缓解煤炭合约信用风险的策略.ppt

,埃格汉 卡宁汉姆 ceo globalcoal,缓解煤炭合约信用风险的策略,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,globalcoal 所经营的业务,scota 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: 价格和成交量,globalcoal交易屏幕,copyright by globalcoal limited 2001 - 2013,globalcoal交易社区,adani global pte ltd alsaa petroleum & shipping amci resources gmbh anglo african commodities anglo american marketing ltd arch energy resources australia and new zealand banking group avani resources barclays bank plc bengalla coal sales company bhp billiton marketing ag bnp paribas bulk trading s.a. bunge sa carboex sau carbo one cargill international sa castleton commodities merchant europe sarl castleton commodities merchant trading l.p. centennial coal company ltd centrica energy ltd cez a.s. chaozhou city yatai energy co., ltd chubu electric power co., inc. chubu energy trading citigroup global markets ltd cloud peak energy resources cmm resources holdings limited coal and allied operations (pty) coal and oil company llc coal marketing company coeclerici asia (pte) ltd,concord fortune resources pte. limited conocophillips u.k. credit agricole cib credit suisse international deutsche bank ag london branch dong naturgas a/s drummond coal sales inc edf trading e.on energy trading se electric power development co, ltd electrabel s.a. enbw trading gmbh enegra enel trade s.p.a energy coal marketing pty ltd flame s.a. freepoint commodities europe gazprom marketing & trading ltd gdf suez trading glencore international ag goldman sachs international guangdong power industry fuel co ltd gunvor sa hc trading malta ltd hess energy power & gas company hidroelctrica del cantbrico, sa hms bergbau ag hokkaido electric power co., inc. hokuriku electric power co. huahai (singapore) pte ltd iberdrola generacion, s.a.u. idemitsu australia resources pty ltd,pt indo tambangraya megah tbk pt kaltim prima coal rwe trading services ltd rwest switzerland sa sasol mining (pty) ltd shell trading shenhua coal trading company sinopec usa sk networks co ltd sinosteel international holding company ltd smic asia limited societe generale sojitz corporation square trading pty ltd stadtwerke hannover ag standard bank plc standard chartered bank steag gmbh suek ag sumiseki trading co. ltd sumitomo corporation swiss singapore overseas enterprises taltek uk ltd taurian iron and steel co. pvt. ltd. telf ag tiger energy trading pte ltd total gas & power ltd trafigura beheer bv transcor ag traxys europe sa ultratech cement ltd,itochu corporation j.p. morgan securities plc j.p. morgan ventures energy corp klandee resources pte ltd knowledge infrastructure systems pvt, ltd koch carbon llc korea east-west power co ltd korea western power co ltd lg international corporation m resources trading pty ltd macquarie bank limited macquarie generation marubeni corporation mcs holdings pte ltd metalloyd limited mercuria energy trading sa merrill lynch commodities europe trading mitsubishi corporation mitsubishi ufj securities international plc mitsui & co ltd morgan stanley & co. intl ltd mpx comercializadora de combustiveis mri trading pte ltd nippon coke & engineering noble resources pte ltd oxbow coal b.v. pacific minerals limited peabody coaltrade international ltd prosperity steel united singapore pte. ltd. pt adaro indonesia pt arutmin indonesia pt bayan resources tbk,vale international sa, singapore branch vattenfall energy trading gmbh vattenfall energy trading gmbh vattenfall energy trading netherlands nv visa resources pte ltd vitol sa vtb capital plc whitehaven coal limited xstrata coal australia pty limited,代理 scota 成交量,source: globalcoal & other brokers,合约生效后代理 scota 成交量,在大宗商品市场中 的价格不可抗力,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”并不是新鲜事,煤炭市场的价格冲击,index price us$,source: globalcoal,defaults,如何避免违约风险?,ro-bust roh-buhst 形容词 所包含条款有: 终止 不可抗力 争议解决 基于英联邦法律 依赖于新加坡与香港的仲裁,第一步.使用健全的合同,scota 方法的赞美,the approach taken by globalcoals scota. can be used as a benchmark for the compromise position clyde & co trading update (jun 2010),”,“,第二步. 使用标准化合同,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,第三步.物价指数挂钩你的合同,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,实例: indo c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 index,6月, newc 协定指数 $93.00/t.,a 从 b 获得 $75.50/t x 25,000 = $1,887,500,为何使用物价指数挂钩 ？,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,指数挂钩贸易增长,source: globalcoal,2001-2012年，globalcoal 平台固定价格与 指数挂钩贸易对比,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),中国成本加运费 5,500 nvc,第四步.充分了解合约对方!,关系因素 期待完善的国际商人的商业