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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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- Kobexindo Tractors - Indoneisa
- Ministry of Transport, Egypt
- Renaissance Capital - South Africa
- European Bulk Services B.V. - Netherlands
- TeaM Sual Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Riau Bara Harum - Indonesia
- Baramulti Group, Indonesia
- Malabar Cements Ltd - India
- Ministry of Finance - Indonesia
- Savvy Resources Ltd - HongKong
- Electricity Authority, New Zealand
- Bharathi Cement Corporation - India
- Rio Tinto Coal - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kumho Petrochemical, South Korea
- Anglo American - United Kingdom
- IEA Clean Coal Centre - UK
- Dalmia Cement Bharat India
- Deloitte Consulting - India
- IHS Mccloskey Coal Group - USA
- Bhatia International Limited - India
- Mercuria Energy - Indonesia
- Standard Chartered Bank - UAE
- Maheswari Brothers Coal Limited - India
- Billiton Holdings Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Bulk Trading Sa - Switzerland
- Bhushan Steel Limited - India
- Grasim Industreis Ltd - India
- Bukit Makmur.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Georgia Ports Authority, United States
- Power Finance Corporation Ltd., India
- Simpson Spence & Young - Indonesia
- Tamil Nadu electricity Board
- Indo Tambangraya Megah - Indonesia
- Edison Trading Spa - Italy
- Heidelberg Cement - Germany
- New Zealand Coal & Carbon
- Maharashtra Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Banpu Public Company Limited - Thailand
- Merrill Lynch Commodities Europe
- GAC Shipping (India) Pvt Ltd
- Indian Oil Corporation Limited
- Parry Sugars Refinery, India
- The University of Queensland
- Parliament of New Zealand
- Mjunction Services Limited - India
- Formosa Plastics Group - Taiwan
- Eastern Energy - Thailand
- Mintek Dendrill Indonesia
- Indika Energy - Indonesia
- Borneo Indobara - Indonesia
- Pendopo Energi Batubara - Indonesia
- Xindia Steels Limited - India
- PTC India Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Globalindo Alam Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Business Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhoruka Overseas - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Indian Energy Exchange, India
- Wood Mackenzie - Singapore
- Price Waterhouse Coopers - Russia
- Meenaskhi Energy Private Limited - India
- Goldman Sachs - Singapore
- Global Coal Blending Company Limited - Australia
- Bukit Baiduri Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bahari Cakrawala Sebuku - Indonesia
- Orica Mining Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bangladesh Power Developement Board
- Toyota Tsusho Corporation, Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- MS Steel International - UAE
- McConnell Dowell - Australia
- Energy Development Corp, Philippines
- Semirara Mining Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Karaikal Port Pvt Ltd - India
- Agrawal Coal Company - India
- Siam City Cement PLC, Thailand
- Directorate General of MIneral and Coal - Indonesia
- Vizag Seaport Private Limited - India
- SMC Global Power, Philippines
- Bayan Resources Tbk. - Indonesia
- Vedanta Resources Plc - India
- Kideco Jaya Agung - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- White Energy Company Limited
- Sree Jayajothi Cements Limited - India
- Binh Thuan Hamico - Vietnam
- Ministry of Mines - Canada
- Independent Power Producers Association of India
- Coal and Oil Company - UAE
- Altura Mining Limited, Indonesia
- The Treasury - Australian Government
- PNOC Exploration Corporation - Philippines
- Indogreen Group - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Meralco Power Generation, Philippines
- Posco Energy - South Korea
- Ceylon Electricity Board - Sri Lanka
- Therma Luzon, Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Energy Link Ltd, New Zealand
- International Coal Ventures Pvt Ltd - India
- Aditya Birla Group - India
- Thiess Contractors Indonesia
- Medco Energi Mining Internasional
- Chamber of Mines of South Africa
- Attock Cement Pakistan Limited
- Salva Resources Pvt Ltd - India
- Videocon Industries ltd - India
- Kapuas Tunggal Persada - Indonesia
- Commonwealth Bank - Australia
- Carbofer General Trading SA - India
- Sical Logistics Limited - India
- Central Java Power - Indonesia
- Essar Steel Hazira Ltd - India
- Antam Resourcindo - Indonesia
- Siam City Cement - Thailand
- Tata Chemicals Ltd - India
- Lanco Infratech Ltd - India
- Ind-Barath Power Infra Limited - India
- VISA Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining and Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Jindal Steel & Power Ltd - India
- London Commodity Brokers - England
- Central Electricity Authority - India
- Star Paper Mills Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Jaiprakash Power Ventures ltd
- PowerSource Philippines DevCo
- Gujarat Mineral Development Corp Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Coastal Gujarat Power Limited - India
- Cement Manufacturers Association - India
- Eastern Coal Council - USA
- Miang Besar Coal Terminal - Indonesia
- Singapore Mercantile Exchange
- Economic Council, Georgia
- OPG Power Generation Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Wilmar Investment Holdings
- San Jose City I Power Corp, Philippines
- Metalloyd Limited - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Trasteel International SA, Italy
- Interocean Group of Companies - India
- The State Trading Corporation of India Ltd
- Manunggal Multi Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Aboitiz Power Corporation - Philippines
- Planning Commission, India
- Madhucon Powers Ltd - India
- Port Waratah Coal Services - Australia
- Minerals Council of Australia
- Mercator Lines Limited - India
- Larsen & Toubro Limited - India
- Samtan Co., Ltd - South Korea
- Indonesian Coal Mining Association
- GMR Energy Limited - India
- Australian Commodity Traders Exchange
- Directorate Of Revenue Intelligence - India
- CIMB Investment Bank - Malaysia
- Oldendorff Carriers - Singapore
- Uttam Galva Steels Limited - India
- ICICI Bank Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Australian Coal Association
- Romanian Commodities Exchange
- SMG Consultants - Indonesia
- Coalindo Energy - Indonesia
- India Bulls Power Limited - India
- Sakthi Sugars Limited - India
- ASAPP Information Group - India
- Petron Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- LBH Netherlands Bv - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Latin American Coal - Colombia
- Sojitz Corporation - Japan
- CNBM International Corporation - China
- Thai Mozambique Logistica
- Gujarat Sidhee Cement - India
- Chettinad Cement Corporation Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Marubeni Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Ambuja Cements Ltd - India
- Africa Commodities Group - South Africa
- Sarangani Energy Corporation, Philippines
- Barasentosa Lestari - Indonesia
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