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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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Monday, 07 July 14
SOUTH AFRICA'S RICHARDS BAY COAL TERMINAL SHIPPED 12% LESS COAL IN JUNE COMPARED TO MAY EXPORTS
COALspot.com: South Africa's Richards Bay Coal Terminal (RBCT) the world’s single largest export coal terminal, shipped 4.91 million tons ...
Monday, 07 July 14
INDONESIAN SUB-BIT COAL SWAPS FOR Q3 DELIVERY CRASHES THROUGH $ 54.50
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, 07 July 14
API 8 CFR SOUTH CHINA COAL SWAPS SHOW A DOWNWARD TREND THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swap for delivery in Q3 drops US$ 5.47 month on month on Friday, dipping under $68 a ton. The CFR South Ch ...
Sunday, 06 July 14
PANAMAX INDEX BEING THE BIGGEST GAINER THIS WEEK; UP 52.75% W-O-W
COALspot.com: This week there was some positive signs in all the sectors. The Panamax index being the biggest gainer this week after losing for sev ...
Friday, 04 July 14
US: WEEKLY COAL PRODUCTION SLIGHTLY UP W-O-W
COALspot.com – United States the world's second largest coal producer, produced approximately 19.4 million short tons (mmst) of coa ...
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- Sinarmas Energy and Mining - Indonesia
- Planning Commission, India
- Sree Jayajothi Cements Limited - India
- Australian Coal Association
- Timah Investasi Mineral - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chamber of Mines of South Africa
- Port Waratah Coal Services - Australia
- LBH Netherlands Bv - Netherlands
- Xindia Steels Limited - India
- Borneo Indobara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Edison Trading Spa - Italy
- Agrawal Coal Company - India
- London Commodity Brokers - England
- Petrochimia International Co. Ltd.- Taiwan
- Rio Tinto Coal - Australia
- Salva Resources Pvt Ltd - India
- Medco Energi Mining Internasional
- Anglo American - United Kingdom
- Romanian Commodities Exchange
- Trasteel International SA, Italy
- Orica Australia Pty. Ltd.
- Bhatia International Limited - India
- GAC Shipping (India) Pvt Ltd
- Makarim & Taira - Indonesia
- Power Finance Corporation Ltd., India
- Uttam Galva Steels Limited - India
- Parliament of New Zealand
- Independent Power Producers Association of India
- Carbofer General Trading SA - India
- Directorate General of MIneral and Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Bayan Resources Tbk. - Indonesia
- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- South Luzon Thermal Energy Corporation
- Meralco Power Generation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Intertek Mineral Services - Indonesia
- VISA Power Limited - India
- Indika Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Parry Sugars Refinery, India
- Bukit Makmur.PT - Indonesia
- Mercator Lines Limited - India
- Georgia Ports Authority, United States
- Bukit Baiduri Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- CNBM International Corporation - China
- Globalindo Alam Lestari - Indonesia
- Electricity Authority, New Zealand
- SMC Global Power, Philippines
- Eastern Coal Council - USA
- Oldendorff Carriers - Singapore
- Ministry of Mines - Canada
- Indogreen Group - Indonesia
- Sojitz Corporation - Japan
- Standard Chartered Bank - UAE
- GVK Power & Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Essar Steel Hazira Ltd - India
- International Coal Ventures Pvt Ltd - India
- Interocean Group of Companies - India
- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
- Indonesian Coal Mining Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Economic Council, Georgia
- PowerSource Philippines DevCo
- Antam Resourcindo - Indonesia
- Vedanta Resources Plc - India
- Indo Tambangraya Megah - Indonesia
- Mjunction Services Limited - India
- Lanco Infratech Ltd - India
- Kobexindo Tractors - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- SMG Consultants - Indonesia
- Iligan Light & Power Inc, Philippines
- Heidelberg Cement - Germany
- Wilmar Investment Holdings
- Coal and Oil Company - UAE
- Chettinad Cement Corporation Ltd - India
- Ministry of Finance - Indonesia
- Ambuja Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Manunggal Multi Energi - Indonesia
- The University of Queensland
- Coastal Gujarat Power Limited - India
- White Energy Company Limited
- Pendopo Energi Batubara - Indonesia
- Thiess Contractors Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Indian Energy Exchange, India
- Petron Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Bangladesh Power Developement Board
- Tata Chemicals Ltd - India
- Price Waterhouse Coopers - Russia
- The Treasury - Australian Government
- Therma Luzon, Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- PTC India Limited - India
- Kapuas Tunggal Persada - Indonesia
- Kumho Petrochemical, South Korea
- Bhoruka Overseas - Indonesia
- Simpson Spence & Young - Indonesia
- Bhushan Steel Limited - India
- Grasim Industreis Ltd - India
- New Zealand Coal & Carbon
- Bank of Tokyo Mitsubishi UFJ Ltd
- IEA Clean Coal Centre - UK
- Meenaskhi Energy Private Limited - India
- Attock Cement Pakistan Limited
- Star Paper Mills Limited - India
- Africa Commodities Group - South Africa
- Riau Bara Harum - Indonesia
- Sakthi Sugars Limited - India
- Aboitiz Power Corporation - Philippines
- Australian Commodity Traders Exchange
- Bharathi Cement Corporation - India
- Dalmia Cement Bharat India
- Leighton Contractors Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Madhucon Powers Ltd - India
- Energy Link Ltd, New Zealand
- Coalindo Energy - Indonesia
- Ministry of Transport, Egypt
- Orica Mining Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Cement Manufacturers Association - India
- Goldman Sachs - Singapore
- Sindya Power Generating Company Private Ltd
- Kartika Selabumi Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- San Jose City I Power Corp, Philippines
- Global Business Power Corporation, Philippines
- Aditya Birla Group - India
- Videocon Industries ltd - India
- Commonwealth Bank - Australia
- Thai Mozambique Logistica
- Electricity Generating Authority of Thailand
- Altura Mining Limited, Indonesia
- CIMB Investment Bank - Malaysia
- Jaiprakash Power Ventures ltd
- Global Coal Blending Company Limited - Australia
- Central Electricity Authority - India
- Indian Oil Corporation Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Mercuria Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Karaikal Port Pvt Ltd - India
- McConnell Dowell - Australia
- ICICI Bank Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SN Aboitiz Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Siam City Cement PLC, Thailand
- Eastern Energy - Thailand
- Semirara Mining and Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Jindal Steel & Power Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Sical Logistics Limited - India
- Marubeni Corporation - India
- Samtan Co., Ltd - South Korea
- Vizag Seaport Private Limited - India
- Siam City Cement - Thailand
- Directorate Of Revenue Intelligence - India
- Central Java Power - Indonesia
- TeaM Sual Corporation - Philippines
- Larsen & Toubro Limited - India
- Malabar Cements Ltd - India
- Latin American Coal - Colombia
- Singapore Mercantile Exchange
- Rashtriya Ispat Nigam Limited - India
- ASAPP Information Group - India
- Maheswari Brothers Coal Limited - India
- PNOC Exploration Corporation - Philippines
- Minerals Council of Australia
- Sarangani Energy Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Savvy Resources Ltd - HongKong
- Barasentosa Lestari - Indonesia
- India Bulls Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Wood Mackenzie - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Sidhee Cement - India
- Formosa Plastics Group - Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Mineral Development Corp Ltd - India
- GMR Energy Limited - India
- Deloitte Consulting - India
- European Bulk Services B.V. - Netherlands
- Bulk Trading Sa - Switzerland
- MS Steel International - UAE
- Energy Development Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Karbindo Abesyapradhi - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Posco Energy - South Korea
- Mintek Dendrill Indonesia
- Merrill Lynch Commodities Europe
- Renaissance Capital - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Kaltim Prima Coal - Indonesia
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