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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, 04 September 12
ORPHEUS SECURES ADDITIONAL SIGNIFICANT KINTAP COAL PROJECT IN SOUTH KALIMANTAN
COALspot.com - Indonesian coal producer, Orpheus Energy (ASX:OEG) has announced that it has secured a 50% equity ownership in an additional tenement ...
Monday, 03 September 12
SHIPOWNERS TO WAIT FOR FURTHER PRICE REDUCTIONS IN THE SECOND HAND VESSEL MARKETS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With September now upon us, shipbrokers are looking towards an interesting winter season, as ship owners are looking to capitalize on more second ha ...
Sunday, 02 September 12
ADAROS COAL ROYALTIES TO THE GOVERNMENT INCREASED BY 10.5 PERCENT Y-O-Y TO US$196.8 MILLION
COALspot.com - PT Adaro Energy Tbk (IDX: ADRO), the second largest power plant coal producer in Indonesia, announced its consolidated auditor-review ...
Saturday, 01 September 12
FALLING PRICES; BLEEDING MINERS
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for October 2012 delivery lost 4.070 percent and 0.422 percent respectively on W-o-W and D- ...
Saturday, 01 September 12
PANAMAX FREIGHT RATES UNDER PRESSURE FROM LOW DEMAND - VISTAAR
COALspot.com - This week the freight market was weak with mixed results.
The BDI was down by 1.95 pct closing at 703 points, however there was so ...
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- London Commodity Brokers - England
- Maheswari Brothers Coal Limited - India
- Semirara Mining and Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Chamber of Mines of South Africa
- LBH Netherlands Bv - Netherlands
- Semirara Mining Corp, Philippines
- Economic Council, Georgia
- Tata Chemicals Ltd - India
- Thiess Contractors Indonesia
- Kumho Petrochemical, South Korea
- Power Finance Corporation Ltd., India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Lanco Infratech Ltd - India
- Commonwealth Bank - Australia
- Billiton Holdings Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Uttam Galva Steels Limited - India
- India Bulls Power Limited - India
- Petron Corporation, Philippines
- Georgia Ports Authority, United States
- Ambuja Cements Ltd - India
- Indian Oil Corporation Limited
- Singapore Mercantile Exchange
- Global Coal Blending Company Limited - Australia
- Attock Cement Pakistan Limited
- Gujarat Mineral Development Corp Ltd - India
- Thai Mozambique Logistica
- Sarangani Energy Corporation, Philippines
- White Energy Company Limited
- Bharathi Cement Corporation - India
- CNBM International Corporation - China
- Malabar Cements Ltd - India
- Indogreen Group - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Dalmia Cement Bharat India
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- ICICI Bank Limited - India
- Samtan Co., Ltd - South Korea
- OPG Power Generation Pvt Ltd - India
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Kaltim Prima Coal - Indonesia
- Central Java Power - Indonesia
- Latin American Coal - Colombia
- GAC Shipping (India) Pvt Ltd
- Energy Development Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Indika Energy - Indonesia
- Wood Mackenzie - Singapore
- GVK Power & Infra Limited - India
- GMR Energy Limited - India
- Romanian Commodities Exchange
- San Jose City I Power Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- SMG Consultants - Indonesia
- Planning Commission, India
- Trasteel International SA, Italy
- Cement Manufacturers Association - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Price Waterhouse Coopers - Russia
- Bulk Trading Sa - Switzerland
- Renaissance Capital - South Africa
- Globalindo Alam Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Sindya Power Generating Company Private Ltd
- Tamil Nadu electricity Board
- Orica Mining Services - Indonesia
- Gujarat Sidhee Cement - India
- Independent Power Producers Association of India
- Mercator Lines Limited - India
- Banpu Public Company Limited - Thailand
- Carbofer General Trading SA - India
- Ceylon Electricity Board - Sri Lanka
- Star Paper Mills Limited - India
- Holcim Trading Pte Ltd - Singapore
- The Treasury - Australian Government
- Siam City Cement - Thailand
- Energy Link Ltd, New Zealand
- Jindal Steel & Power Ltd - India
- Altura Mining Limited, Indonesia
- Electricity Generating Authority of Thailand
- Central Electricity Authority - India
- Bahari Cakrawala Sebuku - Indonesia
- Agrawal Coal Company - India
- Maharashtra Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Madhucon Powers Ltd - India
- Parliament of New Zealand
- Essar Steel Hazira Ltd - India
- PowerSource Philippines DevCo
- Bhushan Steel Limited - India
- Bhoruka Overseas - Indonesia
- Kartika Selabumi Mining - Indonesia
- VISA Power Limited - India
- MS Steel International - UAE
- South Luzon Thermal Energy Corporation
- Heidelberg Cement - Germany
- Videocon Industries ltd - India
- GN Power Mariveles Coal Plant, Philippines
- International Coal Ventures Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Barasentosa Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Intertek Mineral Services - Indonesia
- New Zealand Coal & Carbon
- Indo Tambangraya Megah - Indonesia
- Goldman Sachs - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Finance - Indonesia
- Antam Resourcindo - Indonesia
- Meenaskhi Energy Private Limited - India
- Electricity Authority, New Zealand
- Indian Energy Exchange, India
- Coastal Gujarat Power Limited - India
- Australian Commodity Traders Exchange
- Coal and Oil Company - UAE
- Medco Energi Mining Internasional
- Kepco SPC Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- SMC Global Power, Philippines
- Bhatia International Limited - India
- AsiaOL BioFuels Corp., Philippines
- McConnell Dowell - Australia
- Port Waratah Coal Services - Australia
- Rio Tinto Coal - Australia
- Australian Coal Association
- Neyveli Lignite Corporation Ltd, - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indonesian Coal Mining Association
- Mintek Dendrill Indonesia
- PTC India Limited - India
- IHS Mccloskey Coal Group - USA
- ASAPP Information Group - India
- Straits Asia Resources Limited - Singapore
- Parry Sugars Refinery, India
- Africa Commodities Group - South Africa
- The University of Queensland
- Larsen & Toubro Limited - India
- Krishnapatnam Port Company Ltd. - India
- Global Business Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Chettinad Cement Corporation Ltd - India
- Formosa Plastics Group - Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Riau Bara Harum - Indonesia
- Standard Chartered Bank - UAE
- Wilmar Investment Holdings
- Sojitz Corporation - Japan
- IEA Clean Coal Centre - UK
- Grasim Industreis Ltd - India
- Siam City Cement PLC, Thailand
- Sakthi Sugars Limited - India
- Oldendorff Carriers - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karaikal Port Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Vizag Seaport Private Limited - India
- Manunggal Multi Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Ind-Barath Power Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Jaiprakash Power Ventures ltd
- Minerals Council of Australia
- Toyota Tsusho Corporation, Japan
- Alfred C Toepfer International GmbH - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Borneo Indobara - Indonesia
- European Bulk Services B.V. - Netherlands
- Sree Jayajothi Cements Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
- Makarim & Taira - Indonesia
- PNOC Exploration Corporation - Philippines
- Simpson Spence & Young - Indonesia
- CIMB Investment Bank - Malaysia
- Marubeni Corporation - India
- Kobexindo Tractors - Indoneisa
- Anglo American - United Kingdom
- Mjunction Services Limited - India
- Bangladesh Power Developement Board
- Aditya Birla Group - India
- Meralco Power Generation, Philippines
- Eastern Coal Council - USA
- Savvy Resources Ltd - HongKong
- Gujarat Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Aboitiz Power Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Eastern Energy - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Merrill Lynch Commodities Europe
- Pendopo Energi Batubara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Coalindo Energy - Indonesia
- Edison Trading Spa - Italy
- Sical Logistics Limited - India
- Mercuria Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Ministry of Mines - Canada
- Interocean Group of Companies - India
- Baramulti Group, Indonesia
- Xindia Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Deloitte Consulting - India
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