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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, 10 June 16
INDONESIAN 6322 GAR COAL PRICE REFERENCE RISES TO $51.81 A TON
COALspot.com: The Indonesia Coal Benchmark Price increased in June 2016.
The Director General of Mineral and Coal of Indonesia, the regulator ...
Friday, 10 June 16
WEEKLY U.S. COAL PRODUCTION TOTALED AN ESTIMATED 12 MMST IN THE WEEK ENDED JUNE 4, UP 4% W/W - EIA
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 12 million short tons (mmst ...
Wednesday, 08 June 16
BPI ACHIEVES FINANCIAL CLOSE FOR ITS 2000 MW POWER PROJECT IN CENTRAL JAVA
COALspot.com: PT Bhimasena Power Indonesia (BPI) on June 6th, 2016 Achieves financial close for its 2x1,000 MW power project in Batang Regency, Cen ...
Wednesday, 08 June 16
U.S COAL IMPORTS ARE PROJECTED TO BE 12 MMST IN 2016 AND 11 MMST IN 2017 - EIA
Coal Supply
U.S. coal production in May was 50 million short tons (MMst), a 4 MMst (10%) increase from the previous month but 19 MMst (28%) lower ...
Wednesday, 08 June 16
THE DRY BULK MARKET KEPT MOVING SIDEWAYS LAST WEEK; SECOND HAND PURCHASES MOVING NORTH - INTERMODAL
Once again its Posidonia time and the biannual exhibition takes place during a very warm June here in Athens, as if the performance of the dry bulk ...
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- Rashtriya Ispat Nigam Limited - India
- Siam City Cement - Thailand
- Orica Australia Pty. Ltd.
- ASAPP Information Group - India
- Energy Development Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Global Green Power PLC Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Medco Energi Mining Internasional
- Karbindo Abesyapradhi - Indoneisa
- SMG Consultants - Indonesia
- Global Coal Blending Company Limited - Australia
- Thai Mozambique Logistica
- Bangladesh Power Developement Board
- Australian Commodity Traders Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indika Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Baramulti Group, Indonesia
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- Central Java Power - Indonesia
- Attock Cement Pakistan Limited
- McConnell Dowell - Australia
- Heidelberg Cement - Germany
- Maheswari Brothers Coal Limited - India
- Essar Steel Hazira Ltd - India
- Barasentosa Lestari - Indonesia
- Indonesian Coal Mining Association
- Chettinad Cement Corporation Ltd - India
- Dalmia Cement Bharat India
- Globalindo Alam Lestari - Indonesia
- Ministry of Mines - Canada
- Kideco Jaya Agung - Indonesia
- Central Electricity Authority - India
- Asmin Koalindo Tuhup - Indonesia
- Orica Mining Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
- Cigading International Bulk Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- The University of Queensland
- Altura Mining Limited, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Eastern Energy - Thailand
- Borneo Indobara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Malabar Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Semirara Mining Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- IEA Clean Coal Centre - UK
- Romanian Commodities Exchange
- Metalloyd Limited - United Kingdom
- Formosa Plastics Group - Taiwan
- GAC Shipping (India) Pvt Ltd
- Energy Link Ltd, New Zealand
- Rio Tinto Coal - Australia
- Eastern Coal Council - USA
- Star Paper Mills Limited - India
- Singapore Mercantile Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cement Manufacturers Association - India
- Therma Luzon, Inc, Philippines
- Electricity Authority, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- London Commodity Brokers - England
- Trasteel International SA, Italy
- Jaiprakash Power Ventures ltd
- Commonwealth Bank - Australia
- Mercator Lines Limited - India
- Independent Power Producers Association of India
- Toyota Tsusho Corporation, Japan
- Timah Investasi Mineral - Indoneisa
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- Siam City Cement PLC, Thailand
- Aboitiz Power Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Posco Energy - South Korea
- PowerSource Philippines DevCo
- Gujarat Mineral Development Corp Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Intertek Mineral Services - Indonesia
- Tamil Nadu electricity Board
- Carbofer General Trading SA - India
- Bulk Trading Sa - Switzerland
- VISA Power Limited - India
- Savvy Resources Ltd - HongKong
- Gujarat Sidhee Cement - India
- Neyveli Lignite Corporation Ltd, - India
- Videocon Industries ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Parliament of New Zealand
- The Treasury - Australian Government
- Agrawal Coal Company - India
- Maharashtra Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- New Zealand Coal & Carbon
- Chamber of Mines of South Africa
- Xindia Steels Limited - India
- Indogreen Group - Indonesia
- Oldendorff Carriers - Singapore
- Thiess Contractors Indonesia
- Latin American Coal - Colombia
- Wood Mackenzie - Singapore
- Bharathi Cement Corporation - India
- Interocean Group of Companies - India
- Kohat Cement Company Ltd. - Pakistan
- Madhucon Powers Ltd - India
- Africa Commodities Group - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- International Coal Ventures Pvt Ltd - India
- Ministry of Finance - Indonesia
- Ministry of Transport, Egypt
- Indian Oil Corporation Limited
- Minerals Council of Australia
- Goldman Sachs - Singapore
- Mercuria Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- CIMB Investment Bank - Malaysia
- San Jose City I Power Corp, Philippines
- Price Waterhouse Coopers - Russia
- Banpu Public Company Limited - Thailand
- Salva Resources Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Vedanta Resources Plc - India
- Coal and Oil Company - UAE
- Parry Sugars Refinery, India
- Sindya Power Generating Company Private Ltd
- Mintek Dendrill Indonesia
- Standard Chartered Bank - UAE
- Kobexindo Tractors - Indoneisa
- Economic Council, Georgia
- Petron Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Global Business Power Corporation, Philippines
- Indian Energy Exchange, India
- Bukit Makmur.PT - Indonesia
- Sakthi Sugars Limited - India
- Wilmar Investment Holdings
- Holcim Trading Pte Ltd - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kumho Petrochemical, South Korea
- Vizag Seaport Private Limited - India
- European Bulk Services B.V. - Netherlands
- Deloitte Consulting - India
- Kalimantan Lumbung Energi - Indonesia
- TeaM Sual Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Aditya Birla Group - India
- The State Trading Corporation of India Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ICICI Bank Limited - India
- Bhatia International Limited - India
- Port Waratah Coal Services - Australia
- PTC India Limited - India
- Ambuja Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Coalindo Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- South Luzon Thermal Energy Corporation
- Mjunction Services Limited - India
- GMR Energy Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Grasim Industreis Ltd - India
- Tata Chemicals Ltd - India
- Iligan Light & Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Power Finance Corporation Ltd., India
- Larsen & Toubro Limited - India
- SMC Global Power, Philippines
- Meenaskhi Energy Private Limited - India
- India Bulls Power Limited - India
- Directorate Of Revenue Intelligence - India
- Marubeni Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Jindal Steel & Power Ltd - India
- Uttam Galva Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Renaissance Capital - South Africa
- LBH Netherlands Bv - Netherlands
- Kapuas Tunggal Persada - Indonesia
- IHS Mccloskey Coal Group - USA
- Sarangani Energy Corporation, Philippines
- CNBM International Corporation - China
- Meralco Power Generation, Philippines
- White Energy Company Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhushan Steel Limited - India
- Makarim & Taira - Indonesia
- Sical Logistics Limited - India
- Krishnapatnam Port Company Ltd. - India
- Sojitz Corporation - Japan
- Antam Resourcindo - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Planning Commission, India
- Anglo American - United Kingdom
- GVK Power & Infra Limited - India
- MS Steel International - UAE
- Samtan Co., Ltd - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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