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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, 05 August 16
CAPESIZE : RATES ARE REMAINING AT DEPRESSING LEVELS DUE TO LACK OF FRESH CARGOES - FEARNLEYS
Supramax
Last week has been one of the slowest for some time with rates under pressure in most areas.
In its latest weekly report, shipbroke ...
Thursday, 04 August 16
INDONESIAN COAL PRICES ARE STARTING TO ZOOM HIGHER; HBA ROSE 10.13% TO US$ 58.37 PER TON
COALspot.com: The Indonesia coal benchmark price hits to its highest level since August 2015.
The Director General of Mineral and Coa ...
Thursday, 04 August 16
BREXIT: IMPLICATIONS FOR GLOBAL SHIPPING AND SEA TRADE - EVERSHEDS
The buzzword for the post-Brexit landscape both in Europe and further afield is ‘uncertainty’. No-one really knows the long term effect ...
Wednesday, 03 August 16
RECAAP INFORMATION SHARING CENTRE ISSUES SPECIAL REPORT ON THE ABDUCTING OF CREW FROM SHIPS IN WATERS OFF EASTERN SABAH AND SOUTHERN PHILIPPINES - THE STANDARD CLUB
KNOWLEDGE TO ELEVATE
In the light of three incidents where the crew of tug boats were abducted in the waters off Eastern Sabah and Southern Ph ...
Wednesday, 03 August 16
SHIPPING MARKET INSIGHT - EVA TZIMA
The Good…
Demand. Amidst all the unprecedented geopolitical turmoil and shifts in the likes of Brexit, the IMF lowered last month its glob ...
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- Indo Tambangraya Megah - Indonesia
- Deloitte Consulting - India
- CNBM International Corporation - China
- Samtan Co., Ltd - South Korea
- SMG Consultants - Indonesia
- Kartika Selabumi Mining - Indonesia
- Global Business Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- MS Steel International - UAE
- The State Trading Corporation of India Ltd
- Star Paper Mills Limited - India
- Indonesian Coal Mining Association
- Neyveli Lignite Corporation Ltd, - India
- Kohat Cement Company Ltd. - Pakistan
- London Commodity Brokers - England
- ICICI Bank Limited - India
- New Zealand Coal & Carbon
- Borneo Indobara - Indonesia
- SMC Global Power, Philippines
- Anglo American - United Kingdom
- Larsen & Toubro Limited - India
- Maharashtra Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Singapore Mercantile Exchange
- Karaikal Port Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- PowerSource Philippines DevCo
- Australian Coal Association
- Ministry of Transport, Egypt
- Dalmia Cement Bharat India
- Bukit Makmur.PT - Indonesia
- Orica Australia Pty. Ltd.
- Salva Resources Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Indogreen Group - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Iligan Light & Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- GMR Energy Limited - India
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- Parliament of New Zealand
- Kumho Petrochemical, South Korea
- Posco Energy - South Korea
- PTC India Limited - India
- Ind-Barath Power Infra Limited - India
- Antam Resourcindo - Indonesia
- Australian Commodity Traders Exchange
- Romanian Commodities Exchange
- Malabar Cements Ltd - India
- Mintek Dendrill Indonesia
- CIMB Investment Bank - Malaysia
- Banpu Public Company Limited - Thailand
- Renaissance Capital - South Africa
- Electricity Authority, New Zealand
- Electricity Generating Authority of Thailand
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- Parry Sugars Refinery, India
- Toyota Tsusho Corporation, Japan
- Directorate Of Revenue Intelligence - India
- Medco Energi Mining Internasional
- The University of Queensland
- Sical Logistics Limited - India
- Makarim & Taira - Indonesia
- Riau Bara Harum - Indonesia
- ASAPP Information Group - India
- Jindal Steel & Power Ltd - India
- Timah Investasi Mineral - Indoneisa
- San Jose City I Power Corp, Philippines
- Indian Energy Exchange, India
- Commonwealth Bank - Australia
- Sojitz Corporation - Japan
- Intertek Mineral Services - Indonesia
- White Energy Company Limited
- Vizag Seaport Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Price Waterhouse Coopers - Russia
- Energy Link Ltd, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Semirara Mining Corp, Philippines
- Meralco Power Generation, Philippines
- Pendopo Energi Batubara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Coal and Oil Company - UAE
- Straits Asia Resources Limited - Singapore
- International Coal Ventures Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- OPG Power Generation Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Independent Power Producers Association of India
- Maheswari Brothers Coal Limited - India
- Wood Mackenzie - Singapore
- Bharathi Cement Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Kobexindo Tractors - Indoneisa
- Aditya Birla Group - India
- European Bulk Services B.V. - Netherlands
- Altura Mining Limited, Indonesia
- Ambuja Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Mercator Lines Limited - India
- Africa Commodities Group - South Africa
- Trasteel International SA, Italy
- TNB Fuel Sdn Bhd - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Orica Mining Services - Indonesia
- McConnell Dowell - Australia
- Chettinad Cement Corporation Ltd - India
- IEA Clean Coal Centre - UK
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Finance - Indonesia
- Attock Cement Pakistan Limited
- Port Waratah Coal Services - Australia
- Sree Jayajothi Cements Limited - India
- Cement Manufacturers Association - India
- Indika Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Bayan Resources Tbk. - Indonesia
- Chamber of Mines of South Africa
- Lanco Infratech Ltd - India
- Simpson Spence & Young - Indonesia
- Carbofer General Trading SA - India
- Holcim Trading Pte Ltd - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bangladesh Power Developement Board
- Bahari Cakrawala Sebuku - Indonesia
- Coalindo Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Mercuria Energy - Indonesia
- Standard Chartered Bank - UAE
- The Treasury - Australian Government
- Oldendorff Carriers - Singapore
- VISA Power Limited - India
- Therma Luzon, Inc, Philippines
- Bulk Trading Sa - Switzerland
- Sarangani Energy Corporation, Philippines
- Energy Development Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Vedanta Resources Plc - India
- Tata Chemicals Ltd - India
- Coastal Gujarat Power Limited - India
- Aboitiz Power Corporation - Philippines
- Minerals Council of Australia
- Economic Council, Georgia
- Thiess Contractors Indonesia
- Mjunction Services Limited - India
- Essar Steel Hazira Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Wilmar Investment Holdings
- Grasim Industreis Ltd - India
- GAC Shipping (India) Pvt Ltd
- Power Finance Corporation Ltd., India
- Eastern Coal Council - USA
- Rio Tinto Coal - Australia
- India Bulls Power Limited - India
- Latin American Coal - Colombia
- LBH Netherlands Bv - Netherlands
- Georgia Ports Authority, United States
- GN Power Mariveles Coal Plant, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Edison Trading Spa - Italy
- Vijayanagar Sugar Pvt Ltd - India
- Planning Commission, India
- Alfred C Toepfer International GmbH - Germany
- Bhatia International Limited - India
- Manunggal Multi Energi - Indonesia
- Central Java Power - Indonesia
- Heidelberg Cement - Germany
- Metalloyd Limited - United Kingdom
- Savvy Resources Ltd - HongKong
- Bhoruka Overseas - Indonesia
- Bhushan Steel Limited - India
- Formosa Plastics Group - Taiwan
- Siam City Cement PLC, Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Xindia Steels Limited - India
- Madhucon Powers Ltd - India
- South Luzon Thermal Energy Corporation
- Global Green Power PLC Corporation, Philippines
- Thai Mozambique Logistica
- Krishnapatnam Port Company Ltd. - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Videocon Industries ltd - India
- Interocean Group of Companies - India
- Kaltim Prima Coal - Indonesia
- Siam City Cement - Thailand
- Tamil Nadu electricity Board
- Billiton Holdings Pty Ltd - Australia
- Goldman Sachs - Singapore
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- Sakthi Sugars Limited - India
- Miang Besar Coal Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Central Electricity Authority - India
- Baramulti Group, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Marubeni Corporation - India
- Ministry of Mines - Canada
- Eastern Energy - Thailand
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