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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, 30 October 12
NEW BUILDING ORDERING ACTIVITY KEEPS ON RETREATING - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Ship owners have refrained from placing any new orders of vessels during the course of the past few days, according to shipbroker reports. According ...
Monday, 29 October 12
US COAL EXPORTS ARE EXPECTED TO REACH 125 MILLION TONS THIS YEAR - EIA
COALspot.com - US coal exports are expected to reach 125 million tons this year, surpassing the old record of about 113 million tons set in 1981, sa ...
Sunday, 28 October 12
SUB-BIT INDONESIA COAL SWAPS (FOB ) FOR DECEMBER 2012 DELIVERY STAYED FLAT D-D
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for December 2012 delivery flat on D-D but gained 0.38 percent on W-W on Friday, 26 October 2012, ...
Sunday, 28 October 12
INDONESIA TO INDIA SUPRAMAX FREIGHT MARKET FAIRLY STEADY - VISTAAR
COALspot.com - The Cape size sector continued to remain active with iron ore movement being steady. All other sectors were down.
The BDI was up b ...
Friday, 26 October 12
SHIPPING MARKETS HEADING FOR DIVISION AND MULTI-TIER WILL BECOME THE NORM - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
It seems that something is expected to be fundamentally different in the way that the shipping markets will be operating in the future, according to ...
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Showing 4526 to 4530 news of total 6871 |
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Mjunction Services Limited - India
- GVK Power & Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Parry Sugars Refinery, India
- Baramulti Group, Indonesia
- ICICI Bank Limited - India
- White Energy Company Limited
- Planning Commission, India
- Billiton Holdings Pty Ltd - Australia
- Mercator Lines Limited - India
- Indian Energy Exchange, India
- Gujarat Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Wilmar Investment Holdings
- SN Aboitiz Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Bangladesh Power Developement Board
- Cement Manufacturers Association - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- TNB Fuel Sdn Bhd - Malaysia
- GAC Shipping (India) Pvt Ltd
- Uttam Galva Steels Limited - India
- Energy Link Ltd, New Zealand
- Dalmia Cement Bharat India
- Sojitz Corporation - Japan
- Videocon Industries ltd - India
- TeaM Sual Corporation - Philippines
- Marubeni Corporation - India
- Bulk Trading Sa - Switzerland
- Aboitiz Power Corporation - Philippines
- Central Electricity Authority - India
- Kapuas Tunggal Persada - Indonesia
- CIMB Investment Bank - Malaysia
- Indonesian Coal Mining Association
- Deloitte Consulting - India
- Aditya Birla Group - India
- Metalloyd Limited - United Kingdom
- Latin American Coal - Colombia
- Gujarat Sidhee Cement - India
- Jorong Barutama Greston.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Central Java Power - Indonesia
- Merrill Lynch Commodities Europe
- Riau Bara Harum - Indonesia
- Bharathi Cement Corporation - India
- Agrawal Coal Company - India
- Malabar Cements Ltd - India
- Carbofer General Trading SA - India
- Renaissance Capital - South Africa
- Economic Council, Georgia
- Orica Australia Pty. Ltd.
- Heidelberg Cement - Germany
- Ind-Barath Power Infra Limited - India
- Altura Mining Limited, Indonesia
- Directorate Of Revenue Intelligence - India
- Timah Investasi Mineral - Indoneisa
- Trasteel International SA, Italy
- Jaiprakash Power Ventures ltd
- Tata Chemicals Ltd - India
- Eastern Coal Council - USA
- Kepco SPC Power Corporation, Philippines
- Thai Mozambique Logistica
- Medco Energi Mining Internasional
- Globalindo Alam Lestari - Indonesia
- Star Paper Mills Limited - India
- Kumho Petrochemical, South Korea
- Grasim Industreis Ltd - India
- OPG Power Generation Pvt Ltd - India
- Meralco Power Generation, Philippines
- Kobexindo Tractors - Indoneisa
- Independent Power Producers Association of India
- McConnell Dowell - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Bayan Resources Tbk. - Indonesia
- Essar Steel Hazira Ltd - India
- Parliament of New Zealand
- Bhatia International Limited - India
- Interocean Group of Companies - India
- Standard Chartered Bank - UAE
- Sree Jayajothi Cements Limited - India
- Energy Development Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Savvy Resources Ltd - HongKong
- MS Steel International - UAE
- Karaikal Port Pvt Ltd - India
- Tamil Nadu electricity Board
- LBH Netherlands Bv - Netherlands
- Sical Logistics Limited - India
- SMC Global Power, Philippines
- Rio Tinto Coal - Australia
- Bhushan Steel Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IEA Clean Coal Centre - UK
- Petron Corporation, Philippines
- Attock Cement Pakistan Limited
- Global Green Power PLC Corporation, Philippines
- Xindia Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Chettinad Cement Corporation Ltd - India
- PTC India Limited - India
- PNOC Exploration Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- The State Trading Corporation of India Ltd
- Kalimantan Lumbung Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Oldendorff Carriers - Singapore
- Port Waratah Coal Services - Australia
- Edison Trading Spa - Italy
- SMG Consultants - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Georgia Ports Authority, United States
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Indogreen Group - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Ministry of Transport, Egypt
- Romanian Commodities Exchange
- Kaltim Prima Coal - Indonesia
- Semirara Mining Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Pendopo Energi Batubara - Indonesia
- Intertek Mineral Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Vijayanagar Sugar Pvt Ltd - India
- PowerSource Philippines DevCo
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Borneo Indobara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Coastal Gujarat Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Jindal Steel & Power Ltd - India
- Goldman Sachs - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Ministry of Mines - Canada
- Banpu Public Company Limited - Thailand
- GN Power Mariveles Coal Plant, Philippines
- The Treasury - Australian Government
- Vizag Seaport Private Limited - India
- VISA Power Limited - India
- Mintek Dendrill Indonesia
- Miang Besar Coal Terminal - Indonesia
- Madhucon Powers Ltd - India
- Wood Mackenzie - Singapore
- Meenaskhi Energy Private Limited - India
- Manunggal Multi Energi - Indonesia
- Eastern Energy - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GMR Energy Limited - India
- Minerals Council of Australia
- CNBM International Corporation - China
- Kartika Selabumi Mining - Indonesia
- Makarim & Taira - Indonesia
- European Bulk Services B.V. - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Thiess Contractors Indonesia
- Vedanta Resources Plc - India
- Maheswari Brothers Coal Limited - India
- Simpson Spence & Young - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- London Commodity Brokers - England
- Orica Mining Services - Indonesia
- Coalindo Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Therma Luzon, Inc, Philippines
- Siam City Cement - Thailand
- IHS Mccloskey Coal Group - USA
- Africa Commodities Group - South Africa
- Larsen & Toubro Limited - India
- San Jose City I Power Corp, Philippines
- Ministry of Finance - Indonesia
- New Zealand Coal & Carbon
- Samtan Co., Ltd - South Korea
- Barasentosa Lestari - Indonesia
- Chamber of Mines of South Africa
- Posco Energy - South Korea
- Antam Resourcindo - Indonesia
- Electricity Generating Authority of Thailand
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Lanco Infratech Ltd - India
- Indian Oil Corporation Limited
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Commonwealth Bank - Australia
- Australian Commodity Traders Exchange
- Siam City Cement PLC, Thailand
- Coal and Oil Company - UAE
- Iligan Light & Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Australian Coal Association
- Electricity Authority, New Zealand
- Indika Energy - Indonesia
- ASAPP Information Group - India
- Toyota Tsusho Corporation, Japan
- Binh Thuan Hamico - Vietnam
- Power Finance Corporation Ltd., India
- Bukit Asam (Persero) Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Rashtriya Ispat Nigam Limited - India
- Anglo American - United Kingdom
- Formosa Plastics Group - Taiwan
- Sakthi Sugars Limited - India
- Semirara Mining and Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- India Bulls Power Limited - India
- The University of Queensland
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