- YBA Night London
The Young Baltic Association (YBA) invite you to a night of drinks, 10 pin bowling and sliders at All Star Lanes, Brick Lane on 27 June.
Kicking off at 6pm, the event is free to attend to all member companies. Teams of five will be set on the night, with prizes for the top two companies. Spaces are limited to 120 so register early to book your place.
To register, click here.
- Using Baltic Exchange data for settlement
The Baltic Exchange publishes daily assessments for the dry bulk and tanker freight markets which are widely used by shipowners, traders and charterers. On occasion Baltic data is referenced inside contracts. When used in this way, counterparties are required to have a valid Baltic Data licence for the entire duration of the contract. This includes, but is not limited to, Time and Voyage Charterparties, Contracts of Affreightment and FFA agreements that are not given up for clearing. Both counterparties are required to have a valid Baltic Data licence.
Baltic Data is based on assessments made by Panellist Brokers. One of the ways to obtain a Baltic Data licence is to nominate a Baltic Panellist Broker in the contract.
Click here for further information and full terms and conditions.
Licensed Baltic Panellists
Barry Rogliano Salles
EA Gibson Shipbrokers
Ildo Chartering Corporation
John F Dillon
Simpson Spence Young
Yamamizu Shipping Co
Tanker & Gas
Barry Rogliano Salles
EA Gibson Shipbrokers
Gulfstream Tanker Chartering
Mallory Jones Lynch Flynn
Poten & Partners
Simpson Spence Young
True North Chartering
- Global Maritime Forum seeks essay entries
The Global Maritime Forum, a not-for-profit organisation “committed to shaping the future of global seaborne trade to increase sustainable long-term economic development and human wellbeing”, is conducting its first Future Maritime Leaders Essay Competition.
The competition gives young people (aged 18-30) a chance for their voice to be heard in the debate about the future – and companies a chance to listen. The three winners of the competition will be invited to attend the Global Maritime Forum’s Annual Summit in Singapore, with all expenses covered.
All information needed to participate in the competition can be found on the Global Maritime Forum website. The competition closes on 30 June 2019.
- Baltic welcomes NCI to London
Members of the UK’s National Coastwatch Institution (NCI) visited the Baltic Exchange this week. The voluntary organisation runs a network of stations around the UK and is supported by the Baltic Charitable Foundation.
There are currently 55 NCI stations are operational and manned by over 2400 volunteers keeping a visual watch around the British Isles. Whilst technology and sophisticated systems are aids to improved safety, a computer cannot spot a distress flare, an overturned boat or a yachtsman or fisherman in trouble. Other vulnerable activities like diving, wind surfing and canoeing are made safer with visual surveillance. NCI watchkeepers are the eyes and ears along the coast, monitoring radio channels and providing a listening watch in poor visibility. They are trained to deal with emergencies, offering a variety of skills and experience and full training by the NCI ensures that high standards are met.
For further details, see www.nci.org.uk
- World Bank foresees bleak future
The latest report from The World Bank crushingly delivers its weakest global growth forecast in three years and the worst predicted global trade growth since the 2008 financial crisis. Global Economic Prospects: Heightened Tensions, Subdued Investment sees world growth for 2019 lowered to 2.6%, 0.3 percentage points lower than previous outlooks. This, according to The World Bank, reflects weaker-than-anticipated international trade and investment at the start of this year. Additionally, world trade growth in 2019 has been reduced a complete percentage point, also to 2.6%.
Risks at large
The report envisages that global growth will gradually increase to 2.8% by 2021, “predicated on continued benign global financing conditions, as well as a modest recovery in emerging market and developing economies (EMDEs) previously affected by financial market pressure”. Yet, the report also states that EMDE growth continues to be restricted by subdued investment, which is dulling prospects and hindering progress towards realising development goals. Furthermore, risks are strongly on the downside, partly reflecting the potential of destabilising policy developments. These include unexpectedly-sharper slowdowns in major economies, further escalation of trade tensions between key economies and renewed financial turmoil in EMDEs.
With regard to different economy types, The World Bank forecasts that 2019 growth for advanced economies will be 1.7%. This represents a drop of 0.3 percentage points in comparison to the first month of this year. Emerging market and developing economies fare better, with an outlook for growth in 2019 of 4%. However, this also constitutes a 0.3 percentage point decrease against January 2019. In the report, Japan, the Eurozone and the US are viewed as weakening, partly because of weaker exports and investment. The World Bank also notes that since the 2008 financial crisis, government debt has gone up.
“Global growth has continued to soften this year,” it says. “Momentum remains weak and policy space is limited. A subdued recovery in investment growth in emerging market and developing economies dampens potential growth prospects and hampers progress toward achieving the Sustainable Development Goals. Risks remain firmly on the downside, including the possibility of escalating trade tensions, sharper-than-expected slowdowns in major economies and renewed financial stress in EMDEs.
Momentum remains weak and policy space is limited
“Meanwhile, rising debt constrains the ability of EMDE governments to support economic activity in the event of adverse developments as well as finance growth-enhancing investments. This highlights the need for policy actions to undertake reforms to boost private investment and productivity growth.”
Dicussing the report, Franziska Ohnsorge, World Bank Development Prospects Group manager and project manager for the report, told France 24 that although a growth outlook slowdown had been anticipated, it was not expected to be as big as it has turned out to be.
“The 2.6% growth forecast for 2019 … is the weakest in three years — the last time we saw such weak growth was in 2016,” she explained. “We have always expected a slowdown: that’s a natural, cyclical downturn from a stimulus-induced high in 2017 and 2018. That it would be that steep was unexpected, and that accounts for our downward revision, and it’s really something at as broad a base that cuts across the globe, across all groups of countries.”
She continued: “And the weakness of global trade is perhaps the most striking feature of the global economic environment. The trade growth in 2019 that we currently expect is the lowest since the global financial crisis. It is even lower than in 2016, which was a troubled year for the global economy. And part of it, again, is just a simple cyclical slowdown, but on top of that, trade tensions, or policy uncertainty more broadly, has really weighed on money-factoring, industrial production, trade and investment — especially in emerging markets and developing economies.”
Victoria Kwakwa, The World Bank’s regional vice president for East Asia and the Pacific, believes that “the trade issue” is a large risk for the world economy. Responding to a question from Bloomberg Markets: Asia on whether there will be further downgrades to come, Ms Kwakwa said:
“I think the important thing is that we’re not done with the downgrades. So, we could really fix the trade issues. I think it’s going to continue to weigh on the global economy and so it makes it even more important that countries work together to reach the agreements needed so that trade does not become interrupted globally, because it does have a negative impact.”
Is fixing trade tensions therefore the key to unlocking better world growth? If so, it might make those who support trade wars and tariffs think twice.
The Baltic Exchange will hold its next Advanced Freight Modelling & Trading course on 3 and 4 July in Singapore. More information can be found here.
- SCMA 10th Anniversary Conference
The Baltic Exchange is supporting this year’s Singapore Chamber of Maritime Arbitration (SCMA) Annual Conference, which celebrates its ten-year anniversary in 2019.
The conference will be held on 4 October 2019 at the Conrad Centennial Singapore and is entitled “The Race To Relevance”.
Attending as the Guest of Honour will be the Honourable Chief Justice, Sundaresh Menon.
Industry professionals and thought leaders will discuss the unprecedented speed at which the maritime industry is changing. Addressing the view that as the industry remains volatile and uncertain, the need for an adaptive strategic plan has never been more critical to stay ahead of the game.
The conference will also examine how maritime dispute resolution services will evolve to meet the changing needs of the global maritime community.
If you would like to attend the SCMA conference in Singapore, you can register your interest here.
- Fehr Cup: 26 June
This year’s Fehr Cup will be held on Wednesday 26 June at Surbiton Rackets and Fitness Club.
Tennis, Pimms, summer lunch with strawberries and cream, this fantastic networking opportunity for tennis players of all levels is a must in the shipping social calendar. Taking place on the grass courts of Surbiton and including lunch and tea in the clubhouse. The tournament is split into two parts, after an initial stage, more social players can enjoy an afternoon of relaxed open competition in the American Tournament, while the pros peel off to dual for the ‘Fehr Cup’ prize.
Any firm represented on the Baltic Exchange is eligible to enter one or more pairs. However, both players must be from the same member company, but the people do not have to be Baltic members themselves. Any player may be substituted but still needs to work for the same company.
Both male and female players are welcome, and the pairs can be in any combination. The matches will be the best of three sets in the main draw with a tie break at six-all in each set.
The games will be on grass (weather permitting) with play commencing at 10am sharp. The Club asks that players do not wear trainers or running shoes in order to protect the grass for the season.
The entry fee is £75 per pair, payable in advance. This fee includes the courts, coffee, lunch and afternoon tea for all players, as well as prizes for the placed teams in both tournaments. Catering for non-players is priced at £15 per head, but this also needs to be booked in advance.
The Tournament will be refereed by Perry Perera, with the American format arranged by Costas Mamarides, who will umpire the main final.
The points gained in this Tournament will go towards the David Bradley Cup. Pictures from last year’s event can be found here.
Useful information for those taking part
Address: Berrylands, Surbiton KT5 8JT tel 020 8399 1594
If you are coming by car, the parking is only on the Club side of the road in Berrylands or on the adjacent roads.
If you are coming by train, Surbiton Station has a faster, more frequent, service from Waterloo and is slightly nearer than Berrylands. It is a five-minute taxi ride or a 10-minute walk.
Further contact details
Tel: 07563 790273 or 020 8399 0398
Tel: 020 8391 0351