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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, 26 October 12
DRY BULK MARKET FALLS ON WORRIES THAT RECENT RALLY WILL BE SHORTLIVED - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market retreated yesterday as a result of a plunge of the Capesize dry bulk carriers' segment, after their latest rally. As a result, ...
Tuesday, 23 October 12
INDONESIA SETS DMO FOR NEXT YEAR
COALspot.com - The Indonesian government has declared the quantity of coal to be supplied to domestic market in 2013 recently under DMO regulation. ...
Sunday, 21 October 12
BUMA HAS PRODUCED 25.0 MILLION TONS OF COAL YEAR TO DATE
COALspot.com - PT Delta Dunia Makmur Tbk., has removed 33.2 million bcm* (+5.5% YoY) of Overburden in September 2012 totaled while coal produc ...
Saturday, 20 October 12
SUPRAMAX FREIGHT EXPECTED TO BE FLAT - VISTAAR
COALspot.com - The shipping market continued to be quite active with quite lot of cargoes fixed for in the cape and panamax sector.
The BDI was ...
Thursday, 18 October 12
INDO-INDIA, LARGE ECO SUPRA FIXED AT USD 11000 - FEARNLEYS AS
Handy
Atlantic market remains quiet due to lack of cargoes and more supply of ships. Rates from Cont to East Med were around USD 14k and Black Sea ...
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Showing 4531 to 4535 news of total 6871 |
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- Port Waratah Coal Services - Australia
- Jaiprakash Power Ventures ltd
- Antam Resourcindo - Indonesia
- Minerals Council of Australia
- Posco Energy - South Korea
- Kapuas Tunggal Persada - Indonesia
- Singapore Mercantile Exchange
- Directorate Of Revenue Intelligence - India
- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- Altura Mining Limited, Indonesia
- GMR Energy Limited - India
- Sindya Power Generating Company Private Ltd
- Trasteel International SA, Italy
- Georgia Ports Authority, United States
- TNB Fuel Sdn Bhd - Malaysia
- Therma Luzon, Inc, Philippines
- Power Finance Corporation Ltd., India
- Petrochimia International Co. Ltd.- Taiwan
- Kumho Petrochemical, South Korea
- Pendopo Energi Batubara - Indonesia
- Formosa Plastics Group - Taiwan
- Indogreen Group - Indonesia
- Heidelberg Cement - Germany
- Kohat Cement Company Ltd. - Pakistan
- Bukit Makmur.PT - Indonesia
- New Zealand Coal & Carbon
- Maharashtra Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- South Luzon Thermal Energy Corporation
- Lanco Infratech Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Coal Blending Company Limited - Australia
- Larsen & Toubro Limited - India
- Latin American Coal - Colombia
- Africa Commodities Group - South Africa
- Riau Bara Harum - Indonesia
- Barasentosa Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Gujarat Sidhee Cement - India
- The Treasury - Australian Government
- Jorong Barutama Greston.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Wood Mackenzie - Singapore
- Ceylon Electricity Board - Sri Lanka
- Vedanta Resources Plc - India
- PowerSource Philippines DevCo
- Chamber of Mines of South Africa
- CNBM International Corporation - China
- Medco Energi Mining Internasional
- Mintek Dendrill Indonesia
- Maheswari Brothers Coal Limited - India
- Simpson Spence & Young - Indonesia
- Globalindo Alam Lestari - Indonesia
- Mercator Lines Limited - India
- Central Electricity Authority - India
- Intertek Mineral Services - Indonesia
- Interocean Group of Companies - India
- Global Green Power PLC Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Indian Energy Exchange, India
- Kalimantan Lumbung Energi - Indonesia
- PTC India Limited - India
- Leighton Contractors Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Kepco SPC Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Deloitte Consulting - India
- Bhatia International Limited - India
- LBH Netherlands Bv - Netherlands
- Sakthi Sugars Limited - India
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- ASAPP Information Group - India
- Marubeni Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- The State Trading Corporation of India Ltd
- Uttam Galva Steels Limited - India
- Thiess Contractors Indonesia
- Sarangani Energy Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Goldman Sachs - Singapore
- Jindal Steel & Power Ltd - India
- Meralco Power Generation, Philippines
- Toyota Tsusho Corporation, Japan
- Energy Link Ltd, New Zealand
- Ind-Barath Power Infra Limited - India
- Semirara Mining Corp, Philippines
- Indian Oil Corporation Limited
- Indika Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Australian Commodity Traders Exchange
- Bangladesh Power Developement Board
- Thai Mozambique Logistica
- IHS Mccloskey Coal Group - USA
- Independent Power Producers Association of India
- Kobexindo Tractors - Indoneisa
- SMC Global Power, Philippines
- GAC Shipping (India) Pvt Ltd
- Samtan Co., Ltd - South Korea
- Baramulti Group, Indonesia
- Vizag Seaport Private Limited - India
- Rio Tinto Coal - Australia
- SMG Consultants - Indonesia
- Siam City Cement - Thailand
- Karaikal Port Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Malabar Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- AsiaOL BioFuels Corp., Philippines
- London Commodity Brokers - England
- Offshore Bulk Terminal Pte Ltd, Singapore
- San Jose City I Power Corp, Philippines
- Mercuria Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coalindo Energy - Indonesia
- Sical Logistics Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Romanian Commodities Exchange
- Ministry of Finance - Indonesia
- Salva Resources Pvt Ltd - India
- MS Steel International - UAE
- Meenaskhi Energy Private Limited - India
- GVK Power & Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Mjunction Services Limited - India
- Borneo Indobara - Indonesia
- Electricity Authority, New Zealand
- Oldendorff Carriers - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Transport, Egypt
- Grasim Industreis Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Carbofer General Trading SA - India
- Bahari Cakrawala Sebuku - Indonesia
- Essar Steel Hazira Ltd - India
- Price Waterhouse Coopers - Russia
- Economic Council, Georgia
- Ministry of Mines - Canada
- Siam City Cement PLC, Thailand
- Indonesian Coal Mining Association
- Holcim Trading Pte Ltd - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Videocon Industries ltd - India
- Tamil Nadu electricity Board
- Dalmia Cement Bharat India
- IEA Clean Coal Centre - UK
- Alfred C Toepfer International GmbH - Germany
- Orica Mining Services - Indonesia
- Cement Manufacturers Association - India
- International Coal Ventures Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Billiton Holdings Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Xindia Steels Limited - India
- Bhoruka Overseas - Indonesia
- PNOC Exploration Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Binh Thuan Hamico - Vietnam
- Bulk Trading Sa - Switzerland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Asam (Persero) Tbk - Indonesia
- Commonwealth Bank - Australia
- India Bulls Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- SN Aboitiz Power Inc, Philippines
- Energy Development Corp, Philippines
- Banpu Public Company Limited - Thailand
- Australian Coal Association
- Ambuja Cements Ltd - India
- Bhushan Steel Limited - India
- Coastal Gujarat Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- ICICI Bank Limited - India
- Aboitiz Power Corporation - Philippines
- Makarim & Taira - Indonesia
- Edison Trading Spa - Italy
- Star Paper Mills Limited - India
- Agrawal Coal Company - India
- Madhucon Powers Ltd - India
- Electricity Generating Authority of Thailand
- Sinarmas Energy and Mining - Indonesia
- Parry Sugars Refinery, India
- Central Java Power - Indonesia
- Timah Investasi Mineral - Indoneisa
- McConnell Dowell - Australia
- TeaM Sual Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Petron Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Sojitz Corporation - Japan
- Attock Cement Pakistan Limited
- Metalloyd Limited - United Kingdom
- Anglo American - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Standard Chartered Bank - UAE
- Semirara Mining and Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- VISA Power Limited - India
- Eastern Energy - Thailand
- Planning Commission, India
- Eastern Coal Council - USA
- Rashtriya Ispat Nigam Limited - India
- White Energy Company Limited
- European Bulk Services B.V. - Netherlands
- CIMB Investment Bank - Malaysia
- Parliament of New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Aditya Birla Group - India
- Wilmar Investment Holdings
- Coal and Oil Company - UAE
- Bharathi Cement Corporation - India
- Orica Australia Pty. Ltd.
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