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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, 10 August 16
THE INDONESIAN DRAFT NEW MINING LAW - AMENDMENTS TO THE 2009 MINING LAW
KNOWLEDGE TO ELEVATE
COALspot.com: A draft mining law published by Indonesia's Minister of Energy and Mineral Resources provides use ...
Tuesday, 09 August 16
CS50 COAL INDEX HITS NEW FIFTY-WEEKS HIGH
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose 1.78% week over week to averaging $41.85 per ton this past week, shows CS (i) C ...
Tuesday, 09 August 16
HARD COAL PRODUCTION AND WORLD TRADE ON THE DECLINE FOR THE FIRST TIME IN YEARS - VDKI
Hard coal production and world trade on the decline for the first time in years – not a harbinger of a global energy turnaround
Worldwid ...
Tuesday, 09 August 16
BREXIT, BRITANNIA AND THE WAVES - TREVOR CROWE, CLARKSON RESEARCH
This week, the Bank of England put into place its action plan following the UK referendum on 23rd June, which indicated the British population&rsqu ...
Monday, 08 August 16
INDONESIA'S DRAFT MINING LAW HINTS AT FUTURE REGULATORY FRAMEWORK
KNOWLEDGE TO ELEVATE
COALspot.com: A draft mining law published by Indonesia's Minister of Energy and Mineral Resources provides use ...
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- Altura Mining Limited, Indonesia
- Standard Chartered Bank - UAE
- Semirara Mining and Power Corporation, Philippines
- Georgia Ports Authority, United States
- Petron Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- The Treasury - Australian Government
- Global Coal Blending Company Limited - Australia
- Ministry of Finance - Indonesia
- Videocon Industries ltd - India
- Wood Mackenzie - Singapore
- Mercator Lines Limited - India
- Planning Commission, India
- Australian Commodity Traders Exchange
- Ministry of Transport, Egypt
- Coastal Gujarat Power Limited - India
- Electricity Generating Authority of Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Interocean Group of Companies - India
- South Luzon Thermal Energy Corporation
- Banpu Public Company Limited - Thailand
- Essar Steel Hazira Ltd - India
- Vedanta Resources Plc - India
- Kohat Cement Company Ltd. - Pakistan
- Anglo American - United Kingdom
- Price Waterhouse Coopers - Russia
- Sojitz Corporation - Japan
- Pendopo Energi Batubara - Indonesia
- Goldman Sachs - Singapore
- Siam City Cement PLC, Thailand
- IHS Mccloskey Coal Group - USA
- PetroVietnam Power Coal Import and Supply Company
- Jindal Steel & Power Ltd - India
- Coal and Oil Company - UAE
- Bukit Makmur.PT - Indonesia
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Oldendorff Carriers - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Sidhee Cement - India
- PowerSource Philippines DevCo
- Uttam Galva Steels Limited - India
- Indian Oil Corporation Limited
- Alfred C Toepfer International GmbH - Germany
- SMG Consultants - Indonesia
- Bangladesh Power Developement Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhoruka Overseas - Indonesia
- Energy Development Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Binh Thuan Hamico - Vietnam
- Vizag Seaport Private Limited - India
- Energy Link Ltd, New Zealand
- Cement Manufacturers Association - India
- Bahari Cakrawala Sebuku - Indonesia
- ICICI Bank Limited - India
- Savvy Resources Ltd - HongKong
- Chettinad Cement Corporation Ltd - India
- Simpson Spence & Young - Indonesia
- India Bulls Power Limited - India
- Directorate Of Revenue Intelligence - India
- Samtan Co., Ltd - South Korea
- New Zealand Coal & Carbon
- Eastern Energy - Thailand
- Renaissance Capital - South Africa
- Dalmia Cement Bharat India
- Bayan Resources Tbk. - Indonesia
- IEA Clean Coal Centre - UK
- Rio Tinto Coal - Australia
- Kepco SPC Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- CNBM International Corporation - China
- Africa Commodities Group - South Africa
- TeaM Sual Corporation - Philippines
- Ambuja Cements Ltd - India
- Romanian Commodities Exchange
- Trasteel International SA, Italy
- Electricity Authority, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Economic Council, Georgia
- London Commodity Brokers - England
- Krishnapatnam Port Company Ltd. - India
- Indonesian Coal Mining Association
- GN Power Mariveles Coal Plant, Philippines
- Miang Besar Coal Terminal - Indonesia
- Aditya Birla Group - India
- Sical Logistics Limited - India
- GVK Power & Infra Limited - India
- MS Steel International - UAE
- Kapuas Tunggal Persada - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- White Energy Company Limited
- Kaltim Prima Coal - Indonesia
- Riau Bara Harum - Indonesia
- Madhucon Powers Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Straits Asia Resources Limited - Singapore
- The University of Queensland
- Bhushan Steel Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ASAPP Information Group - India
- Agrawal Coal Company - India
- Bharathi Cement Corporation - India
- European Bulk Services B.V. - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Meralco Power Generation, Philippines
- SMC Global Power, Philippines
- Sinarmas Energy and Mining - Indonesia
- Coalindo Energy - Indonesia
- Medco Energi Mining Internasional
- Gujarat Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Orica Australia Pty. Ltd.
- Orica Mining Services - Indonesia
- Merrill Lynch Commodities Europe
- Makarim & Taira - Indonesia
- Bhatia International Limited - India
- Manunggal Multi Energi - Indonesia
- Mintek Dendrill Indonesia
- Marubeni Corporation - India
- Siam City Cement - Thailand
- Bulk Trading Sa - Switzerland
- Australian Coal Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Xindia Steels Limited - India
- Central Java Power - Indonesia
- Wilmar Investment Holdings
- Leighton Contractors Pty Ltd - Australia
- Baramulti Group, Indonesia
- Kobexindo Tractors - Indoneisa
- Sree Jayajothi Cements Limited - India
- Global Business Power Corporation, Philippines
- Independent Power Producers Association of India
- GAC Shipping (India) Pvt Ltd
- Globalindo Alam Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Posco Energy - South Korea
- SN Aboitiz Power Inc, Philippines
- Borneo Indobara - Indonesia
- Toyota Tsusho Corporation, Japan
- Thai Mozambique Logistica
- Indika Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bank of Tokyo Mitsubishi UFJ Ltd
- Star Paper Mills Limited - India
- Antam Resourcindo - Indonesia
- Deloitte Consulting - India
- TNB Fuel Sdn Bhd - Malaysia
- PNOC Exploration Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Jaiprakash Power Ventures ltd
- Karaikal Port Pvt Ltd - India
- Tamil Nadu electricity Board
- Mercuria Energy - Indonesia
- Commonwealth Bank - Australia
- Heidelberg Cement - Germany
- Parry Sugars Refinery, India
- GMR Energy Limited - India
- CIMB Investment Bank - Malaysia
- Global Green Power PLC Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Chamber of Mines of South Africa
- Eastern Coal Council - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Salva Resources Pvt Ltd - India
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Kumho Petrochemical, South Korea
- Port Waratah Coal Services - Australia
- VISA Power Limited - India
- Indo Tambangraya Megah - Indonesia
- LBH Netherlands Bv - Netherlands
- Indian Energy Exchange, India
- Kideco Jaya Agung - Indonesia
- Malabar Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Maheswari Brothers Coal Limited - India
- Latin American Coal - Colombia
- Mjunction Services Limited - India
- Lanco Infratech Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Larsen & Toubro Limited - India
- Sakthi Sugars Limited - India
- Parliament of New Zealand
- Timah Investasi Mineral - Indoneisa
- Tata Chemicals Ltd - India
- Ind-Barath Power Infra Limited - India
- Intertek Mineral Services - Indonesia
- Singapore Mercantile Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Minerals Council of Australia
- Grasim Industreis Ltd - India
- McConnell Dowell - Australia
- Semirara Mining Corp, Philippines
- Therma Luzon, Inc, Philippines
- Edison Trading Spa - Italy
- Neyveli Lignite Corporation Ltd, - India
- Power Finance Corporation Ltd., India
- Carbofer General Trading SA - India
- Iligan Light & Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Thiess Contractors Indonesia
- Attock Cement Pakistan Limited
- Formosa Plastics Group - Taiwan
- The State Trading Corporation of India Ltd
- PTC India Limited - India
- Ministry of Mines - Canada
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