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Friday, 01 August 14
UNCERTAINTY IN ASIAN COAL MARKETS WHERE INDEX-LINKED PRICING DOMINATES - SGX
 COALspot.com: In the past 3 years, seaborne thermal coal markets have been in a state of constant oversupply.
Reuters expects this oversupply to continue into 2015 with current physical markets sloshed with roughly 10 million tons of thermal coal in excess of 2014 demand. The result is depressed and falling prices which has placed at risk many coal mining firms globally. However, current low prices belies great uncertainty in a market where the supply glut could rapidly turn into a squeeze, SGX said in its latest memo.
Bulking Up SGX Thermal Coal Derivatives
-- Growing uncertainty in Asian thermal coal markets reflected in rising price volatility from 3% to roughly 10%.
-- SGX will introduce API 4 and API 5 thermal coal derivatives on 4 Aug 2014 to complement to existing thermal coal contracts.
-- 50% margin credits for any pair of SGX thermal coal derivatives improve capital efficiencies.
According to SGX, although the surplus numbers look relatively puny next to a global output of 9 billion tons and an annual seaborne trade of a billion tons, it is the process of rebalancing such marginal supply (or marginal demand) that can sharply swing coal prices and create elevated levels of volatility. If the 10 million tons of excess supply gets absorbed by shocks or fresh demand, the seaborne coal market could quickly turn bullish with undersupply driving rising prices and higher volatility. In fact, 30-day active month historical price volatility has already risen significantly from 3% to approximately 10% in the last 2 months.
SGX further said, with physical coal trade flows heavily hinged on Asia, there is little doubt where a demand trigger could come from. Major consumers in China, India, and South East Asia look set to increase consumption as they fight poverty through rapid industrialization and urbanization—both of which require electricity.
For these countries, despite global concerns regarding pollution, coal remains the most affordable source of power. Meanwhile, in response to the recent glut, various government policies are being put in place to rationalize supply. Also, key producers in Indonesia and Australia are already in the midst of cutting production, said SGX
A combination of supply side discipline and rising demand may result in the re-balancing which could tilt market equilibrium. However, it is unknown when the effects of higher demand and reduced supply will hit the market.
SGX introduces API 4 and API 5 derivatives
Barring some exceptions, majority of international thermal coal deals are priced against an index or basket of indices. Many power generators in the region price electricity against index. This continues to create rising demand for index-linked thermal coal derivatives in Asia to meet hedging needs of miners, power gencos, and traders alike.
In responding to that trend, SGX will expand its current thermal coal derivative offerings from SGX API8 CFR China Coal Derivatives and SGX IHS McCloskey Indonesian Sub-Bit FOB Swaps/ Futures to also include SGX API4 FOB Richards Bay Coal Derivatives and SGX API5 FOB Newcastle Coal Derivatives.
The expanded suite will facilitate more effective hedging of thermal coal prices in Asia. The two new thermal coal contracts will be launched on 4 August 2014, alongside two coking coal derivative products. (please click here to find out more).
For more information on SGX Commodities, please visit SGX
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Wednesday, 30 July 14
CAPES SEEMED TO BE STRANDED AT THE SAME LEVELS; PANAMAXES MANAGED TO SLIGHTLY REVIVE - INTERMODAL
COALspot.com: The Dry Bulk market took a breath this past week, as both Panamaxes and Supras started to see a small influx of activity, which was j ...
Tuesday, 29 July 14
TOTAL SELLS ITS SOUTH AFRICAN COAL MINING ASSETS TO EXXARO
Total has signed an agreement with Exxaro Resources Ltd for the sale of its 100% stake in Total Coal South Africa (TCSA), its coal-producing affili ...
Tuesday, 29 July 14
GENCO: DRY BULK SHIPPING VALUATIONS NO LONGER ANCHORED TO DISCOUNTED CASH FLOW METHOD - WEIL
KNOWLEDGE TO ELEVATE
Discounted cash flow analysis is a mainstay among the valuation methodologies used by restructuring professionals and bank ...
Tuesday, 29 July 14
SHIP OWNERS' DEMAND OF NEW VESSELS DENTED AS A RESULT OF LOWER FREIGHT RATES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The sharp downward direction of dry bulk freight rates has had a negative impact on investors’ secondhand buying appetite that wait to see th ...
Monday, 28 July 14
Q3' 14, SUB-BIT FOB INDONESIA COAL SWAP GAINED $ 0.08 DAY ON DAY AND $ 0.68 WEEK ON WEEK
COALspot.com: Indonesian coal swaps for average Q3’ 2014 increased by just US$ 0.08 day on day and US$ 0.68 week on week. The swap was lost U ...
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- Eastern Coal Council - USA
- Merrill Lynch Commodities Europe
- Xindia Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Simpson Spence & Young - Indonesia
- Banpu Public Company Limited - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Malabar Cements Ltd - India
- Deloitte Consulting - India
- MS Steel International - UAE
- ICICI Bank Limited - India
- Australian Commodity Traders Exchange
- Star Paper Mills Limited - India
- McConnell Dowell - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Parliament of New Zealand
- Parry Sugars Refinery, India
- Meralco Power Generation, Philippines
- Siam City Cement PLC, Thailand
- Sree Jayajothi Cements Limited - India
- London Commodity Brokers - England
- Global Business Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- Central Electricity Authority - India
- Pendopo Energi Batubara - Indonesia
- Baramulti Group, Indonesia
- GAC Shipping (India) Pvt Ltd
- Sical Logistics Limited - India
- The Treasury - Australian Government
- Ambuja Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Minerals Council of Australia
- Power Finance Corporation Ltd., India
- Coastal Gujarat Power Limited - India
- Kobexindo Tractors - Indoneisa
- Bhushan Steel Limited - India
- Indian Energy Exchange, India
- Siam City Cement - Thailand
- Vizag Seaport Private Limited - India
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Sindya Power Generating Company Private Ltd
- Ministry of Mines - Canada
- Krishnapatnam Port Company Ltd. - India
- Bahari Cakrawala Sebuku - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Thiess Contractors Indonesia
- Planning Commission, India
- Rashtriya Ispat Nigam Limited - India
- Ministry of Transport, Egypt
- Indian Oil Corporation Limited
- Wilmar Investment Holdings
- Posco Energy - South Korea
- The State Trading Corporation of India Ltd
- Neyveli Lignite Corporation Ltd, - India
- Bhoruka Overseas - Indonesia
- Sarangani Energy Corporation, Philippines
- Altura Mining Limited, Indonesia
- Vedanta Resources Plc - India
- Kalimantan Lumbung Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Tata Chemicals Ltd - India
- Romanian Commodities Exchange
- Maharashtra Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Attock Cement Pakistan Limited
- Gujarat Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Metalloyd Limited - United Kingdom
- Marubeni Corporation - India
- Timah Investasi Mineral - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- TeaM Sual Corporation - Philippines
- Mintek Dendrill Indonesia
- Orica Australia Pty. Ltd.
- Kideco Jaya Agung - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sakthi Sugars Limited - India
- AsiaOL BioFuels Corp., Philippines
- Barasentosa Lestari - Indonesia
- Mercator Lines Limited - India
- Thai Mozambique Logistica
- PowerSource Philippines DevCo
- Carbofer General Trading SA - India
- Semirara Mining Corp, Philippines
- New Zealand Coal & Carbon
- Savvy Resources Ltd - HongKong
- Interocean Group of Companies - India
- Grasim Industreis Ltd - India
- Gujarat Sidhee Cement - India
- Holcim Trading Pte Ltd - Singapore
- Medco Energi Mining Internasional
- Videocon Industries ltd - India
- Bukit Makmur.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Economic Council, Georgia
- LBH Netherlands Bv - Netherlands
- Dalmia Cement Bharat India
- Chamber of Mines of South Africa
- Directorate Of Revenue Intelligence - India
- VISA Power Limited - India
- Madhucon Powers Ltd - India
- Petron Corporation, Philippines
- SMC Global Power, Philippines
- Latin American Coal - Colombia
- Wood Mackenzie - Singapore
- Mjunction Services Limited - India
- Kaltim Prima Coal - Indonesia
- Trasteel International SA, Italy
- Aboitiz Power Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- SN Aboitiz Power Inc, Philippines
- Sojitz Corporation - Japan
- Manunggal Multi Energi - Indonesia
- Lanco Infratech Ltd - India
- Indika Energy - Indonesia
- Australian Coal Association
- European Bulk Services B.V. - Netherlands
- Rio Tinto Coal - Australia
- Port Waratah Coal Services - Australia
- Mercuria Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Mining Services - Indonesia
- Renaissance Capital - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Electricity Generating Authority of Thailand
- CNBM International Corporation - China
- Georgia Ports Authority, United States
- The University of Queensland
- ASAPP Information Group - India
- India Bulls Power Limited - India
- CIMB Investment Bank - Malaysia
- Iligan Light & Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Singapore Mercantile Exchange
- SMG Consultants - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coal and Oil Company - UAE
- IEA Clean Coal Centre - UK
- Essar Steel Hazira Ltd - India
- Bhatia International Limited - India
- Alfred C Toepfer International GmbH - Germany
- Salva Resources Pvt Ltd - India
- GVK Power & Infra Limited - India
- Indogreen Group - Indonesia
- PTC India Limited - India
- Standard Chartered Bank - UAE
- GMR Energy Limited - India
- Edison Trading Spa - Italy
- Borneo Indobara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Goldman Sachs - Singapore
- Aditya Birla Group - India
- Oldendorff Carriers - Singapore
- White Energy Company Limited
- Anglo American - United Kingdom
- Central Java Power - Indonesia
- Bharathi Cement Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sinarmas Energy and Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Semirara Mining and Power Corporation, Philippines
- Electricity Authority, New Zealand
- Toyota Tsusho Corporation, Japan
- Energy Development Corp, Philippines
- Bangladesh Power Developement Board
- Heidelberg Cement - Germany
- Asmin Koalindo Tuhup - Indonesia
- International Coal Ventures Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Africa Commodities Group - South Africa
- Larsen & Toubro Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Finance - Indonesia
- Bukit Baiduri Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Indo Tambangraya Megah - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indonesian Coal Mining Association
- GN Power Mariveles Coal Plant, Philippines
- Leighton Contractors Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- Coalindo Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Price Waterhouse Coopers - Russia
- Chettinad Cement Corporation Ltd - India
- Agrawal Coal Company - India
- Kumho Petrochemical, South Korea
- Jaiprakash Power Ventures ltd
- Intertek Mineral Services - Indonesia
- Commonwealth Bank - Australia
- Meenaskhi Energy Private Limited - India
- Eastern Energy - Thailand
- Jindal Steel & Power Ltd - India
- Independent Power Producers Association of India
- Gujarat Mineral Development Corp Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ceylon Electricity Board - Sri Lanka
- Kapuas Tunggal Persada - Indonesia
- Uttam Galva Steels Limited - India
- Formosa Plastics Group - Taiwan
- Bayan Resources Tbk. - Indonesia
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