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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, 20 July 16
EDIBLE OIL MARKETS ACROSS THE GLOBE REMAIN UNDER PRESSURE - STELIOS KOLLINTZAS
The edible oil markets across the globe remain under pressure on the back of lackluster demand. Some of the main factors causing the low activity a ...
Tuesday, 19 July 16
INDONESIAN THERMAL COAL INDEXES CONTINUALLY FIRM UP ON ROBUST BUYING INTEREST - CS COAL INDEX
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose One percent week over week to averaging $40.38 per ton this past week, shows CS ...
Monday, 18 July 16
FROM PIT TO PORT: DRY BULK NEEDS A NEW PATH TO PROFITABILITY - TOC EUROPE
During the golden years for commodities, from 2005 to 2014, high demand and big profit margins pushed companies to produce more and more, sacrifici ...
Monday, 18 July 16
BALTIC DRY INDEX REMAIN FIRM, UP BY 5.97 WEEK OVER WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to remain firm with all segments ending in posi ...
Friday, 15 July 16
US COAL PRODUCTION DOWN 8.4% WEEK-OVER-WEEK
COALspot.com – U.S, world’s second largest coal producers has produced approximately totalled an estimated 12.9 million short tons (mms ...
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- Bhatia International Limited - India
- Meenaskhi Energy Private Limited - India
- Toyota Tsusho Corporation, Japan
- Merrill Lynch Commodities Europe
- Indonesian Coal Mining Association
- CIMB Investment Bank - Malaysia
- South Luzon Thermal Energy Corporation
- Medco Energi Mining Internasional
- San Jose City I Power Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Interocean Group of Companies - India
- Globalindo Alam Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Videocon Industries ltd - India
- New Zealand Coal & Carbon
- Singapore Mercantile Exchange
- Metalloyd Limited - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Sidhee Cement - India
- GVK Power & Infra Limited - India
- Renaissance Capital - South Africa
- Uttam Galva Steels Limited - India
- Energy Link Ltd, New Zealand
- Indian Oil Corporation Limited
- Directorate Of Revenue Intelligence - India
- Xindia Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Bhoruka Overseas - Indonesia
- Agrawal Coal Company - India
- Larsen & Toubro Limited - India
- Cement Manufacturers Association - India
- Jaiprakash Power Ventures ltd
- Tamil Nadu electricity Board
- Latin American Coal - Colombia
- IHS Mccloskey Coal Group - USA
- Eastern Energy - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Sical Logistics Limited - India
- Carbofer General Trading SA - India
- Kideco Jaya Agung - Indonesia
- Australian Coal Association
- Planning Commission, India
- PowerSource Philippines DevCo
- Maharashtra Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Asmin Koalindo Tuhup - Indonesia
- Bangladesh Power Developement Board
- Iligan Light & Power Inc, Philippines
- Georgia Ports Authority, United States
- London Commodity Brokers - England
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Wood Mackenzie - Singapore
- Ind-Barath Power Infra Limited - India
- Samtan Co., Ltd - South Korea
- Thiess Contractors Indonesia
- Rio Tinto Coal - Australia
- Attock Cement Pakistan Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kobexindo Tractors - Indoneisa
- Bulk Trading Sa - Switzerland
- MS Steel International - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Sinarmas Energy and Mining - Indonesia
- VISA Power Limited - India
- Wilmar Investment Holdings
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining Corp, Philippines
- SMG Consultants - Indonesia
- Orica Australia Pty. Ltd.
- Straits Asia Resources Limited - Singapore
- Mercator Lines Limited - India
- Maheswari Brothers Coal Limited - India
- Billiton Holdings Pty Ltd - Australia
- McConnell Dowell - Australia
- Sojitz Corporation - Japan
- Kartika Selabumi Mining - Indonesia
- Heidelberg Cement - Germany
- Ministry of Finance - Indonesia
- Timah Investasi Mineral - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- SN Aboitiz Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Vizag Seaport Private Limited - India
- Bayan Resources Tbk. - Indonesia
- PTC India Limited - India
- Mintek Dendrill Indonesia
- The Treasury - Australian Government
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chamber of Mines of South Africa
- Power Finance Corporation Ltd., India
- Romanian Commodities Exchange
- PNOC Exploration Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Thai Mozambique Logistica
- Malabar Cements Ltd - India
- Parliament of New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Coastal Gujarat Power Limited - India
- Ambuja Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- IEA Clean Coal Centre - UK
- ASAPP Information Group - India
- Karbindo Abesyapradhi - Indoneisa
- Dalmia Cement Bharat India
- Grasim Industreis Ltd - India
- Bhushan Steel Limited - India
- Ministry of Transport, Egypt
- Sree Jayajothi Cements Limited - India
- Alfred C Toepfer International GmbH - Germany
- ICICI Bank Limited - India
- Electricity Generating Authority of Thailand
- Directorate General of MIneral and Coal - Indonesia
- SMC Global Power, Philippines
- Intertek Mineral Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Mercuria Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Independent Power Producers Association of India
- OPG Power Generation Pvt Ltd - India
- Indika Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Madhucon Powers Ltd - India
- Economic Council, Georgia
- Aboitiz Power Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Price Waterhouse Coopers - Russia
- Kaltim Prima Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- The State Trading Corporation of India Ltd
- Global Coal Blending Company Limited - Australia
- Siam City Cement PLC, Thailand
- Vedanta Resources Plc - India
- Indian Energy Exchange, India
- TeaM Sual Corporation - Philippines
- Africa Commodities Group - South Africa
- Salva Resources Pvt Ltd - India
- Siam City Cement - Thailand
- Savvy Resources Ltd - HongKong
- Makarim & Taira - Indonesia
- Eastern Coal Council - USA
- Petron Corporation, Philippines
- White Energy Company Limited
- Edison Trading Spa - Italy
- Australian Commodity Traders Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Baramulti Group, Indonesia
- Jindal Steel & Power Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Sarangani Energy Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- PetroVietnam Power Coal Import and Supply Company
- AsiaOL BioFuels Corp., Philippines
- Bukit Baiduri Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Aditya Birla Group - India
- Parry Sugars Refinery, India
- Barasentosa Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Global Business Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Standard Chartered Bank - UAE
- Anglo American - United Kingdom
- LBH Netherlands Bv - Netherlands
- Mjunction Services Limited - India
- Semirara Mining and Power Corporation, Philippines
- Marubeni Corporation - India
- Banpu Public Company Limited - Thailand
- Electricity Authority, New Zealand
- The University of Queensland
- Minerals Council of Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- GMR Energy Limited - India
- Coalindo Energy - Indonesia
- Indogreen Group - Indonesia
- Orica Mining Services - Indonesia
- Posco Energy - South Korea
- Sakthi Sugars Limited - India
- India Bulls Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Commonwealth Bank - Australia
- Ministry of Mines - Canada
- Formosa Plastics Group - Taiwan
- Meralco Power Generation, Philippines
- Trasteel International SA, Italy
- Central Java Power - Indonesia
- CNBM International Corporation - China
- Lanco Infratech Ltd - India
- Oldendorff Carriers - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Binh Thuan Hamico - Vietnam
- Kepco SPC Power Corporation, Philippines
- Star Paper Mills Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Goldman Sachs - Singapore
- Tata Chemicals Ltd - India
- Deloitte Consulting - India
- Bharathi Cement Corporation - India
- Manunggal Multi Energi - Indonesia
- Coal and Oil Company - UAE
- Altura Mining Limited, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Borneo Indobara - Indonesia
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