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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, 08 August 16
THE TURKISH GOVERNMENT HAS IMPOSED A $15 A TON DUTY ON POWER PLANT COAL IMPORTS - MEDIA
COALspot.com: The Turkish government has imposed a US$15 per ton duty on thermal coal imports for use in its power sector.
According to media ...
Monday, 08 August 16
THE BALTIC EXCHANGE, TRACKING RATES FOR SHIPS CARRYING DRY BULK COMMODITIES SLIDE SLIGHTLY
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities slide slightly as Panamax and Supramax segments ending in ...
Monday, 08 August 16
ARE EXPENSES INCURRED DURING NEGOTIATION OF A PIRATE RANSOM RECOVERABLE IN GENERAL AVERAGE? - CLYDE&CO
KNOWLEDGE TO ELEVATE
Facts
The laden chemical tanker LONGCHAMP was transiting the Gulf of Aden on passage to Vietnam. The ship was subject t ...
Saturday, 06 August 16
DRY BULK SHIPPING CHARTER RATES TO RISE ON UNEXPECTED DEMAND GROWTH - DREWRY
Increasing trade and contracting supply will support a recovery in charter rates on major dry bulk shipping routes, with the prospect of China impo ...
Friday, 05 August 16
WEEKLY U.S. COAL OUTPUT TOTALED AN ESTIMATED 16.1 MMST IN THE WEEK ENDED JULY 30 - EIA
COALspot.com – U.S., the world’s second largest coal producers has produced approximately totalled an estimated 16.1 million short tons ...
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- Globalindo Alam Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Planning Commission, India
- Xindia Steels Limited - India
- Thai Mozambique Logistica
- Semirara Mining Corp, Philippines
- Australian Coal Association
- Power Finance Corporation Ltd., India
- Price Waterhouse Coopers - Russia
- MS Steel International - UAE
- Trasteel International SA, Italy
- Alfred C Toepfer International GmbH - Germany
- Posco Energy - South Korea
- Sical Logistics Limited - India
- Sinarmas Energy and Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Parliament of New Zealand
- Romanian Commodities Exchange
- The Treasury - Australian Government
- Therma Luzon, Inc, Philippines
- Riau Bara Harum - Indonesia
- SN Aboitiz Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Simpson Spence & Young - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Malabar Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- ICICI Bank Limited - India
- Australian Commodity Traders Exchange
- Maheswari Brothers Coal Limited - India
- Medco Energi Mining Internasional
- Eastern Energy - Thailand
- Indian Oil Corporation Limited
- Heidelberg Cement - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Energy Exchange, India
- Bhushan Steel Limited - India
- Manunggal Multi Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- VISA Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Videocon Industries ltd - India
- Ministry of Mines - Canada
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- Timah Investasi Mineral - Indoneisa
- Central Electricity Authority - India
- Aditya Birla Group - India
- Ceylon Electricity Board - Sri Lanka
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jindal Steel & Power Ltd - India
- Bukit Baiduri Energy - Indonesia
- Edison Trading Spa - Italy
- Coastal Gujarat Power Limited - India
- Merrill Lynch Commodities Europe
- Tata Chemicals Ltd - India
- Central Java Power - Indonesia
- Kaltim Prima Coal - Indonesia
- Sakthi Sugars Limited - India
- Binh Thuan Hamico - Vietnam
- Orica Mining Services - Indonesia
- Vedanta Resources Plc - India
- Coal and Oil Company - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Oldendorff Carriers - Singapore
- Bhoruka Overseas - Indonesia
- Makarim & Taira - Indonesia
- Bayan Resources Tbk. - Indonesia
- Pendopo Energi Batubara - Indonesia
- Indogreen Group - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petron Corporation, Philippines
- CNBM International Corporation - China
- Krishnapatnam Port Company Ltd. - India
- Indo Tambangraya Megah - Indonesia
- Energy Development Corp, Philippines
- Electricity Authority, New Zealand
- CIMB Investment Bank - Malaysia
- Bharathi Cement Corporation - India
- Tamil Nadu electricity Board
- LBH Netherlands Bv - Netherlands
- Interocean Group of Companies - India
- Electricity Generating Authority of Thailand
- Dalmia Cement Bharat India
- SMG Consultants - Indonesia
- Economic Council, Georgia
- Barasentosa Lestari - Indonesia
- Thiess Contractors Indonesia
- Savvy Resources Ltd - HongKong
- Directorate Of Revenue Intelligence - India
- Billiton Holdings Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- GAC Shipping (India) Pvt Ltd
- Latin American Coal - Colombia
- Vizag Seaport Private Limited - India
- Altura Mining Limited, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Siam City Cement - Thailand
- Baramulti Group, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Star Paper Mills Limited - India
- Meenaskhi Energy Private Limited - India
- ASAPP Information Group - India
- Uttam Galva Steels Limited - India
- Bangladesh Power Developement Board
- Jaiprakash Power Ventures ltd
- Bhatia International Limited - India
- Karaikal Port Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Marubeni Corporation - India
- Ambuja Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Energy Link Ltd, New Zealand
- Ministry of Transport, Egypt
- Meralco Power Generation, Philippines
- Ind-Barath Power Infra Limited - India
- Cement Manufacturers Association - India
- Global Green Power PLC Corporation, Philippines
- Grasim Industreis Ltd - India
- Parry Sugars Refinery, India
- Neyveli Lignite Corporation Ltd, - India
- GVK Power & Infra Limited - India
- PTC India Limited - India
- San Jose City I Power Corp, Philippines
- Banpu Public Company Limited - Thailand
- Toyota Tsusho Corporation, Japan
- Kideco Jaya Agung - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- IHS Mccloskey Coal Group - USA
- Wood Mackenzie - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Sojitz Corporation - Japan
- London Commodity Brokers - England
- Kobexindo Tractors - Indoneisa
- Sindya Power Generating Company Private Ltd
- Renaissance Capital - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Singapore Mercantile Exchange
- Kalimantan Lumbung Energi - Indonesia
- Mercator Lines Limited - India
- Mercuria Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Larsen & Toubro Limited - India
- PowerSource Philippines DevCo
- SMC Global Power, Philippines
- Goldman Sachs - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Wilmar Investment Holdings
- Attock Cement Pakistan Limited
- Africa Commodities Group - South Africa
- Aboitiz Power Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Borneo Indobara - Indonesia
- Agrawal Coal Company - India
- White Energy Company Limited
- Essar Steel Hazira Ltd - India
- Commonwealth Bank - Australia
- Siam City Cement PLC, Thailand
- Bulk Trading Sa - Switzerland
- Straits Asia Resources Limited - Singapore
- Salva Resources Pvt Ltd - India
- Rio Tinto Coal - Australia
- Minerals Council of Australia
- Mjunction Services Limited - India
- Kartika Selabumi Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Mintek Dendrill Indonesia
- The University of Queensland
- Anglo American - United Kingdom
- South Luzon Thermal Energy Corporation
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Holcim Trading Pte Ltd - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Bahari Cakrawala Sebuku - Indonesia
- Metalloyd Limited - United Kingdom
- Indonesian Coal Mining Association
- Rashtriya Ispat Nigam Limited - India
- Antam Resourcindo - Indonesia
- Standard Chartered Bank - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Sarangani Energy Corporation, Philippines
- Carbofer General Trading SA - India
- India Bulls Power Limited - India
- Kumho Petrochemical, South Korea
- Independent Power Producers Association of India
- Eastern Coal Council - USA
- Indika Energy - Indonesia
- McConnell Dowell - Australia
- Madhucon Powers Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Coalindo Energy - Indonesia
- Ministry of Finance - Indonesia
- Kepco SPC Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- The State Trading Corporation of India Ltd
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Deloitte Consulting - India
- Formosa Plastics Group - Taiwan
- Lanco Infratech Ltd - India
- Georgia Ports Authority, United States
- New Zealand Coal & Carbon
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