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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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Tuesday, 14 June 16
CS COAL INDICES ROSE UP FOR A THIRD STRAIGHT WEEK; 4200 GAR COAL UP 0.73%
COALspot.com: Average 5000 GAR coal index of Indonesian origin was up 0.54 percent week over week to averaging $39.37 per ton this past week, shows ...
Monday, 13 June 16
DEMAND FOR DRY BULK COMMODITIES COULD PROVIDE FUTURE BOOST FOR SHIP OWNERS - HELLENIC SHIPPING NEWS
When it comes to the dry bulk market, shipowners these days are looking for news in any shape or form they can find them. However, as the discussio ...
Monday, 13 June 16
ONSHORE SHALE: WORTH KEEPING IN THE SHIPPING SPOTLIGHT CLARKSONS
Generally, shipping industry watchers spend much of their time monitoring events out to sea: how fleets are evolving, trade volumes growing and fre ...
Monday, 13 June 16
PORT OF NEWCASTLE SHIPPED 5.03% MORE COAL IN MAY; AVERAGE SELLING PRICE DECLINED 2.08% FROM APRIL
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1.162bill ...
Monday, 13 June 16
BALTIC INDEX FLAT, INDEX FOR CAPE RISE
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities flat this past week. The freight market was almost same l ...
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- Simpson Spence & Young - Indonesia
- Goldman Sachs - Singapore
- San Jose City I Power Corp, Philippines
- Bhatia International Limited - India
- Meralco Power Generation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Planning Commission, India
- PowerSource Philippines DevCo
- Standard Chartered Bank - UAE
- Sojitz Corporation - Japan
- PTC India Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- Pendopo Energi Batubara - Indonesia
- Star Paper Mills Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Larsen & Toubro Limited - India
- Billiton Holdings Pty Ltd - Australia
- Energy Development Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Formosa Plastics Group - Taiwan
- Kepco SPC Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Bayan Resources Tbk. - Indonesia
- Orica Mining Services - Indonesia
- Bharathi Cement Corporation - India
- New Zealand Coal & Carbon
- Australian Coal Association
- Petrochimia International Co. Ltd.- Taiwan
- VISA Power Limited - India
- Central Java Power - Indonesia
- Jindal Steel & Power Ltd - India
- Price Waterhouse Coopers - Russia
- MS Steel International - UAE
- Sree Jayajothi Cements Limited - India
- Carbofer General Trading SA - India
- Tamil Nadu electricity Board
- Vijayanagar Sugar Pvt Ltd - India
- London Commodity Brokers - England
- Therma Luzon, Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Cigading International Bulk Terminal - Indonesia
- ICICI Bank Limited - India
- Leighton Contractors Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- IHS Mccloskey Coal Group - USA
- White Energy Company Limited
- Edison Trading Spa - Italy
- Heidelberg Cement - Germany
- Central Electricity Authority - India
- European Bulk Services B.V. - Netherlands
- Grasim Industreis Ltd - India
- Romanian Commodities Exchange
- Deloitte Consulting - India
- Samtan Co., Ltd - South Korea
- Georgia Ports Authority, United States
- Banpu Public Company Limited - Thailand
- LBH Netherlands Bv - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- GAC Shipping (India) Pvt Ltd
- IEA Clean Coal Centre - UK
- Ceylon Electricity Board - Sri Lanka
- Makarim & Taira - Indonesia
- CIMB Investment Bank - Malaysia
- Mintek Dendrill Indonesia
- Electricity Authority, New Zealand
- TeaM Sual Corporation - Philippines
- Indian Energy Exchange, India
- Maharashtra Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karaikal Port Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Thiess Contractors Indonesia
- Aboitiz Power Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Singapore Mercantile Exchange
- SMG Consultants - Indonesia
- Siam City Cement PLC, Thailand
- Straits Asia Resources Limited - Singapore
- Kaltim Prima Coal - Indonesia
- Dalmia Cement Bharat India
- Indian Oil Corporation Limited
- Electricity Generating Authority of Thailand
- Parliament of New Zealand
- CNBM International Corporation - China
- India Bulls Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Krishnapatnam Port Company Ltd. - India
- Parry Sugars Refinery, India
- Global Business Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Kideco Jaya Agung - Indonesia
- Kobexindo Tractors - Indoneisa
- Malabar Cements Ltd - India
- Vedanta Resources Plc - India
- Marubeni Corporation - India
- Eastern Coal Council - USA
- Attock Cement Pakistan Limited
- Global Coal Blending Company Limited - Australia
- Wilmar Investment Holdings
- Sical Logistics Limited - India
- Wood Mackenzie - Singapore
- Indo Tambangraya Megah - Indonesia
- PNOC Exploration Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Mercuria Energy - Indonesia
- Antam Resourcindo - Indonesia
- SMC Global Power, Philippines
- Bukit Baiduri Energy - Indonesia
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- Indika Energy - Indonesia
- Siam City Cement - Thailand
- Baramulti Group, Indonesia
- Eastern Energy - Thailand
- Chamber of Mines of South Africa
- Karbindo Abesyapradhi - Indoneisa
- Bhoruka Overseas - Indonesia
- Intertek Mineral Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Tata Chemicals Ltd - India
- SN Aboitiz Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Salva Resources Pvt Ltd - India
- Mjunction Services Limited - India
- Renaissance Capital - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Metalloyd Limited - United Kingdom
- South Luzon Thermal Energy Corporation
- Barasentosa Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Ind-Barath Power Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Kartika Selabumi Mining - Indonesia
- Australian Commodity Traders Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Indonesian Coal Mining Association
- Africa Commodities Group - South Africa
- Altura Mining Limited, Indonesia
- Trasteel International SA, Italy
- Toyota Tsusho Corporation, Japan
- Energy Link Ltd, New Zealand
- Oldendorff Carriers - Singapore
- Borneo Indobara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Medco Energi Mining Internasional
- The State Trading Corporation of India Ltd
- Power Finance Corporation Ltd., India
- Semirara Mining Corp, Philippines
- Riau Bara Harum - Indonesia
- Videocon Industries ltd - India
- Globalindo Alam Lestari - Indonesia
- Xindia Steels Limited - India
- Lanco Infratech Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Agrawal Coal Company - India
- Minerals Council of Australia
- Ministry of Finance - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Meenaskhi Energy Private Limited - India
- Ministry of Mines - Canada
- Thai Mozambique Logistica
- Madhucon Powers Ltd - India
- Sakthi Sugars Limited - India
- Global Green Power PLC Corporation, Philippines
- Latin American Coal - Colombia
- Petron Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Economic Council, Georgia
- Bhushan Steel Limited - India
- Aditya Birla Group - India
- Indogreen Group - Indonesia
- Gujarat Sidhee Cement - India
- McConnell Dowell - Australia
- Rio Tinto Coal - Australia
- GVK Power & Infra Limited - India
- Bangladesh Power Developement Board
- Timah Investasi Mineral - Indoneisa
- Ambuja Cements Ltd - India
- Commonwealth Bank - Australia
- ASAPP Information Group - India
- Iligan Light & Power Inc, Philippines
- Interocean Group of Companies - India
- Semirara Mining and Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- Rashtriya Ispat Nigam Limited - India
- Sarangani Energy Corporation, Philippines
- Uttam Galva Steels Limited - India
- Independent Power Producers Association of India
- Ministry of Transport, Egypt
- Port Waratah Coal Services - Australia
- Coal and Oil Company - UAE
- Bulk Trading Sa - Switzerland
- GMR Energy Limited - India
- Sinarmas Energy and Mining - Indonesia
- Orica Australia Pty. Ltd.
- The University of Queensland
- Jorong Barutama Greston.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Kumho Petrochemical, South Korea
- Kalimantan Lumbung Energi - Indonesia
- Posco Energy - South Korea
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