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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, 24 May 16
WEEKLY CS COAL INDICES NEGATIVE FOR ALL TYPES OF COAL EXCEPT 3800 GAR COAL
COALspot.com: Average 5000 GAR coal index of Indonesian origin was down 0.10 percent week over week to averaging $38.90 per ton this past week, sho ...
Monday, 23 May 16
A PERFECT STORM FOR INDONESIAN STEAM COAL EXPORTS - CLARKSON RESEARCH
Indonesia is the world’s leading steam coal exporter, accounting for over 40% of global seaborne steam coal exports since 2010. However in 20 ...
Monday, 23 May 16
THE PANAMAX INDEX WAS UP 17 POINTS W/W
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose this week.
The freight market was firm and all ...
Friday, 20 May 16
SHIPBUILDING CONTRACTS: CAN I CANCEL? SHOULD I CANCEL? - THE SHIPOWNER CLUB
KNOWLEDGE TO ELEVATE
There are many circumstances in which a buyer of a new-build vessel might want to terminate or cancel their contract with ...
Friday, 20 May 16
U.S COAL PRODUCTION FOR THE WEEK ENDED 14 MAY TOTALED 11.4 MMST; UP 3.8% W/W
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 11.4 million short tons (mm ...
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- Savvy Resources Ltd - HongKong
- Planning Commission, India
- Indian Energy Exchange, India
- Alfred C Toepfer International GmbH - Germany
- Mintek Dendrill Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Interocean Group of Companies - India
- Karbindo Abesyapradhi - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GMR Energy Limited - India
- Ministry of Mines - Canada
- Dalmia Cement Bharat India
- Pendopo Energi Batubara - Indonesia
- SMG Consultants - Indonesia
- Altura Mining Limited, Indonesia
- Orica Mining Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Agrawal Coal Company - India
- Electricity Authority, New Zealand
- Energy Development Corp, Philippines
- Independent Power Producers Association of India
- Aboitiz Power Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- London Commodity Brokers - England
- Cement Manufacturers Association - India
- Barasentosa Lestari - Indonesia
- Makarim & Taira - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bayan Resources Tbk. - Indonesia
- Karaikal Port Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Merrill Lynch Commodities Europe
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement - Thailand
- Star Paper Mills Limited - India
- Sakthi Sugars Limited - India
- The Treasury - Australian Government
- Eastern Energy - Thailand
- Medco Energi Mining Internasional
- Central Java Power - Indonesia
- Chettinad Cement Corporation Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Kumho Petrochemical, South Korea
- Billiton Holdings Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Vijayanagar Sugar Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Deloitte Consulting - India
- Petron Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Global Coal Blending Company Limited - Australia
- Thai Mozambique Logistica
- ICICI Bank Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CIMB Investment Bank - Malaysia
- Mercator Lines Limited - India
- Georgia Ports Authority, United States
- Ambuja Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Sarangani Energy Corporation, Philippines
- Mjunction Services Limited - India
- Holcim Trading Pte Ltd - Singapore
- Rio Tinto Coal - Australia
- Tata Chemicals Ltd - India
- VISA Power Limited - India
- India Bulls Power Limited - India
- Australian Coal Association
- Australian Commodity Traders Exchange
- Gujarat Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Essar Steel Hazira Ltd - India
- The State Trading Corporation of India Ltd
- Miang Besar Coal Terminal - Indonesia
- Sical Logistics Limited - India
- Riau Bara Harum - Indonesia
- Parry Sugars Refinery, India
- Chamber of Mines of South Africa
- Goldman Sachs - Singapore
- Wilmar Investment Holdings
- LBH Netherlands Bv - Netherlands
- Kobexindo Tractors - Indoneisa
- Indika Energy - Indonesia
- Videocon Industries ltd - India
- Intertek Mineral Services - Indonesia
- Meralco Power Generation, Philippines
- Indogreen Group - Indonesia
- Bhatia International Limited - India
- Vizag Seaport Private Limited - India
- MS Steel International - UAE
- Trasteel International SA, Italy
- SN Aboitiz Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Renaissance Capital - South Africa
- Electricity Generating Authority of Thailand
- Sojitz Corporation - Japan
- Ind-Barath Power Infra Limited - India
- Orica Australia Pty. Ltd.
- White Energy Company Limited
- South Luzon Thermal Energy Corporation
- Indian Oil Corporation Limited
- Neyveli Lignite Corporation Ltd, - India
- Directorate General of MIneral and Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Vedanta Resources Plc - India
- Ceylon Electricity Board - Sri Lanka
- Larsen & Toubro Limited - India
- Economic Council, Georgia
- GVK Power & Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Banpu Public Company Limited - Thailand
- Latin American Coal - Colombia
- Asmin Koalindo Tuhup - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Posco Energy - South Korea
- Aditya Birla Group - India
- Antam Resourcindo - Indonesia
- Jaiprakash Power Ventures ltd
- Sinarmas Energy and Mining - Indonesia
- Xindia Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- McConnell Dowell - Australia
- The University of Queensland
- Edison Trading Spa - Italy
- Siam City Cement PLC, Thailand
- AsiaOL BioFuels Corp., Philippines
- OPG Power Generation Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Indonesian Coal Mining Association
- Directorate Of Revenue Intelligence - India
- Manunggal Multi Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Gujarat Sidhee Cement - India
- Marubeni Corporation - India
- Iligan Light & Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Baramulti Group, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining and Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Singapore Mercantile Exchange
- Straits Asia Resources Limited - Singapore
- Carbofer General Trading SA - India
- Central Electricity Authority - India
- Global Business Power Corporation, Philippines
- Commonwealth Bank - Australia
- Standard Chartered Bank - UAE
- Heidelberg Cement - Germany
- Parliament of New Zealand
- Power Finance Corporation Ltd., India
- Malabar Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Indo Tambangraya Megah - Indonesia
- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Eastern Coal Council - USA
- Africa Commodities Group - South Africa
- Jindal Steel & Power Ltd - India
- Price Waterhouse Coopers - Russia
- Bukit Baiduri Energy - Indonesia
- Grasim Industreis Ltd - India
- PowerSource Philippines DevCo
- Attock Cement Pakistan Limited
- Global Green Power PLC Corporation, Philippines
- PTC India Limited - India
- Oldendorff Carriers - Singapore
- GAC Shipping (India) Pvt Ltd
- SMC Global Power, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Samtan Co., Ltd - South Korea
- Mercuria Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Ministry of Transport, Egypt
- Kaltim Prima Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Globalindo Alam Lestari - Indonesia
- Coal and Oil Company - UAE
- Kalimantan Lumbung Energi - Indonesia
- Coalindo Energy - Indonesia
- Bharathi Cement Corporation - India
- European Bulk Services B.V. - Netherlands
- Madhucon Powers Ltd - India
- Semirara Mining Corp, Philippines
- Bangladesh Power Developement Board
- Jorong Barutama Greston.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Anglo American - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Uttam Galva Steels Limited - India
- Lanco Infratech Ltd - India
- Borneo Indobara - Indonesia
- Maheswari Brothers Coal Limited - India
- Cigading International Bulk Terminal - Indonesia
- ASAPP Information Group - India
- Minerals Council of Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Finance - Indonesia
- Port Waratah Coal Services - Australia
- Wood Mackenzie - Singapore
- Therma Luzon, Inc, Philippines
- CNBM International Corporation - China
- Thiess Contractors Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Energy Link Ltd, New Zealand
- Sindya Power Generating Company Private Ltd
- Romanian Commodities Exchange
- Sree Jayajothi Cements Limited - India
- Simpson Spence & Young - Indonesia
- New Zealand Coal & Carbon
- Timah Investasi Mineral - Indoneisa
- Bhushan Steel Limited - India
- PNOC Exploration Corporation - Philippines
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