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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, 10 July 14
SGX EXPANDS ACROSS THE BULKS WITH NEW COAL PRODUCTS
COALspot.com: Singapore Exchange (SGX) is expanding its bulk commodity derivatives offering by launching new coking and thermal coal products on 4 ...
Thursday, 10 July 14
HANDY: SMALL INCREASE; PANAMAX: POSITIVE TONE; CAPESIZE: PAPER VALUES REMAIN WEEK
Handy
It is a general increase in activity in both hemispheres whereas rates have just experienced a small increase. In the Feast we see stable a ...
Wednesday, 09 July 14
SHIP INVESTMENTS ARE TRENDING LOWER
Most ship owners are deeming current ship prices on the high side, refraining from making serious commitments in new acquisitions or newbuilding or ...
Wednesday, 09 July 14
INDIAN GOVERNMENT ADVISED POWER UTILITIES TO INCREASE COAL IMPORTS
COALspot.com: The government of India has advised power utilities to increase coal imports to meet fuel shortages and those that have fuel supply p ...
Wednesday, 09 July 14
PANAMAX MARKET FINALLY CORRECTING UPWARDS; AVERAGE TC MORE THAN DOUBLING WEEK ON WEEK - INTERMODAL
The Dry Bulk market has closed off on Friday on a more positive note, with most segments noting weekly gains and the Panamax market finally correct ...
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- SMC Global Power, Philippines
- OPG Power Generation Pvt Ltd - India
- Port Waratah Coal Services - Australia
- PTC India Limited - India
- Altura Mining Limited, Indonesia
- Videocon Industries ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- GAC Shipping (India) Pvt Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- VISA Power Limited - India
- Heidelberg Cement - Germany
- Leighton Contractors Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Formosa Plastics Group - Taiwan
- Bhatia International Limited - India
- The University of Queensland
- Gujarat Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Mercuria Energy - Indonesia
- Madhucon Powers Ltd - India
- Xindia Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Vizag Seaport Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Minerals Council of Australia
- TNB Fuel Sdn Bhd - Malaysia
- Singapore Mercantile Exchange
- Alfred C Toepfer International GmbH - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Independent Power Producers Association of India
- Karaikal Port Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Directorate Of Revenue Intelligence - India
- GVK Power & Infra Limited - India
- Indonesian Coal Mining Association
- PNOC Exploration Corporation - Philippines
- Africa Commodities Group - South Africa
- Maheswari Brothers Coal Limited - India
- Kartika Selabumi Mining - Indonesia
- Wood Mackenzie - Singapore
- MS Steel International - UAE
- Goldman Sachs - Singapore
- ICICI Bank Limited - India
- Central Java Power - Indonesia
- Eastern Energy - Thailand
- Barasentosa Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- European Bulk Services B.V. - Netherlands
- Posco Energy - South Korea
- The State Trading Corporation of India Ltd
- PowerSource Philippines DevCo
- Marubeni Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Holcim Trading Pte Ltd - Singapore
- Orica Mining Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Renaissance Capital - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petron Corporation, Philippines
- Kumho Petrochemical, South Korea
- Chettinad Cement Corporation Ltd - India
- Binh Thuan Hamico - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- CIMB Investment Bank - Malaysia
- Chamber of Mines of South Africa
- Intertek Mineral Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- Antam Resourcindo - Indonesia
- Coastal Gujarat Power Limited - India
- India Bulls Power Limited - India
- Jaiprakash Power Ventures ltd
- Australian Coal Association
- Mercator Lines Limited - India
- Malabar Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Price Waterhouse Coopers - Russia
- Makarim & Taira - Indonesia
- Orica Australia Pty. Ltd.
- Carbofer General Trading SA - India
- New Zealand Coal & Carbon
- Star Paper Mills Limited - India
- Australian Commodity Traders Exchange
- Dalmia Cement Bharat India
- Metalloyd Limited - United Kingdom
- Siam City Cement PLC, Thailand
- Siam City Cement - Thailand
- Meenaskhi Energy Private Limited - India
- Baramulti Group, Indonesia
- Merrill Lynch Commodities Europe
- Gujarat Sidhee Cement - India
- International Coal Ventures Pvt Ltd - India
- GMR Energy Limited - India
- Tamil Nadu electricity Board
- Uttam Galva Steels Limited - India
- Standard Chartered Bank - UAE
- Coalindo Energy - Indonesia
- Electricity Generating Authority of Thailand
- Trasteel International SA, Italy
- Asmin Koalindo Tuhup - Indonesia
- Romanian Commodities Exchange
- Meralco Power Generation, Philippines
- Lanco Infratech Ltd - India
- Sindya Power Generating Company Private Ltd
- GN Power Mariveles Coal Plant, Philippines
- London Commodity Brokers - England
- Coal and Oil Company - UAE
- Tata Chemicals Ltd - India
- Oldendorff Carriers - Singapore
- McConnell Dowell - Australia
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- Indika Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- ASAPP Information Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kohat Cement Company Ltd. - Pakistan
- CNBM International Corporation - China
- SN Aboitiz Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Latin American Coal - Colombia
- Energy Development Corp, Philippines
- TeaM Sual Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Bhoruka Overseas - Indonesia
- Semirara Mining Corp, Philippines
- SMG Consultants - Indonesia
- South Luzon Thermal Energy Corporation
- Manunggal Multi Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Indian Energy Exchange, India
- Larsen & Toubro Limited - India
- IEA Clean Coal Centre - UK
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parry Sugars Refinery, India
- Bulk Trading Sa - Switzerland
- Kobexindo Tractors - Indoneisa
- Global Business Power Corporation, Philippines
- Georgia Ports Authority, United States
- Savvy Resources Ltd - HongKong
- Ministry of Transport, Egypt
- The Treasury - Australian Government
- Mintek Dendrill Indonesia
- Straits Asia Resources Limited - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Sojitz Corporation - Japan
- Sree Jayajothi Cements Limited - India
- Planning Commission, India
- Vedanta Resources Plc - India
- Global Green Power PLC Corporation, Philippines
- Central Electricity Authority - India
- Commonwealth Bank - Australia
- Ceylon Electricity Board - Sri Lanka
- Wilmar Investment Holdings
- Thai Mozambique Logistica
- Banpu Public Company Limited - Thailand
- Cement Manufacturers Association - India
- Aditya Birla Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Sinarmas Energy and Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Electricity Authority, New Zealand
- Bukit Makmur.PT - Indonesia
- Deloitte Consulting - India
- Grasim Industreis Ltd - India
- Eastern Coal Council - USA
- Attock Cement Pakistan Limited
- Kepco SPC Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Aboitiz Power Corporation - Philippines
- Power Finance Corporation Ltd., India
- Bangladesh Power Developement Board
- Interocean Group of Companies - India
- Simpson Spence & Young - Indonesia
- White Energy Company Limited
- Ministry of Finance - Indonesia
- Sical Logistics Limited - India
- Indian Oil Corporation Limited
- Salva Resources Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Indogreen Group - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Ministry of Mines - Canada
- Bhushan Steel Limited - India
- Parliament of New Zealand
- Mjunction Services Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Agrawal Coal Company - India
- Ambuja Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Bharathi Cement Corporation - India
- Therma Luzon, Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Rio Tinto Coal - Australia
- Bukit Baiduri Energy - Indonesia
- Medco Energi Mining Internasional
- Economic Council, Georgia
- Edison Trading Spa - Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Kaltim Prima Coal - Indonesia
- Energy Link Ltd, New Zealand
- Riau Bara Harum - Indonesia
- Toyota Tsusho Corporation, Japan
- Jorong Barutama Greston.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Borneo Indobara - Indonesia
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