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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, 25 June 14
INDONESIAN COAL EXPORTS ON RISE; EARNINGS FALL ON LOWER SELLING PRICES
COALspot.com: Indonesia, one of the world's largest coal producer and the global largest multi grade coal exporter shipped around $1.84* ...
Wednesday, 25 June 14
THE PANAMAX MARKET REACHED FRESH LOWS FOR THE YEAR, SAYS INTERMODAL
COALspot.com: The Dry Bulk market closed off the week noting a slight decrease, but this image of stability is merely representative of freight rat ...
Wednesday, 25 June 14
SHIPPING: MARKET INSIGHT - YANNIS OLZIERSKY
During his recent visit in London, China's Premier, Li Keqiang, announced that China's economy, the world's second largest after the US ...
Tuesday, 24 June 14
INDONESIAN COAL MINER TARGETS RP 313 BILLION IPO
COALspot.com: Indonesian coal miner PT Mitrabara Adiperdana is aiming to raise up to Rp 313 billion to Rp 368 billion (approximately $26.133 millio ...
Monday, 23 June 14
INDONESIAN COAL SWAP FOR Q3 DELIVERY LOST 8.60% Y-O-Y;4.80% M-O-M
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 ...
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- PetroVietnam Power Coal Import and Supply Company
- Thiess Contractors Indonesia
- OPG Power Generation Pvt Ltd - India
- Meralco Power Generation, Philippines
- Binh Thuan Hamico - Vietnam
- Latin American Coal - Colombia
- Gujarat Mineral Development Corp Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Coal Council - USA
- Ind-Barath Power Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Semirara Mining Corp, Philippines
- Tata Chemicals Ltd - India
- Iligan Light & Power Inc, Philippines
- Goldman Sachs - Singapore
- TeaM Sual Corporation - Philippines
- Ministry of Finance - Indonesia
- Xindia Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Barasentosa Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Romanian Commodities Exchange
- PowerSource Philippines DevCo
- IEA Clean Coal Centre - UK
- Ministry of Mines - Canada
- Indonesian Coal Mining Association
- Straits Asia Resources Limited - Singapore
- Riau Bara Harum - Indonesia
- CNBM International Corporation - China
- Maharashtra Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- GAC Shipping (India) Pvt Ltd
- SMG Consultants - Indonesia
- Orica Mining Services - Indonesia
- Australian Commodity Traders Exchange
- Carbofer General Trading SA - India
- Savvy Resources Ltd - HongKong
- Sical Logistics Limited - India
- Sarangani Energy Corporation, Philippines
- Trasteel International SA, Italy
- Standard Chartered Bank - UAE
- Kobexindo Tractors - Indoneisa
- Anglo American - United Kingdom
- Meenaskhi Energy Private Limited - India
- Coalindo Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Minerals Council of Australia
- Salva Resources Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Central Java Power - Indonesia
- Intertek Mineral Services - Indonesia
- Interocean Group of Companies - India
- Orica Australia Pty. Ltd.
- Kepco SPC Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- MS Steel International - UAE
- Economic Council, Georgia
- South Luzon Thermal Energy Corporation
- Commonwealth Bank - Australia
- The State Trading Corporation of India Ltd
- Edison Trading Spa - Italy
- Grasim Industreis Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- GN Power Mariveles Coal Plant, Philippines
- The Treasury - Australian Government
- Semirara Mining and Power Corporation, Philippines
- Eastern Energy - Thailand
- Timah Investasi Mineral - Indoneisa
- Chamber of Mines of South Africa
- Globalindo Alam Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Power Finance Corporation Ltd., India
- Kumho Petrochemical, South Korea
- Wilmar Investment Holdings
- PTC India Limited - India
- GVK Power & Infra Limited - India
- Wood Mackenzie - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- New Zealand Coal & Carbon
- Bhoruka Overseas - Indonesia
- Price Waterhouse Coopers - Russia
- Heidelberg Cement - Germany
- Coastal Gujarat Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Energy Development Corp, Philippines
- Rio Tinto Coal - Australia
- GMR Energy Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Aboitiz Power Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Gujarat Sidhee Cement - India
- Dalmia Cement Bharat India
- Maheswari Brothers Coal Limited - India
- Ministry of Transport, Egypt
- Attock Cement Pakistan Limited
- Central Electricity Authority - India
- Kohat Cement Company Ltd. - Pakistan
- London Commodity Brokers - England
- Australian Coal Association
- ASAPP Information Group - India
- Sindya Power Generating Company Private Ltd
- Planning Commission, India
- The University of Queensland
- Coal and Oil Company - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Mercuria Energy - Indonesia
- Bangladesh Power Developement Board
- Larsen & Toubro Limited - India
- Energy Link Ltd, New Zealand
- Port Waratah Coal Services - Australia
- Bukit Makmur.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Agrawal Coal Company - India
- International Coal Ventures Pvt Ltd - India
- Lanco Infratech Ltd - India
- Deloitte Consulting - India
- Toyota Tsusho Corporation, Japan
- IHS Mccloskey Coal Group - USA
- Posco Energy - South Korea
- Ambuja Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Georgia Ports Authority, United States
- VISA Power Limited - India
- Antam Resourcindo - Indonesia
- Borneo Indobara - Indonesia
- Mercator Lines Limited - India
- Miang Besar Coal Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Indika Energy - Indonesia
- Merrill Lynch Commodities Europe
- Mjunction Services Limited - India
- Cement Manufacturers Association - India
- Oldendorff Carriers - Singapore
- European Bulk Services B.V. - Netherlands
- Bhatia International Limited - India
- Jaiprakash Power Ventures ltd
- Vedanta Resources Plc - India
- Asmin Koalindo Tuhup - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Directorate General of MIneral and Coal - Indonesia
- India Bulls Power Limited - India
- Karaikal Port Pvt Ltd - India
- White Energy Company Limited
- Global Business Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Bulk Trading Sa - Switzerland
- PNOC Exploration Corporation - Philippines
- Electricity Authority, New Zealand
- Petron Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Videocon Industries ltd - India
- Samtan Co., Ltd - South Korea
- Metalloyd Limited - United Kingdom
- Vizag Seaport Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Renaissance Capital - South Africa
- Rashtriya Ispat Nigam Limited - India
- Bukit Baiduri Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Parry Sugars Refinery, India
- Formosa Plastics Group - Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Energy Exchange, India
- Kaltim Prima Coal - Indonesia
- Mintek Dendrill Indonesia
- SN Aboitiz Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Aditya Birla Group - India
- Indian Oil Corporation Limited
- Medco Energi Mining Internasional
- Altura Mining Limited, Indonesia
- Singapore Mercantile Exchange
- Cigading International Bulk Terminal - Indonesia
- Indogreen Group - Indonesia
- Uttam Galva Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sakthi Sugars Limited - India
- Global Coal Blending Company Limited - Australia
- CIMB Investment Bank - Malaysia
- LBH Netherlands Bv - Netherlands
- Makarim & Taira - Indonesia
- Bhushan Steel Limited - India
- Parliament of New Zealand
- Thai Mozambique Logistica
- Kideco Jaya Agung - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Marubeni Corporation - India
- San Jose City I Power Corp, Philippines
- Banpu Public Company Limited - Thailand
- Holcim Trading Pte Ltd - Singapore
- Baramulti Group, Indonesia
- Bharathi Cement Corporation - India
- Sojitz Corporation - Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMC Global Power, Philippines
- Simpson Spence & Young - Indonesia
- Electricity Generating Authority of Thailand
- ICICI Bank Limited - India
- Siam City Cement - Thailand
- Alfred C Toepfer International GmbH - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sinarmas Energy and Mining - Indonesia
- Africa Commodities Group - South Africa
- McConnell Dowell - Australia
- Malabar Cements Ltd - India
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