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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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Tuesday, 07 June 16
CS COAL INDEX ROSE FOR SECOND STRAIGHT WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin was up 0.38 percent week over week to averaging $39.16 per ton this past week, shows ...
Monday, 06 June 16
BDI GAINED ON A STRONGER DEMAND FOR CAPESIZE SHIPS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose this past week on a stronger demand for Capesize ves ...
Friday, 03 June 16
DRY BULK VESSEL DELIVERIES COULD BE LESS THAN 50 MILLION DWT IN 2016, AS OWNERS DELAY OR CANCEL NEWBUILDING ORDERS
The dry bulk market has been caught between a rock and a hard place over the course of the past couple of years, as on one hand demand has plunged, ...
Friday, 03 June 16
U.S WEEKLY COAL PRODUCTION SLIDES 1.3% - EIA
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 11.5 million short tons (mm ...
Wednesday, 01 June 16
INDIA'S COAL IMPORTS IN APRIL 2016 DECLINED 15% Y/Y; COAL INDIA INCREASED COAL PRICES BY 6.2%
Coal India has approved raising weighted average coal prices by 6.2 per cent over the current price for both regulated and non-regulated sectors.
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- Vijayanagar Sugar Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Simpson Spence & Young - Indonesia
- Coalindo Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Posco Energy - South Korea
- The University of Queensland
- Grasim Industreis Ltd - India
- Timah Investasi Mineral - Indoneisa
- Borneo Indobara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bharathi Cement Corporation - India
- Bulk Trading Sa - Switzerland
- Africa Commodities Group - South Africa
- Makarim & Taira - Indonesia
- Globalindo Alam Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Ambuja Cements Ltd - India
- Sojitz Corporation - Japan
- Kohat Cement Company Ltd. - Pakistan
- Wood Mackenzie - Singapore
- Gujarat Sidhee Cement - India
- Bangladesh Power Developement Board
- CIMB Investment Bank - Malaysia
- The State Trading Corporation of India Ltd
- Central Electricity Authority - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- PNOC Exploration Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Dalmia Cement Bharat India
- Ministry of Mines - Canada
- Ministry of Transport, Egypt
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Deloitte Consulting - India
- Maharashtra Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Indonesian Coal Mining Association
- Singapore Mercantile Exchange
- Samtan Co., Ltd - South Korea
- SMC Global Power, Philippines
- Minerals Council of Australia
- Chamber of Mines of South Africa
- Mercuria Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Parliament of New Zealand
- Kumho Petrochemical, South Korea
- Star Paper Mills Limited - India
- LBH Netherlands Bv - Netherlands
- TeaM Sual Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bhushan Steel Limited - India
- San Jose City I Power Corp, Philippines
- VISA Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Independent Power Producers Association of India
- Essar Steel Hazira Ltd - India
- OPG Power Generation Pvt Ltd - India
- McConnell Dowell - Australia
- Lanco Infratech Ltd - India
- PTC India Limited - India
- Global Coal Blending Company Limited - Australia
- Romanian Commodities Exchange
- Medco Energi Mining Internasional
- Wilmar Investment Holdings
- Tamil Nadu electricity Board
- Binh Thuan Hamico - Vietnam
- Electricity Generating Authority of Thailand
- Kartika Selabumi Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- PowerSource Philippines DevCo
- Oldendorff Carriers - Singapore
- Heidelberg Cement - Germany
- Renaissance Capital - South Africa
- Semirara Mining Corp, Philippines
- Global Business Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- European Bulk Services B.V. - Netherlands
- Semirara Mining and Power Corporation, Philippines
- CNBM International Corporation - China
- Goldman Sachs - Singapore
- Orica Australia Pty. Ltd.
- AsiaOL BioFuels Corp., Philippines
- Ministry of Finance - Indonesia
- IHS Mccloskey Coal Group - USA
- The Treasury - Australian Government
- Barasentosa Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Economic Council, Georgia
- Mercator Lines Limited - India
- Gujarat Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Electricity Authority, New Zealand
- Energy Link Ltd, New Zealand
- Central Java Power - Indonesia
- Vizag Seaport Private Limited - India
- Commonwealth Bank - Australia
- ICICI Bank Limited - India
- Madhucon Powers Ltd - India
- Standard Chartered Bank - UAE
- Bukit Makmur.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhatia International Limited - India
- Orica Mining Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Sarangani Energy Corporation, Philippines
- Interocean Group of Companies - India
- Antam Resourcindo - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement PLC, Thailand
- Australian Commodity Traders Exchange
- Pendopo Energi Batubara - Indonesia
- Aditya Birla Group - India
- Indogreen Group - Indonesia
- Manunggal Multi Energi - Indonesia
- White Energy Company Limited
- GMR Energy Limited - India
- Therma Luzon, Inc, Philippines
- Malabar Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Edison Trading Spa - Italy
- Karaikal Port Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- International Coal Ventures Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Meralco Power Generation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- London Commodity Brokers - England
- PetroVietnam Power Coal Import and Supply Company
- Larsen & Toubro Limited - India
- Kobexindo Tractors - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Kapuas Tunggal Persada - Indonesia
- SMG Consultants - Indonesia
- Ind-Barath Power Infra Limited - India
- New Zealand Coal & Carbon
- Planning Commission, India
- Agrawal Coal Company - India
- Uttam Galva Steels Limited - India
- Mjunction Services Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- GVK Power & Infra Limited - India
- Banpu Public Company Limited - Thailand
- Attock Cement Pakistan Limited
- Port Waratah Coal Services - Australia
- Formosa Plastics Group - Taiwan
- Merrill Lynch Commodities Europe
- Siam City Cement - Thailand
- Alfred C Toepfer International GmbH - Germany
- Indika Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Australian Coal Association
- Directorate General of MIneral and Coal - Indonesia
- Trasteel International SA, Italy
- Meenaskhi Energy Private Limited - India
- Eastern Coal Council - USA
- Parry Sugars Refinery, India
- Intertek Mineral Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Tata Chemicals Ltd - India
- Anglo American - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Vedanta Resources Plc - India
- Coastal Gujarat Power Limited - India
- Petron Corporation, Philippines
- Indian Oil Corporation Limited
- Ceylon Electricity Board - Sri Lanka
- Indian Energy Exchange, India
- ASAPP Information Group - India
- Rio Tinto Coal - Australia
- Xindia Steels Limited - India
- Energy Development Corp, Philippines
- Altura Mining Limited, Indonesia
- Global Green Power PLC Corporation, Philippines
- Sical Logistics Limited - India
- Cement Manufacturers Association - India
- Kaltim Prima Coal - Indonesia
- Coal and Oil Company - UAE
- GAC Shipping (India) Pvt Ltd
- Latin American Coal - Colombia
- Mintek Dendrill Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Miang Besar Coal Terminal - Indonesia
- Thiess Contractors Indonesia
- Aboitiz Power Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Georgia Ports Authority, United States
- Videocon Industries ltd - India
- Sinarmas Energy and Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- MS Steel International - UAE
- Thai Mozambique Logistica
- Baramulti Group, Indonesia
- Jindal Steel & Power Ltd - India
- Marubeni Corporation - India
- Power Finance Corporation Ltd., India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bayan Resources Tbk. - Indonesia
- Eastern Energy - Thailand
- Chettinad Cement Corporation Ltd - India
- Carbofer General Trading SA - India
- Riau Bara Harum - Indonesia
- Metalloyd Limited - United Kingdom
- Iligan Light & Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Savvy Resources Ltd - HongKong
- India Bulls Power Limited - India
- IEA Clean Coal Centre - UK
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