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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, 05 August 16
CAPESIZE : RATES ARE REMAINING AT DEPRESSING LEVELS DUE TO LACK OF FRESH CARGOES - FEARNLEYS
Supramax
Last week has been one of the slowest for some time with rates under pressure in most areas.
In its latest weekly report, shipbroke ...
Thursday, 04 August 16
INDONESIAN COAL PRICES ARE STARTING TO ZOOM HIGHER; HBA ROSE 10.13% TO US$ 58.37 PER TON
COALspot.com: The Indonesia coal benchmark price hits to its highest level since August 2015.
The Director General of Mineral and Coa ...
Thursday, 04 August 16
BREXIT: IMPLICATIONS FOR GLOBAL SHIPPING AND SEA TRADE - EVERSHEDS
The buzzword for the post-Brexit landscape both in Europe and further afield is ‘uncertainty’. No-one really knows the long term effect ...
Wednesday, 03 August 16
RECAAP INFORMATION SHARING CENTRE ISSUES SPECIAL REPORT ON THE ABDUCTING OF CREW FROM SHIPS IN WATERS OFF EASTERN SABAH AND SOUTHERN PHILIPPINES - THE STANDARD CLUB
KNOWLEDGE TO ELEVATE
In the light of three incidents where the crew of tug boats were abducted in the waters off Eastern Sabah and Southern Ph ...
Wednesday, 03 August 16
SHIPPING MARKET INSIGHT - EVA TZIMA
The Good…
Demand. Amidst all the unprecedented geopolitical turmoil and shifts in the likes of Brexit, the IMF lowered last month its glob ...
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- Mintek Dendrill Indonesia
- PTC India Limited - India
- Wilmar Investment Holdings
- Makarim & Taira - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Billiton Holdings Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Bayan Resources Tbk. - Indonesia
- Parliament of New Zealand
- Romanian Commodities Exchange
- Eastern Energy - Thailand
- Siam City Cement PLC, Thailand
- New Zealand Coal & Carbon
- Barasentosa Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Coalindo Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Xindia Steels Limited - India
- Metalloyd Limited - United Kingdom
- GMR Energy Limited - India
- Jindal Steel & Power Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Thiess Contractors Indonesia
- Petron Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Merrill Lynch Commodities Europe
- Formosa Plastics Group - Taiwan
- San Jose City I Power Corp, Philippines
- The Treasury - Australian Government
- Bank of Tokyo Mitsubishi UFJ Ltd
- European Bulk Services B.V. - Netherlands
- Videocon Industries ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Link Ltd, New Zealand
- Straits Asia Resources Limited - Singapore
- Central Electricity Authority - India
- Directorate Of Revenue Intelligence - India
- Rio Tinto Coal - Australia
- Thai Mozambique Logistica
- Heidelberg Cement - Germany
- Mercuria Energy - Indonesia
- Indian Oil Corporation Limited
- Renaissance Capital - South Africa
- Antam Resourcindo - Indonesia
- Georgia Ports Authority, United States
- Australian Coal Association
- The University of Queensland
- SMG Consultants - Indonesia
- Wood Mackenzie - Singapore
- CNBM International Corporation - China
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Port Waratah Coal Services - Australia
- Sinarmas Energy and Mining - Indonesia
- Kumho Petrochemical, South Korea
- Mercator Lines Limited - India
- Vedanta Resources Plc - India
- Madhucon Powers Ltd - India
- MS Steel International - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Meralco Power Generation, Philippines
- Bulk Trading Sa - Switzerland
- Chettinad Cement Corporation Ltd - India
- Intertek Mineral Services - Indonesia
- McConnell Dowell - Australia
- Salva Resources Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Singapore Mercantile Exchange
- Kepco SPC Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Indika Energy - Indonesia
- Commonwealth Bank - Australia
- Semirara Mining Corp, Philippines
- Essar Steel Hazira Ltd - India
- Malabar Cements Ltd - India
- Chamber of Mines of South Africa
- Dalmia Cement Bharat India
- Riau Bara Harum - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Indogreen Group - Indonesia
- Oldendorff Carriers - Singapore
- Attock Cement Pakistan Limited
- Kapuas Tunggal Persada - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Mjunction Services Limited - India
- Sical Logistics Limited - India
- Orica Mining Services - Indonesia
- Jaiprakash Power Ventures ltd
- Kaltim Prima Coal - Indonesia
- Lanco Infratech Ltd - India
- Kideco Jaya Agung - Indonesia
- Sree Jayajothi Cements Limited - India
- PowerSource Philippines DevCo
- ASAPP Information Group - India
- IEA Clean Coal Centre - UK
- White Energy Company Limited
- Globalindo Alam Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Central Java Power - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bhatia International Limited - India
- Indian Energy Exchange, India
- Neyveli Lignite Corporation Ltd, - India
- Simpson Spence & Young - Indonesia
- Deloitte Consulting - India
- Gujarat Sidhee Cement - India
- Siam City Cement - Thailand
- Standard Chartered Bank - UAE
- Vizag Seaport Private Limited - India
- Bukit Makmur.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- LBH Netherlands Bv - Netherlands
- Coal and Oil Company - UAE
- Star Paper Mills Limited - India
- Global Coal Blending Company Limited - Australia
- Aditya Birla Group - India
- Kalimantan Lumbung Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Therma Luzon, Inc, Philippines
- Electricity Authority, New Zealand
- OPG Power Generation Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Toyota Tsusho Corporation, Japan
- Rashtriya Ispat Nigam Limited - India
- Edison Trading Spa - Italy
- TeaM Sual Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Karaikal Port Pvt Ltd - India
- Borneo Indobara - Indonesia
- Indonesian Coal Mining Association
- Anglo American - United Kingdom
- India Bulls Power Limited - India
- Sojitz Corporation - Japan
- Bhoruka Overseas - Indonesia
- Tamil Nadu electricity Board
- South Luzon Thermal Energy Corporation
- Binh Thuan Hamico - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Medco Energi Mining Internasional
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Trasteel International SA, Italy
- Uttam Galva Steels Limited - India
- Meenaskhi Energy Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Latin American Coal - Colombia
- Interocean Group of Companies - India
- Maharashtra Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Africa Commodities Group - South Africa
- Goldman Sachs - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GVK Power & Infra Limited - India
- Ministry of Transport, Egypt
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Finance - Indonesia
- Bhushan Steel Limited - India
- Price Waterhouse Coopers - Russia
- Larsen & Toubro Limited - India
- Parry Sugars Refinery, India
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- Savvy Resources Ltd - HongKong
- ICICI Bank Limited - India
- PNOC Exploration Corporation - Philippines
- Ministry of Mines - Canada
- Iligan Light & Power Inc, Philippines
- Posco Energy - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Sakthi Sugars Limited - India
- Bangladesh Power Developement Board
- Ind-Barath Power Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Global Business Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Coastal Gujarat Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- GN Power Mariveles Coal Plant, Philippines
- Independent Power Producers Association of India
- Orica Australia Pty. Ltd.
- Cigading International Bulk Terminal - Indonesia
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Semirara Mining and Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Global Green Power PLC Corporation, Philippines
- SMC Global Power, Philippines
- Eastern Coal Council - USA
- Energy Development Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Bharathi Cement Corporation - India
- London Commodity Brokers - England
- GAC Shipping (India) Pvt Ltd
- Grasim Industreis Ltd - India
- Cement Manufacturers Association - India
- Carbofer General Trading SA - India
- Asmin Koalindo Tuhup - Indonesia
- Electricity Generating Authority of Thailand
- Kartika Selabumi Mining - Indonesia
- Planning Commission, India
- Marubeni Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Tata Chemicals Ltd - India
- Australian Commodity Traders Exchange
- Economic Council, Georgia
- VISA Power Limited - India
- International Coal Ventures Pvt Ltd - India
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