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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, 16 October 12
DRY BULK FREIGHT RATES COULD IMPROVE ON CHINESE STIMULUS AND WINTER CARGO DEMAND SAYS BIMCO - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
BIMCO has given out its forecast for the next six weeks, in terms of freight rates for dry bulk carriers. According to them, Capesize TC Average rat ...
Sunday, 14 October 12
SUB-BIT INDONESIA COAL AND CFR SOUTH CHINA COAL SWAPS: SOFT
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for December 2012 delivery lost 0.329 percent w- w but gained 0.248 percent d-d on Friday, 12 Oct ...
Sunday, 14 October 12
SUPRAMAX FREIGHT STEADY: PANAMAX FREIGHTS FIRM - VISTAAR
COALspot.com - The shipping market saw some hectic activity in the Cape and panamax sector and quite a lot of fixtures reported.
The BDI was up b ...
Friday, 12 October 12
HOW REAL IS THE THREAT OF PIRACY? - BIMCO
The threat of modern piracy remains serious, regardless of its seasonal variations and the fact that it is chiefly confined to the Indian Ocean, Gul ...
Friday, 12 October 12
INVESTMENT OPPORTUNITIES OCCUR IN THE SECOND HAND VESSEL MARKETS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Although 2012 has by now evolved into one of the most challenging years for global shipping industry, ship owners are scouting the second hand ship ...
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Showing 4536 to 4540 news of total 6871 |
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- Posco Energy - South Korea
- Power Finance Corporation Ltd., India
- Rashtriya Ispat Nigam Limited - India
- Kepco SPC Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Parliament of New Zealand
- Bhushan Steel Limited - India
- Coalindo Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Thai Mozambique Logistica
- Maheswari Brothers Coal Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- McConnell Dowell - Australia
- Makarim & Taira - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Sakthi Sugars Limited - India
- Singapore Mercantile Exchange
- Aboitiz Power Corporation - Philippines
- Wood Mackenzie - Singapore
- The Treasury - Australian Government
- Sree Jayajothi Cements Limited - India
- Bayan Resources Tbk. - Indonesia
- Sarangani Energy Corporation, Philippines
- IEA Clean Coal Centre - UK
- Coal and Oil Company - UAE
- Eastern Energy - Thailand
- Vedanta Resources Plc - India
- Ministry of Finance - Indonesia
- Bhatia International Limited - India
- Riau Bara Harum - Indonesia
- SN Aboitiz Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Latin American Coal - Colombia
- Indika Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Gujarat Sidhee Cement - India
- Petron Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Interocean Group of Companies - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Georgia Ports Authority, United States
- Bukit Makmur.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- MS Steel International - UAE
- Standard Chartered Bank - UAE
- Malabar Cements Ltd - India
- Energy Development Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- GAC Shipping (India) Pvt Ltd
- Price Waterhouse Coopers - Russia
- Indo Tambangraya Megah - Indonesia
- Meralco Power Generation, Philippines
- Antam Resourcindo - Indonesia
- Vizag Seaport Private Limited - India
- India Bulls Power Limited - India
- Aditya Birla Group - India
- Planning Commission, India
- Barasentosa Lestari - Indonesia
- Borneo Indobara - Indonesia
- Mercator Lines Limited - India
- Kapuas Tunggal Persada - Indonesia
- Altura Mining Limited, Indonesia
- ASAPP Information Group - India
- PTC India Limited - India
- Carbofer General Trading SA - India
- Port Waratah Coal Services - Australia
- VISA Power Limited - India
- Grasim Industreis Ltd - India
- The University of Queensland
- Wilmar Investment Holdings
- Asmin Koalindo Tuhup - Indonesia
- Thiess Contractors Indonesia
- Edison Trading Spa - Italy
- Dalmia Cement Bharat India
- SMC Global Power, Philippines
- Independent Power Producers Association of India
- Samtan Co., Ltd - South Korea
- International Coal Ventures Pvt Ltd - India
- Indian Oil Corporation Limited
- Merrill Lynch Commodities Europe
- Indogreen Group - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Siam City Cement - Thailand
- IHS Mccloskey Coal Group - USA
- Banpu Public Company Limited - Thailand
- Essar Steel Hazira Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Oldendorff Carriers - Singapore
- Xindia Steels Limited - India
- New Zealand Coal & Carbon
- GVK Power & Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Mercuria Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Marubeni Corporation - India
- Kideco Jaya Agung - Indonesia
- ICICI Bank Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Heidelberg Cement - Germany
- Metalloyd Limited - United Kingdom
- Sindya Power Generating Company Private Ltd
- Bulk Trading Sa - Switzerland
- Kaltim Prima Coal - Indonesia
- The State Trading Corporation of India Ltd
- Gujarat Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Cement Manufacturers Association - India
- Manunggal Multi Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement PLC, Thailand
- CNBM International Corporation - China
- Semirara Mining and Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Savvy Resources Ltd - HongKong
- Iligan Light & Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Binh Thuan Hamico - Vietnam
- Coastal Gujarat Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- London Commodity Brokers - England
- Miang Besar Coal Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Orica Australia Pty. Ltd.
- Salva Resources Pvt Ltd - India
- Orica Mining Services - Indonesia
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- Uttam Galva Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chamber of Mines of South Africa
- Electricity Authority, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Romanian Commodities Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Mintek Dendrill Indonesia
- Ind-Barath Power Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Jindal Steel & Power Ltd - India
- Australian Commodity Traders Exchange
- Bukit Baiduri Energy - Indonesia
- Electricity Generating Authority of Thailand
- Africa Commodities Group - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Sojitz Corporation - Japan
- Kumho Petrochemical, South Korea
- Trasteel International SA, Italy
- Global Coal Blending Company Limited - Australia
- Videocon Industries ltd - India
- Economic Council, Georgia
- Simpson Spence & Young - Indonesia
- Central Electricity Authority - India
- Ceylon Electricity Board - Sri Lanka
- Parry Sugars Refinery, India
- Formosa Plastics Group - Taiwan
- Eastern Coal Council - USA
- Holcim Trading Pte Ltd - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Baramulti Group, Indonesia
- SMG Consultants - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rio Tinto Coal - Australia
- Global Business Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Krishnapatnam Port Company Ltd. - India
- Agrawal Coal Company - India
- Meenaskhi Energy Private Limited - India
- Central Java Power - Indonesia
- Goldman Sachs - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- South Luzon Thermal Energy Corporation
- Ministry of Transport, Egypt
- Semirara Mining Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Mjunction Services Limited - India
- Therma Luzon, Inc, Philippines
- Straits Asia Resources Limited - Singapore
- White Energy Company Limited
- CIMB Investment Bank - Malaysia
- GMR Energy Limited - India
- PowerSource Philippines DevCo
- Bhoruka Overseas - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Star Paper Mills Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karaikal Port Pvt Ltd - India
- Indian Energy Exchange, India
- Tamil Nadu electricity Board
- Chettinad Cement Corporation Ltd - India
- Alfred C Toepfer International GmbH - Germany
- LBH Netherlands Bv - Netherlands
- Anglo American - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Deloitte Consulting - India
- Australian Coal Association
- Bharathi Cement Corporation - India
- Ministry of Mines - Canada
- Minerals Council of Australia
- Commonwealth Bank - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Intertek Mineral Services - Indonesia
- Bangladesh Power Developement Board
- Sical Logistics Limited - India
- Ambuja Cements Ltd - India
- Madhucon Powers Ltd - India
- Energy Link Ltd, New Zealand
- Larsen & Toubro Limited - India
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