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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, 09 July 14
SHIPPING MARKET INSIGHT - PANOS TSILINGIRIS
The mini-boom in dry bulker values catapulted ship prices too fast too far over the last one-and-a-half year. The concurrence of historically low p ...
Tuesday, 08 July 14
INDONESIAN COAL PRICE REFERENCE FALL AGAIN IN JULY; LOST 1.62%
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia again revised down the coal bench mark price in July. HBA for month of J ...
Tuesday, 08 July 14
ENERGY IN THE MIX - INTERMODAL SHIPBROKERS
With the Tanker freight market having showed much promise this year compared to the performance that had been noted during the previous five, it is ...
Monday, 07 July 14
INDONESIA STATE-CONTROLLED COAL MINER BUKIT ASAM TO TRADE COAL ON-LINE THROUGH JFX
COALspot.com: Indonesian state owned coal miner PT Tambang Batubara Bukit Asam Tbk (PTBA) has teamed up with Jakarta Futures Exchange (JFX) to sell ...
Monday, 07 July 14
RBCT, THE WORLD'S SINGLE LARGEST EXPORT COAL TERMINAL SHIPPED 31.91 MMT OF COAL IN H1 2014
COALspot.com: South Africa's Richards Bay Coal Terminal (RBCT) the world’s single largest export coal terminal, shipped 31.91 million ton ...
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- Siam City Cement - Thailand
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Minerals Council of Australia
- Jorong Barutama Greston.PT - Indonesia
- Marubeni Corporation - India
- Aditya Birla Group - India
- Standard Chartered Bank - UAE
- Sree Jayajothi Cements Limited - India
- Indonesian Coal Mining Association
- Sindya Power Generating Company Private Ltd
- Trasteel International SA, Italy
- Petrochimia International Co. Ltd.- Taiwan
- Oldendorff Carriers - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kumho Petrochemical, South Korea
- Semirara Mining and Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Holcim Trading Pte Ltd - Singapore
- SMC Global Power, Philippines
- Central Electricity Authority - India
- Simpson Spence & Young - Indonesia
- Lanco Infratech Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Petron Corporation, Philippines
- Ministry of Finance - Indonesia
- Gujarat Sidhee Cement - India
- Meralco Power Generation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Latin American Coal - Colombia
- Parliament of New Zealand
- Videocon Industries ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Deloitte Consulting - India
- Electricity Generating Authority of Thailand
- Romanian Commodities Exchange
- Miang Besar Coal Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Indogreen Group - Indonesia
- Georgia Ports Authority, United States
- Directorate General of MIneral and Coal - Indonesia
- Electricity Authority, New Zealand
- International Coal Ventures Pvt Ltd - India
- Port Waratah Coal Services - Australia
- GAC Shipping (India) Pvt Ltd
- Sojitz Corporation - Japan
- White Energy Company Limited
- Australian Coal Association
- Metalloyd Limited - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Gujarat Electricity Regulatory Commission - India
- VISA Power Limited - India
- The Treasury - Australian Government
- MS Steel International - UAE
- Larsen & Toubro Limited - India
- CNBM International Corporation - China
- Tamil Nadu electricity Board
- Central Java Power - Indonesia
- Power Finance Corporation Ltd., India
- Mjunction Services Limited - India
- Eastern Coal Council - USA
- Sarangani Energy Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Planning Commission, India
- GN Power Mariveles Coal Plant, Philippines
- Global Business Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- SMG Consultants - Indonesia
- Orica Australia Pty. Ltd.
- Cement Manufacturers Association - India
- OPG Power Generation Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Tata Chemicals Ltd - India
- Savvy Resources Ltd - HongKong
- Samtan Co., Ltd - South Korea
- GMR Energy Limited - India
- Rio Tinto Coal - Australia
- Sakthi Sugars Limited - India
- Baramulti Group, Indonesia
- Siam City Cement PLC, Thailand
- Chettinad Cement Corporation Ltd - India
- Parry Sugars Refinery, India
- Cigading International Bulk Terminal - Indonesia
- ASAPP Information Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- India Bulls Power Limited - India
- Directorate Of Revenue Intelligence - India
- Straits Asia Resources Limited - Singapore
- Jindal Steel & Power Ltd - India
- Bhoruka Overseas - Indonesia
- Chamber of Mines of South Africa
- Sical Logistics Limited - India
- Wood Mackenzie - Singapore
- Meenaskhi Energy Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- New Zealand Coal & Carbon
- Manunggal Multi Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Bangladesh Power Developement Board
- Malabar Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Altura Mining Limited, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Global Green Power PLC Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Dalmia Cement Bharat India
- Bhatia International Limited - India
- Grasim Industreis Ltd - India
- PTC India Limited - India
- London Commodity Brokers - England
- Asmin Koalindo Tuhup - Indonesia
- Indian Oil Corporation Limited
- TNB Fuel Sdn Bhd - Malaysia
- Mercuria Energy - Indonesia
- Makarim & Taira - Indonesia
- South Luzon Thermal Energy Corporation
- Merrill Lynch Commodities Europe
- Agrawal Coal Company - India
- Kobexindo Tractors - Indoneisa
- Kideco Jaya Agung - Indonesia
- The University of Queensland
- PetroVietnam Power Coal Import and Supply Company
- Ambuja Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Coastal Gujarat Power Limited - India
- Energy Link Ltd, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Sinarmas Energy and Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Australian Commodity Traders Exchange
- The State Trading Corporation of India Ltd
- Pendopo Energi Batubara - Indonesia
- Thiess Contractors Indonesia
- San Jose City I Power Corp, Philippines
- Intertek Mineral Services - Indonesia
- PowerSource Philippines DevCo
- Rashtriya Ispat Nigam Limited - India
- Energy Development Corp, Philippines
- Attock Cement Pakistan Limited
- Bhushan Steel Limited - India
- PNOC Exploration Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Indian Energy Exchange, India
- Formosa Plastics Group - Taiwan
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- Therma Luzon, Inc, Philippines
- Medco Energi Mining Internasional
- Bharathi Cement Corporation - India
- Global Coal Blending Company Limited - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Star Paper Mills Limited - India
- Mercator Lines Limited - India
- McConnell Dowell - Australia
- Semirara Mining Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Africa Commodities Group - South Africa
- Eastern Energy - Thailand
- Maheswari Brothers Coal Limited - India
- Bulk Trading Sa - Switzerland
- Singapore Mercantile Exchange
- Karaikal Port Pvt Ltd - India
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- Independent Power Producers Association of India
- Thai Mozambique Logistica
- Carbofer General Trading SA - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Posco Energy - South Korea
- Indo Tambangraya Megah - Indonesia
- ICICI Bank Limited - India
- SN Aboitiz Power Inc, Philippines
- Goldman Sachs - Singapore
- Vedanta Resources Plc - India
- Borneo Indobara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Interocean Group of Companies - India
- Vizag Seaport Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Leighton Contractors Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Bayan Resources Tbk. - Indonesia
- Bukit Makmur.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Toyota Tsusho Corporation, Japan
- Wilmar Investment Holdings
- Barasentosa Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Edison Trading Spa - Italy
- Ministry of Mines - Canada
- Xindia Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Anglo American - United Kingdom
- Commonwealth Bank - Australia
- Renaissance Capital - South Africa
- Heidelberg Cement - Germany
- Aboitiz Power Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Antam Resourcindo - Indonesia
- Salva Resources Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Economic Council, Georgia
- Uttam Galva Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Indika Energy - Indonesia
- Ministry of Transport, Egypt
- Jaiprakash Power Ventures ltd
- GVK Power & Infra Limited - India
- Bukit Baiduri Energy - Indonesia
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