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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, 16 September 12
THE FREIGHT RATES FROM INDONESIA TO INDIA EXPECTED TO BE STEADY - VISTAAR
COALspot.com - The freight market was mixed with most indices closing positive except for the Panamax index.
The main sentiment seems to be ...
Saturday, 15 September 12
FINANCE MINISTRY OPPOSES TAX INCENTIVE PLAN FOR COAL MINERS - JP
The Jakarta Post reported that, the Finance Ministry has turned down the idea of providing a fiscal incentive to the country’s coal mining ind ...
Friday, 14 September 12
DRY BULK MARKET LOOKS TOWARDS CHINA FOR SOME POSITIVE NEWS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With the dry bulk market freight rates submerged underwater for a large part of the year, dry bulk owners are looking for some positive enhancement ...
Friday, 14 September 12
GOVT OFFERS CONDITIONAL TAX HOLIDAY TO AILING COAL MINERS - JP
The Jakarta Post, one of the leading English news paper in Indonesia reported that, acknowledging difficulties encountered by coal miners due to a p ...
Thursday, 13 September 12
PANAMAX: THE NEGATIVE TREND, POOR SENTIMENT CONTINUES - FEARNLEYS AS
Handy
Lack of cargoes and a growing list of available ships is causing rates to slip for all Atlantic trades.
The only trade keeping somewhat s ...
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- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Borneo Indobara - Indonesia
- Aditya Birla Group - India
- Kapuas Tunggal Persada - Indonesia
- Bharathi Cement Corporation - India
- MS Steel International - UAE
- Energy Development Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Tata Chemicals Ltd - India
- Price Waterhouse Coopers - Russia
- Petrochimia International Co. Ltd.- Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Coal and Oil Company - UAE
- Sinarmas Energy and Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Latin American Coal - Colombia
- Attock Cement Pakistan Limited
- Planning Commission, India
- Merrill Lynch Commodities Europe
- Interocean Group of Companies - India
- Eastern Coal Council - USA
- Samtan Co., Ltd - South Korea
- LBH Netherlands Bv - Netherlands
- Siam City Cement - Thailand
- San Jose City I Power Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Directorate General of MIneral and Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Indian Oil Corporation Limited
- Meenaskhi Energy Private Limited - India
- ICICI Bank Limited - India
- Essar Steel Hazira Ltd - India
- Mercuria Energy - Indonesia
- Madhucon Powers Ltd - India
- Renaissance Capital - South Africa
- Sical Logistics Limited - India
- Singapore Mercantile Exchange
- India Bulls Power Limited - India
- Gujarat Sidhee Cement - India
- Pipit Mutiara Jaya. PT, Indonesia
- New Zealand Coal & Carbon
- Bank of Tokyo Mitsubishi UFJ Ltd
- Xindia Steels Limited - India
- Central Java Power - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Mercator Lines Limited - India
- Bukit Baiduri Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Edison Trading Spa - Italy
- Antam Resourcindo - Indonesia
- Australian Commodity Traders Exchange
- Kepco SPC Power Corporation, Philippines
- Georgia Ports Authority, United States
- Neyveli Lignite Corporation Ltd, - India
- Coastal Gujarat Power Limited - India
- Central Electricity Authority - India
- Larsen & Toubro Limited - India
- The Treasury - Australian Government
- Makarim & Taira - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Anglo American - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- CNBM International Corporation - China
- Bukit Makmur.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- London Commodity Brokers - England
- SMC Global Power, Philippines
- Rio Tinto Coal - Australia
- Marubeni Corporation - India
- IEA Clean Coal Centre - UK
- Parry Sugars Refinery, India
- Videocon Industries ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Independent Power Producers Association of India
- Global Green Power PLC Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Commonwealth Bank - Australia
- Coalindo Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining Corp, Philippines
- Ministry of Transport, Egypt
- Meralco Power Generation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thiess Contractors Indonesia
- Cement Manufacturers Association - India
- Electricity Generating Authority of Thailand
- Vedanta Resources Plc - India
- Economic Council, Georgia
- Malabar Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Posco Energy - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Dalmia Cement Bharat India
- Indian Energy Exchange, India
- Indo Tambangraya Megah - Indonesia
- Bulk Trading Sa - Switzerland
- Standard Chartered Bank - UAE
- Globalindo Alam Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Global Coal Blending Company Limited - Australia
- Agrawal Coal Company - India
- Rashtriya Ispat Nigam Limited - India
- Billiton Holdings Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Kohat Cement Company Ltd. - Pakistan
- Wood Mackenzie - Singapore
- Sojitz Corporation - Japan
- Ind-Barath Power Infra Limited - India
- Australian Coal Association
- PTC India Limited - India
- Simpson Spence & Young - Indonesia
- Eastern Energy - Thailand
- Sarangani Energy Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- VISA Power Limited - India
- Metalloyd Limited - United Kingdom
- GMR Energy Limited - India
- McConnell Dowell - Australia
- Vizag Seaport Private Limited - India
- Baramulti Group, Indonesia
- Petron Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Carbofer General Trading SA - India
- Bhoruka Overseas - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ambuja Cements Ltd - India
- Port Waratah Coal Services - Australia
- Mintek Dendrill Indonesia
- International Coal Ventures Pvt Ltd - India
- Chamber of Mines of South Africa
- Bangladesh Power Developement Board
- Energy Link Ltd, New Zealand
- Toyota Tsusho Corporation, Japan
- Orica Australia Pty. Ltd.
- South Luzon Thermal Energy Corporation
- Maheswari Brothers Coal Limited - India
- Krishnapatnam Port Company Ltd. - India
- GAC Shipping (India) Pvt Ltd
- GVK Power & Infra Limited - India
- Sakthi Sugars Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mjunction Services Limited - India
- Parliament of New Zealand
- Bhushan Steel Limited - India
- Oldendorff Carriers - Singapore
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- Banpu Public Company Limited - Thailand
- Heidelberg Cement - Germany
- Jorong Barutama Greston.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Mines - Canada
- Minerals Council of Australia
- Alfred C Toepfer International GmbH - Germany
- Leighton Contractors Pty Ltd - Australia
- Trasteel International SA, Italy
- Bhatia International Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Lanco Infratech Ltd - India
- Star Paper Mills Limited - India
- CIMB Investment Bank - Malaysia
- White Energy Company Limited
- Gujarat Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Orica Mining Services - Indonesia
- Riau Bara Harum - Indonesia
- Kartika Selabumi Mining - Indonesia
- Barasentosa Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Holcim Trading Pte Ltd - Singapore
- TeaM Sual Corporation - Philippines
- Ministry of Finance - Indonesia
- Wilmar Investment Holdings
- Manunggal Multi Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Pendopo Energi Batubara - Indonesia
- Electricity Authority, New Zealand
- Global Business Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- SN Aboitiz Power Inc, Philippines
- Deloitte Consulting - India
- Grasim Industreis Ltd - India
- Jindal Steel & Power Ltd - India
- ASAPP Information Group - India
- Karaikal Port Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Uttam Galva Steels Limited - India
- Formosa Plastics Group - Taiwan
- Altura Mining Limited, Indonesia
- PowerSource Philippines DevCo
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indika Energy - Indonesia
- Africa Commodities Group - South Africa
- Tamil Nadu electricity Board
- Aboitiz Power Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Romanian Commodities Exchange
- Medco Energi Mining Internasional
- Kobexindo Tractors - Indoneisa
- Goldman Sachs - Singapore
- Indonesian Coal Mining Association
- Indogreen Group - Indonesia
- Sree Jayajothi Cements Limited - India
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement PLC, Thailand
- Kalimantan Lumbung Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- SMG Consultants - Indonesia
- Thai Mozambique Logistica
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