- May 2019 Non Publishing Dates
Due to Singapore public holidays, the Baltic Exchange will not be publishing its BEP-Asia, BES-Asia and BITR-Asia on Wednesday 1 May and Monday 20 May 2019 respectively. The BEP-Asia, BES-Asia and BITR-Asia will be published again on Thursday 2 May and Tuesday 21 May 2019 respectively.
Due to UK public holidays, the Baltic Exchange will not be publishing its Dry, Tanker (including LPG), Sale & Purchase or Demolition Assessments on Monday 6 May and Monday 27 May 2019 respectively.
There will also be no publication of FFA volumes, Dry Option Volume Estimates or Baltic Forward Assessment curves (dry & wet) on both these dates. All indices including Sale & Purchase Assessments, Demolition Assessments, FFA volumes and estimates and BFA curves will be published on Tuesday 7 May and Tuesday 28 May 2019 respectively.
Questions and comments should be directed to firstname.lastname@example.org
- New freight reporter joins Baltic
The Baltic is pleased to announce that Chris Loveday joined the Baltic’s Freight Reporting team on Monday 29 April 2019.
With over 25 years of broking experience, both on a competitive basis with Anglo Maritime and Clarksons, and as a Principal with Trade and Transport covering the dirty and clean tanker markets, he will add further knowledge and experience to our team.
Chris will be working in the London office with David Williams collecting and publishing the tanker and gas indices.
Speaking on his appointment Chris said:
“I am very pleased to have joined this long-established and well-respected institution. I look forward to making good use of my 25+ years experience in the shipping industry in my new role as a Freight Market Assessor, where I will be focussing on the tanker trades.”
Direct tel: +44 207 369 1656
- Baltic Exchange Training Courses return to London
Details of the Shipping Economics and Investment training course taking place in London this June.
Shipping Economics and Investment – 10-11 June
With access to more traditional finance limited, shipping companies are increasingly considering private equity and debt markets as a way to help them make key capital investments, whether meeting new emissions legislation or ballast water management controls or expanding their fleet to meet new opportunities. Likewise, many investment banks and bond traders are becoming alert to the significant opportunities in the sector.
Aimed at mid-level executives working for ship owning, operating and managing companies in the bulk and container sectors. It will also be of interest to investment banks involved in ship finance, trading companies as well as investors in the shipping market.
The Baltic Exchange runs a series of professional training courses in key shipping centres designed to help shipping, finance and commodity executives build on their knowledge of maritime markets. The courses are led by academics from CASS Business School’s world-renowned Centre for Shipping, Trade and Finance and deliver a high-level education, combining theory with real-life practical examples. By attending these courses participants will learn skills which they can use in their day to day business.
Launched in 2005, the courses are held over an intensive two day period. Each course involves a mixture of classroom teaching, practical exercises, group discussion and case study analysis. Comprehensive study notes are provided together with a certificate of attendance.
- Passing of former Baltic Director, Zenon Mouskas
Members will learn with deep regret of the death of Zenon Mouskas on 22 April.
Mr Mouskas was first elected a Member of the Baltic Exchange on 17 May 1962. He represented Zela Shipping from the beginning of 1971 until becoming a Retired Member in December 2010.
Mr Mouskas also served as a Director of the Baltic Exchange between 1988 and 1993.
His funeral has already taken place.
For information, Members and friends are invited to contact Jackie Harrison.
- Member update: 1 May
The following company has applied for Corporate Membership:
Company Individual Abu Dhabi Marine Operations and Services Company – Sole Proprietorship LLC (ADNOC L&S)
Mr A Al Dhaheri Mr A A Kidd Captain M Melham Mr W Al Messabi
The following individuals have applied for membership of an existing member company:
Company Individual BACA – The Baltic Air Charter Association
Mr D Bull Mr R Colson Mr J Hodson Ms G Hutton Ms F Langton Mr S R Quigley Mr C Roberson Mr R Stouder Dynatec Madagascar SA
Mrs R Rajoanah Ms G Randriamihaja
JERA Global Markets Pte Ltd
Ms C Low Mr A C J Monod
Pacific World Shipping Pte Ltd Mr V Sahu
Any comments should be passed to Karen Karanicholas by 8 May 2019.
- Sailors’ Society seek Corporate Fundraiser
Sailors’ Society is looking for a former or current shipbroker, with at least five years’ experience, to be a corporate fundraiser covering UK and mainland Europe and to play a key role in helping it develop its existing partnerships and secure the next generation of game-changing large-scale, multi-year partnerships for the charity.
The post holder will be expected to spend a minimum of two days per month at Sailors’ Society’s Southampton office.
The deadline for applications is 30 April.
- The Chairman’s Cocktail Party
One of the standout events of the Baltic calendar, the Chairman’s Cocktail Party, will take place this year on Wednesday 15 May.
Attended by 600 guests, this historic event originally celebrated the end of a Baltic chairman’s two year tenure, held on the floor of the old Baltic Exchange. Now held at Christ Church Spitalfields in London, it brings Baltic members from across the globe together for a unique annual networking and social event, which is also attended by politicians, industry leaders and journalists amongst others.
Baltic Exchange Chairman, Duncan Dunn, will undertake the customary speech, presenting the David Bradley Cup to the 2018 winners, The Baltic Exchange, as well as reviewing another eventful year.
For those interested in attending, we suggest securing your tickets early by following this link to ensure you don’t miss this great occasion.
For pictures from last years event, click here.
- BRI — for better or for worse
If you are in any doubt as to the clout that the Chinese government’s Belt and Road Initiative (BRI) has, look to the audience rollcall for The Second Belt and Road Forum for International Cooperation, which took place April 25–27. The BRI summit, designed to promote the infrastructure development and investment strategy, drew attendance from 36 heads of state or government and some 5,000 delegates from around the world. In a closing speech at the event, Chinese President Xi Jinping claimed that $64bn in agreements were signed by his country at the forum. According to the Chinese government, up to 150 nations have signed up to the BRI, at least in principle, since its inception.
The development initiative consists of a maritime “Road” of shipping lanes and a “Belt” of overland corridors. While it may be a Chinese strategy, its reach extends far beyond the East Asian nation: the “Road” can be mapped all the way back to Venice in Italy and the “Belt” to Germany’s Duisburg. However, Alice Ekman, head of China research at the Center for Asian Studies at the French international relations institute Institut français des relations internationales (Ifri), argues that the BRI goes even beyond that from a location perspective.
“Initially, we thought it would be about transport infrastructure focused in Eurasia,” reflected Ms Ekman in in a recently-published video. “Now, it appears that the geographical scope is far beyond the historical Silk Road. Africa is involved, the Arctic is involved, Latin America is involved with projects under the Belt and Road label.”
Ms Ekman also noted that the BRI concerns standards and norms, institutions, customs co-operation and exchanges between political parties. Through the BRI, China, she said, is proposing a new kind of world governance.
The BRI is both a source of worry and an indirect source of opportunity
Ms Ekman is the editor of an Ifri report, published in April, entitled China’s Belt & Road and the World: Competing Forms of Globalization. In the document, Ifri, looking to the future, says that it is possible to expect two rival poles emerging: in the one camp, China as the leader and in the other camp, the US as the leader, each with their own infrastructure networks including maritime. The report’s recommendations include the argument that the BRI is both a source of worry and an indirect source of opportunity, and particularly of opportunity for enhancing strategic planning and vision on territorial development including regional and national development, architecture and management of maritime transport infrastructure.
Indeed, there have been mixed feelings towards the BRI. Xinhuanet, whose parent organisation is the Xinhua News Agency (China’s official state-run press agency), has claimed that “Belt and Road construction facilitates a faster world”. However, as an example, the Ifri study notes that while France’s Port of Marseille Fos has displayed interest in the Maritime Silk Road part of the BRI, the Netherlands has developed advanced strategic thinking up against the venture, being particularly worried about the possible impacts of the development of its maritime component on both the Port of Rotterdam and Chinese investments in other European ports, like the Port of Piraeus. These fears, it says, are considered to be warranted according to some studies.
Also present at the Belt and Road Forum was International Monetary Fund managing director and chairwoman Christine Lagarde. Speaking at the event, she argued that the BRI was developing new world supply chains and aiding the stimulation of infrastructure investment. Yet, she also warned that to completely work, the BRI should only go where it is both sustainable and required.
“History has taught us that, if not managed carefully, infrastructure investments can lead to a problematic increase in debt,” she said in her remarks. “I have said before that, to be fully successful, the Belt and Road should only go where it is needed. I would add today that it should only go where it is sustainable, in all aspects.”
There were some important takeaways noted from the event. Firstly, President Xi was reported as being restrained: in comparison to his keynote speech at the first Belt and Road Forum for International Cooperation in 2017, he was more muted on the BRI’s increasing presence in other nations. Furthermore, he stuck to discussing things his country is doing to clean up the venture, as well as promising that there will be no tolerance for corruption.
The second takeaway concerns signs of rehabilitation for the BRI. Attempts by China to restore the project’s image have had some success, as eight more heads of state attended the second Belt and Road Forum than the first. Furthermore, more countries have opted for co-operation with the Asian superpower.
The final takeaway is the trade message. Although President Xi didn’t discuss the trade war between his country and the US in his speech, much of it alluded to the big problems within the negotiations between the two camps. These allusions included increasing imports, lowering non-tariff barriers, the protection of intellectual property and cleaning up state subsidies.
Given the evolution of the initiative since the first BRI Forum in 2016, it will be intriguing to hear the next BRI developments in two years’ time if China makes a habit of a biennial BRI-themed summit.
The Baltic Exchange will hold its next Shipping Economics & Investment course on June 10 and 11 in London. More information can be found here.
- Baltic Exchange CC fixtures this summer
The Baltic Exchange Cricket Club will be taking part in a number of 20 and 40 over fixtures this summer, these include:
Friday 7 June, 2pm start, 40 overs vs. Lloyds of London CC at Walton on Thames CC, KT12 1ET
Wed 12 June, 5.30pm start, 20 overs vs. SSY at Battersea Ironsides CC, SW17 0AW
Wed 26 June, 5.30pm start, 20 overs vs. Clarksons at Battersea Ironsides CC, SW17 0AW
Tues 2 July, 5.30pm start, 20 overs vs. Howe Robinson at Barnes CC, SW13 9QL
Thur 5 September, 10am start, City T20 tournament vs Lloyds & R.I.C.S. at Malden Wanderers CC, KT3 4LE
Those interested in taking part or interested in finding out more about Baltic CC are invited to get in touch with Will Halliday.
- BEGS spring meet report
The Baltic Exchange Golf Society (BEGS) met at Thorndon Park Golf Club on 29 April for its spring meet. Malcolm Wiggett, BEGS Captain, reports.
Another well-attended spring meet, as 36 players of varying handicaps gathered at Thorndon Park.
The course was in very good condition for this early in the season and proved very challenging, for most.
Ex Baltic CEO, Jeremy Penn, finished third with a creditable 36 points, pipped by one point for second place by Nigel Whaler on 37. This, however, was eclipsed by Josh Swallow from Sequana Maritime with his final three holes of consecutive birdies to romp home with 41 points (handicap committee meeting already arranged).
Nearest the pin was won by the reigning Gold Cup champion Bernard Coughlan on the fifth hole and Neil Harper on the fifteenth. David Knights and Joe Nathan concentrated on the more important prizes, namely the longest drive on the ninth and eighteenth, both getting very close to 300 yards.
Congratulations to all the winners and to all the other players in making this a tremendous opening event to the Baltic Calendar for 2019.
Lastly a big thank you must go to John Madden for all his efforts in arranging this day and ensuring such a well-attended meeting.