
COALspot.com: Indonesia, one of the world's largest coal producer and the global leading multi grade coal exporter shipped around $1.70* ...
Thursday, 24 July 14
HANDY: SOUTH AFRICA SOFTENED A BIT, HERE RATES ARE AT AROUND 8K +150K BB FOR TRIPS EAST - FEARNLEYS AS
Handy
The handy market in the Atlantic is going sideways and a tick down on low activity. Levels hoovering around USD 5k on Supras. The SMX marke ...
Thursday, 24 July 14
INDONESIAN COAL EXPORTERS ARE REQUIRED TO OBTAIN ET-BATUBARA UNDER LATEST TRADE MINISTRY'S NEW REGULATION
COALspot.com: Indonesia's trade ministry has issued regulation No. 39/M-DAG/PER/7/2014 which is requires exporters of power plant coal as ...
Wednesday, 23 July 14
PANAMAXES WERE BACK ON A DOWNWARD COURSE; CAPES WERE FEELING THE MOST PRESSURE - INTERMODAL
COALspot.com: The Dry Bulk market was on a downward spiral this week, with the BDI noting another week-on-week decline of the magnitude of 10% this ...
Wednesday, 23 July 14
WEEKLY SHIPPING MARKET INSIGHT - INTERMODAL
In Australia, the world’s largest mining group, BHP Billiton, will beat the iron ore export target of more than 220 million tonnes for 2014. ...
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- Edison Trading Spa - Italy
- Intertek Mineral Services - Indonesia
- Simpson Spence & Young - Indonesia
- Carbofer General Trading SA - India
- Ceylon Electricity Board - Sri Lanka
- Anglo American - United Kingdom
- MS Steel International - UAE
- Semirara Mining Corp, Philippines
- Electricity Generating Authority of Thailand
- Port Waratah Coal Services - Australia
- Vizag Seaport Private Limited - India
- South Luzon Thermal Energy Corporation
- Bhoruka Overseas - Indonesia
- Essar Steel Hazira Ltd - India
- IEA Clean Coal Centre - UK
- PetroVietnam Power Coal Import and Supply Company
- Price Waterhouse Coopers - Russia
- Chettinad Cement Corporation Ltd - India
- Indian Energy Exchange, India
- Asmin Koalindo Tuhup - Indonesia
- Sakthi Sugars Limited - India
- CIMB Investment Bank - Malaysia
- GVK Power & Infra Limited - India
- Coalindo Energy - Indonesia
- The State Trading Corporation of India Ltd
- Thiess Contractors Indonesia
- Riau Bara Harum - Indonesia
- Formosa Plastics Group - Taiwan
- Dalmia Cement Bharat India
- Bhushan Steel Limited - India
- VISA Power Limited - India
- Metalloyd Limited - United Kingdom
- Agrawal Coal Company - India
- Economic Council, Georgia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Bharathi Cement Corporation - India
- Salva Resources Pvt Ltd - India
- Ambuja Cements Ltd - India
- Marubeni Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- Africa Commodities Group - South Africa
- SMC Global Power, Philippines
- Australian Coal Association
- Globalindo Alam Lestari - Indonesia
- PTC India Limited - India
- Indika Energy - Indonesia
- Borneo Indobara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Baramulti Group, Indonesia
- Barasentosa Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Gujarat Sidhee Cement - India
- Semirara Mining and Power Corporation, Philippines
- Parliament of New Zealand
- Global Coal Blending Company Limited - Australia
- GN Power Mariveles Coal Plant, Philippines
- Bulk Trading Sa - Switzerland
- Ministry of Transport, Egypt
- Central Electricity Authority - India
- Meralco Power Generation, Philippines
- ICICI Bank Limited - India
- LBH Netherlands Bv - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Aditya Birla Group - India
- Chamber of Mines of South Africa
- OPG Power Generation Pvt Ltd - India
- Sojitz Corporation - Japan
- Rio Tinto Coal - Australia
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Samtan Co., Ltd - South Korea
- London Commodity Brokers - England
- Kobexindo Tractors - Indoneisa
- The Treasury - Australian Government
- Toyota Tsusho Corporation, Japan
- Ministry of Finance - Indonesia
- Eastern Energy - Thailand
- Binh Thuan Hamico - Vietnam
- Planning Commission, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ind-Barath Power Infra Limited - India
- Deloitte Consulting - India
- Sindya Power Generating Company Private Ltd
- Kartika Selabumi Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- AsiaOL BioFuels Corp., Philippines
- Renaissance Capital - South Africa
- Siam City Cement - Thailand
- Kumho Petrochemical, South Korea
- Singapore Mercantile Exchange
- Posco Energy - South Korea
- Sical Logistics Limited - India
- Interocean Group of Companies - India
- Malabar Cements Ltd - India
- Goldman Sachs - Singapore
- Wood Mackenzie - Singapore
- Bukit Baiduri Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Karaikal Port Pvt Ltd - India
- Mercator Lines Limited - India
- Mjunction Services Limited - India
- McConnell Dowell - Australia
- Trasteel International SA, Italy
- Manunggal Multi Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- TeaM Sual Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Maheswari Brothers Coal Limited - India
- Bangladesh Power Developement Board
- The University of Queensland
- Miang Besar Coal Terminal - Indonesia
- PowerSource Philippines DevCo
- Mintek Dendrill Indonesia
- CNBM International Corporation - China
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Kideco Jaya Agung - Indonesia
- Parry Sugars Refinery, India
- Karbindo Abesyapradhi - Indoneisa
- Heidelberg Cement - Germany
- Jindal Steel & Power Ltd - India
- Central Java Power - Indonesia
- Makarim & Taira - Indonesia
- Attock Cement Pakistan Limited
- Oldendorff Carriers - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Romanian Commodities Exchange
- India Bulls Power Limited - India
- Star Paper Mills Limited - India
- Mercuria Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Thai Mozambique Logistica
- Bank of Tokyo Mitsubishi UFJ Ltd
- Therma Luzon, Inc, Philippines
- Energy Link Ltd, New Zealand
- Eastern Coal Council - USA
- Directorate General of MIneral and Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- SMG Consultants - Indonesia
- Cement Manufacturers Association - India
- Merrill Lynch Commodities Europe
- New Zealand Coal & Carbon
- Commonwealth Bank - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Antam Resourcindo - Indonesia
- PNOC Exploration Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Uttam Galva Steels Limited - India
- Lanco Infratech Ltd - India
- Orica Mining Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Bhatia International Limited - India
- Independent Power Producers Association of India
- Standard Chartered Bank - UAE
- Tamil Nadu electricity Board
- Energy Development Corp, Philippines
- Wilmar Investment Holdings
- Indo Tambangraya Megah - Indonesia
- Siam City Cement PLC, Thailand
- Indian Oil Corporation Limited
- Maharashtra Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Kaltim Prima Coal - Indonesia
- White Energy Company Limited
- IHS Mccloskey Coal Group - USA
- Australian Commodity Traders Exchange
- International Coal Ventures Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
- Vedanta Resources Plc - India
- Coastal Gujarat Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Coal and Oil Company - UAE
- Petron Corporation, Philippines
- Ministry of Mines - Canada
- Billiton Holdings Pty Ltd - Australia
- Leighton Contractors Pty Ltd - Australia
- Latin American Coal - Colombia
- Cigading International Bulk Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Iligan Light & Power Inc, Philippines
- ASAPP Information Group - India
- Larsen & Toubro Limited - India
- Orica Australia Pty. Ltd.
- European Bulk Services B.V. - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Indogreen Group - Indonesia
- Videocon Industries ltd - India
- Electricity Authority, New Zealand
- Grasim Industreis Ltd - India
- Aboitiz Power Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Xindia Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Medco Energi Mining Internasional
- Krishnapatnam Port Company Ltd. - India
- Minerals Council of Australia
- Jaiprakash Power Ventures ltd
- Savvy Resources Ltd - HongKong
- Indonesian Coal Mining Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Madhucon Powers Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Tata Chemicals Ltd - India
- Sinarmas Energy and Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
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