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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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Tuesday, 06 November 12
NOVEMBER 2012 HBA $35.21 LOWER THAN A YEAR AGO
COALspot.com - The Indonesian government’s declared coal reference price for November’ 12 has lost US$ 4.60 per MT M-o-M.
...
Sunday, 04 November 12
SUB-BIT INDONESIA COAL SWAPS FOR DECEMBER' 12 DELIVERY FALLS TO $ 59.78
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for December 2012 delivery fell -1.02 percent on WoW but gained 0.08 percent on D-D on Friday, 2 ...
Saturday, 03 November 12
THE SUPRAMAX FREIGHT EXPECTED TO BE SOFT NEXT WEEK - VISTAAR
COALspot.com - This week the market remained soft with all the sectors soft.
The BDI and was down by 6 pct closing at 986 points. The cape index ...
Saturday, 03 November 12
DEMOLITION IS THE KEY FOR DRY BULK SHIPPING'S RECOVERY SAYS SHIPBROKER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
With the number of new building deliveries so far in 2012 already having surpassed the total of 2011, it's more than clear that the dry bulk sector ...
Thursday, 01 November 12
INDONESIA HAS REVISED DOWN ITS 2012 DOMESTIC MARKET OBLIGATION REQUIREMENT FOR COAL
COALspot.com - Minister of Energy and Mineral Resources of Indonesia has revised down its 2012 domestic market obligation requirement due to lower d ...
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Showing 4516 to 4520 news of total 6871 |
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- MS Steel International - UAE
- Lanco Infratech Ltd - India
- Electricity Generating Authority of Thailand
- Central Java Power - Indonesia
- Altura Mining Limited, Indonesia
- Sojitz Corporation - Japan
- Maheswari Brothers Coal Limited - India
- Directorate Of Revenue Intelligence - India
- Star Paper Mills Limited - India
- Rashtriya Ispat Nigam Limited - India
- White Energy Company Limited
- Bangladesh Power Developement Board
- Kalimantan Lumbung Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coastal Gujarat Power Limited - India
- Cement Manufacturers Association - India
- GVK Power & Infra Limited - India
- Mintek Dendrill Indonesia
- Kideco Jaya Agung - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Link Ltd, New Zealand
- TeaM Sual Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bharathi Cement Corporation - India
- SN Aboitiz Power Inc, Philippines
- Makarim & Taira - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bhushan Steel Limited - India
- Energy Development Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Meralco Power Generation, Philippines
- Georgia Ports Authority, United States
- Salva Resources Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- New Zealand Coal & Carbon
- Jorong Barutama Greston.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Ministry of Transport, Egypt
- Jaiprakash Power Ventures ltd
- Globalindo Alam Lestari - Indonesia
- Wilmar Investment Holdings
- Indika Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- GMR Energy Limited - India
- South Luzon Thermal Energy Corporation
- Vedanta Resources Plc - India
- Grasim Industreis Ltd - India
- Indian Energy Exchange, India
- Therma Luzon, Inc, Philippines
- ASAPP Information Group - India
- Tata Chemicals Ltd - India
- Commonwealth Bank - Australia
- Thiess Contractors Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Videocon Industries ltd - India
- Bayan Resources Tbk. - Indonesia
- Indogreen Group - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Sical Logistics Limited - India
- Heidelberg Cement - Germany
- Straits Asia Resources Limited - Singapore
- Orica Mining Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- International Coal Ventures Pvt Ltd - India
- Electricity Authority, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Sarangani Energy Corporation, Philippines
- Thai Mozambique Logistica
- LBH Netherlands Bv - Netherlands
- Ind-Barath Power Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Deloitte Consulting - India
- TNB Fuel Sdn Bhd - Malaysia
- Edison Trading Spa - Italy
- Eastern Energy - Thailand
- Ministry of Mines - Canada
- Iligan Light & Power Inc, Philippines
- Romanian Commodities Exchange
- Mercuria Energy - Indonesia
- Carbofer General Trading SA - India
- Kepco SPC Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Siam City Cement - Thailand
- PTC India Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Riau Bara Harum - Indonesia
- The Treasury - Australian Government
- Central Electricity Authority - India
- Sakthi Sugars Limited - India
- The University of Queensland
- Orica Australia Pty. Ltd.
- Global Green Power PLC Corporation, Philippines
- Mercator Lines Limited - India
- Planning Commission, India
- Bukit Asam (Persero) Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bukit Baiduri Energy - Indonesia
- Renaissance Capital - South Africa
- Africa Commodities Group - South Africa
- PNOC Exploration Corporation - Philippines
- Parry Sugars Refinery, India
- Independent Power Producers Association of India
- Neyveli Lignite Corporation Ltd, - India
- Karaikal Port Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Anglo American - United Kingdom
- Tamil Nadu electricity Board
- European Bulk Services B.V. - Netherlands
- Gujarat Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Essar Steel Hazira Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Australian Coal Association
- Kaltim Prima Coal - Indonesia
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Baramulti Group, Indonesia
- Xindia Steels Limited - India
- Siam City Cement PLC, Thailand
- Price Waterhouse Coopers - Russia
- Aditya Birla Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Standard Chartered Bank - UAE
- Global Coal Blending Company Limited - Australia
- Chamber of Mines of South Africa
- CNBM International Corporation - China
- PetroVietnam Power Coal Import and Supply Company
- Minerals Council of Australia
- Latin American Coal - Colombia
- Kapuas Tunggal Persada - Indonesia
- London Commodity Brokers - England
- Indo Tambangraya Megah - Indonesia
- Ministry of Finance - Indonesia
- Rio Tinto Coal - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Malabar Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Kobexindo Tractors - Indoneisa
- Larsen & Toubro Limited - India
- Formosa Plastics Group - Taiwan
- Australian Commodity Traders Exchange
- Vizag Seaport Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Antam Resourcindo - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Posco Energy - South Korea
- VISA Power Limited - India
- Petron Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Leighton Contractors Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Singapore Mercantile Exchange
- Metalloyd Limited - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Interocean Group of Companies - India
- Agrawal Coal Company - India
- Indonesian Coal Mining Association
- McConnell Dowell - Australia
- Sinarmas Energy and Mining - Indonesia
- IEA Clean Coal Centre - UK
- Parliament of New Zealand
- Marubeni Corporation - India
- SMG Consultants - Indonesia
- OPG Power Generation Pvt Ltd - India
- Eastern Coal Council - USA
- Port Waratah Coal Services - Australia
- Coal and Oil Company - UAE
- Cigading International Bulk Terminal - Indonesia
- Wood Mackenzie - Singapore
- Timah Investasi Mineral - Indoneisa
- Global Business Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Coalindo Energy - Indonesia
- Bhatia International Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Oldendorff Carriers - Singapore
- PowerSource Philippines DevCo
- Kumho Petrochemical, South Korea
- Dalmia Cement Bharat India
- Samtan Co., Ltd - South Korea
- Jindal Steel & Power Ltd - India
- Intertek Mineral Services - Indonesia
- SMC Global Power, Philippines
- Attock Cement Pakistan Limited
- AsiaOL BioFuels Corp., Philippines
- Mjunction Services Limited - India
- ICICI Bank Limited - India
- Trasteel International SA, Italy
- Bhoruka Overseas - Indonesia
- Madhucon Powers Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Holcim Trading Pte Ltd - Singapore
- Bulk Trading Sa - Switzerland
- Gujarat Sidhee Cement - India
- Barasentosa Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Goldman Sachs - Singapore
- Power Finance Corporation Ltd., India
- GAC Shipping (India) Pvt Ltd
- Medco Energi Mining Internasional
- Uttam Galva Steels Limited - India
- Borneo Indobara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
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