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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, 23 June 14
COAL SWAPS DROPS FURTHER MONTH ON MONTH ON WEAK DEMAND
COALspot.com: API 8 CFR South China Coal swaps for average Q3 14 deliveries lost 6.91 percent month on month and closed at US$ 69.00 per mt a ...
Sunday, 22 June 14
THE PANAMAX COAL FREIGHT FROM INDONESIA TO INDIA SLIPPED THIS WEEK
COALspot.com: The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell slightly on Friday ...
Friday, 20 June 14
DRY BULK MARKET LOOKING FOR UPSIDE ON ROBUST SEABORNE IRON ORE TRADE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market hasn’t been able to justify the heightened expectations this year. Yesterday, the Baltic Dry Index managed to inch forwar ...
Friday, 20 June 14
US WEEKLY COAL PRODUCTION DROPS 1.8% WEEK ON WEEK
COALspot.com – United States the world's second largest coal producer, produced approximately 18.3 million short tons (mmst) of coal in a ...
Thursday, 19 June 14
PANAMAX: VERY CLOSE TO BREAKING THE ALL TIME LOW RECORD - FEARNLEYS AS
Handy
The Supra-Handy market is experiencing the same market slow down as its bigger sister markets however not to the same extent. We see TA rat ...
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- PowerSource Philippines DevCo
- Indika Energy - Indonesia
- Heidelberg Cement - Germany
- Central Electricity Authority - India
- Barasentosa Lestari - Indonesia
- Parliament of New Zealand
- Riau Bara Harum - Indonesia
- Deloitte Consulting - India
- Romanian Commodities Exchange
- GVK Power & Infra Limited - India
- The University of Queensland
- Directorate Of Revenue Intelligence - India
- Uttam Galva Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Australian Commodity Traders Exchange
- Maheswari Brothers Coal Limited - India
- Vedanta Resources Plc - India
- PetroVietnam Power Coal Import and Supply Company
- Ambuja Cements Ltd - India
- Kumho Petrochemical, South Korea
- OPG Power Generation Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- India Bulls Power Limited - India
- Madhucon Powers Ltd - India
- Tamil Nadu electricity Board
- Pendopo Energi Batubara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bhushan Steel Limited - India
- Standard Chartered Bank - UAE
- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- International Coal Ventures Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Lanco Infratech Ltd - India
- Indo Tambangraya Megah - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Singapore Mercantile Exchange
- Edison Trading Spa - Italy
- Borneo Indobara - Indonesia
- Videocon Industries ltd - India
- Sical Logistics Limited - India
- Binh Thuan Hamico - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Medco Energi Mining Internasional
- CNBM International Corporation - China
- Indian Energy Exchange, India
- Antam Resourcindo - Indonesia
- Intertek Mineral Services - Indonesia
- Petron Corporation, Philippines
- Chamber of Mines of South Africa
- Krishnapatnam Port Company Ltd. - India
- TNB Fuel Sdn Bhd - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Electricity Authority, New Zealand
- Commonwealth Bank - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Goldman Sachs - Singapore
- Bharathi Cement Corporation - India
- Global Coal Blending Company Limited - Australia
- PTC India Limited - India
- Samtan Co., Ltd - South Korea
- LBH Netherlands Bv - Netherlands
- South Luzon Thermal Energy Corporation
- Savvy Resources Ltd - HongKong
- Interocean Group of Companies - India
- Posco Energy - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wilmar Investment Holdings
- MS Steel International - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kaltim Prima Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Central Java Power - Indonesia
- ASAPP Information Group - India
- Eastern Energy - Thailand
- Rashtriya Ispat Nigam Limited - India
- AsiaOL BioFuels Corp., Philippines
- Xindia Steels Limited - India
- Metalloyd Limited - United Kingdom
- Renaissance Capital - South Africa
- Attock Cement Pakistan Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Essar Steel Hazira Ltd - India
- Global Green Power PLC Corporation, Philippines
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- Globalindo Alam Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Mintek Dendrill Indonesia
- Leighton Contractors Pty Ltd - Australia
- Indian Oil Corporation Limited
- Salva Resources Pvt Ltd - India
- Africa Commodities Group - South Africa
- Altura Mining Limited, Indonesia
- Sarangani Energy Corporation, Philippines
- Mercator Lines Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Ind-Barath Power Infra Limited - India
- Banpu Public Company Limited - Thailand
- Ministry of Mines - Canada
- Port Waratah Coal Services - Australia
- Bhatia International Limited - India
- Tata Chemicals Ltd - India
- London Commodity Brokers - England
- Baramulti Group, Indonesia
- Parry Sugars Refinery, India
- Independent Power Producers Association of India
- Ministry of Finance - Indonesia
- Iligan Light & Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Energy Link Ltd, New Zealand
- Aditya Birla Group - India
- Price Waterhouse Coopers - Russia
- Bukit Makmur.PT - Indonesia
- Cement Manufacturers Association - India
- Miang Besar Coal Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Mjunction Services Limited - India
- Meenaskhi Energy Private Limited - India
- The Treasury - Australian Government
- Merrill Lynch Commodities Europe
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Grasim Industreis Ltd - India
- Coastal Gujarat Power Limited - India
- Power Finance Corporation Ltd., India
- Alfred C Toepfer International GmbH - Germany
- Meralco Power Generation, Philippines
- Jaiprakash Power Ventures ltd
- Indonesian Coal Mining Association
- McConnell Dowell - Australia
- European Bulk Services B.V. - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Bangladesh Power Developement Board
- GN Power Mariveles Coal Plant, Philippines
- PNOC Exploration Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Siam City Cement - Thailand
- SMC Global Power, Philippines
- Georgia Ports Authority, United States
- VISA Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Transport, Egypt
- IEA Clean Coal Centre - UK
- Agrawal Coal Company - India
- CIMB Investment Bank - Malaysia
- Energy Development Corp, Philippines
- San Jose City I Power Corp, Philippines
- Malabar Cements Ltd - India
- Australian Coal Association
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- Indogreen Group - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Therma Luzon, Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Straits Asia Resources Limited - Singapore
- Dalmia Cement Bharat India
- GAC Shipping (India) Pvt Ltd
- Formosa Plastics Group - Taiwan
- Sojitz Corporation - Japan
- Coal and Oil Company - UAE
- Gujarat Sidhee Cement - India
- Latin American Coal - Colombia
- Petrochimia International Co. Ltd.- Taiwan
- Kartika Selabumi Mining - Indonesia
- Mercuria Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Vizag Seaport Private Limited - India
- White Energy Company Limited
- New Zealand Coal & Carbon
- Oldendorff Carriers - Singapore
- Manunggal Multi Energi - Indonesia
- Eastern Coal Council - USA
- Anglo American - United Kingdom
- SMG Consultants - Indonesia
- Simpson Spence & Young - Indonesia
- Trasteel International SA, Italy
- Orica Mining Services - Indonesia
- Planning Commission, India
- Chettinad Cement Corporation Ltd - India
- Semirara Mining Corp, Philippines
- GMR Energy Limited - India
- Coalindo Energy - Indonesia
- Wood Mackenzie - Singapore
- Orica Australia Pty. Ltd.
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Minerals Council of Australia
- Thiess Contractors Indonesia
- Carbofer General Trading SA - India
- TeaM Sual Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Larsen & Toubro Limited - India
- ICICI Bank Limited - India
- The State Trading Corporation of India Ltd
- Siam City Cement PLC, Thailand
- Asmin Koalindo Tuhup - Indonesia
- Sakthi Sugars Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Makarim & Taira - Indonesia
- Bukit Baiduri Energy - Indonesia
- Economic Council, Georgia
- Rio Tinto Coal - Australia
- Global Business Power Corporation, Philippines
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