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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, 10 June 16
INDONESIAN 6322 GAR COAL PRICE REFERENCE RISES TO $51.81 A TON
COALspot.com: The Indonesia Coal Benchmark Price increased in June 2016.
The Director General of Mineral and Coal of Indonesia, the regulator ...
Friday, 10 June 16
WEEKLY U.S. COAL PRODUCTION TOTALED AN ESTIMATED 12 MMST IN THE WEEK ENDED JUNE 4, UP 4% W/W - EIA
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 12 million short tons (mmst ...
Wednesday, 08 June 16
BPI ACHIEVES FINANCIAL CLOSE FOR ITS 2000 MW POWER PROJECT IN CENTRAL JAVA
COALspot.com: PT Bhimasena Power Indonesia (BPI) on June 6th, 2016 Achieves financial close for its 2x1,000 MW power project in Batang Regency, Cen ...
Wednesday, 08 June 16
U.S COAL IMPORTS ARE PROJECTED TO BE 12 MMST IN 2016 AND 11 MMST IN 2017 - EIA
Coal Supply
U.S. coal production in May was 50 million short tons (MMst), a 4 MMst (10%) increase from the previous month but 19 MMst (28%) lower ...
Wednesday, 08 June 16
THE DRY BULK MARKET KEPT MOVING SIDEWAYS LAST WEEK; SECOND HAND PURCHASES MOVING NORTH - INTERMODAL
Once again its Posidonia time and the biannual exhibition takes place during a very warm June here in Athens, as if the performance of the dry bulk ...
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- Riau Bara Harum - Indonesia
- Bukit Makmur.PT - Indonesia
- Singapore Mercantile Exchange
- Parry Sugars Refinery, India
- Krishnapatnam Port Company Ltd. - India
- Grasim Industreis Ltd - India
- Rio Tinto Coal - Australia
- Planning Commission, India
- PowerSource Philippines DevCo
- PetroVietnam Power Coal Import and Supply Company
- Edison Trading Spa - Italy
- Maheswari Brothers Coal Limited - India
- Simpson Spence & Young - Indonesia
- Coastal Gujarat Power Limited - India
- ICICI Bank Limited - India
- Altura Mining Limited, Indonesia
- The State Trading Corporation of India Ltd
- Siam City Cement PLC, Thailand
- Bukit Baiduri Energy - Indonesia
- Lanco Infratech Ltd - India
- PNOC Exploration Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Meenaskhi Energy Private Limited - India
- Oldendorff Carriers - Singapore
- Electricity Authority, New Zealand
- Parliament of New Zealand
- Samtan Co., Ltd - South Korea
- SMC Global Power, Philippines
- Wilmar Investment Holdings
- Minerals Council of Australia
- Ministry of Transport, Egypt
- Holcim Trading Pte Ltd - Singapore
- Dalmia Cement Bharat India
- International Coal Ventures Pvt Ltd - India
- MS Steel International - UAE
- London Commodity Brokers - England
- Alfred C Toepfer International GmbH - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Economic Council, Georgia
- Interocean Group of Companies - India
- Africa Commodities Group - South Africa
- Therma Luzon, Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Thiess Contractors Indonesia
- Savvy Resources Ltd - HongKong
- Semirara Mining Corp, Philippines
- Intertek Mineral Services - Indonesia
- Antam Resourcindo - Indonesia
- Siam City Cement - Thailand
- McConnell Dowell - Australia
- Straits Asia Resources Limited - Singapore
- Australian Coal Association
- Mercator Lines Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Deloitte Consulting - India
- Videocon Industries ltd - India
- Ambuja Cements Ltd - India
- Uttam Galva Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- Xindia Steels Limited - India
- Coalindo Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- GAC Shipping (India) Pvt Ltd
- Leighton Contractors Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Central Java Power - Indonesia
- IHS Mccloskey Coal Group - USA
- Directorate Of Revenue Intelligence - India
- Madhucon Powers Ltd - India
- Central Electricity Authority - India
- AsiaOL BioFuels Corp., Philippines
- Larsen & Toubro Limited - India
- Gujarat Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Cigading International Bulk Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TeaM Sual Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Anglo American - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Coal and Oil Company - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Bhushan Steel Limited - India
- Borneo Indobara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tata Chemicals Ltd - India
- Salva Resources Pvt Ltd - India
- Cement Manufacturers Association - India
- Malabar Cements Ltd - India
- Power Finance Corporation Ltd., India
- CNBM International Corporation - China
- Standard Chartered Bank - UAE
- Metalloyd Limited - United Kingdom
- Essar Steel Hazira Ltd - India
- Posco Energy - South Korea
- Global Business Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Independent Power Producers Association of India
- Ind-Barath Power Infra Limited - India
- India Bulls Power Limited - India
- Bhatia International Limited - India
- Indo Tambangraya Megah - Indonesia
- Indogreen Group - Indonesia
- Commonwealth Bank - Australia
- Mercuria Energy - Indonesia
- Makarim & Taira - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- New Zealand Coal & Carbon
- GVK Power & Infra Limited - India
- VISA Power Limited - India
- Kaltim Prima Coal - Indonesia
- Attock Cement Pakistan Limited
- CIMB Investment Bank - Malaysia
- Marubeni Corporation - India
- Iligan Light & Power Inc, Philippines
- Baramulti Group, Indonesia
- Thai Mozambique Logistica
- Sical Logistics Limited - India
- Eastern Energy - Thailand
- Sree Jayajothi Cements Limited - India
- Petron Corporation, Philippines
- Orica Australia Pty. Ltd.
- Ministry of Finance - Indonesia
- Banpu Public Company Limited - Thailand
- Jindal Steel & Power Ltd - India
- Trasteel International SA, Italy
- Maharashtra Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- SMG Consultants - Indonesia
- Georgia Ports Authority, United States
- ASAPP Information Group - India
- Semirara Mining and Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vedanta Resources Plc - India
- Formosa Plastics Group - Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Goldman Sachs - Singapore
- Kobexindo Tractors - Indoneisa
- Kumho Petrochemical, South Korea
- Indian Oil Corporation Limited
- Kalimantan Lumbung Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Renaissance Capital - South Africa
- Energy Link Ltd, New Zealand
- Energy Development Corp, Philippines
- Orica Mining Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Barasentosa Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kapuas Tunggal Persada - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bharathi Cement Corporation - India
- South Luzon Thermal Energy Corporation
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Star Paper Mills Limited - India
- Electricity Generating Authority of Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- PTC India Limited - India
- Tamil Nadu electricity Board
- Aditya Birla Group - India
- European Bulk Services B.V. - Netherlands
- Sarangani Energy Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Latin American Coal - Colombia
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- GMR Energy Limited - India
- The Treasury - Australian Government
- Merrill Lynch Commodities Europe
- TNB Fuel Sdn Bhd - Malaysia
- Pendopo Energi Batubara - Indonesia
- Wood Mackenzie - Singapore
- Australian Commodity Traders Exchange
- Mintek Dendrill Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vizag Seaport Private Limited - India
- Heidelberg Cement - Germany
- Indonesian Coal Mining Association
- Global Coal Blending Company Limited - Australia
- Bulk Trading Sa - Switzerland
- Chamber of Mines of South Africa
- Globalindo Alam Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- Gujarat Sidhee Cement - India
- Directorate General of MIneral and Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Jaiprakash Power Ventures ltd
- San Jose City I Power Corp, Philippines
- Carbofer General Trading SA - India
- Sindya Power Generating Company Private Ltd
- Port Waratah Coal Services - Australia
- Eastern Coal Council - USA
- Karaikal Port Pvt Ltd - India
- Medco Energi Mining Internasional
- Sakthi Sugars Limited - India
- White Energy Company Limited
- The University of Queensland
- Meralco Power Generation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- OPG Power Generation Pvt Ltd - India
- Ministry of Mines - Canada
- Rashtriya Ispat Nigam Limited - India
- Sinarmas Energy and Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Indika Energy - Indonesia
- Bangladesh Power Developement Board
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