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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, 20 July 16
EDIBLE OIL MARKETS ACROSS THE GLOBE REMAIN UNDER PRESSURE - STELIOS KOLLINTZAS
The edible oil markets across the globe remain under pressure on the back of lackluster demand. Some of the main factors causing the low activity a ...
Tuesday, 19 July 16
INDONESIAN THERMAL COAL INDEXES CONTINUALLY FIRM UP ON ROBUST BUYING INTEREST - CS COAL INDEX
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose One percent week over week to averaging $40.38 per ton this past week, shows CS ...
Monday, 18 July 16
FROM PIT TO PORT: DRY BULK NEEDS A NEW PATH TO PROFITABILITY - TOC EUROPE
During the golden years for commodities, from 2005 to 2014, high demand and big profit margins pushed companies to produce more and more, sacrifici ...
Monday, 18 July 16
BALTIC DRY INDEX REMAIN FIRM, UP BY 5.97 WEEK OVER WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to remain firm with all segments ending in posi ...
Friday, 15 July 16
US COAL PRODUCTION DOWN 8.4% WEEK-OVER-WEEK
COALspot.com – U.S, world’s second largest coal producers has produced approximately totalled an estimated 12.9 million short tons (mms ...
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- Aboitiz Power Corporation - Philippines
- Aditya Birla Group - India
- Eastern Coal Council - USA
- Central Electricity Authority - India
- Indogreen Group - Indonesia
- The State Trading Corporation of India Ltd
- Straits Asia Resources Limited - Singapore
- Malabar Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Makarim & Taira - Indonesia
- Commonwealth Bank - Australia
- CIMB Investment Bank - Malaysia
- San Jose City I Power Corp, Philippines
- Xindia Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- IHS Mccloskey Coal Group - USA
- Sojitz Corporation - Japan
- ASAPP Information Group - India
- Baramulti Group, Indonesia
- Kobexindo Tractors - Indoneisa
- Parry Sugars Refinery, India
- Banpu Public Company Limited - Thailand
- Bangladesh Power Developement Board
- Gujarat Sidhee Cement - India
- Renaissance Capital - South Africa
- Rashtriya Ispat Nigam Limited - India
- Bhatia International Limited - India
- IEA Clean Coal Centre - UK
- Global Coal Blending Company Limited - Australia
- Heidelberg Cement - Germany
- Manunggal Multi Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Global Green Power PLC Corporation, Philippines
- Riau Bara Harum - Indonesia
- Savvy Resources Ltd - HongKong
- Interocean Group of Companies - India
- Kalimantan Lumbung Energi - Indonesia
- Indonesian Coal Mining Association
- Altura Mining Limited, Indonesia
- Essar Steel Hazira Ltd - India
- Kepco SPC Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Directorate Of Revenue Intelligence - India
- VISA Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Sakthi Sugars Limited - India
- Vedanta Resources Plc - India
- Coalindo Energy - Indonesia
- Economic Council, Georgia
- Power Finance Corporation Ltd., India
- Goldman Sachs - Singapore
- Uttam Galva Steels Limited - India
- Posco Energy - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Anglo American - United Kingdom
- Mercator Lines Limited - India
- PowerSource Philippines DevCo
- Globalindo Alam Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- Binh Thuan Hamico - Vietnam
- Ministry of Finance - Indonesia
- Medco Energi Mining Internasional
- Karbindo Abesyapradhi - Indoneisa
- Energy Development Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ind-Barath Power Infra Limited - India
- Mjunction Services Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Borneo Indobara - Indonesia
- GVK Power & Infra Limited - India
- Meralco Power Generation, Philippines
- Siam City Cement - Thailand
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Planning Commission, India
- Sical Logistics Limited - India
- Indian Energy Exchange, India
- Videocon Industries ltd - India
- Bhoruka Overseas - Indonesia
- Maheswari Brothers Coal Limited - India
- Indo Tambangraya Megah - Indonesia
- Latin American Coal - Colombia
- Alfred C Toepfer International GmbH - Germany
- Gujarat Mineral Development Corp Ltd - India
- International Coal Ventures Pvt Ltd - India
- Australian Coal Association
- Bayan Resources Tbk. - Indonesia
- Antam Resourcindo - Indonesia
- Georgia Ports Authority, United States
- Thiess Contractors Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Minerals Council of Australia
- India Bulls Power Limited - India
- CNBM International Corporation - China
- Directorate General of MIneral and Coal - Indonesia
- Indika Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Kumho Petrochemical, South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Star Paper Mills Limited - India
- Chamber of Mines of South Africa
- Intertek Mineral Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- GMR Energy Limited - India
- Trasteel International SA, Italy
- The Treasury - Australian Government
- Rio Tinto Coal - Australia
- McConnell Dowell - Australia
- Indian Oil Corporation Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Larsen & Toubro Limited - India
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Orica Mining Services - Indonesia
- Romanian Commodities Exchange
- Petron Corporation, Philippines
- Bhushan Steel Limited - India
- GAC Shipping (India) Pvt Ltd
- MS Steel International - UAE
- Ceylon Electricity Board - Sri Lanka
- Eastern Energy - Thailand
- TeaM Sual Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Marubeni Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dalmia Cement Bharat India
- Thai Mozambique Logistica
- Agrawal Coal Company - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Transport, Egypt
- Ministry of Mines - Canada
- AsiaOL BioFuels Corp., Philippines
- Iligan Light & Power Inc, Philippines
- Grasim Industreis Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Energy Link Ltd, New Zealand
- Orica Australia Pty. Ltd.
- Global Business Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Samtan Co., Ltd - South Korea
- Jindal Steel & Power Ltd - India
- Siam City Cement PLC, Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMC Global Power, Philippines
- Coastal Gujarat Power Limited - India
- Deloitte Consulting - India
- Oldendorff Carriers - Singapore
- Meenaskhi Energy Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Semirara Mining Corp, Philippines
- White Energy Company Limited
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- Pendopo Energi Batubara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- SN Aboitiz Power Inc, Philippines
- Bharathi Cement Corporation - India
- Standard Chartered Bank - UAE
- Merrill Lynch Commodities Europe
- South Luzon Thermal Energy Corporation
- New Zealand Coal & Carbon
- Sinarmas Energy and Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Independent Power Producers Association of India
- Singapore Mercantile Exchange
- Karaikal Port Pvt Ltd - India
- Edison Trading Spa - Italy
- Simpson Spence & Young - Indonesia
- London Commodity Brokers - England
- Chettinad Cement Corporation Ltd - India
- Therma Luzon, Inc, Philippines
- Carbofer General Trading SA - India
- Electricity Authority, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Australian Commodity Traders Exchange
- Kohat Cement Company Ltd. - Pakistan
- Coal and Oil Company - UAE
- Cement Manufacturers Association - India
- Ambuja Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Lanco Infratech Ltd - India
- Kaltim Prima Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Attock Cement Pakistan Limited
- SMG Consultants - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Vizag Seaport Private Limited - India
- Toyota Tsusho Corporation, Japan
- ICICI Bank Limited - India
- Gujarat Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Tata Chemicals Ltd - India
- Tamil Nadu electricity Board
- Parliament of New Zealand
- Barasentosa Lestari - Indonesia
- PTC India Limited - India
- Electricity Generating Authority of Thailand
- Wilmar Investment Holdings
- Bukit Makmur.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- European Bulk Services B.V. - Netherlands
- Madhucon Powers Ltd - India
- LBH Netherlands Bv - Netherlands
- Price Waterhouse Coopers - Russia
- Salva Resources Pvt Ltd - India
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