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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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Friday, 18 July 14
3RD CHINA INTERNATIONAL SHALE GAS SUMMIT
Building on the massive success of the past 2 shale gas programs that has generated huge success by attracting 500+ industry players, and intrig ...
Friday, 18 July 14
US WEEKLY COAL PRODUCTION UP BY 1.4% TO 18.3 MMST
COALspot.com – United States the world's second largest coal producer, produced approximately 18.3 million short tons (mmst) of coal in a ...
Thursday, 17 July 14
PANAMAX : MARKET HAS COOLED DOWN AGAIN TO LOW AND DEPRESSED LEVELS
Handy
The supra market remains pretty flat in the Atlantic while for the smaller sizes there has been little reported with ships chasing business ...
Thursday, 17 July 14
INDIAN GOVERNMENT WISE TO TAKE ADVANTAGE OF CURRENTLY LOW THERMAL COAL PRICES AND SHIPPING RATES - JEFFREY LANDSBERG
With thermal coal import prices (and also shipping rates) very low at present, India's government would be very wise to take advantage of curre ...
Wednesday, 16 July 14
INDIA BUDGET HAS LIMITED SHORT TERM IMPACT ON POWER SECTOR - FITCH RATINGS
Fitch Ratings says that the measures announced relating to India's electricity sector in the budget for FY2015 are directionally correct but in ...
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- San Jose City I Power Corp, Philippines
- Edison Trading Spa - Italy
- ICICI Bank Limited - India
- Interocean Group of Companies - India
- Thiess Contractors Indonesia
- Renaissance Capital - South Africa
- The University of Queensland
- Miang Besar Coal Terminal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Deloitte Consulting - India
- Global Green Power PLC Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- VISA Power Limited - India
- Ministry of Mines - Canada
- Coastal Gujarat Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Mjunction Services Limited - India
- Petron Corporation, Philippines
- Attock Cement Pakistan Limited
- Gujarat Sidhee Cement - India
- CNBM International Corporation - China
- PetroVietnam Power Coal Import and Supply Company
- Bayan Resources Tbk. - Indonesia
- Binh Thuan Hamico - Vietnam
- Kideco Jaya Agung - Indonesia
- McConnell Dowell - Australia
- Samtan Co., Ltd - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Timah Investasi Mineral - Indoneisa
- Formosa Plastics Group - Taiwan
- Price Waterhouse Coopers - Russia
- Bukit Baiduri Energy - Indonesia
- Metalloyd Limited - United Kingdom
- PowerSource Philippines DevCo
- Holcim Trading Pte Ltd - Singapore
- Sree Jayajothi Cements Limited - India
- Carbofer General Trading SA - India
- Mercuria Energy - Indonesia
- GMR Energy Limited - India
- Indika Energy - Indonesia
- Ministry of Transport, Egypt
- GAC Shipping (India) Pvt Ltd
- European Bulk Services B.V. - Netherlands
- Ministry of Finance - Indonesia
- Africa Commodities Group - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Energy Link Ltd, New Zealand
- Therma Luzon, Inc, Philippines
- CIMB Investment Bank - Malaysia
- Borneo Indobara - Indonesia
- LBH Netherlands Bv - Netherlands
- Vedanta Resources Plc - India
- Sojitz Corporation - Japan
- Bangladesh Power Developement Board
- Goldman Sachs - Singapore
- Manunggal Multi Energi - Indonesia
- IEA Clean Coal Centre - UK
- The State Trading Corporation of India Ltd
- Billiton Holdings Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Agrawal Coal Company - India
- Orica Mining Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Commonwealth Bank - Australia
- Sarangani Energy Corporation, Philippines
- Lanco Infratech Ltd - India
- Indonesian Coal Mining Association
- Central Electricity Authority - India
- Economic Council, Georgia
- Kaltim Prima Coal - Indonesia
- Minerals Council of Australia
- Pendopo Energi Batubara - Indonesia
- Makarim & Taira - Indonesia
- Kepco SPC Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Oldendorff Carriers - Singapore
- Directorate Of Revenue Intelligence - India
- Tamil Nadu electricity Board
- Eastern Coal Council - USA
- Karaikal Port Pvt Ltd - India
- Xindia Steels Limited - India
- Global Business Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Globalindo Alam Lestari - Indonesia
- New Zealand Coal & Carbon
- Latin American Coal - Colombia
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Indo Tambangraya Megah - Indonesia
- International Coal Ventures Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Merrill Lynch Commodities Europe
- Karbindo Abesyapradhi - Indoneisa
- Parliament of New Zealand
- Thai Mozambique Logistica
- Bulk Trading Sa - Switzerland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- MS Steel International - UAE
- Toyota Tsusho Corporation, Japan
- Sical Logistics Limited - India
- SMG Consultants - Indonesia
- PNOC Exploration Corporation - Philippines
- Romanian Commodities Exchange
- Videocon Industries ltd - India
- GVK Power & Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Bhoruka Overseas - Indonesia
- Riau Bara Harum - Indonesia
- Uttam Galva Steels Limited - India
- Australian Commodity Traders Exchange
- Barasentosa Lestari - Indonesia
- Bharathi Cement Corporation - India
- Global Coal Blending Company Limited - Australia
- South Luzon Thermal Energy Corporation
- Antam Resourcindo - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Jindal Steel & Power Ltd - India
- Wood Mackenzie - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- White Energy Company Limited
- Electricity Authority, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Orica Australia Pty. Ltd.
- Planning Commission, India
- Posco Energy - South Korea
- Eastern Energy - Thailand
- Iligan Light & Power Inc, Philippines
- SMC Global Power, Philippines
- Sindya Power Generating Company Private Ltd
- Straits Asia Resources Limited - Singapore
- Power Finance Corporation Ltd., India
- Bhatia International Limited - India
- Grasim Industreis Ltd - India
- Marubeni Corporation - India
- Standard Chartered Bank - UAE
- Indian Energy Exchange, India
- Malabar Cements Ltd - India
- Tata Chemicals Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Anglo American - United Kingdom
- Madhucon Powers Ltd - India
- The Treasury - Australian Government
- Intertek Mineral Services - Indonesia
- Salva Resources Pvt Ltd - India
- Singapore Mercantile Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
- Star Paper Mills Limited - India
- OPG Power Generation Pvt Ltd - India
- Georgia Ports Authority, United States
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Baramulti Group, Indonesia
- SN Aboitiz Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Chamber of Mines of South Africa
- Mintek Dendrill Indonesia
- Electricity Generating Authority of Thailand
- Bukit Makmur.PT - Indonesia
- Kumho Petrochemical, South Korea
- Mercator Lines Limited - India
- Heidelberg Cement - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- TeaM Sual Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sakthi Sugars Limited - India
- Savvy Resources Ltd - HongKong
- Simpson Spence & Young - Indonesia
- Larsen & Toubro Limited - India
- Meenaskhi Energy Private Limited - India
- Independent Power Producers Association of India
- Kohat Cement Company Ltd. - Pakistan
- Trasteel International SA, Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- London Commodity Brokers - England
- Coalindo Energy - Indonesia
- Wilmar Investment Holdings
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement PLC, Thailand
- Australian Coal Association
- Bhushan Steel Limited - India
- Kapuas Tunggal Persada - Indonesia
- India Bulls Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Cement Manufacturers Association - India
- Semirara Mining Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- PTC India Limited - India
- Rio Tinto Coal - Australia
- Aditya Birla Group - India
- Dalmia Cement Bharat India
- Asmin Koalindo Tuhup - Indonesia
- Kobexindo Tractors - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Medco Energi Mining Internasional
- Coal and Oil Company - UAE
- Indian Oil Corporation Limited
- Aboitiz Power Corporation - Philippines
- Ambuja Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Port Waratah Coal Services - Australia
- Energy Development Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Indogreen Group - Indonesia
- Siam City Cement - Thailand
- IHS Mccloskey Coal Group - USA
- Parry Sugars Refinery, India
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