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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 $3,000/day only 4 fixtures were concluded.
Reluctant Partners…
The turning points come when owners and charterers become reluctant partners. During 2002-04, 2006-08 and 2009-10 the forward spot curve was higher than for period rates. It was clearly in charterers’ interest to fix period rather than spot and indeed fixtures did increase. It was owners’ toes that were being stepped upon as they lost out on better spot rates.
For a short period in 2005 the roles were reversed and again, in 2008, the forward spot curve fell faster than period rates, giving owners an opportunity. However, in both periods charterers were less willing and the number of fixtures declined sharply. Now, with spot and period rates aligned it is less clear where the benefit lies; the number of fixtures is falling, but where will spot rates go?
Dancing in the Dark…
So, there you have it, owners and charterers can do the moves but they don’t always make the best of partners. Reading the spot market is the key and it appears that charterers have been getting the best of it, but both are really dancing in the dark. The benefits of the long term deal are never guaranteed when the casual excuse me can intercede.
Source: Clarkson Research Services / Hellenic Shipping News
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Tuesday, 09 October 12
REALM RESOURCES RECOMMENCES DRILLING AT KATINGAN RIA COAL PROJECT
COALspot.com : Realm Resources Ltd. (ASX) has announced that it has commenced work on the phase three technical programme at its Katingan Project in ...
Sunday, 07 October 12
INDONESIAN GOVERNMENT DECLARED HBA FELL AGAIN IN OCTOBER
COALspot.com - The Indonesian government’s declared coal reference price has lost US$ 0.17 per MT M-M.
The monthly coal referen ...
Saturday, 06 October 12
CFR SOUTH CHINA COAL SWAPS FOR DECEMBER'13 DELIVERY GAINED 1.3 PERCENT W-W
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for December 2012 delivery gained 0.098 percent and 0.164 percent W-W and D-D respectively o ...
Saturday, 06 October 12
FREIGHT MARKET IS LIKELY TO PICK AFTER THE HOLIDAYS IN CHINA - VISTAAR
COALspot.com - The freight market appeared to be seeing some increase BDI up by 14.23 pct closing at 875 points. The Cape and Panamax index also saw ...
Thursday, 04 October 12
CAPESIZE : IN SPITE OF THE HOLIDAYS IN CHINA, RATES ARE CLIMBING UP - FEARNLEYS AS
Handy
Atlantic market remains quiet due to lack of cargoes and more supply of ships. Rates from Continent to east Med were around USD 13k and Black ...
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Showing 4546 to 4550 news of total 6871 |
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- Formosa Plastics Group - Taiwan
- Therma Luzon, Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- TeaM Sual Corporation - Philippines
- Bangladesh Power Developement Board
- Bahari Cakrawala Sebuku - Indonesia
- White Energy Company Limited
- Jorong Barutama Greston.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Coalindo Energy - Indonesia
- IEA Clean Coal Centre - UK
- Riau Bara Harum - Indonesia
- Posco Energy - South Korea
- Energy Development Corp, Philippines
- Intertek Mineral Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Antam Resourcindo - Indonesia
- Merrill Lynch Commodities Europe
- Bukit Asam (Persero) Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- GAC Shipping (India) Pvt Ltd
- Bhatia International Limited - India
- SMG Consultants - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Electricity Authority, New Zealand
- Essar Steel Hazira Ltd - India
- Coastal Gujarat Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Commodity Traders Exchange
- Chamber of Mines of South Africa
- Indo Tambangraya Megah - Indonesia
- Electricity Generating Authority of Thailand
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement PLC, Thailand
- Bhushan Steel Limited - India
- Alfred C Toepfer International GmbH - Germany
- SMC Global Power, Philippines
- Semirara Mining Corp, Philippines
- Mintek Dendrill Indonesia
- Globalindo Alam Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Videocon Industries ltd - India
- Goldman Sachs - Singapore
- San Jose City I Power Corp, Philippines
- Attock Cement Pakistan Limited
- Renaissance Capital - South Africa
- Oldendorff Carriers - Singapore
- Heidelberg Cement - Germany
- Singapore Mercantile Exchange
- Wood Mackenzie - Singapore
- The Treasury - Australian Government
- Timah Investasi Mineral - Indoneisa
- Indika Energy - Indonesia
- Larsen & Toubro Limited - India
- Rashtriya Ispat Nigam Limited - India
- Indonesian Coal Mining Association
- GVK Power & Infra Limited - India
- Aditya Birla Group - India
- Bhoruka Overseas - Indonesia
- The University of Queensland
- Malabar Cements Ltd - India
- Romanian Commodities Exchange
- Marubeni Corporation - India
- Indian Energy Exchange, India
- Metalloyd Limited - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Ministry of Transport, Egypt
- Kartika Selabumi Mining - Indonesia
- Makarim & Taira - Indonesia
- ASAPP Information Group - India
- CIMB Investment Bank - Malaysia
- Africa Commodities Group - South Africa
- Central Electricity Authority - India
- Cement Manufacturers Association - India
- Petrochimia International Co. Ltd.- Taiwan
- Kumho Petrochemical, South Korea
- Savvy Resources Ltd - HongKong
- McConnell Dowell - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Indian Oil Corporation Limited
- Ministry of Mines - Canada
- Bharathi Cement Corporation - India
- Gujarat Sidhee Cement - India
- Krishnapatnam Port Company Ltd. - India
- Maharashtra Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- London Commodity Brokers - England
- Petron Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Borneo Indobara - Indonesia
- Parry Sugars Refinery, India
- Global Coal Blending Company Limited - Australia
- ICICI Bank Limited - India
- Orica Mining Services - Indonesia
- Australian Coal Association
- Edison Trading Spa - Italy
- Trasteel International SA, Italy
- Maheswari Brothers Coal Limited - India
- Meenaskhi Energy Private Limited - India
- VISA Power Limited - India
- CNBM International Corporation - China
- TNB Fuel Sdn Bhd - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Bayan Resources Tbk. - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kobexindo Tractors - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Eastern Coal Council - USA
- PNOC Exploration Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Ambuja Cements Ltd - India
- Deloitte Consulting - India
- Sarangani Energy Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indogreen Group - Indonesia
- Power Finance Corporation Ltd., India
- Neyveli Lignite Corporation Ltd, - India
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Mineral Development Corp Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sojitz Corporation - Japan
- Star Paper Mills Limited - India
- Bukit Baiduri Energy - Indonesia
- Mercator Lines Limited - India
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Rio Tinto Coal - Australia
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- Sakthi Sugars Limited - India
- Wilmar Investment Holdings
- Standard Chartered Bank - UAE
- PTC India Limited - India
- Ministry of Finance - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Georgia Ports Authority, United States
- Tamil Nadu electricity Board
- Uttam Galva Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Aboitiz Power Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Global Green Power PLC Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Bulk Trading Sa - Switzerland
- Medco Energi Mining Internasional
- Interocean Group of Companies - India
- Tata Chemicals Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercuria Energy - Indonesia
- Central Java Power - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Dalmia Cement Bharat India
- South Luzon Thermal Energy Corporation
- Minerals Council of Australia
- Kaltim Prima Coal - Indonesia
- Coal and Oil Company - UAE
- The State Trading Corporation of India Ltd
- Mjunction Services Limited - India
- MS Steel International - UAE
- Economic Council, Georgia
- Eastern Energy - Thailand
- Vizag Seaport Private Limited - India
- Madhucon Powers Ltd - India
- Sical Logistics Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- AsiaOL BioFuels Corp., Philippines
- Latin American Coal - Colombia
- PowerSource Philippines DevCo
- Kideco Jaya Agung - Indonesia
- Parliament of New Zealand
- Grasim Industreis Ltd - India
- Sindya Power Generating Company Private Ltd
- Anglo American - United Kingdom
- Lanco Infratech Ltd - India
- Planning Commission, India
- Energy Link Ltd, New Zealand
- Vedanta Resources Plc - India
- GMR Energy Limited - India
- Orica Australia Pty. Ltd.
- European Bulk Services B.V. - Netherlands
- Baramulti Group, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Chettinad Cement Corporation Ltd - India
- SN Aboitiz Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Agrawal Coal Company - India
- Leighton Contractors Pty Ltd - Australia
- Thiess Contractors Indonesia
- Carbofer General Trading SA - India
- India Bulls Power Limited - India
- Commonwealth Bank - Australia
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement - Thailand
- Xindia Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Independent Power Producers Association of India
- Thai Mozambique Logistica
- Salva Resources Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Toyota Tsusho Corporation, Japan
- Straits Asia Resources Limited - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Pendopo Energi Batubara - Indonesia
- Meralco Power Generation, Philippines
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