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Tuesday, 05 July 16
DRY BULK SHIPPING'S RECOVERY NOT SEEN UNTIL 2018 - SGX
 SGX freight derivative volumes totaled 36,542 contracts in June (-28% m/m; +52% y/y), while open interest averaged 121,189 contracts during the month (-1% m/m; +222% y/y).
The Baltic Dry Index ended June up 8%, driven by stronger chartering activity for larger vessel classes towards month-end. Forward curves imply near-term upside to Cape rates, though a relatively muted outlook for other vessel classes.
Stronger iron ore shipments and optimism over Chinese coal output restrictions, in turn spurring higher import demand, have provided some near-term support. Sustainability is in question though. Our latest industry survey suggests caution clearly persists, with surveyed participants becoming moderately more bearish on the timeline of dry bulk freight supply-demand rebalancing over the past six months.
SGX Freight Derivatives
Freight volumes in June totaled 36,542 contracts (-28% m/m; +52% y/y), while open interest averaged 121,189 contracts (-1% m/m; +222% y/y). Futures comprised 98% of total swaps/futures volume during the period.
BDI creeps higher in June; volatility muted
The Baltic Dry Index (BDI) ended the month up 8% in June, with relative stability across the board before rates rose into month-end on stronger chartering activity. Capesize rates closed June 17% higher, while Panamax rates rose 15%. Among smaller vessels, Supramax and Handysize rates ended the month up 7% and down 3%, respectively. In the Capesize market in particular, volatility dropped to uncharacteristically low levels.
Forward expectations rose across the board in June, with the front end of the time charter forward curves (2016 contract months) all rising over 10%, while the near months in the Panamax and Supramax forward curves rose 19.5% and 18.3% respectively during June. Looking ahead, the forward curves imply strong upside for Capesize rates in the months ahead, while other vessel classes are expected to remain largely steady. The spot Cape/Panamax ratio closed June broadly unchanged at 1.50x, versus 1.49x a month ago (LTM avg.: 1.41x), remaining moderately above its last-twelve-month average.
Freight rates rise into month-end, industry remains cautious on market fundamentals
Following relative stability for much of the month, freight rates ticked higher into month-end on stronger chartering activity. In the coal market, domestic Chinese output restrictions and the resulting rise in unit costs have been spurring some optimism of stronger seaborne coal demand. In the iron ore market, Brazilian iron ore exports have notably been sequentially higher in Q3 (versus Q2) in all of the past ten years. That said, our latest industry survey indicates views have become moderately more cautious on the timing of a sustainable market rebalancing in the dry bulk freight market, with few anticipating a meaningful improvement in the supply -demand balance until 2018 at the earliest, and about a quarter of respondents not anticipating this until after 2020. Our survey also indicated a consensus view of between 0-3% global net dry bulk fleet growth this year.
Across key dry bulk commodities, iron ore stockpiles at Chinese ports increased in June, continuing their general and sustained uptrend since early Q4 2015. Iron ore prices on average declined 5.7% m/m in June, though broke out higher towards month-end on a sentiment-driven rise in Chinese steel prices. Thermal coal inventory at Chinese ports on the other hand declined through June, while seaborne prices ended the month around a year-to-date high. Domestic Chinese output restrictions and higher unit costs have spurred optimism over stronger import demand in the coming months.
Source: SGX | Hellenic Shipping News
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Friday, 23 September 16
"COLLATERAL LIES" DO NOT NECESSARILY UNDERMINE AN INSURANCE CLAIM
KNOWLEDGE TO ELEVATE
An insured was not precluded from recovering under an insurance policy even though it had made a false statement during t ...
Friday, 23 September 16
EIA SEES U.S. COAL WEEKLY OUTPUT INCREASE
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.1 million short ton ...
Thursday, 22 September 16
CHINA IS THE PRICE-SETTING COUNTRY FOR GLOBAL THERMAL COAL
COALspot.com: China has been the driver of global coal growth since 2009. When China became the largest coal importer in 2011, the country also has ...
Thursday, 22 September 16
SUPRAMAXES ARE ACHIEVING AROUND $7000 FOR A TRIP WITH SINGAPORE DELIVERY VIA INDONESIA TO CHINA
Supramax
A slow start to the week in the Supramax segment in the Atlantic with not much being reported.
In the Blacksea Supramaxes are getti ...
Wednesday, 21 September 16
THE CAPESIZE MARKET HAS BEEN ON A RALLYING TREND SINCE THE END OF AUGUST - GEORGE LAZARIDIS
The Capesize market has been on a rallying trend since the end of August, fuelled mainly by the chase by traders to pre-stock before the typical pi ...
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- South Luzon Thermal Energy Corporation
- Medco Energi Mining Internasional
- London Commodity Brokers - England
- Neyveli Lignite Corporation Ltd, - India
- Electricity Authority, New Zealand
- Aboitiz Power Corporation - Philippines
- Merrill Lynch Commodities Europe
- Lanco Infratech Ltd - India
- Jindal Steel & Power Ltd - India
- Rio Tinto Coal - Australia
- Georgia Ports Authority, United States
- Straits Asia Resources Limited - Singapore
- TeaM Sual Corporation - Philippines
- Wilmar Investment Holdings
- Oldendorff Carriers - Singapore
- Jaiprakash Power Ventures ltd
- Videocon Industries ltd - India
- Cigading International Bulk Terminal - Indonesia
- The University of Queensland
- Baramulti Group, Indonesia
- Bayan Resources Tbk. - Indonesia
- Romanian Commodities Exchange
- Ministry of Transport, Egypt
- Makarim & Taira - Indonesia
- Kepco SPC Power Corporation, Philippines
- GMR Energy Limited - India
- Mercuria Energy - Indonesia
- Indian Energy Exchange, India
- Sakthi Sugars Limited - India
- Bhushan Steel Limited - India
- Alfred C Toepfer International GmbH - Germany
- SN Aboitiz Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Edison Trading Spa - Italy
- Coastal Gujarat Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- IEA Clean Coal Centre - UK
- Economic Council, Georgia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- International Coal Ventures Pvt Ltd - India
- Anglo American - United Kingdom
- Renaissance Capital - South Africa
- Leighton Contractors Pty Ltd - Australia
- Indika Energy - Indonesia
- Star Paper Mills Limited - India
- Sindya Power Generating Company Private Ltd
- Bukit Baiduri Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Marubeni Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Business Power Corporation, Philippines
- ASAPP Information Group - India
- Larsen & Toubro Limited - India
- Borneo Indobara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- CNBM International Corporation - China
- Parry Sugars Refinery, India
- Coalindo Energy - Indonesia
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thai Mozambique Logistica
- Thiess Contractors Indonesia
- Meenaskhi Energy Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Globalindo Alam Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- European Bulk Services B.V. - Netherlands
- Meralco Power Generation, Philippines
- Bangladesh Power Developement Board
- Australian Coal Association
- Sojitz Corporation - Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Link Ltd, New Zealand
- Price Waterhouse Coopers - Russia
- Global Coal Blending Company Limited - Australia
- White Energy Company Limited
- Gujarat Sidhee Cement - India
- Commonwealth Bank - Australia
- Indogreen Group - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kalimantan Lumbung Energi - Indonesia
- Uttam Galva Steels Limited - India
- Singapore Mercantile Exchange
- Power Finance Corporation Ltd., India
- Posco Energy - South Korea
- Siam City Cement - Thailand
- Planning Commission, India
- Aditya Birla Group - India
- Kohat Cement Company Ltd. - Pakistan
- Toyota Tsusho Corporation, Japan
- Formosa Plastics Group - Taiwan
- Krishnapatnam Port Company Ltd. - India
- Karaikal Port Pvt Ltd - India
- Trasteel International SA, Italy
- Eastern Coal Council - USA
- Salva Resources Pvt Ltd - India
- Dalmia Cement Bharat India
- Savvy Resources Ltd - HongKong
- GN Power Mariveles Coal Plant, Philippines
- Kideco Jaya Agung - Indonesia
- McConnell Dowell - Australia
- Cement Manufacturers Association - India
- Agrawal Coal Company - India
- Chamber of Mines of South Africa
- Global Green Power PLC Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- The State Trading Corporation of India Ltd
- Australian Commodity Traders Exchange
- Rashtriya Ispat Nigam Limited - India
- Energy Development Corp, Philippines
- Africa Commodities Group - South Africa
- Maheswari Brothers Coal Limited - India
- IHS Mccloskey Coal Group - USA
- GVK Power & Infra Limited - India
- Tamil Nadu electricity Board
- Heidelberg Cement - Germany
- Sarangani Energy Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Grasim Industreis Ltd - India
- Bukit Makmur.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Petron Corporation, Philippines
- PTC India Limited - India
- Barasentosa Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- New Zealand Coal & Carbon
- Essar Steel Hazira Ltd - India
- Interocean Group of Companies - India
- Standard Chartered Bank - UAE
- Indonesian Coal Mining Association
- The Treasury - Australian Government
- Kumho Petrochemical, South Korea
- Altura Mining Limited, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Kaltim Prima Coal - Indonesia
- Eastern Energy - Thailand
- Madhucon Powers Ltd - India
- Therma Luzon, Inc, Philippines
- San Jose City I Power Corp, Philippines
- Port Waratah Coal Services - Australia
- Holcim Trading Pte Ltd - Singapore
- PNOC Exploration Corporation - Philippines
- Parliament of New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Mjunction Services Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Ambuja Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Deloitte Consulting - India
- Indian Oil Corporation Limited
- Tata Chemicals Ltd - India
- Bharathi Cement Corporation - India
- Samtan Co., Ltd - South Korea
- MS Steel International - UAE
- Indo Tambangraya Megah - Indonesia
- Antam Resourcindo - Indonesia
- Orica Australia Pty. Ltd.
- OPG Power Generation Pvt Ltd - India
- Sical Logistics Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Chettinad Cement Corporation Ltd - India
- Directorate Of Revenue Intelligence - India
- Ceylon Electricity Board - Sri Lanka
- Mercator Lines Limited - India
- Vedanta Resources Plc - India
- Miang Besar Coal Terminal - Indonesia
- VISA Power Limited - India
- Malabar Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Electricity Generating Authority of Thailand
- Semirara Mining Corp, Philippines
- Attock Cement Pakistan Limited
- GAC Shipping (India) Pvt Ltd
- Siam City Cement PLC, Thailand
- Simpson Spence & Young - Indonesia
- Carbofer General Trading SA - India
- ICICI Bank Limited - India
- Minerals Council of Australia
- Ind-Barath Power Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Timah Investasi Mineral - Indoneisa
- SMC Global Power, Philippines
- Riau Bara Harum - Indonesia
- India Bulls Power Limited - India
- CIMB Investment Bank - Malaysia
- Latin American Coal - Colombia
- Ministry of Mines - Canada
- Independent Power Producers Association of India
- Iligan Light & Power Inc, Philippines
- Xindia Steels Limited - India
- Central Java Power - Indonesia
- Coal and Oil Company - UAE
- Orica Mining Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- LBH Netherlands Bv - Netherlands
- Vizag Seaport Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Bhatia International Limited - India
- Metalloyd Limited - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- PowerSource Philippines DevCo
- SMG Consultants - Indonesia
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