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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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Sunday, 23 September 12
INDIA IMPORTED 11.40 PERCENT MORE INDONESIAN COAL IN AUGUST
COALspot.com: Indonesia, the world largest multi grade coal exporter, shipped 26,451,565* tons of coal in August 2012, compared to 27.88* mill ...
Saturday, 22 September 12
SOFT BUNKER PRICES KEEP INDONESIA TO INDIA FREIGHTS STABLE - VISTAAR
COALspot.com - The freight market overall remained buoyant with all indices up except for Panamax index. The main effect seems to be increased shipm ...
Friday, 21 September 12
SHIP BREAKING ACTIVITY REACHES NEW RECORDS, AS ALREADY 2012 LEVELS HAVE SURPASSED THE WHOLE OF 2011 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The vast oversupply of vessels, most notably in the dry bulk shipping sector, has forced ship owners to intensify their efforts towards recycling th ...
Thursday, 20 September 12
SUPRAMAX : INDO-INDIA ROUNDS WERE AROUND USD 12K - FEARNLEYS
Handy
Not a bad week for Supramax tonnage, if we compare Supramax developments to the bigger size tonnage. The rates have basically remained unchan ...
Thursday, 20 September 12
DRY BULK INCHES FORWARD AFTER WEEKS OF BELOW PAR PERFORMANCE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has started to revive from its ashed, as the past couple of days, traders have reported an increased activity from China, result ...
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- Altura Mining Limited, Indonesia
- Goldman Sachs - Singapore
- Alfred C Toepfer International GmbH - Germany
- PNOC Exploration Corporation - Philippines
- Deloitte Consulting - India
- Aboitiz Power Corporation - Philippines
- Chamber of Mines of South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- ASAPP Information Group - India
- Coastal Gujarat Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Salva Resources Pvt Ltd - India
- SMG Consultants - Indonesia
- Larsen & Toubro Limited - India
- Energy Link Ltd, New Zealand
- Power Finance Corporation Ltd., India
- Kartika Selabumi Mining - Indonesia
- Wilmar Investment Holdings
- McConnell Dowell - Australia
- Global Coal Blending Company Limited - Australia
- MS Steel International - UAE
- Neyveli Lignite Corporation Ltd, - India
- Indo Tambangraya Megah - Indonesia
- Kepco SPC Power Corporation, Philippines
- Romanian Commodities Exchange
- Toyota Tsusho Corporation, Japan
- Gujarat Mineral Development Corp Ltd - India
- Australian Coal Association
- Indonesian Coal Mining Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cement Manufacturers Association - India
- IEA Clean Coal Centre - UK
- Georgia Ports Authority, United States
- Commonwealth Bank - Australia
- Agrawal Coal Company - India
- European Bulk Services B.V. - Netherlands
- Tamil Nadu electricity Board
- Bharathi Cement Corporation - India
- Standard Chartered Bank - UAE
- Sindya Power Generating Company Private Ltd
- Petron Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Transport, Egypt
- Makarim & Taira - Indonesia
- Energy Development Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Indian Energy Exchange, India
- Attock Cement Pakistan Limited
- Indogreen Group - Indonesia
- Meralco Power Generation, Philippines
- Minerals Council of Australia
- SN Aboitiz Power Inc, Philippines
- Parry Sugars Refinery, India
- Thiess Contractors Indonesia
- Semirara Mining and Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Sakthi Sugars Limited - India
- Binh Thuan Hamico - Vietnam
- India Bulls Power Limited - India
- Sical Logistics Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- GMR Energy Limited - India
- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Madhucon Powers Ltd - India
- Xindia Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Kumho Petrochemical, South Korea
- Bayan Resources Tbk. - Indonesia
- Global Business Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- GAC Shipping (India) Pvt Ltd
- Directorate Of Revenue Intelligence - India
- Carbofer General Trading SA - India
- PTC India Limited - India
- Mjunction Services Limited - India
- Therma Luzon, Inc, Philippines
- Africa Commodities Group - South Africa
- Marubeni Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Renaissance Capital - South Africa
- Star Paper Mills Limited - India
- Maheswari Brothers Coal Limited - India
- Singapore Mercantile Exchange
- Antam Resourcindo - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kaltim Prima Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- VISA Power Limited - India
- Port Waratah Coal Services - Australia
- Thai Mozambique Logistica
- Jindal Steel & Power Ltd - India
- Manunggal Multi Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- CNBM International Corporation - China
- Dalmia Cement Bharat India
- The Treasury - Australian Government
- Mercator Lines Limited - India
- Bukit Baiduri Energy - Indonesia
- Coalindo Energy - Indonesia
- San Jose City I Power Corp, Philippines
- London Commodity Brokers - England
- Bukit Asam (Persero) Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Bhushan Steel Limited - India
- Leighton Contractors Pty Ltd - Australia
- Coal and Oil Company - UAE
- Global Green Power PLC Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Merrill Lynch Commodities Europe
- Pendopo Energi Batubara - Indonesia
- Vizag Seaport Private Limited - India
- Latin American Coal - Colombia
- Eastern Energy - Thailand
- Trasteel International SA, Italy
- International Coal Ventures Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Globalindo Alam Lestari - Indonesia
- Australian Commodity Traders Exchange
- Mercuria Energy - Indonesia
- Grasim Industreis Ltd - India
- Posco Energy - South Korea
- Chettinad Cement Corporation Ltd - India
- Bukit Makmur.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- PowerSource Philippines DevCo
- Medco Energi Mining Internasional
- Rio Tinto Coal - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tata Chemicals Ltd - India
- Intertek Mineral Services - Indonesia
- Parliament of New Zealand
- South Luzon Thermal Energy Corporation
- Eastern Coal Council - USA
- GVK Power & Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Formosa Plastics Group - Taiwan
- Sree Jayajothi Cements Limited - India
- Indian Oil Corporation Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- ICICI Bank Limited - India
- Savvy Resources Ltd - HongKong
- Rashtriya Ispat Nigam Limited - India
- Economic Council, Georgia
- Vedanta Resources Plc - India
- Ministry of Mines - Canada
- Mintek Dendrill Indonesia
- Jaiprakash Power Ventures ltd
- Karbindo Abesyapradhi - Indoneisa
- LBH Netherlands Bv - Netherlands
- Bangladesh Power Developement Board
- Baramulti Group, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Ambuja Cements Ltd - India
- Orica Australia Pty. Ltd.
- Banpu Public Company Limited - Thailand
- Central Java Power - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Ministry of Finance - Indonesia
- Simpson Spence & Young - Indonesia
- Borneo Indobara - Indonesia
- The State Trading Corporation of India Ltd
- Malabar Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Planning Commission, India
- Samtan Co., Ltd - South Korea
- Lanco Infratech Ltd - India
- Bhatia International Limited - India
- Semirara Mining Corp, Philippines
- Gujarat Sidhee Cement - India
- Oldendorff Carriers - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Authority, New Zealand
- OPG Power Generation Pvt Ltd - India
- Sojitz Corporation - Japan
- Indika Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- White Energy Company Limited
- Central Electricity Authority - India
- SMC Global Power, Philippines
- Heidelberg Cement - Germany
- Holcim Trading Pte Ltd - Singapore
- Wood Mackenzie - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Metalloyd Limited - United Kingdom
- Independent Power Producers Association of India
- Anglo American - United Kingdom
- TeaM Sual Corporation - Philippines
- Interocean Group of Companies - India
- Siam City Cement - Thailand
- Videocon Industries ltd - India
- Krishnapatnam Port Company Ltd. - India
- Edison Trading Spa - Italy
- Barasentosa Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Orica Mining Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Aditya Birla Group - India
- The University of Queensland
- IHS Mccloskey Coal Group - USA
- Meenaskhi Energy Private Limited - India
- Siam City Cement PLC, Thailand
- Kapuas Tunggal Persada - Indonesia
- Bulk Trading Sa - Switzerland
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