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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, 12 November 12
THE ESTABLISHMENT OF NORTH KALIMANTAN AS A NEW PROVINCE WILL NOT AFFECT THE LOCAL MINING COMPANIES
The government of Indonesia has ensured that the establishment of North Kalimantan as a new province will not affect the local mining companies ...
Monday, 12 November 12
DRILLING COMPLETED AT THE MOORLANDS DEPOSIT, WEST BOWEN PROJECT
Press Release - Cuesta Coal Limited (ASX: CQC) (“Cuesta”) is pleased to announce it has completed its exploration activities at the Moor ...
Monday, 12 November 12
BARGE-LOAD OF 5K TONNES OF COAL FROM THE ADK JOINT VENTURE SHIPPED LAST WEEK
COALspot.com - Orpheus Energy (ASX:OEG) has announced that, it has successfully shipped a 5,000 tonne of ADK thermal coal to an Indonesian trading g ...
Sunday, 11 November 12
AN OPTIMISTIC WEEK FOR INDONESIAN SUB-BIT COAL
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for January 2013 delivery gains 2.08 percent WoW and 1.28 percent DoD on Friday, 9 November ...
Sunday, 11 November 12
THE IRON ORE AND COAL PRICES MOVEMENTS REMAINS LOW - VISTAAR
COALspot.com The market remained soft with all the sectors soft.
The BDI and was down by 4.67 pct closing at 940 points, on Friday 9 Novemb ...
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- Kepco SPC Power Corporation, Philippines
- SMG Consultants - Indonesia
- Standard Chartered Bank - UAE
- Gujarat Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Ministry of Mines - Canada
- Bulk Trading Sa - Switzerland
- Port Waratah Coal Services - Australia
- The Treasury - Australian Government
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Uttam Galva Steels Limited - India
- The State Trading Corporation of India Ltd
- Meralco Power Generation, Philippines
- White Energy Company Limited
- MS Steel International - UAE
- Posco Energy - South Korea
- Larsen & Toubro Limited - India
- Toyota Tsusho Corporation, Japan
- Bukit Baiduri Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Merrill Lynch Commodities Europe
- Jindal Steel & Power Ltd - India
- Sarangani Energy Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Straits Asia Resources Limited - Singapore
- Therma Luzon, Inc, Philippines
- Global Coal Blending Company Limited - Australia
- South Luzon Thermal Energy Corporation
- Banpu Public Company Limited - Thailand
- Thai Mozambique Logistica
- Kideco Jaya Agung - Indonesia
- Global Business Power Corporation, Philippines
- Trasteel International SA, Italy
- London Commodity Brokers - England
- Globalindo Alam Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Coal Association
- Alfred C Toepfer International GmbH - Germany
- Gujarat Mineral Development Corp Ltd - India
- The University of Queensland
- IHS Mccloskey Coal Group - USA
- Orica Mining Services - Indonesia
- Agrawal Coal Company - India
- OPG Power Generation Pvt Ltd - India
- Videocon Industries ltd - India
- Marubeni Corporation - India
- San Jose City I Power Corp, Philippines
- Energy Development Corp, Philippines
- Georgia Ports Authority, United States
- Sical Logistics Limited - India
- Indika Energy - Indonesia
- TeaM Sual Corporation - Philippines
- VISA Power Limited - India
- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- McConnell Dowell - Australia
- Vedanta Resources Plc - India
- Global Green Power PLC Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Binh Thuan Hamico - Vietnam
- Baramulti Group, Indonesia
- Tata Chemicals Ltd - India
- Kaltim Prima Coal - Indonesia
- Kumho Petrochemical, South Korea
- Bhatia International Limited - India
- Price Waterhouse Coopers - Russia
- Sree Jayajothi Cements Limited - India
- Electricity Generating Authority of Thailand
- Ambuja Cements Ltd - India
- Eastern Energy - Thailand
- India Bulls Power Limited - India
- Goldman Sachs - Singapore
- GVK Power & Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- IEA Clean Coal Centre - UK
- SMC Global Power, Philippines
- Wood Mackenzie - Singapore
- Aboitiz Power Corporation - Philippines
- Siam City Cement PLC, Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Sojitz Corporation - Japan
- Minerals Council of Australia
- Barasentosa Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Lanco Infratech Ltd - India
- Savvy Resources Ltd - HongKong
- Asmin Koalindo Tuhup - Indonesia
- Essar Steel Hazira Ltd - India
- Central Java Power - Indonesia
- Grasim Industreis Ltd - India
- Independent Power Producers Association of India
- Krishnapatnam Port Company Ltd. - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Interocean Group of Companies - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thiess Contractors Indonesia
- Heidelberg Cement - Germany
- Pendopo Energi Batubara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Deloitte Consulting - India
- ASAPP Information Group - India
- Latin American Coal - Colombia
- Salva Resources Pvt Ltd - India
- Economic Council, Georgia
- Orica Australia Pty. Ltd.
- Kartika Selabumi Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Coal and Oil Company - UAE
- Mjunction Services Limited - India
- Chamber of Mines of South Africa
- Billiton Holdings Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Siam City Cement - Thailand
- Bangladesh Power Developement Board
- Africa Commodities Group - South Africa
- European Bulk Services B.V. - Netherlands
- Bhoruka Overseas - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Planning Commission, India
- Parliament of New Zealand
- Coalindo Energy - Indonesia
- Attock Cement Pakistan Limited
- PTC India Limited - India
- Ind-Barath Power Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Gujarat Sidhee Cement - India
- GAC Shipping (India) Pvt Ltd
- Vizag Seaport Private Limited - India
- Singapore Mercantile Exchange
- Dalmia Cement Bharat India
- Australian Commodity Traders Exchange
- Metalloyd Limited - United Kingdom
- New Zealand Coal & Carbon
- Karbindo Abesyapradhi - Indoneisa
- Petron Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CNBM International Corporation - China
- Commonwealth Bank - Australia
- Rashtriya Ispat Nigam Limited - India
- Romanian Commodities Exchange
- Bayan Resources Tbk. - Indonesia
- Manunggal Multi Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Wilmar Investment Holdings
- Ministry of Finance - Indonesia
- Indonesian Coal Mining Association
- Formosa Plastics Group - Taiwan
- ICICI Bank Limited - India
- GMR Energy Limited - India
- Mintek Dendrill Indonesia
- Makarim & Taira - Indonesia
- Semirara Mining and Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Central Electricity Authority - India
- Power Finance Corporation Ltd., India
- Bukit Asam (Persero) Tbk - Indonesia
- Medco Energi Mining Internasional
- Meenaskhi Energy Private Limited - India
- Sakthi Sugars Limited - India
- Madhucon Powers Ltd - India
- Parry Sugars Refinery, India
- Kohat Cement Company Ltd. - Pakistan
- Ceylon Electricity Board - Sri Lanka
- Star Paper Mills Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Xindia Steels Limited - India
- Mercator Lines Limited - India
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Transport, Egypt
- Aditya Birla Group - India
- Directorate Of Revenue Intelligence - India
- Malabar Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Indian Energy Exchange, India
- Karaikal Port Pvt Ltd - India
- PowerSource Philippines DevCo
- Maheswari Brothers Coal Limited - India
- Mercuria Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Coal Council - USA
- TNB Fuel Sdn Bhd - Malaysia
- Samtan Co., Ltd - South Korea
- Carbofer General Trading SA - India
- Iligan Light & Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Intertek Mineral Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Rio Tinto Coal - Australia
- Kapuas Tunggal Persada - Indonesia
- Indian Oil Corporation Limited
- Renaissance Capital - South Africa
- Indogreen Group - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Riau Bara Harum - Indonesia
- Bukit Makmur.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Authority, New Zealand
- Jaiprakash Power Ventures ltd
- Energy Link Ltd, New Zealand
- Edison Trading Spa - Italy
- Cement Manufacturers Association - India
- Bharathi Cement Corporation - India
- Tamil Nadu electricity Board
- LBH Netherlands Bv - Netherlands
- Anglo American - United Kingdom
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