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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, 25 July 16
STRONG BUYER DEMAND PUSHING UP INDONESIAN THERMAL COAL INDICES
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose 0.73 percent week over week to averaging $40.83 per ton this past week, shows C ...
Monday, 25 July 16
THE BDI FELL ON WEAKER RATES FOR CAPESIZE & PANAMAX VESSELS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities slide slightly as Cape and Panamax segments ending in neg ...
Friday, 22 July 16
U.S COAL OUTPUT ROSE 17.2% WEEK OVER WEEK - EIA
COALspot.com – U.S, world’s second largest coal producers has produced approximately totalled an estimated 15.1 million short tons (mms ...
Thursday, 21 July 16
WHAT TO DO WHEN YOU DON'T GET PAID - SHIPOWNERS CLUB
Present market conditions have led to an increase in claims related to unpaid hire. To recover unpaid hire, Owners need to fully understand who the ...
Thursday, 21 July 16
CONSTRUCTIVE TOTAL LOSS: WHAT GOES IN TO CALCULATING QUANTUM? - HILL DICKINSON
KNOWLEDGE TO ELEVATE
The Commercial Court recently delivered its judgment in an important case (Connect Shipping Inc and Machrimar Management ...
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- Kohat Cement Company Ltd. - Pakistan
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- The Treasury - Australian Government
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- Australian Coal Association
- Trasteel International SA, Italy
- SMG Consultants - Indonesia
- Rashtriya Ispat Nigam Limited - India
- ASAPP Information Group - India
- Ministry of Mines - Canada
- San Jose City I Power Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GVK Power & Infra Limited - India
- Coal and Oil Company - UAE
- Uttam Galva Steels Limited - India
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- Mintek Dendrill Indonesia
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- Kepco SPC Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Bukit Makmur.PT - Indonesia
- Minerals Council of Australia
- Standard Chartered Bank - UAE
- Iligan Light & Power Inc, Philippines
- Attock Cement Pakistan Limited
- Electricity Generating Authority of Thailand
- Savvy Resources Ltd - HongKong
- Tata Chemicals Ltd - India
- Ind-Barath Power Infra Limited - India
- Indika Energy - Indonesia
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- Energy Link Ltd, New Zealand
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- GAC Shipping (India) Pvt Ltd
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- Kumho Petrochemical, South Korea
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- Mjunction Services Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Tamil Nadu electricity Board
- Power Finance Corporation Ltd., India
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- Indian Energy Exchange, India
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- Parry Sugars Refinery, India
- TeaM Sual Corporation - Philippines
- Heidelberg Cement - Germany
- Metalloyd Limited - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jorong Barutama Greston.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Singapore Mercantile Exchange
- Parliament of New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- SMC Global Power, Philippines
- Sarangani Energy Corporation, Philippines
- CNBM International Corporation - China
- Gujarat Mineral Development Corp Ltd - India
- IEA Clean Coal Centre - UK
- India Bulls Power Limited - India
- Indo Tambangraya Megah - Indonesia
- MS Steel International - UAE
- Manunggal Multi Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Bukit Baiduri Energy - Indonesia
- Carbofer General Trading SA - India
- Anglo American - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Economic Council, Georgia
- Altura Mining Limited, Indonesia
- Eastern Energy - Thailand
- Renaissance Capital - South Africa
- The University of Queensland
- Videocon Industries ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Oldendorff Carriers - Singapore
- ICICI Bank Limited - India
- Bhoruka Overseas - Indonesia
- Coastal Gujarat Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Kideco Jaya Agung - Indonesia
- Sakthi Sugars Limited - India
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining Corp, Philippines
- Coalindo Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- VISA Power Limited - India
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- Borneo Indobara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- LBH Netherlands Bv - Netherlands
- Africa Commodities Group - South Africa
- PNOC Exploration Corporation - Philippines
- Medco Energi Mining Internasional
- White Energy Company Limited
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- Global Business Power Corporation, Philippines
- Independent Power Producers Association of India
- Dalmia Cement Bharat India
- International Coal Ventures Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Ambuja Cements Ltd - India
- McConnell Dowell - Australia
- Rio Tinto Coal - Australia
- AsiaOL BioFuels Corp., Philippines
- OPG Power Generation Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Mercuria Energy - Indonesia
- Antam Resourcindo - Indonesia
- Indonesian Coal Mining Association
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- PowerSource Philippines DevCo
- Sindya Power Generating Company Private Ltd
- London Commodity Brokers - England
- Alfred C Toepfer International GmbH - Germany
- Orica Australia Pty. Ltd.
- Gujarat Sidhee Cement - India
- Bukit Asam (Persero) Tbk - Indonesia
- Interocean Group of Companies - India
- Planning Commission, India
- Sojitz Corporation - Japan
- Price Waterhouse Coopers - Russia
- Grasim Industreis Ltd - India
- Indogreen Group - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Goldman Sachs - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Eastern Coal Council - USA
- Jaiprakash Power Ventures ltd
- Maharashtra Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Kartika Selabumi Mining - Indonesia
- Star Paper Mills Limited - India
- Chettinad Cement Corporation Ltd - India
- Barasentosa Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Toyota Tsusho Corporation, Japan
- Bahari Cakrawala Sebuku - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Xindia Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Sical Logistics Limited - India
- Riau Bara Harum - Indonesia
- Thai Mozambique Logistica
- Madhucon Powers Ltd - India
- Edison Trading Spa - Italy
- Siam City Cement PLC, Thailand
- CIMB Investment Bank - Malaysia
- Georgia Ports Authority, United States
- Ministry of Finance - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Wood Mackenzie - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Agrawal Coal Company - India
- Sree Jayajothi Cements Limited - India
- Ceylon Electricity Board - Sri Lanka
- Meenaskhi Energy Private Limited - India
- Australian Commodity Traders Exchange
- Port Waratah Coal Services - Australia
- Romanian Commodities Exchange
- European Bulk Services B.V. - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Simpson Spence & Young - Indonesia
- Indian Oil Corporation Limited
- Baramulti Group, Indonesia
- Chamber of Mines of South Africa
- Krishnapatnam Port Company Ltd. - India
- Electricity Authority, New Zealand
- Formosa Plastics Group - Taiwan
- PTC India Limited - India
- Bulk Trading Sa - Switzerland
- Merrill Lynch Commodities Europe
- Petron Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Bangladesh Power Developement Board
- Globalindo Alam Lestari - Indonesia
- Commonwealth Bank - Australia
- Malabar Cements Ltd - India
- Central Electricity Authority - India
- Makarim & Taira - Indonesia
- Posco Energy - South Korea
- Ministry of Transport, Egypt
- Semirara Mining and Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement - Thailand
- Lanco Infratech Ltd - India
- Intertek Mineral Services - Indonesia
- Cement Manufacturers Association - India
- Thiess Contractors Indonesia
- Bhatia International Limited - India
- Orica Mining Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
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