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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, 16 October 12
DRY BULK FREIGHT RATES COULD IMPROVE ON CHINESE STIMULUS AND WINTER CARGO DEMAND SAYS BIMCO - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
BIMCO has given out its forecast for the next six weeks, in terms of freight rates for dry bulk carriers. According to them, Capesize TC Average rat ...
Sunday, 14 October 12
SUB-BIT INDONESIA COAL AND CFR SOUTH CHINA COAL SWAPS: SOFT
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for December 2012 delivery lost 0.329 percent w- w but gained 0.248 percent d-d on Friday, 12 Oct ...
Sunday, 14 October 12
SUPRAMAX FREIGHT STEADY: PANAMAX FREIGHTS FIRM - VISTAAR
COALspot.com - The shipping market saw some hectic activity in the Cape and panamax sector and quite a lot of fixtures reported.
The BDI was up b ...
Friday, 12 October 12
HOW REAL IS THE THREAT OF PIRACY? - BIMCO
The threat of modern piracy remains serious, regardless of its seasonal variations and the fact that it is chiefly confined to the Indian Ocean, Gul ...
Friday, 12 October 12
INVESTMENT OPPORTUNITIES OCCUR IN THE SECOND HAND VESSEL MARKETS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Although 2012 has by now evolved into one of the most challenging years for global shipping industry, ship owners are scouting the second hand ship ...
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Showing 4536 to 4540 news of total 6871 |
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- PowerSource Philippines DevCo
- Madhucon Powers Ltd - India
- Energy Link Ltd, New Zealand
- Chettinad Cement Corporation Ltd - India
- Commonwealth Bank - Australia
- Intertek Mineral Services - Indonesia
- The State Trading Corporation of India Ltd
- Trasteel International SA, Italy
- Billiton Holdings Pty Ltd - Australia
- CNBM International Corporation - China
- Goldman Sachs - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Coal Council - USA
- Binh Thuan Hamico - Vietnam
- Wilmar Investment Holdings
- Banpu Public Company Limited - Thailand
- Global Business Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Jaiprakash Power Ventures ltd
- Samtan Co., Ltd - South Korea
- Oldendorff Carriers - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karaikal Port Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- India Bulls Power Limited - India
- Marubeni Corporation - India
- Planning Commission, India
- Bhoruka Overseas - Indonesia
- Bukit Baiduri Energy - Indonesia
- Altura Mining Limited, Indonesia
- Parry Sugars Refinery, India
- Sindya Power Generating Company Private Ltd
- ASAPP Information Group - India
- Wood Mackenzie - Singapore
- Salva Resources Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Borneo Indobara - Indonesia
- Ministry of Mines - Canada
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Kumho Petrochemical, South Korea
- Ministry of Finance - Indonesia
- Global Green Power PLC Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Ind-Barath Power Infra Limited - India
- Agrawal Coal Company - India
- Central Electricity Authority - India
- Bulk Trading Sa - Switzerland
- Sojitz Corporation - Japan
- Jorong Barutama Greston.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Siam City Cement PLC, Thailand
- Merrill Lynch Commodities Europe
- San Jose City I Power Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Global Coal Blending Company Limited - Australia
- Lanco Infratech Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Chamber of Mines of South Africa
- Australian Coal Association
- GMR Energy Limited - India
- Vedanta Resources Plc - India
- AsiaOL BioFuels Corp., Philippines
- Vizag Seaport Private Limited - India
- PNOC Exploration Corporation - Philippines
- Mercator Lines Limited - India
- Medco Energi Mining Internasional
- Antam Resourcindo - Indonesia
- Interocean Group of Companies - India
- Aditya Birla Group - India
- Bharathi Cement Corporation - India
- LBH Netherlands Bv - Netherlands
- Orica Australia Pty. Ltd.
- Ministry of Transport, Egypt
- GN Power Mariveles Coal Plant, Philippines
- Energy Development Corp, Philippines
- Australian Commodity Traders Exchange
- Malabar Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Anglo American - United Kingdom
- Renaissance Capital - South Africa
- CIMB Investment Bank - Malaysia
- Power Finance Corporation Ltd., India
- Neyveli Lignite Corporation Ltd, - India
- Mintek Dendrill Indonesia
- Bhushan Steel Limited - India
- PTC India Limited - India
- Rashtriya Ispat Nigam Limited - India
- SN Aboitiz Power Inc, Philippines
- Bhatia International Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Savvy Resources Ltd - HongKong
- Africa Commodities Group - South Africa
- Thai Mozambique Logistica
- Sarangani Energy Corporation, Philippines
- Electricity Generating Authority of Thailand
- Kideco Jaya Agung - Indonesia
- London Commodity Brokers - England
- Edison Trading Spa - Italy
- Semirara Mining Corp, Philippines
- Deloitte Consulting - India
- The University of Queensland
- Economic Council, Georgia
- TNB Fuel Sdn Bhd - Malaysia
- Sakthi Sugars Limited - India
- New Zealand Coal & Carbon
- Indian Oil Corporation Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Central Java Power - Indonesia
- Indian Energy Exchange, India
- European Bulk Services B.V. - Netherlands
- GVK Power & Infra Limited - India
- Electricity Authority, New Zealand
- Therma Luzon, Inc, Philippines
- Straits Asia Resources Limited - Singapore
- International Coal Ventures Pvt Ltd - India
- Tata Chemicals Ltd - India
- Toyota Tsusho Corporation, Japan
- Sical Logistics Limited - India
- Indika Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Cement Manufacturers Association - India
- Xindia Steels Limited - India
- McConnell Dowell - Australia
- Larsen & Toubro Limited - India
- IHS Mccloskey Coal Group - USA
- Carbofer General Trading SA - India
- Mercuria Energy - Indonesia
- Romanian Commodities Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Grasim Industreis Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Kapuas Tunggal Persada - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Posco Energy - South Korea
- Cigading International Bulk Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Meralco Power Generation, Philippines
- Ambuja Cements Ltd - India
- IEA Clean Coal Centre - UK
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aboitiz Power Corporation - Philippines
- Mjunction Services Limited - India
- Coalindo Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement - Thailand
- TeaM Sual Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Heidelberg Cement - Germany
- Eastern Energy - Thailand
- Standard Chartered Bank - UAE
- Georgia Ports Authority, United States
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- Bukit Makmur.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- SMC Global Power, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indonesian Coal Mining Association
- Kobexindo Tractors - Indoneisa
- Parliament of New Zealand
- SMG Consultants - Indonesia
- Iligan Light & Power Inc, Philippines
- VISA Power Limited - India
- Attock Cement Pakistan Limited
- Directorate General of MIneral and Coal - Indonesia
- Petron Corporation, Philippines
- Port Waratah Coal Services - Australia
- Essar Steel Hazira Ltd - India
- Jindal Steel & Power Ltd - India
- Makarim & Taira - Indonesia
- The Treasury - Australian Government
- Baramulti Group, Indonesia
- Meenaskhi Energy Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Singapore Mercantile Exchange
- ICICI Bank Limited - India
- Tamil Nadu electricity Board
- Coastal Gujarat Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- MS Steel International - UAE
- Dalmia Cement Bharat India
- Simpson Spence & Young - Indonesia
- Orica Mining Services - Indonesia
- South Luzon Thermal Energy Corporation
- Barasentosa Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Videocon Industries ltd - India
- Independent Power Producers Association of India
- Asmin Koalindo Tuhup - Indonesia
- Thiess Contractors Indonesia
- Rio Tinto Coal - Australia
- Kepco SPC Power Corporation, Philippines
- White Energy Company Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Minerals Council of Australia
- Formosa Plastics Group - Taiwan
- Star Paper Mills Limited - India
- Indogreen Group - Indonesia
- Coal and Oil Company - UAE
- Gujarat Sidhee Cement - India
- Latin American Coal - Colombia
- Maharashtra Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Maheswari Brothers Coal Limited - India
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