缓解煤炭合约信用风险的策略

埃格汉埃格汉 卡宁汉姆卡宁汉姆 CEO globalCOAL缓解煤炭合约信用风险的策略缓解煤炭合约信用风险的策略Copyright by globalCOAL 2001 - 2013概述概述 globalCOAL 简介 建议的步骤来帮助你缓解信贷风险 使用健全的合同 使用标准化合同 使用物价指数挂钩 充分了解合约对方Copyright by globalCOAL 2001 - 2013Coal brokerageScreen Trading(Standard contracts)Voice brokering(Any coal, any location)SCoTAContract updatesand revisionsDevelopment of new hubsIndices and market dataIndex calculationCoal Market ReportHistorical Index dataDelayed Price FeedglobalCOAL 所经营的业务所经营的业务Copyright by globalCOAL 2001 - 2013SCoTA 的作用为的作用为SCoTA 定义了除价格、成交量、与票据期限以外，所有的商业条款与条件 规格定义 质量调整固定(如果存在) 货物装卸率定义 滞留率定义关注事项关注事项:价格和成交量Copyright by globalCOAL 2001 - 2013globalCOAL交易屏幕交易屏幕Copyright by globalCOAL Limited 2001 - 2013globalCOAL交易社区交易社区1.Adani Global Pte Ltd2.Alsaa Petroleum & Shipping3.AMCI Resources GmbH4.Anglo African Commodities 5.Anglo American Marketing Ltd6.Arch Energy Resources7.Australia and New Zealand Banking Group8.Avani Resources9.Barclays Bank Plc10. Bengalla Coal Sales Company11. BHP Billiton Marketing AG12. BNP Paribas13. Bulk Trading S.A.14. Bunge SA15. Carboex SAU16. Carbo One17. Cargill International SA18. Castleton Commodities Merchant Europe Sarl19. Castleton Commodities Merchant Trading L.P.20. Centennial Coal Company Ltd21. Centrica Energy Ltd22. CEZ A.S.23. Chaozhou City Yatai Energy Co., Ltd 24. Chubu Electric Power Co., Inc.25. Chubu Energy Trading26. Citigroup Global Markets Ltd27. Cloud Peak Energy Resources28. CMM Resources Holdings Limited29. Coal and Allied Operations (Pty)30. Coal and Oil Company LLC31. Coal Marketing Company32. Coeclerici Asia (Pte) Ltd33.Concord Fortune Resources Pte. Limited34.ConocoPhillips U.K. 35. Credit Agricole CIB36.Credit Suisse International37.Deutsche Bank AG London Branch38.DONG Naturgas A/S39.Drummond Coal Sales Inc40.EDF Trading41.E.ON Energy Trading SE42.Electric Power Development Co, Ltd43.Electrabel S.A.44.EnBW Trading GmbH45.Enegra46.ENEL Trade S.p.A47.Energy Coal Marketing Pty Ltd48.Flame S.A.49.Freepoint Commodities Europe50.Gazprom Marketing & Trading Ltd51.GDF Suez Trading52.Glencore International AG53.Goldman Sachs International54.Guangdong Power Industry Fuel Co Ltd55.Gunvor SA56.HC Trading Malta Ltd57.Hess Energy Power & Gas Company58.Hidroelctrica del Cantbrico, SA 59.HMS Bergbau AG60.Hokkaido Electric Power Co., Inc.61.Hokuriku Electric Power Co.62.Huahai (Singapore) Pte Ltd63.Iberdrola Generacion, S.A.U. 64.Idemitsu Australia Resources Pty Ltd97.PT Indo Tambangraya Megah Tbk98.PT Kaltim Prima Coal99.RWE Trading Services Ltd100. RWEST Switzerland SA101. Sasol Mining (Pty) Ltd102. Shell Trading103. Shenhua Coal Trading Company104. Sinopec USA105. SK Networks Co Ltd106. Sinosteel International Holding Company Ltd107. SMIC Asia Limited108. Societe Generale109. Sojitz Corporation110. Square Trading Pty Ltd111. Stadtwerke Hannover AG 112. Standard Bank PLC113. Standard Chartered Bank114. STEAG GmbH115. SUEK AG116. Sumiseki Trading Co. Ltd117. Sumitomo Corporation118. Swiss Singapore Overseas Enterprises 119. Taltek UK Ltd120. Taurian Iron and Steel Co. Pvt. Ltd.121. Telf AG122. Tiger Energy Trading Pte Ltd123. Total Gas & Power Ltd124. Trafigura Beheer BV125. Transcor AG126. Traxys Europe SA127. UltraTech Cement Ltd65.Itochu Corporation66.J.P. Morgan Securities Plc67.J.P. Morgan Ventures Energy Corp68.Klandee Resources Pte Ltd69.Knowledge Infrastructure Systems Pvt, Ltd70.Koch Carbon LLC71.Korea East-West Power Co Ltd72.Korea Western Power Co Ltd73.LG International Corporation74.M Resources Trading Pty Ltd75.Macquarie Bank Limited76.Macquarie Generation77.Marubeni Corporation78.MCS Holdings Pte Ltd79.Metalloyd Limited 80.Mercuria Energy Trading SA81.Merrill Lynch Commodities Europe Trading82.Mitsubishi Corporation83.Mitsubishi UFJ Securities International plc84.Mitsui & Co Ltd85.Morgan Stanley & Co. Intl Ltd86.MPX Comercializadora de Combustiveis87.MRI Trading Pte Ltd88.Nippon Coke & Engineering89.Noble Resources Pte Ltd90.Oxbow Coal B.V.91.Pacific Minerals Limited92.Peabody CoalTrade International Ltd93.Prosperity Steel United Singapore Pte. Ltd.94.PT Adaro Indonesia95.PT Arutmin Indonesia96.PT Bayan Resources Tbk128. Vale International SA, Singapore Branch129. Vattenfall Energy Trading GmbH130. Vattenfall Energy Trading GmbH131. Vattenfall Energy Trading Netherlands NV132. Visa Resources Pte Ltd133. Vitol SA134. VTB Capital Plc135. Whitehaven Coal Limited136. Xstrata Coal Australia Pty LimitedCopyright by globalCOAL 2001 - 2013代理代理 SCoTA 成交量成交量Source: globalCOAL & other brokers合约生效后代理合约生效后代理 SCoTA 成交量成交量020406080100120140160180200120022003200420052006200720082009201020112012Million tonnes在大宗商品市场中在大宗商品市场中的价格不可抗力的价格不可抗力铜投机铜投机 上周伦敦市市长通过法院发布了一项决议。此决议将适用于铜市场。被告去年十月签署了一份关于在去年12月10日前交付25吨铜41L 5 s的协议。因为价格涨到了71L 5s，所以被告未能履行合同。法院要求被告支付差价771 L。 如上所述,报道中我们发现很明显也很奇怪的事情,它看起来很奇怪,它是否带进法庭。但这个决定,毫无疑问,支配其他情况下,它是相当肯定会出现,在这方面将是非常有用的在拯救他人“使用法律。”“价格不可抗力价格不可抗力”并不是新鲜事并不是新鲜事Copyright by globalCOAL 2001 - 2013煤炭市场的价格冲击煤炭市场的价格冲击Index price US$Source: globalCOALDefaults如何避免违约风险如何避免违约风险?Copyright by globalCOAL 2001 - 2013ro-bust roh-buhst形容词形容词1.所包含条款有: 终止 不可抗力 争议解决2.基于英联邦法律 依赖于新加坡与香港的仲裁第一步第一步.使用健全的合同使用健全的合同Copyright by globalCOAL 2001 - 2013SCoTA 方法的赞美方法的赞美The approach taken by globalCOALs SCoTA. can be used as a benchmarkfor the compromise position Clyde & Co Trading Update (Jun 2010) ”“Copyright by globalCOAL 2001 - 2013第二步第二步. 使用标准化合同使用标准化合同标准化市场的效益标准化市场的效益可快速、便捷的进入市场快速反转位置的能力更高效流动资金池的发展价格透明度Copyright by globalCOAL 2001 - 2013第三步第三步.物价指数挂钩物价指数挂钩你的合同你的合同引索链接：引索链接：协议来解决实物贸易在指定月份的值煤炭价格指数Party AParty B实例实例: INDO C指数挂钩贸易指数挂钩贸易A 向 B销售 25kt INDO C，并将于6月13日交付 -$17.50/t to the June NEWC Index6月, NEWC 协定指数 $93.00/t. A 从 B 获得$75.50/t x 25,000 = $1,887,500Copyright by globalCOAL 2001 - 2013为何使用为何使用物价指数挂钩物价指数挂钩 ？信用与价格风险回避信用与价格风险回避 交易对手违约的情况下,你的接触仅限于溢价/折扣你协商到索引 你的货物可以在其市值所取代,这是当前市场价格 你的对手更有可能执行如果他的替代供应(或出口)也在市场价格Copyright by globalCOAL 2001 - 2013指数挂钩贸易增长指数挂钩贸易增长Source: globalCOAL2001-2012年，年，globalCOAL 平台固定价格与平台固定价格与 指数挂钩贸易对比指数挂钩贸易对比 - 10 20 30 40 50 60 70 200120022003200420052006200720082009201020112012Million tonnesFixed PriceIndex-linkedCopyright by globalCOAL 2001 - 2013中国标准化的指数中国标准化的指数 混合指数,包括globalCOAL数据显示目前使用NEWC指数 目前没有建立,液体指数为中国市场 globalCOAL数据显示，在中国南部，为成本加运费5500kc/Kg公斤和6000 kc /kg(Photo credit: Xinhua/Yang Shiyao)Copyright by globalCOAL 2001 - 2013中国成本加运费中国成本加运费 5,500 NVCFor Shipments originating fromCARISUBCalorific Value (kcal/kg NCV)5,5005,5005,5005,5005,5005,5005,500Total Moisture(as received basis) (max) 19%15%18%22%14%17%17%Volatile Matter (as received basis) 30-42%22-35%26-35%36-45%20% (min)28-37%20-30%Ash(as received basis) (max) 15%23%18%15%23%15%14%Sulphur(as received basis)(max) 1.00%1.00%1.00%1.00%1.00%1.00%0.90%HGI 2 40 (min)45-7045-7040 (min)45-7045-7045-70Nominal Topsize 50mm50mm50mm50mm50mm50mm50mmIDT (degrees Celsius) (min)1100120011001150115011001100Copyright by globalCOAL 2001 - 2013第四步第四步.充分了解合约对方充分了解合约对方!关系因素期待完善的国际商人的商业模式取决于声誉和交付甚至当市场走势攻击他们Copyright by globalCOAL 2001 - 2013需要思考需要思考:透明度:低透明度已经阻碍了中国现货市场发展CFR中国指数所有权:中国市场参与者将得益于积极参与一个透明的现货市场,他们的活动显然是反映在价格的指数贸易付款期限在三个月的交易范围限制潜在的一个价格冲击触发违约流动性和透明度也提高了使指数更健壮和鼓励指数定价Copyright by globalCOAL 2001 - 2013总之总之使用健全的合同使用标准化合同使用物价指数挂钩充分了解合约对方联系我们联系我们伦敦伦敦 +44 207 776 5900新加坡新加坡 +65 6311