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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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Monday, 25 July 16
STRONG BUYER DEMAND PUSHING UP INDONESIAN THERMAL COAL INDICES
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose 0.73 percent week over week to averaging $40.83 per ton this past week, shows C ...
Monday, 25 July 16
THE BDI FELL ON WEAKER RATES FOR CAPESIZE & PANAMAX VESSELS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities slide slightly as Cape and Panamax segments ending in neg ...
Friday, 22 July 16
U.S COAL OUTPUT ROSE 17.2% WEEK OVER WEEK - EIA
COALspot.com – U.S, world’s second largest coal producers has produced approximately totalled an estimated 15.1 million short tons (mms ...
Thursday, 21 July 16
WHAT TO DO WHEN YOU DON'T GET PAID - SHIPOWNERS CLUB
Present market conditions have led to an increase in claims related to unpaid hire. To recover unpaid hire, Owners need to fully understand who the ...
Thursday, 21 July 16
CONSTRUCTIVE TOTAL LOSS: WHAT GOES IN TO CALCULATING QUANTUM? - HILL DICKINSON
KNOWLEDGE TO ELEVATE
The Commercial Court recently delivered its judgment in an important case (Connect Shipping Inc and Machrimar Management ...
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- Mjunction Services Limited - India
- European Bulk Services B.V. - Netherlands
- Standard Chartered Bank - UAE
- The University of Queensland
- Indian Energy Exchange, India
- MS Steel International - UAE
- Port Waratah Coal Services - Australia
- Ministry of Transport, Egypt
- Indonesian Coal Mining Association
- Straits Asia Resources Limited - Singapore
- Toyota Tsusho Corporation, Japan
- Uttam Galva Steels Limited - India
- Baramulti Group, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Videocon Industries ltd - India
- LBH Netherlands Bv - Netherlands
- London Commodity Brokers - England
- GN Power Mariveles Coal Plant, Philippines
- Petron Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Gujarat Sidhee Cement - India
- Kumho Petrochemical, South Korea
- Makarim & Taira - Indonesia
- Attock Cement Pakistan Limited
- ICICI Bank Limited - India
- SN Aboitiz Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Africa Commodities Group - South Africa
- New Zealand Coal & Carbon
- Posco Energy - South Korea
- Central Electricity Authority - India
- Jindal Steel & Power Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cigading International Bulk Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- GVK Power & Infra Limited - India
- Bulk Trading Sa - Switzerland
- Kaltim Prima Coal - Indonesia
- Madhucon Powers Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Ministry of Mines - Canada
- Binh Thuan Hamico - Vietnam
- Medco Energi Mining Internasional
- Aditya Birla Group - India
- International Coal Ventures Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Latin American Coal - Colombia
- Salva Resources Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Grasim Industreis Ltd - India
- Independent Power Producers Association of India
- Holcim Trading Pte Ltd - Singapore
- Deloitte Consulting - India
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pendopo Energi Batubara - Indonesia
- Siam City Cement - Thailand
- OPG Power Generation Pvt Ltd - India
- Sical Logistics Limited - India
- Australian Commodity Traders Exchange
- Sakthi Sugars Limited - India
- Electricity Authority, New Zealand
- Jaiprakash Power Ventures ltd
- Bukit Baiduri Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Thai Mozambique Logistica
- Kobexindo Tractors - Indoneisa
- Karaikal Port Pvt Ltd - India
- SMG Consultants - Indonesia
- McConnell Dowell - Australia
- Eastern Coal Council - USA
- Rashtriya Ispat Nigam Limited - India
- Oldendorff Carriers - Singapore
- Maharashtra Electricity Regulatory Commission - India
- PTC India Limited - India
- Samtan Co., Ltd - South Korea
- Bangladesh Power Developement Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karbindo Abesyapradhi - Indoneisa
- Antam Resourcindo - Indonesia
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- TeaM Sual Corporation - Philippines
- Power Finance Corporation Ltd., India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Malabar Cements Ltd - India
- Heidelberg Cement - Germany
- Indian Oil Corporation Limited
- Central Java Power - Indonesia
- Barasentosa Lestari - Indonesia
- Lanco Infratech Ltd - India
- Banpu Public Company Limited - Thailand
- Cement Manufacturers Association - India
- Edison Trading Spa - Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Anglo American - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Chamber of Mines of South Africa
- PNOC Exploration Corporation - Philippines
- Larsen & Toubro Limited - India
- Kideco Jaya Agung - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bhatia International Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Marubeni Corporation - India
- Mercuria Energy - Indonesia
- Australian Coal Association
- SMC Global Power, Philippines
- India Bulls Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Tamil Nadu electricity Board
- Essar Steel Hazira Ltd - India
- Gujarat Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Ambuja Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Kepco SPC Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- PowerSource Philippines DevCo
- Interocean Group of Companies - India
- Star Paper Mills Limited - India
- Savvy Resources Ltd - HongKong
- Mercator Lines Limited - India
- Vizag Seaport Private Limited - India
- Dalmia Cement Bharat India
- TNB Fuel Sdn Bhd - Malaysia
- Simpson Spence & Young - Indonesia
- Indika Energy - Indonesia
- Economic Council, Georgia
- Siam City Cement PLC, Thailand
- Planning Commission, India
- Parliament of New Zealand
- GMR Energy Limited - India
- Indogreen Group - Indonesia
- Maheswari Brothers Coal Limited - India
- Coal and Oil Company - UAE
- Romanian Commodities Exchange
- Global Green Power PLC Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Trasteel International SA, Italy
- Goldman Sachs - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Global Business Power Corporation, Philippines
- Wilmar Investment Holdings
- The Treasury - Australian Government
- Therma Luzon, Inc, Philippines
- Parry Sugars Refinery, India
- Krishnapatnam Port Company Ltd. - India
- ASAPP Information Group - India
- Bharathi Cement Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Merrill Lynch Commodities Europe
- Bhushan Steel Limited - India
- South Luzon Thermal Energy Corporation
- VISA Power Limited - India
- Orica Mining Services - Indonesia
- Singapore Mercantile Exchange
- Alfred C Toepfer International GmbH - Germany
- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Kapuas Tunggal Persada - Indonesia
- White Energy Company Limited
- Energy Development Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Sojitz Corporation - Japan
- The State Trading Corporation of India Ltd
- Aboitiz Power Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Intertek Mineral Services - Indonesia
- CIMB Investment Bank - Malaysia
- Borneo Indobara - Indonesia
- Vedanta Resources Plc - India
- Coalindo Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Commonwealth Bank - Australia
- Minerals Council of Australia
- Coastal Gujarat Power Limited - India
- Formosa Plastics Group - Taiwan
- Mintek Dendrill Indonesia
- Globalindo Alam Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Tata Chemicals Ltd - India
- Bayan Resources Tbk. - Indonesia
- Wood Mackenzie - Singapore
- Georgia Ports Authority, United States
- Kartika Selabumi Mining - Indonesia
- Thiess Contractors Indonesia
- Eastern Energy - Thailand
- Directorate Of Revenue Intelligence - India
- Renaissance Capital - South Africa
- Energy Link Ltd, New Zealand
- Carbofer General Trading SA - India
- Meralco Power Generation, Philippines
- CNBM International Corporation - China
- IEA Clean Coal Centre - UK
- Rio Tinto Coal - Australia
- Agrawal Coal Company - India
- Chettinad Cement Corporation Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Electricity Generating Authority of Thailand
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