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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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Thursday, 01 November 12
SOUTH KOREAN POWER UTILITY EWP TO PURCHASE 670,000 MT OF COAL FOR JAN - FEB 2013 DELIVERY
COALspot.com: Korea East-West Power Co. Ltd. on behalf of Korea South-East Power Co. Ltd., Korea Southern Power Co. Ltd., Korea Midland Power Co. Lt ...
Thursday, 01 November 12
KOMIPO LOOKING FOR 440,000 MT OF 4600 KCAL/KG NAR COAL FOR BORYEONG POWER PLANT
COALspot.com - Korea Midland Power Co. Ltd.(KOMIPO) is inviting bids from coal producers, marketing companies or traders to supply of 440,000 Metric ...
Thursday, 01 November 12
CAPESIZE RATES FALL, DRY BULK MARKET RETREATS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
It was another lackluster session yesterday in the dry bulk markets, with the industry's benchmark, the BDI (Baltic Dry Index) retreating by 1.63 p ...
Thursday, 01 November 12
HANDY : WCI-CHINA RATES ARE AT AROUND USD 5,000 AND ECI-CHINA AROUND USD 4000 - FEARNLEYS AS
Handy
The Atlantic market remains quiet due to a lack of cargoes and an increased supply of ships. Rates from the Continent to east Med were around ...
Tuesday, 30 October 12
COAL PRODUCTION TO RISE BY FIVE PERCENT IN 2013 - TEMPO INTERACTIVE
TEMPO Interactive reported that, Indonesian Coal Mining Association (APBI) chairman Bob Kamandanu has estimated that Indonesian coal production will ...
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- San Jose City I Power Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- European Bulk Services B.V. - Netherlands
- Petron Corporation, Philippines
- Sojitz Corporation - Japan
- Aditya Birla Group - India
- Billiton Holdings Pty Ltd - Australia
- Bangladesh Power Developement Board
- Goldman Sachs - Singapore
- Meenaskhi Energy Private Limited - India
- ICICI Bank Limited - India
- Globalindo Alam Lestari - Indonesia
- Indika Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Indogreen Group - Indonesia
- Siam City Cement - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Parliament of New Zealand
- Renaissance Capital - South Africa
- Eastern Energy - Thailand
- Kohat Cement Company Ltd. - Pakistan
- GN Power Mariveles Coal Plant, Philippines
- Formosa Plastics Group - Taiwan
- Bulk Trading Sa - Switzerland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- London Commodity Brokers - England
- SMG Consultants - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Makarim & Taira - Indonesia
- Anglo American - United Kingdom
- VISA Power Limited - India
- Madhucon Powers Ltd - India
- Africa Commodities Group - South Africa
- Timah Investasi Mineral - Indoneisa
- PTC India Limited - India
- Sarangani Energy Corporation, Philippines
- Edison Trading Spa - Italy
- Pipit Mutiara Jaya. PT, Indonesia
- TeaM Sual Corporation - Philippines
- Carbofer General Trading SA - India
- Straits Asia Resources Limited - Singapore
- Star Paper Mills Limited - India
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
- Simpson Spence & Young - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Jindal Steel & Power Ltd - India
- Vedanta Resources Plc - India
- Ministry of Finance - Indonesia
- Altura Mining Limited, Indonesia
- New Zealand Coal & Carbon
- Rio Tinto Coal - Australia
- Cigading International Bulk Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- Coalindo Energy - Indonesia
- Orica Australia Pty. Ltd.
- Attock Cement Pakistan Limited
- Indian Oil Corporation Limited
- Kepco SPC Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Economic Council, Georgia
- Mjunction Services Limited - India
- Thai Mozambique Logistica
- Orica Mining Services - Indonesia
- Xindia Steels Limited - India
- IEA Clean Coal Centre - UK
- Power Finance Corporation Ltd., India
- Medco Energi Mining Internasional
- GAC Shipping (India) Pvt Ltd
- Oldendorff Carriers - Singapore
- Bhoruka Overseas - Indonesia
- PowerSource Philippines DevCo
- Mercator Lines Limited - India
- Meralco Power Generation, Philippines
- Posco Energy - South Korea
- Marubeni Corporation - India
- Bhushan Steel Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Barasentosa Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Samtan Co., Ltd - South Korea
- Kideco Jaya Agung - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Lanco Infratech Ltd - India
- SMC Global Power, Philippines
- Interocean Group of Companies - India
- Electricity Generating Authority of Thailand
- OPG Power Generation Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Georgia Ports Authority, United States
- Deloitte Consulting - India
- Therma Luzon, Inc, Philippines
- Cement Manufacturers Association - India
- Banpu Public Company Limited - Thailand
- Sinarmas Energy and Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Indonesian Coal Mining Association
- Sindya Power Generating Company Private Ltd
- Global Business Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Karbindo Abesyapradhi - Indoneisa
- Kaltim Prima Coal - Indonesia
- Videocon Industries ltd - India
- Sakthi Sugars Limited - India
- Directorate Of Revenue Intelligence - India
- Global Green Power PLC Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thiess Contractors Indonesia
- Ministry of Mines - Canada
- LBH Netherlands Bv - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Standard Chartered Bank - UAE
- The State Trading Corporation of India Ltd
- Heidelberg Cement - Germany
- MS Steel International - UAE
- The University of Queensland
- Bayan Resources Tbk. - Indonesia
- Gujarat Sidhee Cement - India
- Kumho Petrochemical, South Korea
- Tamil Nadu electricity Board
- Price Waterhouse Coopers - Russia
- Siam City Cement PLC, Thailand
- Sical Logistics Limited - India
- Aboitiz Power Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Sree Jayajothi Cements Limited - India
- Energy Development Corp, Philippines
- Chamber of Mines of South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Riau Bara Harum - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Central Java Power - Indonesia
- Planning Commission, India
- Borneo Indobara - Indonesia
- Australian Commodity Traders Exchange
- Port Waratah Coal Services - Australia
- White Energy Company Limited
- Savvy Resources Ltd - HongKong
- Bahari Cakrawala Sebuku - Indonesia
- Singapore Mercantile Exchange
- Miang Besar Coal Terminal - Indonesia
- Wood Mackenzie - Singapore
- Independent Power Producers Association of India
- Global Coal Blending Company Limited - Australia
- Eastern Coal Council - USA
- Malabar Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Latin American Coal - Colombia
- Commonwealth Bank - Australia
- Electricity Authority, New Zealand
- Essar Steel Hazira Ltd - India
- Toyota Tsusho Corporation, Japan
- Larsen & Toubro Limited - India
- AsiaOL BioFuels Corp., Philippines
- Leighton Contractors Pty Ltd - Australia
- India Bulls Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Coal and Oil Company - UAE
- Central Electricity Authority - India
- Minerals Council of Australia
- Wilmar Investment Holdings
- The Treasury - Australian Government
- ASAPP Information Group - India
- Metalloyd Limited - United Kingdom
- GMR Energy Limited - India
- Bhatia International Limited - India
- Chettinad Cement Corporation Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Grasim Industreis Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Indian Energy Exchange, India
- Iligan Light & Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Agrawal Coal Company - India
- Energy Link Ltd, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- IHS Mccloskey Coal Group - USA
- McConnell Dowell - Australia
- Ministry of Transport, Egypt
- Ambuja Cements Ltd - India
- Dalmia Cement Bharat India
- Uttam Galva Steels Limited - India
- Parry Sugars Refinery, India
- PetroVietnam Power Coal Import and Supply Company
- Mercuria Energy - Indonesia
- GVK Power & Infra Limited - India
- Mintek Dendrill Indonesia
- South Luzon Thermal Energy Corporation
- Baramulti Group, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bharathi Cement Corporation - India
- Trasteel International SA, Italy
- Holcim Trading Pte Ltd - Singapore
- SN Aboitiz Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Australian Coal Association
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