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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, 09 November 12
SHIP OWNERS TURN TO SECOND HAND VESSELS, WHICH COME AT ATTRACTIVE PRICES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The attractiveness of modern second hand vessels, which are often priced aggressively can't be ignored by cash-rich ship owners, who are taking adv ...
Thursday, 08 November 12
LARGE ECO SUPRA : INDO - INDIA NOW FIXED AT USD 11K FOR DELIVERY SINGAPORE - FEARNLEYS
Handy
The Atlantic market continues to remain weak with rates further softening on FH. Rates from USG to Feast were around USD 14k and Black Sea to ...
Thursday, 08 November 12
DRY BULK MARKET RETREATS AGAIN ON HIGHER SHIP SUPPLY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
In further evidence of a latest round of dry bulk shipping misery, the industry's benchmark fell for the 11th straight session yesterday, as the in ...
Thursday, 08 November 12
JOIN CHINA STEAM COAL SUPPLY - DEMAND FORUM
Join China Steam Coal Supply-Demand Forum & Visit Shenhua Yudean Zhuhai Port Coal Terminal
Press Release - Organized by CBI BIZ and suppo ...
Wednesday, 07 November 12
NEWBUILDING ORDERING ACTIVITY ON A STEADY PACE PRIOR TO THE END OF THE YEAR - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Newbuilding orders, which to many involved in the shipping industry, are the main reason of today's low freight rates and subsequent financial prob ...
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Showing 4511 to 4515 news of total 6871 |
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- Jorong Barutama Greston.PT - Indonesia
- Independent Power Producers Association of India
- Aditya Birla Group - India
- Savvy Resources Ltd - HongKong
- San Jose City I Power Corp, Philippines
- Petron Corporation, Philippines
- Vedanta Resources Plc - India
- Energy Link Ltd, New Zealand
- Banpu Public Company Limited - Thailand
- Coastal Gujarat Power Limited - India
- Bulk Trading Sa - Switzerland
- Kideco Jaya Agung - Indonesia
- Madhucon Powers Ltd - India
- Trasteel International SA, Italy
- Malabar Cements Ltd - India
- New Zealand Coal & Carbon
- Energy Development Corp, Philippines
- Africa Commodities Group - South Africa
- Thai Mozambique Logistica
- Thiess Contractors Indonesia
- Altura Mining Limited, Indonesia
- Ministry of Mines - Canada
- SMC Global Power, Philippines
- Alfred C Toepfer International GmbH - Germany
- Marubeni Corporation - India
- Sakthi Sugars Limited - India
- Meralco Power Generation, Philippines
- Renaissance Capital - South Africa
- Bhoruka Overseas - Indonesia
- Uttam Galva Steels Limited - India
- Eastern Coal Council - USA
- LBH Netherlands Bv - Netherlands
- PowerSource Philippines DevCo
- Indian Energy Exchange, India
- European Bulk Services B.V. - Netherlands
- Sarangani Energy Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- GVK Power & Infra Limited - India
- Makarim & Taira - Indonesia
- Medco Energi Mining Internasional
- Australian Coal Association
- Lanco Infratech Ltd - India
- Antam Resourcindo - Indonesia
- Global Coal Blending Company Limited - Australia
- Indogreen Group - Indonesia
- Mjunction Services Limited - India
- Mercator Lines Limited - India
- The Treasury - Australian Government
- Central Java Power - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Latin American Coal - Colombia
- VISA Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Carbofer General Trading SA - India
- Ministry of Finance - Indonesia
- Singapore Mercantile Exchange
- Maheswari Brothers Coal Limited - India
- Bukit Baiduri Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Sical Logistics Limited - India
- Planning Commission, India
- Dalmia Cement Bharat India
- Bangladesh Power Developement Board
- Salva Resources Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Makmur.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jindal Steel & Power Ltd - India
- Straits Asia Resources Limited - Singapore
- Jaiprakash Power Ventures ltd
- Bhatia International Limited - India
- PTC India Limited - India
- Global Green Power PLC Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Grasim Industreis Ltd - India
- Vizag Seaport Private Limited - India
- Georgia Ports Authority, United States
- Therma Luzon, Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- India Bulls Power Limited - India
- Chamber of Mines of South Africa
- Indika Energy - Indonesia
- Posco Energy - South Korea
- Mintek Dendrill Indonesia
- Karaikal Port Pvt Ltd - India
- ICICI Bank Limited - India
- Rio Tinto Coal - Australia
- Kepco SPC Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Agrawal Coal Company - India
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Coalindo Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Siam City Cement PLC, Thailand
- Australian Commodity Traders Exchange
- Sojitz Corporation - Japan
- Anglo American - United Kingdom
- Intertek Mineral Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Metalloyd Limited - United Kingdom
- PNOC Exploration Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Aboitiz Power Corporation - Philippines
- Central Electricity Authority - India
- International Coal Ventures Pvt Ltd - India
- ASAPP Information Group - India
- Coal and Oil Company - UAE
- OPG Power Generation Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Wilmar Investment Holdings
- Formosa Plastics Group - Taiwan
- Manunggal Multi Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- The State Trading Corporation of India Ltd
- Xindia Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Energy - Thailand
- Attock Cement Pakistan Limited
- Karbindo Abesyapradhi - Indoneisa
- Bhushan Steel Limited - India
- Leighton Contractors Pty Ltd - Australia
- Cement Manufacturers Association - India
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- Standard Chartered Bank - UAE
- Videocon Industries ltd - India
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
- Baramulti Group, Indonesia
- Power Finance Corporation Ltd., India
- Orica Australia Pty. Ltd.
- Mercuria Energy - Indonesia
- Romanian Commodities Exchange
- Electricity Authority, New Zealand
- Kobexindo Tractors - Indoneisa
- Directorate Of Revenue Intelligence - India
- Edison Trading Spa - Italy
- IHS Mccloskey Coal Group - USA
- PetroVietnam Power Coal Import and Supply Company
- Ind-Barath Power Infra Limited - India
- Oldendorff Carriers - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Vijayanagar Sugar Pvt Ltd - India
- CNBM International Corporation - China
- Iligan Light & Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Minerals Council of Australia
- Timah Investasi Mineral - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Samtan Co., Ltd - South Korea
- Orica Mining Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Larsen & Toubro Limited - India
- Essar Steel Hazira Ltd - India
- Barasentosa Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement - Thailand
- Tamil Nadu electricity Board
- Global Business Power Corporation, Philippines
- Economic Council, Georgia
- Goldman Sachs - Singapore
- Borneo Indobara - Indonesia
- Parliament of New Zealand
- McConnell Dowell - Australia
- SN Aboitiz Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Port Waratah Coal Services - Australia
- Toyota Tsusho Corporation, Japan
- Electricity Generating Authority of Thailand
- Meenaskhi Energy Private Limited - India
- White Energy Company Limited
- The University of Queensland
- Kapuas Tunggal Persada - Indonesia
- Pendopo Energi Batubara - Indonesia
- GMR Energy Limited - India
- Sinarmas Energy and Mining - Indonesia
- Indonesian Coal Mining Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Star Paper Mills Limited - India
- Commonwealth Bank - Australia
- Semirara Mining and Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Asmin Koalindo Tuhup - Indonesia
- Parry Sugars Refinery, India
- Kartika Selabumi Mining - Indonesia
- Semirara Mining Corp, Philippines
- SMG Consultants - Indonesia
- South Luzon Thermal Energy Corporation
- Chettinad Cement Corporation Ltd - India
- Kumho Petrochemical, South Korea
- Interocean Group of Companies - India
- Kaltim Prima Coal - Indonesia
- Bharathi Cement Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Binh Thuan Hamico - Vietnam
- Deloitte Consulting - India
- Ambuja Cements Ltd - India
- MS Steel International - UAE
- Neyveli Lignite Corporation Ltd, - India
- Riau Bara Harum - Indonesia
- Ministry of Transport, Egypt
- Holcim Trading Pte Ltd - Singapore
- Rashtriya Ispat Nigam Limited - India
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