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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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Wednesday, 24 August 16
DRY BULK VESSELS FACE CONTINUED DISTRESS - CLEAR ASSET
Dry bulk vessels have faced extreme distress in recent years. With a combination of factors including newer vessels being ordered with up to 5-year ...
Tuesday, 23 August 16
4200 GAR COAL INDEX CLIMB 15.96% YEAR TO DATE - CS COAL INDEX
COALspot.com: Average 4200 GAR coal index of Indonesian origin rose 1.65 % week over week to averaging $31.46 per ton this past week, shows CS (i) ...
Tuesday, 23 August 16
KOMIPO TO IMPORT 250K OF 5,700 KCAL/KG NAR COAL FOR Q4' 16
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for total 250,000 Metric Tons of Bituminous Coal for ...
Monday, 22 August 16
INDONESIA'S CS 5000 GAR THERMAL COAL INDEX, ROSE TO A 57-WEEKS HIGH TO TOP $43.47 A TON
COALspot.com: Indonesia’s CS 5000 GAR thermal coal index, rose to a 57-weeks high to top $US43. 47 a ton in the latest week, extending a 18-w ...
Monday, 22 August 16
THE FREIGHT MARKET WAS STEADY THIS PAST WEEK; CAPE INDEX DECLINE 5.38%
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose and ending in a positive note this past week except ...
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- Power Finance Corporation Ltd., India
- The Treasury - Australian Government
- Sical Logistics Limited - India
- Coastal Gujarat Power Limited - India
- Tata Chemicals Ltd - India
- Antam Resourcindo - Indonesia
- Parliament of New Zealand
- Sindya Power Generating Company Private Ltd
- Borneo Indobara - Indonesia
- Central Java Power - Indonesia
- Singapore Mercantile Exchange
- Heidelberg Cement - Germany
- Neyveli Lignite Corporation Ltd, - India
- Port Waratah Coal Services - Australia
- Vizag Seaport Private Limited - India
- Videocon Industries ltd - India
- Essar Steel Hazira Ltd - India
- Savvy Resources Ltd - HongKong
- Mercator Lines Limited - India
- Romanian Commodities Exchange
- Trasteel International SA, Italy
- Meenaskhi Energy Private Limited - India
- PNOC Exploration Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Mercuria Energy - Indonesia
- ICICI Bank Limited - India
- Planning Commission, India
- Posco Energy - South Korea
- London Commodity Brokers - England
- Carbofer General Trading SA - India
- PowerSource Philippines DevCo
- Directorate Of Revenue Intelligence - India
- New Zealand Coal & Carbon
- Asmin Koalindo Tuhup - Indonesia
- Eastern Coal Council - USA
- Petron Corporation, Philippines
- Electricity Authority, New Zealand
- Wood Mackenzie - Singapore
- Eastern Energy - Thailand
- Indika Energy - Indonesia
- Bhatia International Limited - India
- Rio Tinto Coal - Australia
- ASAPP Information Group - India
- Sakthi Sugars Limited - India
- Central Electricity Authority - India
- Global Business Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Kohat Cement Company Ltd. - Pakistan
- MS Steel International - UAE
- Thai Mozambique Logistica
- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Parry Sugars Refinery, India
- Siam City Cement PLC, Thailand
- Siam City Cement - Thailand
- Energy Development Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bukit Makmur.PT - Indonesia
- Orica Mining Services - Indonesia
- CNBM International Corporation - China
- Bukit Asam (Persero) Tbk - Indonesia
- Grasim Industreis Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- GVK Power & Infra Limited - India
- Goldman Sachs - Singapore
- Simpson Spence & Young - Indonesia
- Ministry of Mines - Canada
- European Bulk Services B.V. - Netherlands
- Pendopo Energi Batubara - Indonesia
- Mjunction Services Limited - India
- Semirara Mining Corp, Philippines
- Agrawal Coal Company - India
- Australian Commodity Traders Exchange
- Jorong Barutama Greston.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Economic Council, Georgia
- Karaikal Port Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Australian Coal Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Latin American Coal - Colombia
- Merrill Lynch Commodities Europe
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The University of Queensland
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- Kobexindo Tractors - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Kideco Jaya Agung - Indonesia
- Renaissance Capital - South Africa
- Toyota Tsusho Corporation, Japan
- Bahari Cakrawala Sebuku - Indonesia
- Sree Jayajothi Cements Limited - India
- SN Aboitiz Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Miang Besar Coal Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Deloitte Consulting - India
- VISA Power Limited - India
- Edison Trading Spa - Italy
- Wilmar Investment Holdings
- Globalindo Alam Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Madhucon Powers Ltd - India
- Commonwealth Bank - Australia
- Iligan Light & Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- LBH Netherlands Bv - Netherlands
- Global Green Power PLC Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Jindal Steel & Power Ltd - India
- SMG Consultants - Indonesia
- Oldendorff Carriers - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate General of MIneral and Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Maheswari Brothers Coal Limited - India
- Ceylon Electricity Board - Sri Lanka
- Orica Australia Pty. Ltd.
- Bayan Resources Tbk. - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- PTC India Limited - India
- Indian Energy Exchange, India
- Semirara Mining and Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Marubeni Corporation - India
- Straits Asia Resources Limited - Singapore
- Chamber of Mines of South Africa
- TeaM Sual Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
- Cement Manufacturers Association - India
- Aboitiz Power Corporation - Philippines
- Ministry of Finance - Indonesia
- Interocean Group of Companies - India
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- GAC Shipping (India) Pvt Ltd
- Africa Commodities Group - South Africa
- Bangladesh Power Developement Board
- Therma Luzon, Inc, Philippines
- Sojitz Corporation - Japan
- Kepco SPC Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Bhushan Steel Limited - India
- Indian Oil Corporation Limited
- McConnell Dowell - Australia
- Binh Thuan Hamico - Vietnam
- South Luzon Thermal Energy Corporation
- Tamil Nadu electricity Board
- GMR Energy Limited - India
- Barasentosa Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- White Energy Company Limited
- Meralco Power Generation, Philippines
- Intertek Mineral Services - Indonesia
- Kumho Petrochemical, South Korea
- Standard Chartered Bank - UAE
- Vijayanagar Sugar Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Generating Authority of Thailand
- Ministry of Transport, Egypt
- Altura Mining Limited, Indonesia
- Star Paper Mills Limited - India
- AsiaOL BioFuels Corp., Philippines
- Attock Cement Pakistan Limited
- TNB Fuel Sdn Bhd - Malaysia
- Ambuja Cements Ltd - India
- Baramulti Group, Indonesia
- Malabar Cements Ltd - India
- Independent Power Producers Association of India
- Medco Energi Mining Internasional
- Energy Link Ltd, New Zealand
- Coal and Oil Company - UAE
- Kapuas Tunggal Persada - Indonesia
- Billiton Holdings Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Larsen & Toubro Limited - India
- Bharathi Cement Corporation - India
- Riau Bara Harum - Indonesia
- Indonesian Coal Mining Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- San Jose City I Power Corp, Philippines
- Jaiprakash Power Ventures ltd
- IEA Clean Coal Centre - UK
- Xindia Steels Limited - India
- SMC Global Power, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Petrochimia International Co. Ltd.- Taiwan
- Indogreen Group - Indonesia
- Formosa Plastics Group - Taiwan
- Lanco Infratech Ltd - India
- Metalloyd Limited - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Dalmia Cement Bharat India
- Gujarat Sidhee Cement - India
- Kaltim Prima Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Salva Resources Pvt Ltd - India
- Vedanta Resources Plc - India
- Coalindo Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Indo Tambangraya Megah - Indonesia
- Anglo American - United Kingdom
- India Bulls Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Minerals Council of Australia
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