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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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Wednesday, 19 September 12
CHURCHILL STRENGTHENS LITIGATION TEAM WITH APPOINTMENT OF NICHOLAS SMITH AS MANAGING DIRECTOR
COALspot.com - Churchill Mining PLC (AIM: CHL) has announced that, Mr Nicholas Smith has joined the board of the Company and has been appointed as t ...
Wednesday, 19 September 12
DRY BULK TERMINALS SINGAPORE
Press Release - Dry bulk terminals are used all around the world to handle large quantities of bulk materials, like minerals, grains, etc. In today& ...
Tuesday, 18 September 12
JORC CODE REVISION - EXPOSURE DRAFT RELEASED FOR COMMENT
COALspot.com - The Australasian Joint Ore Reserves Committee (JORC) has today released for public comment the exposure draft of the JORC Code (2012) ...
Monday, 17 September 12
YEAR TO DATE, BUMA PRODUCED 231.1 MILLION BCM OF OVERBURDEN
COALspot.com - PT. Delta Dunia Makmur Tbk has removed 31.5 million bcm (+6.0 percent YoY) overburden in August 2012 totaled 31.5 million bcm ( ...
Sunday, 16 September 12
GLOBAL LOW DEMAND ; INDONESIA COAL AND CFR SOUTH CHINA COAL SWAPS DIP
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for November 2012 delivery lost 1.345 percent W-O-W on Friday, 14 September 2012, closing but gai ...
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Showing 4566 to 4570 news of total 6871 |
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- Posco Energy - South Korea
- Simpson Spence & Young - Indonesia
- European Bulk Services B.V. - Netherlands
- Kideco Jaya Agung - Indonesia
- Indonesian Coal Mining Association
- Wood Mackenzie - Singapore
- Gujarat Sidhee Cement - India
- Standard Chartered Bank - UAE
- Cigading International Bulk Terminal - Indonesia
- Bharathi Cement Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Central Electricity Authority - India
- Ministry of Mines - Canada
- Antam Resourcindo - Indonesia
- Global Business Power Corporation, Philippines
- Minerals Council of Australia
- Parliament of New Zealand
- Carbofer General Trading SA - India
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- IHS Mccloskey Coal Group - USA
- Attock Cement Pakistan Limited
- Thai Mozambique Logistica
- Riau Bara Harum - Indonesia
- Heidelberg Cement - Germany
- Miang Besar Coal Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Aditya Birla Group - India
- Alfred C Toepfer International GmbH - Germany
- Orica Mining Services - Indonesia
- Bhatia International Limited - India
- Essar Steel Hazira Ltd - India
- Parry Sugars Refinery, India
- Deloitte Consulting - India
- Ministry of Finance - Indonesia
- Kumho Petrochemical, South Korea
- Petron Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Samtan Co., Ltd - South Korea
- Rashtriya Ispat Nigam Limited - India
- PTC India Limited - India
- Grasim Industreis Ltd - India
- White Energy Company Limited
- Kartika Selabumi Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Intertek Mineral Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- The State Trading Corporation of India Ltd
- Renaissance Capital - South Africa
- Barasentosa Lestari - Indonesia
- Makarim & Taira - Indonesia
- Merrill Lynch Commodities Europe
- Kepco SPC Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Siam City Cement - Thailand
- Borneo Indobara - Indonesia
- Orica Australia Pty. Ltd.
- Maheswari Brothers Coal Limited - India
- Jorong Barutama Greston.PT - Indonesia
- SMC Global Power, Philippines
- Aboitiz Power Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Xindia Steels Limited - India
- Agrawal Coal Company - India
- Globalindo Alam Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- ICICI Bank Limited - India
- Oldendorff Carriers - Singapore
- Georgia Ports Authority, United States
- Cement Manufacturers Association - India
- Pendopo Energi Batubara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Star Paper Mills Limited - India
- Ambuja Cements Ltd - India
- Videocon Industries ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vedanta Resources Plc - India
- New Zealand Coal & Carbon
- Bukit Makmur.PT - Indonesia
- Goldman Sachs - Singapore
- Timah Investasi Mineral - Indoneisa
- South Luzon Thermal Energy Corporation
- Anglo American - United Kingdom
- Meralco Power Generation, Philippines
- Sinarmas Energy and Mining - Indonesia
- ASAPP Information Group - India
- Holcim Trading Pte Ltd - Singapore
- Central Java Power - Indonesia
- International Coal Ventures Pvt Ltd - India
- MS Steel International - UAE
- GN Power Mariveles Coal Plant, Philippines
- Malabar Cements Ltd - India
- Energy Development Corp, Philippines
- Mintek Dendrill Indonesia
- Wilmar Investment Holdings
- The University of Queensland
- India Bulls Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- TeaM Sual Corporation - Philippines
- Larsen & Toubro Limited - India
- McConnell Dowell - Australia
- Planning Commission, India
- Kohat Cement Company Ltd. - Pakistan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sakthi Sugars Limited - India
- Ministry of Transport, Egypt
- Iligan Light & Power Inc, Philippines
- Coalindo Energy - Indonesia
- Tamil Nadu electricity Board
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- Indian Oil Corporation Limited
- Vizag Seaport Private Limited - India
- Altura Mining Limited, Indonesia
- Ind-Barath Power Infra Limited - India
- Uttam Galva Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Ceylon Electricity Board - Sri Lanka
- CNBM International Corporation - China
- Coastal Gujarat Power Limited - India
- Eastern Coal Council - USA
- Power Finance Corporation Ltd., India
- Bhushan Steel Limited - India
- Bhoruka Overseas - Indonesia
- Siam City Cement PLC, Thailand
- Salva Resources Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Medco Energi Mining Internasional
- Kaltim Prima Coal - Indonesia
- Sojitz Corporation - Japan
- Kobexindo Tractors - Indoneisa
- Electricity Authority, New Zealand
- Energy Link Ltd, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Manunggal Multi Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Indian Energy Exchange, India
- Bangladesh Power Developement Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Independent Power Producers Association of India
- CIMB Investment Bank - Malaysia
- Bulk Trading Sa - Switzerland
- GVK Power & Infra Limited - India
- Straits Asia Resources Limited - Singapore
- San Jose City I Power Corp, Philippines
- Mercuria Energy - Indonesia
- SMG Consultants - Indonesia
- Commonwealth Bank - Australia
- Vijayanagar Sugar Pvt Ltd - India
- VISA Power Limited - India
- Africa Commodities Group - South Africa
- Eastern Energy - Thailand
- Sical Logistics Limited - India
- AsiaOL BioFuels Corp., Philippines
- Interocean Group of Companies - India
- Bayan Resources Tbk. - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Economic Council, Georgia
- Indika Energy - Indonesia
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- SN Aboitiz Power Inc, Philippines
- Trasteel International SA, Italy
- Australian Coal Association
- Lanco Infratech Ltd - India
- Chamber of Mines of South Africa
- Thiess Contractors Indonesia
- Therma Luzon, Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Banpu Public Company Limited - Thailand
- The Treasury - Australian Government
- Kalimantan Lumbung Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Jaiprakash Power Ventures ltd
- PetroVietnam Power Coal Import and Supply Company
- Jindal Steel & Power Ltd - India
- Chettinad Cement Corporation Ltd - India
- Baramulti Group, Indonesia
- London Commodity Brokers - England
- Savvy Resources Ltd - HongKong
- Krishnapatnam Port Company Ltd. - India
- Metalloyd Limited - United Kingdom
- IEA Clean Coal Centre - UK
- Marubeni Corporation - India
- Tata Chemicals Ltd - India
- Latin American Coal - Colombia
- Electricity Generating Authority of Thailand
- GMR Energy Limited - India
- Sindya Power Generating Company Private Ltd
- Singapore Mercantile Exchange
- Rio Tinto Coal - Australia
- Australian Commodity Traders Exchange
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- LBH Netherlands Bv - Netherlands
- Indogreen Group - Indonesia
- Binh Thuan Hamico - Vietnam
- Coal and Oil Company - UAE
- Edison Trading Spa - Italy
- Mjunction Services Limited - India
- Romanian Commodities Exchange
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