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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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Friday, 16 November 12
SHIP OWNERS KEEP ON INVESTING IN SECOND HAND VESSELS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Priced attractively, modern and with prompt delivery dates, second hand vessels are proving to be rather popular among cash-rich ship owners these d ...
Friday, 16 November 12
HANDY : IRON ORE WAS QUIET AND RATES FROM INDIA TO CHINA AROUND USD 5500
Handy
The Atlantic was weak with more supply of ships. Rates from Continent/ Feast at USD 9000 and from USG/China at USD 15k. The Pacific market re ...
Wednesday, 14 November 12
AUSTRALIAN NEWCASTLE PORT HAS LOADED 11.14 PERCENT MORE COAL W-W
COALspot.com - Newcastle port in Australia has loaded 3,100,686 MT of thermal and coking coal for week ended – 0700 hours 12 November 2012, Ne ...
Tuesday, 13 November 12
INITIAL COAL PRODUCTION AT KATINGAN RIA ON TRACK FOR 2013 FOLLOWING GRANTING OF 'IN PRINCIPLE' FORESTRY PERMIT, INDONESIA
Realm Resources Ltd (“Realm” or the “Company” - ASX: RRP) has announced that its application to upgrade its exploration fore ...
Tuesday, 13 November 12
BULK PORTS & TECHNOLOGY ASIA 2013
Press Release - TOC Events are pleased to announce a new addition to our global portfolio with the launch of the inaugural Bulk Ports & Technolo ...
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- Krishnapatnam Port Company Ltd. - India
- Kaltim Prima Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Renaissance Capital - South Africa
- Coalindo Energy - Indonesia
- Standard Chartered Bank - UAE
- Larsen & Toubro Limited - India
- Maheswari Brothers Coal Limited - India
- Bhatia International Limited - India
- Barasentosa Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Videocon Industries ltd - India
- Simpson Spence & Young - Indonesia
- London Commodity Brokers - England
- Medco Energi Mining Internasional
- Bulk Trading Sa - Switzerland
- CNBM International Corporation - China
- Pendopo Energi Batubara - Indonesia
- Coastal Gujarat Power Limited - India
- Bangladesh Power Developement Board
- Aboitiz Power Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Trasteel International SA, Italy
- Gujarat Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Asia Pacific Energy Resources Ventures Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Binh Thuan Hamico - Vietnam
- Intertek Mineral Services - Indonesia
- Central Electricity Authority - India
- Miang Besar Coal Terminal - Indonesia
- Mjunction Services Limited - India
- Planning Commission, India
- Energy Link Ltd, New Zealand
- Agrawal Coal Company - India
- Ambuja Cements Ltd - India
- Grasim Industreis Ltd - India
- Indo Tambangraya Megah - Indonesia
- Price Waterhouse Coopers - Russia
- White Energy Company Limited
- ASAPP Information Group - India
- Attock Cement Pakistan Limited
- Australian Coal Association
- Kapuas Tunggal Persada - Indonesia
- OPG Power Generation Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- The State Trading Corporation of India Ltd
- McConnell Dowell - Australia
- Savvy Resources Ltd - HongKong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Romanian Commodities Exchange
- Orica Australia Pty. Ltd.
- Ministry of Mines - Canada
- Vizag Seaport Private Limited - India
- TeaM Sual Corporation - Philippines
- Ministry of Transport, Egypt
- GN Power Mariveles Coal Plant, Philippines
- GVK Power & Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Anglo American - United Kingdom
- Global Business Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Salva Resources Pvt Ltd - India
- Latin American Coal - Colombia
- Toyota Tsusho Corporation, Japan
- Petron Corporation, Philippines
- Vedanta Resources Plc - India
- Holcim Trading Pte Ltd - Singapore
- Sree Jayajothi Cements Limited - India
- Riau Bara Harum - Indonesia
- Commonwealth Bank - Australia
- Marubeni Corporation - India
- Indonesian Coal Mining Association
- Globalindo Alam Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Orica Mining Services - Indonesia
- Thiess Contractors Indonesia
- Energy Development Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Global Coal Blending Company Limited - Australia
- Iligan Light & Power Inc, Philippines
- Posco Energy - South Korea
- India Bulls Power Limited - India
- Indogreen Group - Indonesia
- Malabar Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- SMC Global Power, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- IEA Clean Coal Centre - UK
- Samtan Co., Ltd - South Korea
- Coal and Oil Company - UAE
- Rio Tinto Coal - Australia
- Kohat Cement Company Ltd. - Pakistan
- Manunggal Multi Energi - Indonesia
- Heidelberg Cement - Germany
- Semirara Mining Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Parry Sugars Refinery, India
- Gujarat Mineral Development Corp Ltd - India
- Uttam Galva Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Sojitz Corporation - Japan
- Electricity Authority, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Edison Trading Spa - Italy
- Carbofer General Trading SA - India
- South Luzon Thermal Energy Corporation
- Bukit Asam (Persero) Tbk - Indonesia
- VISA Power Limited - India
- Formosa Plastics Group - Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Rashtriya Ispat Nigam Limited - India
- Antam Resourcindo - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Independent Power Producers Association of India
- Directorate Of Revenue Intelligence - India
- Bahari Cakrawala Sebuku - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The Treasury - Australian Government
- LBH Netherlands Bv - Netherlands
- PowerSource Philippines DevCo
- Thai Mozambique Logistica
- Kumho Petrochemical, South Korea
- Bukit Makmur.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- Wilmar Investment Holdings
- Meralco Power Generation, Philippines
- New Zealand Coal & Carbon
- Australian Commodity Traders Exchange
- Mercuria Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Georgia Ports Authority, United States
- Mintek Dendrill Indonesia
- Minerals Council of Australia
- Eastern Coal Council - USA
- Eastern Energy - Thailand
- Global Green Power PLC Corporation, Philippines
- GMR Energy Limited - India
- Aditya Birla Group - India
- Bhushan Steel Limited - India
- Kartika Selabumi Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- Gujarat Sidhee Cement - India
- Sakthi Sugars Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- SMG Consultants - Indonesia
- Xindia Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Power Finance Corporation Ltd., India
- Metalloyd Limited - United Kingdom
- Siam City Cement - Thailand
- Siam City Cement PLC, Thailand
- CIMB Investment Bank - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Dalmia Cement Bharat India
- Mercator Lines Limited - India
- Sindya Power Generating Company Private Ltd
- Bhoruka Overseas - Indonesia
- Goldman Sachs - Singapore
- Borneo Indobara - Indonesia
- The University of Queensland
- Baramulti Group, Indonesia
- Kepco SPC Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Merrill Lynch Commodities Europe
- Tamil Nadu electricity Board
- Maharashtra Electricity Regulatory Commission - India
- MS Steel International - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Star Paper Mills Limited - India
- Parliament of New Zealand
- Kideco Jaya Agung - Indonesia
- Bharathi Cement Corporation - India
- Central Java Power - Indonesia
- Africa Commodities Group - South Africa
- Therma Luzon, Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- Indian Oil Corporation Limited
- Chamber of Mines of South Africa
- Deloitte Consulting - India
- Sarangani Energy Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Lanco Infratech Ltd - India
- PTC India Limited - India
- Karaikal Port Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- PNOC Exploration Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- San Jose City I Power Corp, Philippines
- Madhucon Powers Ltd - India
- Banpu Public Company Limited - Thailand
- Indian Energy Exchange, India
- Port Waratah Coal Services - Australia
- Cement Manufacturers Association - India
- ICICI Bank Limited - India
- Ministry of Finance - Indonesia
- Timah Investasi Mineral - Indoneisa
- Altura Mining Limited, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Essar Steel Hazira Ltd - India
- Straits Asia Resources Limited - Singapore
- Interocean Group of Companies - India
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