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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, 03 August 16
SHIP TRADING AND ORDERING CLOSE TO A STALEMATE AS SUMMER LULL KICKS IN
With newbuilding activity already at a near standstill since the start of the year, most of 2016’s trading activity in shipping was evident i ...
Tuesday, 02 August 16
INDONESIAN CS COAL INDICES STAY POSITIVE
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose 0.71% week over week to averaging $41.12 per ton this past week, shows CS (i) C ...
Monday, 01 August 16
4200 GAR INDONESIAN COAL PRICE MAY TOUCH $ 32/33 A TON LEVELS SOON
COALspot.com: Indonesian coal prices are likely surge further in 2016 as the recent price movement in Indonesian coal markets suggests that the mar ...
Monday, 01 August 16
BALTIC INDEX ENDED NEGATIVE NOTE THIS PAST WEEK ON WEAKER RATES ACROSS ALL LARGE VESSEL SEGMENTS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities slide slightly as Cape, Panamax and Supramax segments end ...
Friday, 29 July 16
U.S. COAL OUTPUT SLIPS SLIGHTLY WEEK OVER WEEK
COALspot.com – U.S., the world’s second largest coal producers has produced approximately totalled an estimated 15 million short tons ( ...
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- Wilmar Investment Holdings
- GAC Shipping (India) Pvt Ltd
- Bayan Resources Tbk. - Indonesia
- Thiess Contractors Indonesia
- Aditya Birla Group - India
- SMG Consultants - Indonesia
- Planning Commission, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Agrawal Coal Company - India
- Sree Jayajothi Cements Limited - India
- Siam City Cement PLC, Thailand
- Romanian Commodities Exchange
- Sojitz Corporation - Japan
- Electricity Authority, New Zealand
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- India Bulls Power Limited - India
- Australian Commodity Traders Exchange
- Edison Trading Spa - Italy
- Renaissance Capital - South Africa
- Cement Manufacturers Association - India
- PTC India Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Makarim & Taira - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Global Business Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- GVK Power & Infra Limited - India
- Chamber of Mines of South Africa
- Indian Energy Exchange, India
- Standard Chartered Bank - UAE
- Kalimantan Lumbung Energi - Indonesia
- Port Waratah Coal Services - Australia
- SN Aboitiz Power Inc, Philippines
- Eastern Energy - Thailand
- White Energy Company Limited
- Ministry of Transport, Egypt
- Karbindo Abesyapradhi - Indoneisa
- Madhucon Powers Ltd - India
- Karaikal Port Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Kumho Petrochemical, South Korea
- AsiaOL BioFuels Corp., Philippines
- PowerSource Philippines DevCo
- Banpu Public Company Limited - Thailand
- Miang Besar Coal Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Africa Commodities Group - South Africa
- Dalmia Cement Bharat India
- Bukit Baiduri Energy - Indonesia
- McConnell Dowell - Australia
- Interocean Group of Companies - India
- Sinarmas Energy and Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Tamil Nadu electricity Board
- Holcim Trading Pte Ltd - Singapore
- Altura Mining Limited, Indonesia
- Samtan Co., Ltd - South Korea
- Intertek Mineral Services - Indonesia
- Grasim Industreis Ltd - India
- Kepco SPC Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Videocon Industries ltd - India
- Vedanta Resources Plc - India
- Straits Asia Resources Limited - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Parliament of New Zealand
- Price Waterhouse Coopers - Russia
- Therma Luzon, Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- OPG Power Generation Pvt Ltd - India
- Medco Energi Mining Internasional
- Barasentosa Lestari - Indonesia
- Merrill Lynch Commodities Europe
- European Bulk Services B.V. - Netherlands
- ICICI Bank Limited - India
- Goldman Sachs - Singapore
- Bulk Trading Sa - Switzerland
- Bhushan Steel Limited - India
- Kaltim Prima Coal - Indonesia
- Anglo American - United Kingdom
- CIMB Investment Bank - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jaiprakash Power Ventures ltd
- Gujarat Sidhee Cement - India
- Binh Thuan Hamico - Vietnam
- Indonesian Coal Mining Association
- Central Electricity Authority - India
- Marubeni Corporation - India
- Meralco Power Generation, Philippines
- Heidelberg Cement - Germany
- Sarangani Energy Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Petron Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Larsen & Toubro Limited - India
- Siam City Cement - Thailand
- LBH Netherlands Bv - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Bhoruka Overseas - Indonesia
- Jindal Steel & Power Ltd - India
- Bharathi Cement Corporation - India
- Australian Coal Association
- Ambuja Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Attock Cement Pakistan Limited
- TNB Fuel Sdn Bhd - Malaysia
- Malabar Cements Ltd - India
- Trasteel International SA, Italy
- Borneo Indobara - Indonesia
- South Luzon Thermal Energy Corporation
- Aboitiz Power Corporation - Philippines
- Commonwealth Bank - Australia
- Rio Tinto Coal - Australia
- Cigading International Bulk Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Independent Power Producers Association of India
- Ministry of Mines - Canada
- Formosa Plastics Group - Taiwan
- Star Paper Mills Limited - India
- Mercator Lines Limited - India
- Latin American Coal - Colombia
- Savvy Resources Ltd - HongKong
- Eastern Coal Council - USA
- Ind-Barath Power Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- VISA Power Limited - India
- Lanco Infratech Ltd - India
- Orica Mining Services - Indonesia
- Mintek Dendrill Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sindya Power Generating Company Private Ltd
- IHS Mccloskey Coal Group - USA
- Coalindo Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Thai Mozambique Logistica
- Global Coal Blending Company Limited - Australia
- GMR Energy Limited - India
- The University of Queensland
- Indian Oil Corporation Limited
- Directorate General of MIneral and Coal - Indonesia
- ASAPP Information Group - India
- Simpson Spence & Young - Indonesia
- Sakthi Sugars Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining Corp, Philippines
- Orica Australia Pty. Ltd.
- New Zealand Coal & Carbon
- Chettinad Cement Corporation Ltd - India
- Directorate Of Revenue Intelligence - India
- Wood Mackenzie - Singapore
- Uttam Galva Steels Limited - India
- Energy Link Ltd, New Zealand
- Deloitte Consulting - India
- The State Trading Corporation of India Ltd
- The Treasury - Australian Government
- Indogreen Group - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- MS Steel International - UAE
- Economic Council, Georgia
- Singapore Mercantile Exchange
- Asmin Koalindo Tuhup - Indonesia
- Parry Sugars Refinery, India
- Electricity Generating Authority of Thailand
- Baramulti Group, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Manunggal Multi Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Antam Resourcindo - Indonesia
- Tata Chemicals Ltd - India
- Mercuria Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sical Logistics Limited - India
- Iligan Light & Power Inc, Philippines
- Minerals Council of Australia
- Alfred C Toepfer International GmbH - Germany
- Kideco Jaya Agung - Indonesia
- Indika Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Pendopo Energi Batubara - Indonesia
- Metalloyd Limited - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Central Java Power - Indonesia
- CNBM International Corporation - China
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bangladesh Power Developement Board
- Georgia Ports Authority, United States
- IEA Clean Coal Centre - UK
- Timah Investasi Mineral - Indoneisa
- Toyota Tsusho Corporation, Japan
- Energy Development Corp, Philippines
- Coal and Oil Company - UAE
- Kobexindo Tractors - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Xindia Steels Limited - India
- Carbofer General Trading SA - India
- Oldendorff Carriers - Singapore
- Riau Bara Harum - Indonesia
- Vizag Seaport Private Limited - India
- Posco Energy - South Korea
- Essar Steel Hazira Ltd - India
- Bhatia International Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- SMC Global Power, Philippines
- Mjunction Services Limited - India
- Maheswari Brothers Coal Limited - India
- San Jose City I Power Corp, Philippines
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