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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, 27 June 16
INDONESIA BANS (AGAIN) SHIPS SAILING TO THE PHILIPPINES FROM INDONESIA
COALspot.com: The Indonesian Transport Ministry strictly prohibited harbour masters issuing permits to all Indonesian-flagged vessels bound for the ...
Friday, 24 June 16
U.S WEEKLY COAL PRODUCTION UP MARGINALLY
COALspot.com – U.S, world’s one of the largest coal producers has produced approximately totalled an estimated 13.4 million short tons ...
Wednesday, 22 June 16
SMALL RISE IN SHIPPING CONFIDENCE - MOORE STEPHENS
In May 2016, the average confidence level expressed by respondents in the markets in which they operate was 5.1 on a scale of 1 (low) to 10 (high). ...
Wednesday, 22 June 16
SHIPPING MARKET INSIGHT - NASSOS SOULAKIS
Stagnation- With the BDI stuck in the low 600 points for almost a month now, if we had to choose a word to describe the state of the Dry Bulk freig ...
Monday, 20 June 16
CS COAL INDICES CONTINUE UPWARD TREND SINCE END APRIL
COALspot.com: Average 5000 GAR coal index of Indonesian origin was up again by 0.05 percent week over week to averaging $39.39 per ton this past we ...
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- Gujarat Mineral Development Corp Ltd - India
- Bhushan Steel Limited - India
- Energy Development Corp, Philippines
- Tamil Nadu electricity Board
- Borneo Indobara - Indonesia
- Madhucon Powers Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMC Global Power, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indika Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Salva Resources Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- London Commodity Brokers - England
- Directorate General of MIneral and Coal - Indonesia
- Electricity Generating Authority of Thailand
- Wood Mackenzie - Singapore
- New Zealand Coal & Carbon
- Savvy Resources Ltd - HongKong
- Agrawal Coal Company - India
- Indo Tambangraya Megah - Indonesia
- Interocean Group of Companies - India
- Bhatia International Limited - India
- Semirara Mining Corp, Philippines
- GMR Energy Limited - India
- Miang Besar Coal Terminal - Indonesia
- Carbofer General Trading SA - India
- Sarangani Energy Corporation, Philippines
- Eastern Coal Council - USA
- Port Waratah Coal Services - Australia
- Ministry of Finance - Indonesia
- South Luzon Thermal Energy Corporation
- Barasentosa Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Heidelberg Cement - Germany
- The University of Queensland
- Sical Logistics Limited - India
- Minerals Council of Australia
- Simpson Spence & Young - Indonesia
- Power Finance Corporation Ltd., India
- Marubeni Corporation - India
- Grasim Industreis Ltd - India
- Sree Jayajothi Cements Limited - India
- Bharathi Cement Corporation - India
- Energy Link Ltd, New Zealand
- PowerSource Philippines DevCo
- Indonesian Coal Mining Association
- Toyota Tsusho Corporation, Japan
- Bulk Trading Sa - Switzerland
- Oldendorff Carriers - Singapore
- Vedanta Resources Plc - India
- Kalimantan Lumbung Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Star Paper Mills Limited - India
- PNOC Exploration Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Economic Council, Georgia
- Neyveli Lignite Corporation Ltd, - India
- ASAPP Information Group - India
- Therma Luzon, Inc, Philippines
- Vizag Seaport Private Limited - India
- Gujarat Sidhee Cement - India
- Bukit Asam (Persero) Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Africa Commodities Group - South Africa
- GVK Power & Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Dalmia Cement Bharat India
- White Energy Company Limited
- Goldman Sachs - Singapore
- Kartika Selabumi Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Formosa Plastics Group - Taiwan
- Semirara Mining and Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Central Java Power - Indonesia
- SMG Consultants - Indonesia
- AsiaOL BioFuels Corp., Philippines
- MS Steel International - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sojitz Corporation - Japan
- Meralco Power Generation, Philippines
- Independent Power Producers Association of India
- Kaltim Prima Coal - Indonesia
- Eastern Energy - Thailand
- Sindya Power Generating Company Private Ltd
- IHS Mccloskey Coal Group - USA
- Mintek Dendrill Indonesia
- Rio Tinto Coal - Australia
- Krishnapatnam Port Company Ltd. - India
- India Bulls Power Limited - India
- Siam City Cement PLC, Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Ambuja Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Baramulti Group, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Tata Chemicals Ltd - India
- OPG Power Generation Pvt Ltd - India
- Indian Oil Corporation Limited
- Chamber of Mines of South Africa
- Essar Steel Hazira Ltd - India
- Mercuria Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Georgia Ports Authority, United States
- Riau Bara Harum - Indonesia
- Banpu Public Company Limited - Thailand
- Ministry of Transport, Egypt
- Romanian Commodities Exchange
- Sinarmas Energy and Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement - Thailand
- CIMB Investment Bank - Malaysia
- Orica Mining Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Attock Cement Pakistan Limited
- Cement Manufacturers Association - India
- Jaiprakash Power Ventures ltd
- Parry Sugars Refinery, India
- Coal and Oil Company - UAE
- Ministry of Mines - Canada
- Trasteel International SA, Italy
- Lanco Infratech Ltd - India
- Singapore Mercantile Exchange
- Rashtriya Ispat Nigam Limited - India
- Jindal Steel & Power Ltd - India
- Wilmar Investment Holdings
- Samtan Co., Ltd - South Korea
- Gujarat Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Mjunction Services Limited - India
- Global Business Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Straits Asia Resources Limited - Singapore
- CNBM International Corporation - China
- Coalindo Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Kideco Jaya Agung - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Larsen & Toubro Limited - India
- Globalindo Alam Lestari - Indonesia
- VISA Power Limited - India
- Electricity Authority, New Zealand
- Aboitiz Power Corporation - Philippines
- Thai Mozambique Logistica
- Videocon Industries ltd - India
- IEA Clean Coal Centre - UK
- Indogreen Group - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Australian Coal Association
- PetroVietnam Power Coal Import and Supply Company
- Holcim Trading Pte Ltd - Singapore
- Thiess Contractors Indonesia
- Global Green Power PLC Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Deloitte Consulting - India
- Xindia Steels Limited - India
- Posco Energy - South Korea
- Renaissance Capital - South Africa
- San Jose City I Power Corp, Philippines
- Mercator Lines Limited - India
- ICICI Bank Limited - India
- Medco Energi Mining Internasional
- Commonwealth Bank - Australia
- Ceylon Electricity Board - Sri Lanka
- Edison Trading Spa - Italy
- Planning Commission, India
- PTC India Limited - India
- International Coal Ventures Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Orica Australia Pty. Ltd.
- Pendopo Energi Batubara - Indonesia
- TeaM Sual Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Manunggal Multi Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- The Treasury - Australian Government
- Price Waterhouse Coopers - Russia
- Binh Thuan Hamico - Vietnam
- Iligan Light & Power Inc, Philippines
- Parliament of New Zealand
- Uttam Galva Steels Limited - India
- Bhoruka Overseas - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Intertek Mineral Services - Indonesia
- Aditya Birla Group - India
- Bangladesh Power Developement Board
- Altura Mining Limited, Indonesia
- Kumho Petrochemical, South Korea
- Bukit Makmur.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Central Electricity Authority - India
- Latin American Coal - Colombia
- Standard Chartered Bank - UAE
- McConnell Dowell - Australia
- European Bulk Services B.V. - Netherlands
- Global Coal Blending Company Limited - Australia
- Coastal Gujarat Power Limited - India
- Indian Energy Exchange, India
- Australian Commodity Traders Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Antam Resourcindo - Indonesia
- Petron Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Anglo American - United Kingdom
- Malabar Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Makarim & Taira - Indonesia
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