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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, 27 June 16
INDONESIA BANS (AGAIN) SHIPS SAILING TO THE PHILIPPINES FROM INDONESIA
COALspot.com: The Indonesian Transport Ministry strictly prohibited harbour masters issuing permits to all Indonesian-flagged vessels bound for the ...
Friday, 24 June 16
U.S WEEKLY COAL PRODUCTION UP MARGINALLY
COALspot.com – U.S, world’s one of the largest coal producers has produced approximately totalled an estimated 13.4 million short tons ...
Wednesday, 22 June 16
SMALL RISE IN SHIPPING CONFIDENCE - MOORE STEPHENS
In May 2016, the average confidence level expressed by respondents in the markets in which they operate was 5.1 on a scale of 1 (low) to 10 (high). ...
Wednesday, 22 June 16
SHIPPING MARKET INSIGHT - NASSOS SOULAKIS
Stagnation- With the BDI stuck in the low 600 points for almost a month now, if we had to choose a word to describe the state of the Dry Bulk freig ...
Monday, 20 June 16
CS COAL INDICES CONTINUE UPWARD TREND SINCE END APRIL
COALspot.com: Average 5000 GAR coal index of Indonesian origin was up again by 0.05 percent week over week to averaging $39.39 per ton this past we ...
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- Electricity Authority, New Zealand
- Maheswari Brothers Coal Limited - India
- Oldendorff Carriers - Singapore
- Ministry of Transport, Egypt
- Sarangani Energy Corporation, Philippines
- Latin American Coal - Colombia
- The State Trading Corporation of India Ltd
- GVK Power & Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Riau Bara Harum - Indonesia
- Bulk Trading Sa - Switzerland
- Bangladesh Power Developement Board
- Central Electricity Authority - India
- LBH Netherlands Bv - Netherlands
- Vizag Seaport Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Indo Tambangraya Megah - Indonesia
- Commonwealth Bank - Australia
- International Coal Ventures Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- PNOC Exploration Corporation - Philippines
- Attock Cement Pakistan Limited
- SMG Consultants - Indonesia
- CIMB Investment Bank - Malaysia
- TeaM Sual Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- PTC India Limited - India
- Carbofer General Trading SA - India
- Straits Asia Resources Limited - Singapore
- Wilmar Investment Holdings
- London Commodity Brokers - England
- Asia Pacific Energy Resources Ventures Inc, Philippines
- South Luzon Thermal Energy Corporation
- Cigading International Bulk Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kartika Selabumi Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Medco Energi Mining Internasional
- Xindia Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Ambuja Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement PLC, Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Videocon Industries ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Agrawal Coal Company - India
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- Wood Mackenzie - Singapore
- Thai Mozambique Logistica
- Renaissance Capital - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Georgia Ports Authority, United States
- Kideco Jaya Agung - Indonesia
- Interocean Group of Companies - India
- Singapore Mercantile Exchange
- Binh Thuan Hamico - Vietnam
- Uttam Galva Steels Limited - India
- Jindal Steel & Power Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Deloitte Consulting - India
- Bhushan Steel Limited - India
- Lanco Infratech Ltd - India
- IHS Mccloskey Coal Group - USA
- The Treasury - Australian Government
- Indonesian Coal Mining Association
- Karaikal Port Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- SN Aboitiz Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Romanian Commodities Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Goldman Sachs - Singapore
- Coal and Oil Company - UAE
- Bukit Baiduri Energy - Indonesia
- Coalindo Energy - Indonesia
- Ministry of Finance - Indonesia
- Posco Energy - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petrochimia International Co. Ltd.- Taiwan
- Directorate Of Revenue Intelligence - India
- Cement Manufacturers Association - India
- Siam City Cement - Thailand
- Tamil Nadu electricity Board
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- Mercator Lines Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- MS Steel International - UAE
- Merrill Lynch Commodities Europe
- European Bulk Services B.V. - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Grasim Industreis Ltd - India
- SMC Global Power, Philippines
- Sojitz Corporation - Japan
- San Jose City I Power Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- India Bulls Power Limited - India
- ICICI Bank Limited - India
- Rio Tinto Coal - Australia
- Energy Link Ltd, New Zealand
- Global Business Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- PetroVietnam Power Coal Import and Supply Company
- GMR Energy Limited - India
- Mjunction Services Limited - India
- Indika Energy - Indonesia
- White Energy Company Limited
- Miang Besar Coal Terminal - Indonesia
- Australian Coal Association
- Kaltim Prima Coal - Indonesia
- Mercuria Energy - Indonesia
- Chamber of Mines of South Africa
- Metalloyd Limited - United Kingdom
- Anglo American - United Kingdom
- Formosa Plastics Group - Taiwan
- Meralco Power Generation, Philippines
- Ministry of Mines - Canada
- Petron Corporation, Philippines
- The University of Queensland
- Neyveli Lignite Corporation Ltd, - India
- Parliament of New Zealand
- Bayan Resources Tbk. - Indonesia
- Trasteel International SA, Italy
- Asmin Koalindo Tuhup - Indonesia
- PowerSource Philippines DevCo
- Essar Steel Hazira Ltd - India
- Gujarat Sidhee Cement - India
- ASAPP Information Group - India
- Makarim & Taira - Indonesia
- Coastal Gujarat Power Limited - India
- Planning Commission, India
- Sinarmas Energy and Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Sindya Power Generating Company Private Ltd
- New Zealand Coal & Carbon
- Karbindo Abesyapradhi - Indoneisa
- Star Paper Mills Limited - India
- Sical Logistics Limited - India
- Savvy Resources Ltd - HongKong
- Indian Energy Exchange, India
- IEA Clean Coal Centre - UK
- Madhucon Powers Ltd - India
- Kepco SPC Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Banpu Public Company Limited - Thailand
- Salva Resources Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Australian Commodity Traders Exchange
- Semirara Mining and Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Electricity Generating Authority of Thailand
- Gujarat Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Central Java Power - Indonesia
- Sakthi Sugars Limited - India
- Baramulti Group, Indonesia
- Indogreen Group - Indonesia
- Economic Council, Georgia
- Jaiprakash Power Ventures ltd
- Bhoruka Overseas - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Makmur.PT - Indonesia
- Eastern Energy - Thailand
- Manunggal Multi Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bharathi Cement Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Thiess Contractors Indonesia
- Sree Jayajothi Cements Limited - India
- Edison Trading Spa - Italy
- Bhatia International Limited - India
- Aditya Birla Group - India
- Parry Sugars Refinery, India
- Kalimantan Lumbung Energi - Indonesia
- Marubeni Corporation - India
- Kobexindo Tractors - Indoneisa
- Antam Resourcindo - Indonesia
- Minerals Council of Australia
- AsiaOL BioFuels Corp., Philippines
- Dalmia Cement Bharat India
- CNBM International Corporation - China
- Kumho Petrochemical, South Korea
- Orica Mining Services - Indonesia
- Barasentosa Lestari - Indonesia
- McConnell Dowell - Australia
- VISA Power Limited - India
- Iligan Light & Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Malabar Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Africa Commodities Group - South Africa
- Port Waratah Coal Services - Australia
- Kapuas Tunggal Persada - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Independent Power Producers Association of India
- Simpson Spence & Young - Indonesia
- Intertek Mineral Services - Indonesia
- Standard Chartered Bank - UAE
- Altura Mining Limited, Indonesia
- Energy Development Corp, Philippines
- Heidelberg Cement - Germany
- Vedanta Resources Plc - India
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