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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, 16 July 14
WEEKLY SHIPPING MARKET INSIGHT - INTERMODAL
Wake me up when September ends - Theodore Ntalakos
Since last September most thought that the worst was behind us. It looks like the market de ...
Tuesday, 15 July 14
INDONESIA'S TOTAL COAL PRODUCTION REACHED ANOTHER HIGH DURING THE FIRST SIX MONTHS; GOVERNMENT EXPECTED TO RAISE ROYALTIES
COALspot.com: Indonesia's total coal production reached 213 million tons during January through June, up by 7.6 percent y-o-y. Coal output in I ...
Monday, 14 July 14
THE END OF THE ERA OF HEAVY FUEL OIL IN MARITIME SHIPPING - ICCT
KNOWLEDGE TO ELEVATE
Since the 1960s, heavy fuel oil (HFO) has been the king of marine fuels. Viscous, dirty, yet inexpensive and widely avail ...
Monday, 14 July 14
SGX SUB-BIT FOB INDONESIA COAL SWAP FOR Q4' 14 DELIVERY CLOSED AT $ 54.80
COALspot.com: Indonesian coal swaps for average Q3’ 2014 lost on day, week and on month according to AsiaClear OTC coal swap's reports re ...
Monday, 14 July 14
SGX CFR SOUTH CHINA COAL SWAP FOR Q3' 14 LOST 17.29% SINCE EARLY JANUARY 2014
COALspot.com: Coal price falling is continues as the impact oversupply and lower demand. API 8 CFR South China Coal swap for delivery in Q3 drops U ...
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- Alfred C Toepfer International GmbH - Germany
- Meenaskhi Energy Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Wood Mackenzie - Singapore
- London Commodity Brokers - England
- Chamber of Mines of South Africa
- Metalloyd Limited - United Kingdom
- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
- Renaissance Capital - South Africa
- Bulk Trading Sa - Switzerland
- Chettinad Cement Corporation Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Economic Council, Georgia
- LBH Netherlands Bv - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Riau Bara Harum - Indonesia
- Posco Energy - South Korea
- Indo Tambangraya Megah - Indonesia
- PowerSource Philippines DevCo
- Planning Commission, India
- Electricity Generating Authority of Thailand
- GMR Energy Limited - India
- Miang Besar Coal Terminal - Indonesia
- Heidelberg Cement - Germany
- IHS Mccloskey Coal Group - USA
- Xindia Steels Limited - India
- Mjunction Services Limited - India
- Maharashtra Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Samtan Co., Ltd - South Korea
- Grasim Industreis Ltd - India
- GAC Shipping (India) Pvt Ltd
- Port Waratah Coal Services - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Larsen & Toubro Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Ministry of Mines - Canada
- Vizag Seaport Private Limited - India
- Indian Oil Corporation Limited
- European Bulk Services B.V. - Netherlands
- Thiess Contractors Indonesia
- Bhushan Steel Limited - India
- Central Electricity Authority - India
- MS Steel International - UAE
- Eastern Coal Council - USA
- Dalmia Cement Bharat India
- Karbindo Abesyapradhi - Indoneisa
- Malabar Cements Ltd - India
- Rio Tinto Coal - Australia
- Gujarat Sidhee Cement - India
- Indian Energy Exchange, India
- Orica Mining Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Aditya Birla Group - India
- Rashtriya Ispat Nigam Limited - India
- Bangladesh Power Developement Board
- Sindya Power Generating Company Private Ltd
- Salva Resources Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Development Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Videocon Industries ltd - India
- Singapore Mercantile Exchange
- Timah Investasi Mineral - Indoneisa
- PTC India Limited - India
- Krishnapatnam Port Company Ltd. - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Binh Thuan Hamico - Vietnam
- Bukit Baiduri Energy - Indonesia
- GVK Power & Infra Limited - India
- Semirara Mining Corp, Philippines
- Agrawal Coal Company - India
- Bayan Resources Tbk. - Indonesia
- Borneo Indobara - Indonesia
- Vedanta Resources Plc - India
- Toyota Tsusho Corporation, Japan
- Coal and Oil Company - UAE
- South Luzon Thermal Energy Corporation
- Price Waterhouse Coopers - Russia
- Kobexindo Tractors - Indoneisa
- Latin American Coal - Colombia
- Simpson Spence & Young - Indonesia
- The Treasury - Australian Government
- Carbofer General Trading SA - India
- Global Green Power PLC Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- Thai Mozambique Logistica
- Commonwealth Bank - Australia
- Anglo American - United Kingdom
- VISA Power Limited - India
- Sical Logistics Limited - India
- Interocean Group of Companies - India
- Kepco SPC Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Baramulti Group, Indonesia
- Indonesian Coal Mining Association
- Bhatia International Limited - India
- Australian Coal Association
- Mintek Dendrill Indonesia
- Jindal Steel & Power Ltd - India
- Tamil Nadu electricity Board
- Central Java Power - Indonesia
- Kumho Petrochemical, South Korea
- Trasteel International SA, Italy
- Ceylon Electricity Board - Sri Lanka
- Intertek Mineral Services - Indonesia
- Mercuria Energy - Indonesia
- Bhoruka Overseas - Indonesia
- TeaM Sual Corporation - Philippines
- Global Business Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Energy Link Ltd, New Zealand
- Marubeni Corporation - India
- Coalindo Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- SMC Global Power, Philippines
- Therma Luzon, Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Siam City Cement - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Makarim & Taira - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- McConnell Dowell - Australia
- Minerals Council of Australia
- SMG Consultants - Indonesia
- Africa Commodities Group - South Africa
- Medco Energi Mining Internasional
- Essar Steel Hazira Ltd - India
- San Jose City I Power Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement PLC, Thailand
- Directorate Of Revenue Intelligence - India
- Aboitiz Power Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Goldman Sachs - Singapore
- Indogreen Group - Indonesia
- Formosa Plastics Group - Taiwan
- Parry Sugars Refinery, India
- Georgia Ports Authority, United States
- Globalindo Alam Lestari - Indonesia
- Ministry of Finance - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Edison Trading Spa - Italy
- Kohat Cement Company Ltd. - Pakistan
- Cement Manufacturers Association - India
- Attock Cement Pakistan Limited
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Barasentosa Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Ambuja Cements Ltd - India
- Romanian Commodities Exchange
- Meralco Power Generation, Philippines
- Straits Asia Resources Limited - Singapore
- White Energy Company Limited
- Uttam Galva Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Cigading International Bulk Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- PNOC Exploration Corporation - Philippines
- Indika Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- The University of Queensland
- Kaltim Prima Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- New Zealand Coal & Carbon
- PetroVietnam Power Coal Import and Supply Company
- Altura Mining Limited, Indonesia
- Petron Corporation, Philippines
- Oldendorff Carriers - Singapore
- Leighton Contractors Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- Kalimantan Lumbung Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Deloitte Consulting - India
- CNBM International Corporation - China
- Maheswari Brothers Coal Limited - India
- Mercator Lines Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ASAPP Information Group - India
- Electricity Authority, New Zealand
- Eastern Energy - Thailand
- Wilmar Investment Holdings
- Asmin Koalindo Tuhup - Indonesia
- Global Coal Blending Company Limited - Australia
- Bharathi Cement Corporation - India
- International Coal Ventures Pvt Ltd - India
- Sakthi Sugars Limited - India
- Merrill Lynch Commodities Europe
- Lanco Infratech Ltd - India
- Star Paper Mills Limited - India
- Jaiprakash Power Ventures ltd
- IEA Clean Coal Centre - UK
- Kideco Jaya Agung - Indonesia
- India Bulls Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- The State Trading Corporation of India Ltd
- Sojitz Corporation - Japan
- Sree Jayajothi Cements Limited - India
- Standard Chartered Bank - UAE
- Bukit Makmur.PT - Indonesia
- Parliament of New Zealand
- Antam Resourcindo - Indonesia
- Australian Commodity Traders Exchange
- Independent Power Producers Association of India
- Savvy Resources Ltd - HongKong
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