We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Friday, 31 August 12
ADVERSE SHIPPING MARKET CONDITIONS SHORTENS LIFE SPAN OF VESSELS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The adverse conditions which have been put in place in the world's freight markets, means that ship owners are forced to scrap vessels of a much yo ...
Thursday, 30 August 12
INDO-INDIA, LARGE ECO SUPRA NOW FIXED AT USD 7K FOR DELIVERY SINGAPORE - FEARNLEYS AS
Handy
The Supra market continued its negative trend with little fresh business entering the market. Continent positions fixed around USD 4k for tri ...
Thursday, 30 August 12
DRY BULK MARKET STILL LOOKING OUT FOR BETTER DAYS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With things in China moving slowly this week, as a result of holidays, it’s no surprise that the latest positive trend in the dry bulk market ...
Wednesday, 29 August 12
COLOMBIA'S MINING BOOM: PART TWO - JOSEPH KIRSCHKE
One of the most prominent casualties of Canada's entry into the Colombian mining sector has been a priest named Jose Reynal-Restrepo. Last Septembe ...
Wednesday, 29 August 12
COLOMBIA'S MINING BOOM: PART ONE - JOSEPH KIRSCHKE
COALspot.com - Colombia stands before one of the potentially largest, most diversified mining booms in the world. Untold reserves of gold, coal, cop ...
|
|
|
Showing 4596 to 4600 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Semirara Mining Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Mercator Lines Limited - India
- Indika Energy - Indonesia
- Uttam Galva Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Posco Energy - South Korea
- Samtan Co., Ltd - South Korea
- Karaikal Port Pvt Ltd - India
- Economic Council, Georgia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Planning Commission, India
- The Treasury - Australian Government
- Electricity Generating Authority of Thailand
- Oldendorff Carriers - Singapore
- Mintek Dendrill Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Marubeni Corporation - India
- Sindya Power Generating Company Private Ltd
- Kapuas Tunggal Persada - Indonesia
- Chamber of Mines of South Africa
- Indo Tambangraya Megah - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Makarim & Taira - Indonesia
- CIMB Investment Bank - Malaysia
- The State Trading Corporation of India Ltd
- Meralco Power Generation, Philippines
- GMR Energy Limited - India
- Sarangani Energy Corporation, Philippines
- Metalloyd Limited - United Kingdom
- San Jose City I Power Corp, Philippines
- Renaissance Capital - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Sical Logistics Limited - India
- Commonwealth Bank - Australia
- Carbofer General Trading SA - India
- Riau Bara Harum - Indonesia
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- Jindal Steel & Power Ltd - India
- SN Aboitiz Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Toyota Tsusho Corporation, Japan
- Meenaskhi Energy Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Kalimantan Lumbung Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- PTC India Limited - India
- London Commodity Brokers - England
- Mercuria Energy - Indonesia
- Mjunction Services Limited - India
- Goldman Sachs - Singapore
- Global Coal Blending Company Limited - Australia
- Krishnapatnam Port Company Ltd. - India
- Grasim Industreis Ltd - India
- Globalindo Alam Lestari - Indonesia
- Bangladesh Power Developement Board
- Indonesian Coal Mining Association
- Formosa Plastics Group - Taiwan
- Antam Resourcindo - Indonesia
- Minerals Council of Australia
- Thai Mozambique Logistica
- Sinarmas Energy and Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- ICICI Bank Limited - India
- Maheswari Brothers Coal Limited - India
- Iligan Light & Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement - Thailand
- Parry Sugars Refinery, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- McConnell Dowell - Australia
- Madhucon Powers Ltd - India
- Dalmia Cement Bharat India
- New Zealand Coal & Carbon
- Power Finance Corporation Ltd., India
- PetroVietnam Power Coal Import and Supply Company
- Leighton Contractors Pty Ltd - Australia
- Australian Coal Association
- Bukit Makmur.PT - Indonesia
- Altura Mining Limited, Indonesia
- Wood Mackenzie - Singapore
- Kobexindo Tractors - Indoneisa
- Indogreen Group - Indonesia
- Savvy Resources Ltd - HongKong
- Miang Besar Coal Terminal - Indonesia
- MS Steel International - UAE
- White Energy Company Limited
- Merrill Lynch Commodities Europe
- Binh Thuan Hamico - Vietnam
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- Kideco Jaya Agung - Indonesia
- Interocean Group of Companies - India
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- Bhoruka Overseas - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vizag Seaport Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Parliament of New Zealand
- Agrawal Coal Company - India
- Eastern Energy - Thailand
- Pendopo Energi Batubara - Indonesia
- Central Java Power - Indonesia
- Bayan Resources Tbk. - Indonesia
- Georgia Ports Authority, United States
- Maharashtra Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- IEA Clean Coal Centre - UK
- Vedanta Resources Plc - India
- Bhushan Steel Limited - India
- Alfred C Toepfer International GmbH - Germany
- Malabar Cements Ltd - India
- Lanco Infratech Ltd - India
- Sree Jayajothi Cements Limited - India
- Cement Manufacturers Association - India
- Siam City Cement PLC, Thailand
- Anglo American - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Sidhee Cement - India
- LBH Netherlands Bv - Netherlands
- Rio Tinto Coal - Australia
- VISA Power Limited - India
- European Bulk Services B.V. - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Attock Cement Pakistan Limited
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Transport, Egypt
- ASAPP Information Group - India
- Australian Commodity Traders Exchange
- Kartika Selabumi Mining - Indonesia
- Orica Australia Pty. Ltd.
- Wilmar Investment Holdings
- South Luzon Thermal Energy Corporation
- Baramulti Group, Indonesia
- IHS Mccloskey Coal Group - USA
- GVK Power & Infra Limited - India
- Barasentosa Lestari - Indonesia
- Xindia Steels Limited - India
- Energy Development Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Central Electricity Authority - India
- Africa Commodities Group - South Africa
- SMC Global Power, Philippines
- Gujarat Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Indian Energy Exchange, India
- PNOC Exploration Corporation - Philippines
- Indian Oil Corporation Limited
- Holcim Trading Pte Ltd - Singapore
- Coastal Gujarat Power Limited - India
- India Bulls Power Limited - India
- Intertek Mineral Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Coalindo Energy - Indonesia
- SMG Consultants - Indonesia
- Aboitiz Power Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Coal and Oil Company - UAE
- Chettinad Cement Corporation Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Kaltim Prima Coal - Indonesia
- Ministry of Mines - Canada
- Bharathi Cement Corporation - India
- Ministry of Finance - Indonesia
- Bulk Trading Sa - Switzerland
- Salva Resources Pvt Ltd - India
- CNBM International Corporation - China
- Latin American Coal - Colombia
- The University of Queensland
- Timah Investasi Mineral - Indoneisa
- Orica Mining Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thiess Contractors Indonesia
- Heidelberg Cement - Germany
- Kepco SPC Power Corporation, Philippines
- Petron Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Simpson Spence & Young - Indonesia
- Videocon Industries ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Larsen & Toubro Limited - India
- Standard Chartered Bank - UAE
- Romanian Commodities Exchange
- Therma Luzon, Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Trasteel International SA, Italy
- Straits Asia Resources Limited - Singapore
- Edison Trading Spa - Italy
- Singapore Mercantile Exchange
- Eastern Coal Council - USA
- Medco Energi Mining Internasional
- Sakthi Sugars Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Jaiprakash Power Ventures ltd
- TeaM Sual Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Electricity Authority, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Kumho Petrochemical, South Korea
- Deloitte Consulting - India
- Manunggal Multi Energi - Indonesia
- Aditya Birla Group - India
- Bhatia International Limited - India
|
| |
| |
|
