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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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Thursday, 13 September 12
FUEL EFFICIENT SHIPS MAY BE MORE EXPENSIVE, BUT THEY MAKE FINANCIAL SENSE SAYS ANALYSIS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The latest trend in shipbuilding is the so called "Eco" ship, i.e. ships which offer much better fuel consumption and are more cost-effect ...
Wednesday, 12 September 12
INDIAS COALGATE: TIME FOR A ROOT CANAL
A recent report from India’s Comptroller and Auditor General (CAG) pertaining to the allocation of coal blocks has created a political storm i ...
Tuesday, 11 September 12
CLOUDY AND POLICY RISK INDONESIAN COAL INDUSTRY
COALspot.com - Bahana Securities in its latest coal outlook, commented on the Indonesian coal market, with economic slowdown in the four largest coa ...
Tuesday, 11 September 12
SHIP OWNERS KEEN ON SECOND HAND VESSEL PURCHASES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With most ship owners back from their summer rest, things are starting to pick up again in the second hand vessel market, with more and more deals b ...
Monday, 10 September 12
TNPL, AN INDIAN PAPER MAKER IS SEEKING FOR 300K MT OF IMPORTED NON-COKING COAL
COALspot.com - Tamil Nadu Newsprint & Papers Ltd. , an Indian paper maker, is seeking 300,000 metric tons ± 5% (In 6 Shipments about 50,0 ...
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- Semirara Mining Corp, Philippines
- Petron Corporation, Philippines
- Planning Commission, India
- Banpu Public Company Limited - Thailand
- Independent Power Producers Association of India
- Ministry of Mines - Canada
- Aditya Birla Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Posco Energy - South Korea
- Sical Logistics Limited - India
- Oldendorff Carriers - Singapore
- Kumho Petrochemical, South Korea
- Sinarmas Energy and Mining - Indonesia
- PowerSource Philippines DevCo
- Wilmar Investment Holdings
- Carbofer General Trading SA - India
- Kapuas Tunggal Persada - Indonesia
- Essar Steel Hazira Ltd - India
- New Zealand Coal & Carbon
- Parry Sugars Refinery, India
- Dalmia Cement Bharat India
- Leighton Contractors Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Australian Commodity Traders Exchange
- Global Coal Blending Company Limited - Australia
- Merrill Lynch Commodities Europe
- OPG Power Generation Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Sindya Power Generating Company Private Ltd
- Baramulti Group, Indonesia
- Grasim Industreis Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Kaltim Prima Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Economic Council, Georgia
- Thiess Contractors Indonesia
- Simpson Spence & Young - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bulk Trading Sa - Switzerland
- Therma Luzon, Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Krishnapatnam Port Company Ltd. - India
- Asmin Koalindo Tuhup - Indonesia
- Marubeni Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Energy Development Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Romanian Commodities Exchange
- Rio Tinto Coal - Australia
- South Luzon Thermal Energy Corporation
- Indika Energy - Indonesia
- Lanco Infratech Ltd - India
- Price Waterhouse Coopers - Russia
- Maheswari Brothers Coal Limited - India
- Gujarat Sidhee Cement - India
- Agrawal Coal Company - India
- Coalindo Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Cement Manufacturers Association - India
- Ceylon Electricity Board - Sri Lanka
- Makarim & Taira - Indonesia
- SMC Global Power, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Energy Link Ltd, New Zealand
- Electricity Authority, New Zealand
- VISA Power Limited - India
- Standard Chartered Bank - UAE
- Global Business Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Jaiprakash Power Ventures ltd
- Madhucon Powers Ltd - India
- Ministry of Transport, Egypt
- Indo Tambangraya Megah - Indonesia
- IEA Clean Coal Centre - UK
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tata Chemicals Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Trasteel International SA, Italy
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- Aboitiz Power Corporation - Philippines
- ASAPP Information Group - India
- GN Power Mariveles Coal Plant, Philippines
- Sakthi Sugars Limited - India
- Intertek Mineral Services - Indonesia
- Bharathi Cement Corporation - India
- Jindal Steel & Power Ltd - India
- Wood Mackenzie - Singapore
- Antam Resourcindo - Indonesia
- Orica Australia Pty. Ltd.
- Semirara Mining and Power Corporation, Philippines
- PTC India Limited - India
- The University of Queensland
- Larsen & Toubro Limited - India
- Bukit Makmur.PT - Indonesia
- Commonwealth Bank - Australia
- Straits Asia Resources Limited - Singapore
- Eastern Coal Council - USA
- Bayan Resources Tbk. - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Neyveli Lignite Corporation Ltd, - India
- Anglo American - United Kingdom
- Vedanta Resources Plc - India
- LBH Netherlands Bv - Netherlands
- San Jose City I Power Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Latin American Coal - Colombia
- Formosa Plastics Group - Taiwan
- Central Java Power - Indonesia
- Mercator Lines Limited - India
- Altura Mining Limited, Indonesia
- Singapore Mercantile Exchange
- Kideco Jaya Agung - Indonesia
- Videocon Industries ltd - India
- Deloitte Consulting - India
- IHS Mccloskey Coal Group - USA
- TNB Fuel Sdn Bhd - Malaysia
- Chettinad Cement Corporation Ltd - India
- Coastal Gujarat Power Limited - India
- Port Waratah Coal Services - Australia
- CNBM International Corporation - China
- Malabar Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Ambuja Cements Ltd - India
- Georgia Ports Authority, United States
- GMR Energy Limited - India
- Directorate General of MIneral and Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Edison Trading Spa - Italy
- Holcim Trading Pte Ltd - Singapore
- Electricity Generating Authority of Thailand
- Metalloyd Limited - United Kingdom
- SMG Consultants - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Xindia Steels Limited - India
- Thai Mozambique Logistica
- Global Green Power PLC Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- European Bulk Services B.V. - Netherlands
- Orica Mining Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Attock Cement Pakistan Limited
- Heidelberg Cement - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- ICICI Bank Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Central Electricity Authority - India
- AsiaOL BioFuels Corp., Philippines
- Sarangani Energy Corporation, Philippines
- Bangladesh Power Developement Board
- International Coal Ventures Pvt Ltd - India
- White Energy Company Limited
- Australian Coal Association
- Mjunction Services Limited - India
- Rashtriya Ispat Nigam Limited - India
- Indonesian Coal Mining Association
- Renaissance Capital - South Africa
- TeaM Sual Corporation - Philippines
- Indian Oil Corporation Limited
- Chamber of Mines of South Africa
- Vizag Seaport Private Limited - India
- Parliament of New Zealand
- Globalindo Alam Lestari - Indonesia
- Interocean Group of Companies - India
- Mintek Dendrill Indonesia
- Bhatia International Limited - India
- Directorate Of Revenue Intelligence - India
- Petrochimia International Co. Ltd.- Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Tamil Nadu electricity Board
- Sojitz Corporation - Japan
- Africa Commodities Group - South Africa
- Star Paper Mills Limited - India
- Medco Energi Mining Internasional
- Power Finance Corporation Ltd., India
- The Treasury - Australian Government
- MS Steel International - UAE
- Savvy Resources Ltd - HongKong
- Ministry of Finance - Indonesia
- Meralco Power Generation, Philippines
- Karaikal Port Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Kartika Selabumi Mining - Indonesia
- India Bulls Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Salva Resources Pvt Ltd - India
- Uttam Galva Steels Limited - India
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- Indogreen Group - Indonesia
- Goldman Sachs - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Borneo Indobara - Indonesia
- London Commodity Brokers - England
- Bhushan Steel Limited - India
- Indian Energy Exchange, India
- Coal and Oil Company - UAE
- Eastern Energy - Thailand
- Timah Investasi Mineral - Indoneisa
- Minerals Council of Australia
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