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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, 10 August 16
THE INDONESIAN DRAFT NEW MINING LAW - AMENDMENTS TO THE 2009 MINING LAW
KNOWLEDGE TO ELEVATE
COALspot.com: A draft mining law published by Indonesia's Minister of Energy and Mineral Resources provides use ...
Tuesday, 09 August 16
CS50 COAL INDEX HITS NEW FIFTY-WEEKS HIGH
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose 1.78% week over week to averaging $41.85 per ton this past week, shows CS (i) C ...
Tuesday, 09 August 16
HARD COAL PRODUCTION AND WORLD TRADE ON THE DECLINE FOR THE FIRST TIME IN YEARS - VDKI
Hard coal production and world trade on the decline for the first time in years – not a harbinger of a global energy turnaround
Worldwid ...
Tuesday, 09 August 16
BREXIT, BRITANNIA AND THE WAVES - TREVOR CROWE, CLARKSON RESEARCH
This week, the Bank of England put into place its action plan following the UK referendum on 23rd June, which indicated the British population&rsqu ...
Monday, 08 August 16
INDONESIA'S DRAFT MINING LAW HINTS AT FUTURE REGULATORY FRAMEWORK
KNOWLEDGE TO ELEVATE
COALspot.com: A draft mining law published by Indonesia's Minister of Energy and Mineral Resources provides use ...
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- Oldendorff Carriers - Singapore
- Cement Manufacturers Association - India
- Krishnapatnam Port Company Ltd. - India
- Coastal Gujarat Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Siam City Cement PLC, Thailand
- Meenaskhi Energy Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Larsen & Toubro Limited - India
- Ind-Barath Power Infra Limited - India
- Indian Oil Corporation Limited
- Trasteel International SA, Italy
- Vijayanagar Sugar Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Maheswari Brothers Coal Limited - India
- Kumho Petrochemical, South Korea
- Independent Power Producers Association of India
- Global Green Power PLC Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Africa Commodities Group - South Africa
- Interocean Group of Companies - India
- Madhucon Powers Ltd - India
- Marubeni Corporation - India
- Economic Council, Georgia
- Essar Steel Hazira Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Manunggal Multi Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Minerals Council of Australia
- Renaissance Capital - South Africa
- Aditya Birla Group - India
- Global Coal Blending Company Limited - Australia
- Edison Trading Spa - Italy
- GN Power Mariveles Coal Plant, Philippines
- Heidelberg Cement - Germany
- Semirara Mining Corp, Philippines
- Makarim & Taira - Indonesia
- Timah Investasi Mineral - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Tata Chemicals Ltd - India
- ICICI Bank Limited - India
- India Bulls Power Limited - India
- Port Waratah Coal Services - Australia
- Alfred C Toepfer International GmbH - Germany
- Australian Commodity Traders Exchange
- Samtan Co., Ltd - South Korea
- Vizag Seaport Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Rio Tinto Coal - Australia
- Meralco Power Generation, Philippines
- Electricity Generating Authority of Thailand
- Price Waterhouse Coopers - Russia
- Indogreen Group - Indonesia
- Coalindo Energy - Indonesia
- Gujarat Sidhee Cement - India
- Binh Thuan Hamico - Vietnam
- Bhushan Steel Limited - India
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
- Dalmia Cement Bharat India
- Bukit Asam (Persero) Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jorong Barutama Greston.PT - Indonesia
- CNBM International Corporation - China
- Borneo Indobara - Indonesia
- Vedanta Resources Plc - India
- Barasentosa Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- TeaM Sual Corporation - Philippines
- Indian Energy Exchange, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Mjunction Services Limited - India
- Rashtriya Ispat Nigam Limited - India
- Romanian Commodities Exchange
- Miang Besar Coal Terminal - Indonesia
- Wilmar Investment Holdings
- Parry Sugars Refinery, India
- Videocon Industries ltd - India
- Singapore Mercantile Exchange
- Ambuja Cements Ltd - India
- SMG Consultants - Indonesia
- Kartika Selabumi Mining - Indonesia
- Antam Resourcindo - Indonesia
- Thiess Contractors Indonesia
- Georgia Ports Authority, United States
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Therma Luzon, Inc, Philippines
- ASAPP Information Group - India
- Formosa Plastics Group - Taiwan
- GVK Power & Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Kideco Jaya Agung - Indonesia
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- IEA Clean Coal Centre - UK
- Bahari Cakrawala Sebuku - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Orica Australia Pty. Ltd.
- New Zealand Coal & Carbon
- Cigading International Bulk Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Power Finance Corporation Ltd., India
- Indika Energy - Indonesia
- Sical Logistics Limited - India
- San Jose City I Power Corp, Philippines
- Tamil Nadu electricity Board
- Neyveli Lignite Corporation Ltd, - India
- OPG Power Generation Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Eastern Energy - Thailand
- Grasim Industreis Ltd - India
- Xindia Steels Limited - India
- Banpu Public Company Limited - Thailand
- Sree Jayajothi Cements Limited - India
- Riau Bara Harum - Indonesia
- Mercuria Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Medco Energi Mining Internasional
- Siam City Cement - Thailand
- Indonesian Coal Mining Association
- Parliament of New Zealand
- Kepco SPC Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- PNOC Exploration Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Bangladesh Power Developement Board
- Goldman Sachs - Singapore
- Sojitz Corporation - Japan
- Bukit Makmur.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- PTC India Limited - India
- Mercator Lines Limited - India
- Deloitte Consulting - India
- Kapuas Tunggal Persada - Indonesia
- Mintek Dendrill Indonesia
- Carbofer General Trading SA - India
- Orica Mining Services - Indonesia
- PowerSource Philippines DevCo
- Coal and Oil Company - UAE
- SN Aboitiz Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Pipit Mutiara Jaya. PT, Indonesia
- IHS Mccloskey Coal Group - USA
- Star Paper Mills Limited - India
- Latin American Coal - Colombia
- South Luzon Thermal Energy Corporation
- Bharathi Cement Corporation - India
- Thai Mozambique Logistica
- TNB Fuel Sdn Bhd - Malaysia
- Straits Asia Resources Limited - Singapore
- Altura Mining Limited, Indonesia
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Baramulti Group, Indonesia
- Lanco Infratech Ltd - India
- Jaiprakash Power Ventures ltd
- Aboitiz Power Corporation - Philippines
- Central Electricity Authority - India
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Mines - Canada
- Bhatia International Limited - India
- Simpson Spence & Young - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Eastern Coal Council - USA
- Merrill Lynch Commodities Europe
- Iligan Light & Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Energy Development Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Kohat Cement Company Ltd. - Pakistan
- White Energy Company Limited
- International Coal Ventures Pvt Ltd - India
- Sakthi Sugars Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- VISA Power Limited - India
- The Treasury - Australian Government
- Australian Coal Association
- McConnell Dowell - Australia
- Wood Mackenzie - Singapore
- Toyota Tsusho Corporation, Japan
- MS Steel International - UAE
- Maharashtra Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Standard Chartered Bank - UAE
- Global Business Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- Agrawal Coal Company - India
- SMC Global Power, Philippines
- The University of Queensland
- London Commodity Brokers - England
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pendopo Energi Batubara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- Chettinad Cement Corporation Ltd - India
- Anglo American - United Kingdom
- Central Java Power - Indonesia
- Bayan Resources Tbk. - Indonesia
- Commonwealth Bank - Australia
- Planning Commission, India
- LBH Netherlands Bv - Netherlands
- Globalindo Alam Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Kaltim Prima Coal - Indonesia
- Electricity Authority, New Zealand
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