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Monday, 15 October 12
IT'S STRICTLY COME CHARTERING - CLARKSON RESEARCH SERVICES
 The charter market is a bit of a dance between ship owner and charterer: one leader, one follower; one step, two steps, turn... The dance is symbiotic and if both partners do well the outcome is a successful performance. Ideally, if both parties in a charter agreement do well the result is successful transportation, from which everyone benefits. However, if one partner starts stepping on the toes of the other there is always some pain.
Fascinatin’ Rhythm…
The rhythm of the shipping markets presents its dancers with choices. Do I charter short term or do I fix for longer periods? The answer in part depends on the different rates for the two choices. And, of course, it's also about timing. Our Graph of the Week shows, for a Panamax bulkcarrier, the trends for the two options. The solid line represents the one year time-charter rate and the dotted line the earnings that the vessel would have made for the same period on the spot market. This pas-de-deux is mostly led by the forward curve of spot earnings, with period rates following closely in step.
Come Join the Dance…
As earnings rise and fall, so the numbers on the dance floor change similarly. When rates rose to peaks in 2004-05, 2007 and 2010 so too did the number of fixtures. Conversely, low rates in 2001, 2006, 2009 and now in 2012 have seen fixtures decline.
Numbers were lowest in 2H 2001 when, with timecharter rates under $6,000/day, sometimes only one fixture a month was made. During the super-boom of 2007 almost 50 a month were recorded as rates soared to over $60,000/day. And most recently, in September with rates back down to under $3,000/day only 4 fixtures were concluded.
Reluctant Partners…
The turning points come when owners and charterers become reluctant partners. During 2002-04, 2006-08 and 2009-10 the forward spot curve was higher than for period rates. It was clearly in charterers’ interest to fix period rather than spot and indeed fixtures did increase. It was owners’ toes that were being stepped upon as they lost out on better spot rates.
For a short period in 2005 the roles were reversed and again, in 2008, the forward spot curve fell faster than period rates, giving owners an opportunity. However, in both periods charterers were less willing and the number of fixtures declined sharply. Now, with spot and period rates aligned it is less clear where the benefit lies; the number of fixtures is falling, but where will spot rates go?
Dancing in the Dark…
So, there you have it, owners and charterers can do the moves but they don’t always make the best of partners. Reading the spot market is the key and it appears that charterers have been getting the best of it, but both are really dancing in the dark. The benefits of the long term deal are never guaranteed when the casual excuse me can intercede.
Source: Clarkson Research Services / Hellenic Shipping News
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Monday, 19 November 12
GOVT PREPARES TO FACE ANOTHER SUIT ON MINING LAW - THE JAKARTA POST
The government is gearing up to face a complaint on the 2009 Mining Law prepared by the same organization that previously brought down upstream oil ...
Monday, 19 November 12
IHS MCCLOSKEY ASIA PACIFIC COAL OUTLOOK CONFERENCE 2012
With the current global oversupply of thermal coal showing no signs of abating and spot prices falling to a two-year low, concerns are growing that ...
Sunday, 18 November 12
INDONESIAN SUB BITUMINOUS COAL SWAPS FOR JANUARY 2013 DELIVERY GAINS 1.29 PERCENT WOW
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for January 2013 delivery gains 1.29 percent WoW and 0.25 percent DoD on Friday, 16 Novembe ...
Saturday, 17 November 12
THE SUPRAMAX FREIGHT RATES FROM INDONESIA TO INDIA ARE EXPECTED TO BE UP NEXT WEEK - VISTAAR
COALspot.com - This week market sentiments ended positive with all the segments ending higher except for handy size which was almost at same levels ...
Saturday, 17 November 12
RECORD DEMOLITION ACTIVITY SEEKS TO CURB TONNAGE OVERSUPPLY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
This year will prove to be another record-breaker in terms of scrapping of older vessels across all shipping segments, as the equally feverish pace ...
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- Standard Chartered Bank - UAE
- Antam Resourcindo - Indonesia
- Planning Commission, India
- VISA Power Limited - India
- Ministry of Mines - Canada
- Intertek Mineral Services - Indonesia
- Coal and Oil Company - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Renaissance Capital - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Riau Bara Harum - Indonesia
- Australian Commodity Traders Exchange
- Uttam Galva Steels Limited - India
- Interocean Group of Companies - India
- TeaM Sual Corporation - Philippines
- Bhushan Steel Limited - India
- Pendopo Energi Batubara - Indonesia
- Madhucon Powers Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Indogreen Group - Indonesia
- Indonesian Coal Mining Association
- Kideco Jaya Agung - Indonesia
- Global Green Power PLC Corporation, Philippines
- GMR Energy Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Mining Services - Indonesia
- India Bulls Power Limited - India
- Rio Tinto Coal - Australia
- Energy Development Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Holcim Trading Pte Ltd - Singapore
- Kepco SPC Power Corporation, Philippines
- Latin American Coal - Colombia
- SMC Global Power, Philippines
- Energy Link Ltd, New Zealand
- London Commodity Brokers - England
- Thai Mozambique Logistica
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Larsen & Toubro Limited - India
- Binh Thuan Hamico - Vietnam
- Salva Resources Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Minerals Council of Australia
- Bhoruka Overseas - Indonesia
- Grasim Industreis Ltd - India
- Ambuja Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Romanian Commodities Exchange
- Posco Energy - South Korea
- Alfred C Toepfer International GmbH - Germany
- Lanco Infratech Ltd - India
- Sarangani Energy Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Ministry of Finance - Indonesia
- Thiess Contractors Indonesia
- Bulk Trading Sa - Switzerland
- Karbindo Abesyapradhi - Indoneisa
- Sical Logistics Limited - India
- Jindal Steel & Power Ltd - India
- Star Paper Mills Limited - India
- Australian Coal Association
- Formosa Plastics Group - Taiwan
- IHS Mccloskey Coal Group - USA
- Edison Trading Spa - Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Iligan Light & Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Bukit Baiduri Energy - Indonesia
- Electricity Authority, New Zealand
- Kobexindo Tractors - Indoneisa
- Siam City Cement - Thailand
- Wilmar Investment Holdings
- GAC Shipping (India) Pvt Ltd
- Kohat Cement Company Ltd. - Pakistan
- Bayan Resources Tbk. - Indonesia
- Bhatia International Limited - India
- Vizag Seaport Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- White Energy Company Limited
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aboitiz Power Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Parliament of New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- OPG Power Generation Pvt Ltd - India
- Baramulti Group, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Deloitte Consulting - India
- Bukit Makmur.PT - Indonesia
- Meralco Power Generation, Philippines
- International Coal Ventures Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Miang Besar Coal Terminal - Indonesia
- ICICI Bank Limited - India
- Ministry of Transport, Egypt
- Kartika Selabumi Mining - Indonesia
- MS Steel International - UAE
- GVK Power & Infra Limited - India
- Medco Energi Mining Internasional
- Borneo Indobara - Indonesia
- CNBM International Corporation - China
- Directorate Of Revenue Intelligence - India
- PowerSource Philippines DevCo
- Eastern Coal Council - USA
- Carbofer General Trading SA - India
- Simpson Spence & Young - Indonesia
- Savvy Resources Ltd - HongKong
- Cement Manufacturers Association - India
- The State Trading Corporation of India Ltd
- European Bulk Services B.V. - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- Georgia Ports Authority, United States
- Goldman Sachs - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Sojitz Corporation - Japan
- Coastal Gujarat Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Trasteel International SA, Italy
- Anglo American - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Price Waterhouse Coopers - Russia
- Sinarmas Energy and Mining - Indonesia
- Central Java Power - Indonesia
- SMG Consultants - Indonesia
- Electricity Generating Authority of Thailand
- IEA Clean Coal Centre - UK
- Indian Oil Corporation Limited
- PTC India Limited - India
- Bangladesh Power Developement Board
- Merrill Lynch Commodities Europe
- Ceylon Electricity Board - Sri Lanka
- Altura Mining Limited, Indonesia
- Mercator Lines Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Bank of Tokyo Mitsubishi UFJ Ltd
- Banpu Public Company Limited - Thailand
- Independent Power Producers Association of India
- Karaikal Port Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Petron Corporation, Philippines
- Siam City Cement PLC, Thailand
- Kapuas Tunggal Persada - Indonesia
- Orica Australia Pty. Ltd.
- Xindia Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Singapore Mercantile Exchange
- AsiaOL BioFuels Corp., Philippines
- Billiton Holdings Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Chettinad Cement Corporation Ltd - India
- Africa Commodities Group - South Africa
- Mjunction Services Limited - India
- Meenaskhi Energy Private Limited - India
- Wood Mackenzie - Singapore
- Coalindo Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Heidelberg Cement - Germany
- Leighton Contractors Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- The Treasury - Australian Government
- Indo Tambangraya Megah - Indonesia
- Sindya Power Generating Company Private Ltd
- Global Coal Blending Company Limited - Australia
- Vedanta Resources Plc - India
- Commonwealth Bank - Australia
- South Luzon Thermal Energy Corporation
- Economic Council, Georgia
- Bharathi Cement Corporation - India
- Indika Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Essar Steel Hazira Ltd - India
- Sakthi Sugars Limited - India
- Agrawal Coal Company - India
- SN Aboitiz Power Inc, Philippines
- ASAPP Information Group - India
- Rashtriya Ispat Nigam Limited - India
- Videocon Industries ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Mercuria Energy - Indonesia
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
- Manunggal Multi Energi - Indonesia
- Semirara Mining Corp, Philippines
- Central Electricity Authority - India
- Metalloyd Limited - United Kingdom
- Dalmia Cement Bharat India
- Maharashtra Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Marubeni Corporation - India
- Aditya Birla Group - India
- Asmin Koalindo Tuhup - Indonesia
- Indian Energy Exchange, India
- Timah Investasi Mineral - Indoneisa
- Tata Chemicals Ltd - India
- The University of Queensland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maheswari Brothers Coal Limited - India
- Mintek Dendrill Indonesia
- Global Business Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Malabar Cements Ltd - India
- McConnell Dowell - Australia
- Chamber of Mines of South Africa
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