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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, 26 May 14
Q3 14 CFR SOUTH CHINA COAL SWAPS LOST 2.24% MONTH ON MONTH
COALspot.com: API 8 CFR South China Coal swaps for average Q3 14 deliveries lost 2.24 percent month on month and closed at US$ 73.88 per mt as on F ...
Monday, 26 May 14
NEWBUILDING ORDERING ACTIVITY RISES BY 78% IN DWT TONNAGE OVER THE FIRST 4 MONTHS OF THE YEARS, AS OWNERS INVEST$40.5 BN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Ship owners have plunged into newbuilding orders during the first four months of the year, as overall newbuilding business ended for the first four ...
Sunday, 25 May 14
FREIGHT RATES FROM SOUTH KALIMANTAN TO EAST COAST INDIAN PORTS WERE ASSESSED AT $9.50/MT
COALspot.com: The BDI was closed at 964 points down by 6.13 pct week on week. The Cape Index was lost 172 points or 11.24% week on week and closing ...
Saturday, 24 May 14
DRY BULK MARKET'S RECOVERY IS JUST AROUND THE CORNER SAYS SHIPOWNER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Despite the weaker than expected market sentiment in the dry bulk market over the course of the past few months, analysts and shipowners alike appe ...
Friday, 23 May 14
U.S. WEEKLY COAL PRODUCTION SLIPS 1.8% WEEK ENDED MAY 17, 2014
COALspot.com – United States the world's second largest coal producer, produced approximately 18.6 million short tons (mmst) of coal in a ...
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- Bulk Trading Sa - Switzerland
- Kapuas Tunggal Persada - Indonesia
- South Luzon Thermal Energy Corporation
- Sical Logistics Limited - India
- Interocean Group of Companies - India
- Power Finance Corporation Ltd., India
- Kaltim Prima Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- San Jose City I Power Corp, Philippines
- Bharathi Cement Corporation - India
- Tata Chemicals Ltd - India
- Wood Mackenzie - Singapore
- Intertek Mineral Services - Indonesia
- Savvy Resources Ltd - HongKong
- Planning Commission, India
- PTC India Limited - India
- Attock Cement Pakistan Limited
- Coal and Oil Company - UAE
- Barasentosa Lestari - Indonesia
- Africa Commodities Group - South Africa
- Bukit Makmur.PT - Indonesia
- Vedanta Resources Plc - India
- Parry Sugars Refinery, India
- Timah Investasi Mineral - Indoneisa
- London Commodity Brokers - England
- Lanco Infratech Ltd - India
- Kartika Selabumi Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Indo Tambangraya Megah - Indonesia
- Manunggal Multi Energi - Indonesia
- Rio Tinto Coal - Australia
- Antam Resourcindo - Indonesia
- Binh Thuan Hamico - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Xindia Steels Limited - India
- Central Electricity Authority - India
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- Metalloyd Limited - United Kingdom
- CIMB Investment Bank - Malaysia
- Australian Coal Association
- Eastern Energy - Thailand
- ASAPP Information Group - India
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Finance - Indonesia
- Merrill Lynch Commodities Europe
- Krishnapatnam Port Company Ltd. - India
- PowerSource Philippines DevCo
- Ambuja Cements Ltd - India
- White Energy Company Limited
- Cement Manufacturers Association - India
- Mintek Dendrill Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- The Treasury - Australian Government
- Global Green Power PLC Corporation, Philippines
- Riau Bara Harum - Indonesia
- Posco Energy - South Korea
- IEA Clean Coal Centre - UK
- PetroVietnam Power Coal Import and Supply Company
- Electricity Generating Authority of Thailand
- Gujarat Mineral Development Corp Ltd - India
- Coastal Gujarat Power Limited - India
- VISA Power Limited - India
- Essar Steel Hazira Ltd - India
- MS Steel International - UAE
- Minerals Council of Australia
- TNB Fuel Sdn Bhd - Malaysia
- Altura Mining Limited, Indonesia
- European Bulk Services B.V. - Netherlands
- Price Waterhouse Coopers - Russia
- Samtan Co., Ltd - South Korea
- Meralco Power Generation, Philippines
- Ministry of Mines - Canada
- Kalimantan Lumbung Energi - Indonesia
- Commonwealth Bank - Australia
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- GN Power Mariveles Coal Plant, Philippines
- SMG Consultants - Indonesia
- Anglo American - United Kingdom
- Orica Mining Services - Indonesia
- Thiess Contractors Indonesia
- Sinarmas Energy and Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Ministry of Transport, Egypt
- Georgia Ports Authority, United States
- Romanian Commodities Exchange
- Singapore Mercantile Exchange
- Pendopo Energi Batubara - Indonesia
- Central Java Power - Indonesia
- Kideco Jaya Agung - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- McConnell Dowell - Australia
- Trasteel International SA, Italy
- Chettinad Cement Corporation Ltd - India
- Simpson Spence & Young - Indonesia
- Makarim & Taira - Indonesia
- Sarangani Energy Corporation, Philippines
- Chamber of Mines of South Africa
- Ind-Barath Power Infra Limited - India
- Star Paper Mills Limited - India
- Semirara Mining Corp, Philippines
- Medco Energi Mining Internasional
- TeaM Sual Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maharashtra Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Dalmia Cement Bharat India
- Deloitte Consulting - India
- Mercuria Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Independent Power Producers Association of India
- OPG Power Generation Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Economic Council, Georgia
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Australian Commodity Traders Exchange
- Wilmar Investment Holdings
- Sojitz Corporation - Japan
- Toyota Tsusho Corporation, Japan
- Coalindo Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- New Zealand Coal & Carbon
- Vizag Seaport Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aditya Birla Group - India
- Iligan Light & Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Sakthi Sugars Limited - India
- LBH Netherlands Bv - Netherlands
- Uttam Galva Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Larsen & Toubro Limited - India
- Banpu Public Company Limited - Thailand
- Bhatia International Limited - India
- GMR Energy Limited - India
- Miang Besar Coal Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Standard Chartered Bank - UAE
- Jindal Steel & Power Ltd - India
- GVK Power & Infra Limited - India
- Oldendorff Carriers - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Global Coal Blending Company Limited - Australia
- Aboitiz Power Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Kumho Petrochemical, South Korea
- Indonesian Coal Mining Association
- Tamil Nadu electricity Board
- Agrawal Coal Company - India
- SMC Global Power, Philippines
- Baramulti Group, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Cigading International Bulk Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Videocon Industries ltd - India
- Siam City Cement PLC, Thailand
- CNBM International Corporation - China
- Heidelberg Cement - Germany
- Mjunction Services Limited - India
- Borneo Indobara - Indonesia
- Parliament of New Zealand
- Kepco SPC Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Renaissance Capital - South Africa
- PNOC Exploration Corporation - Philippines
- Carbofer General Trading SA - India
- Goldman Sachs - Singapore
- Orica Australia Pty. Ltd.
- Indian Oil Corporation Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercator Lines Limited - India
- Indogreen Group - Indonesia
- Petron Corporation, Philippines
- Bangladesh Power Developement Board
- Gujarat Sidhee Cement - India
- India Bulls Power Limited - India
- Thai Mozambique Logistica
- Directorate General of MIneral and Coal - Indonesia
- Bhushan Steel Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement - Thailand
- Madhucon Powers Ltd - India
- IHS Mccloskey Coal Group - USA
- Edison Trading Spa - Italy
- The University of Queensland
- Indian Energy Exchange, India
- ICICI Bank Limited - India
- Salva Resources Pvt Ltd - India
- Marubeni Corporation - India
- Billiton Holdings Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Karaikal Port Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Sindya Power Generating Company Private Ltd
- Gujarat Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Bhoruka Overseas - Indonesia
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- Meenaskhi Energy Private Limited - India
- Sree Jayajothi Cements Limited - India
- Directorate Of Revenue Intelligence - India
- Therma Luzon, Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Malabar Cements Ltd - India
- Latin American Coal - Colombia
- Global Business Power Corporation, Philippines
- The State Trading Corporation of India Ltd
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