- Final tickets remain for Chairman’s Curry Night
There are already over 100 confirmed attendees this Thursday 4 October for the Chairman’s Curry Night, with the final few tickets remaining available here.
Hosted by current Baltic Exchange Chairman, Duncan Dunn, the event will be held at The English Restaurant, Spitalfields, which is housed in a historic building dating back to the 1670s.
- Baltic Exchange Freight and Commodities Forum, Copenhagen
On 27 September 2018, the Baltic Exchange will be holding its Freight and Commodities Forum in Copenhagen.
The event will open with a networking lunch followed by sessions on:
- Commercial Impact of the 2020 Sulphur Cap
- Dry Market Outlook
- Bulk Commodity Trends
- Dry Benchmark Revisions
- Freight Risk Management
The forum is open to member companies and invited guests only.
The event will commence with a networking lunch at 1 pm.
To view the full programme, click here.
To register, click here.
- Baltic signs up to UK’s Women in Maritime Charter
The Baltic Exchange has signed up to the Women in Maritime Charter which was launched this week in London. The initiative is designed to address the lack of gender diversity in the UK maritime sector by creating a framework to challenge companies to make progress on diversity. The charter is supported by a suite of resources to help companies realise those targets.
A key pledge of the Charter is:
“We are committed to building an employment culture that actively supports and celebrates gender diversity, at all levels, throughout our organisation, and our industry.”
So far there are 65 signatories to the Charter including the Institute of Chartered Shipbrokers, BP Shipping, DP World and CMA CGM.
Sue Terpilowski, chair of the task force, said: “We’ve been focused on making sure that the Charter we deliver is relevant to companies across the length and breadth of the maritime sector – both in size and function.
“We think we’ve struck the right balance between realism and challenge, with the appropriate plan in place to support companies to excel on gender diversity.”
Nusrat Ghani MP, Maritime Minister, said: “Our maritime sector keeps Britain thriving, but it’s missing out on a wealth of talent. No industry is a closed shop and there are simply too few women working in rewarding maritime careers, both at sea and on shore.”
She added: “It’s great to now see a real drive from companies wanting to attract women into roles, from captains and chief engineers at sea, to senior executives on shore, which will in turn help unlock the potential of their businesses.”
- Member update: 12 September
The following individuals have applied for Membership under an existing member company:
Individual Company Mr M Izzo Nova Marine Carriers SA Mr G Guetta Ifchor S.A. Mr A Jamieson Clearlake Shipping Pte Ltd Mr Y T Khoo BHP Billiton Freight Singapore Pte Ltd Ms J Saini Acropolis Chartering & Shipping Inc Mr C Tripodianakis Mr R Hlaca BACA – The Baltic Air Charter Association
The following individual has applied for Retired Membership:
Mr T J Walsham
Any comments should be passed to Karen Karanicholas by 19 September 2018.
- Baltic-ICS Lunchtime Lectures return
The Baltic Exchange and Institute of Chartered Shipbrokers are pleased to announce the second series of lunchtime lectures in Shanghai, Singapore, Athens and London. The new series kicks off with seminars on the 2020 Sulphur Cap on 25/26 September.
Intended to support and develop brokers and operations professionals, the series will examine topical issues facing those working in chartering and operations roles, offering advice on best practice in critical situations and insight into the changing patterns affecting the shipping sector.
The first lecture of the five lecture series will focus on the IMO’s 2020 Sulphur Cap, looking at the outcome of the IMO’s summer discussions and industry reaction to the 2020 cap. Our speakers will look at the real figures surrounding these incoming changes as well as examine the impact on the maritime industry and charterer decision making.
Singapore | 25 Sept | 13.00
Aron Frank Sorensen
Head of the Maritime Technology and Regulation, BIMCO
London | 26 Sept | 13.00
Secretary General, International Chamber of Shipping
Shanghai | 26 Sept | 13.00
Regional Manager Asia, BIMCO
Athens | 26 Sept | 13.00
Dr. John Karakis
Technical Director, Bureau Veritas – Greece
This event is free to Baltic and ICS member companies. Those interested must register by email to email@example.com (reference: BXICS201).
For more details on speakers, locations and costs for non-members, click here.
- Port of Guangzhou event
The Port of Guangzhou invites members to a presentation showcasing its facilities and plans for growth and development in throughput volume, port infrastructure and shipping services.
As a major trading port, Guangzhou ranks fifth largest in the world in terms of tonnage throughput (590 million tons) and is recognised as a major economic powerhouse for South China. The visiting delegation will be headed by, Madam Yuan Yue, Deputy Director General of Guangzhou Port Authority, who will be joined by leading shipping companies and trading houses from China.
A number of prominent key people within the London maritime sector will also be speaking together with members of the Port delegation.
This event will be held on Thursday 20 September from 15:30 at the Armourers Hall in the City of London and is open to professionals from across the maritime community. The presentation will be followed by a drink and canape reception until 19.00.
Further information and registration details can be found here.
- Job opportunity: Container Business and Development Manager
The Baltic Exchange is seeking an experienced Container Business and Development Manager at its central London offices on St Mary Axe.
Reporting to the Chief Commercial Officer, the successful applicant will be responsible for developing the Freightos Baltic Container Indices (FBX) and related products, in addition to ensuring that it is recognised as a premium container freight index in the market. The ability to engage with key players in the physical container market is a fundamental requirement for this role and therefore having a comprehensive network of contacts within the container market will be a significant advantage.
The successful applicant will work to identify new opportunities for the FBX, new users of the indices and deliver a successful marketing plan to secure new business in the container market.
Applications would be welcome from candidates who meet the following essential requirements:
- Comprehensive knowledge of the maritime industry, and, in particular, of the container market and the key players within it.
- Minimum 10-15 years of experience at a mid/senior level of new product development, and marketing with a proven track record in sales.
- Credibility to interface and collaborate with senior management and stakeholders.
- Excellent contacts in the container market and proven social and interpersonal skills with the ability to speak and present effectively at high profile market events.
- Strong organisational skills and the ability to create and present compelling sales propositions.
- Knowledge of the FFA/derivatives market would also be an advantage.
If you are interested in this exciting opportunity and meet the above criteria you are invited to send your application to Sharon O’Ryan.
- Ten years on and what have we learnt?
On September 15, it will be exactly 10 years to the day since global financial services firm and investment bank Lehman Brothers spectacularly collapsed. On that date in 2008, the organisation — the fourth-biggest US investment bank at the time of its downfall — filed for bankruptcy protection after negotiations were unable to find a means of salvaging it. The bankruptcy filing, with $639bn in assets and $619bn in debt, was the greatest in history, and is thought to have had a major part in the unfolding of the global financial crisis which peaked that year — a financial crisis considered by many economists to have been the worst since the Great Depression.
A decade after the turmoil, the economy has recovered, with output levels having overtaken pre-crisis levels in most advanced economies and labour markets greatly improved, according to professional services network PricewaterhouseCoopers’ latest Global Economy Watch publication (at the time of publication). What’s more, the International Monetary Fund’s (IMF) mid-year World Economic Outlook Update anticipated world growth to hit 3.9% both this year and next. However, the IMF noted that the expansion is becoming more uneven and threats to the outlook are rising. Growth has become more unsynchronised and the expansion rate seems to have peaked in some major economies, it said.
“In the US, near-term momentum is strengthening in line with the April World Economic Outlook forecast, and the US dollar has appreciated by around 5% in recent weeks,” the update said. “Growth projections have been revised down for the euro area, Japan, and the UK, reflecting negative surprises to activity in early 2018. Among emerging market and developing economies, growth prospects are also becoming more uneven, amid rising oil prices, higher yields in the US, escalating trade tensions and market pressures on the currencies of some economies with weaker fundamentals. Growth projections have been revised down for Argentina, Brazil, and India, while the outlook for some oil exporters has strengthened.”
In the World Bank Group’s Global Economic Prospects: The Turning of the Tide? June report, Shantayanan Devarajan, group acting chief economist, described the world economy as seemingly leaving behind the financial crisis’ legacy of the last decade, but said the medium-term prospects tell a diﬀerent tale. He argued that “protectionist threats cast a dark cloud over future growth” and that a major emerging market credit event or a sudden tightening of monetary policy in the US leading to an interest rates spike could “roil” ﬁnancial markets. This could prompt a slowdown, especially in highly-indebted nations. Since 1975, Mr Devarajan noted, there has been a ﬁnancial market crisis around every ten years, with the economist adding that growing corporate debt in some emerging market economies has left them especially vulnerable to interest rate and exchange rate shocks. He referenced a finding that although current growth looks robust, potential growth will be lower, and concluded that policy and institutional reforms that build human capital and improve the business climate are required.
There will be another crisis
Mark Schofield from American investment bank and financial services corporation Citigroup said his firm would characterise world growth as “riding on the back of fading tailwinds while facing increasingly-strong headwinds”. This, Mr Schofield argued, increases the risk of an inflexion point at some point next year or in early 2020. Citigroup’s four obstacles to recovery following 2018 are greater interest rates, a China slowdown, an escalating trade war and more narrow financial conditions, which would be a by-product of bigger rates. Mr Schofield noted that a lot will depend on the behaviour of investors as and when markets correct.
“With that in mind, the increasing signs of volatility in asset prices [and] the increasingly-narrow stock market leadership … makes us fearful that a quite-sharp correction is possible once markets do turn,” he added.
On that note, Stephen Oh, global head of credit and fixed income at Pinebridge Investments, said that one aftermath of the financial crisis’ result has been a material decline in systemic risk, with the systemic risk of a banking crisis having considerably decreased.
“I think the real concern isn’t about the banking sector so much, but what will be the next causation of the next crisis, which may not be financial in nature, and what is the catalyst for causing that and what are the mechanisms to deal with such a matter because … there will be another crisis,” he said. “It’s just a matter of severity, the cause and the aftermath.”
In September, American geopolitical intelligence platform and publisher Stratfor offered its 2018 Fourth-Quarter Forecast, which identified 11 key trends. The first four were ‘The White House’s Enduring Gamble Over Trade Policy’, ‘The Mounting Cost of US Unilateralism’, ‘The Global Oil Supply Contracts’ and ‘A Stressful Period for Emerging Markets’. The next four were ‘The EU Contends with Italy and Brexit’, ‘Storm Clouds Over the Korean Peninsula’, ‘No Respite for Beleaguered Iran’ and ‘Russian Weakness Will Be Exposed in Syria’. The final three trends were ‘Smoothing Out the Bumps in China’s Belt and Road Initiative’, ‘The Andrés Manuel López Obrador Era Begins in Mexico’ and ‘Ethiopia Drives Big Change in East Africa’.
Stratfor said: “The US will pile more tariffs on China, targeting $200bn worth of imports, and may ramp up the pressure further after midterm elections in November as trade negotiations stall. While the successful renegotiation of the North American Free Trade Agreement will mitigate the US administration’s threat to impose tariffs on automobiles and auto parts in North America, the EU will probably fail to avoid the measures.”
In further analysis, Stratfor anticipated that a steep decline in Iranian oil exports, along with looming production disruptions in countries such as Libya, Nigeria, Venezuela and Iraq, will constrict global oil supplies, prompting the White House to try to coerce Saudi Arabia to dig dangerously deep into its spare capacity. Meanwhile, US unilateralism in tariff and sanctions policy will push regional powers such as Turkey to “pursue ties with non-Western states and drive world powers such as Europe to reclaim their economic sovereignty”.
The Baltic Exchange’s next Shipping Economics & Investment course will be held in London from January 14 to 15 next year. More information can be found here.
- YBA Singapore photos now available
Photos from the Young Baltic Association (YBA) Singapore event on 6 September are now available to view here.
- BESA Warwick Cup, Seaview
On the weekend of 8–9 September, eight crews were in Seaview, Isle of Wight, to take part in the BESA Warwick Cup regatta.
The competition was intense, as near-perfect wind conditions meant that six races were held, with crews tested on all points of the wind, offering ample material for banter in the breaks ashore.
The crew from EA Gibson secured first place overall followed closely by the Young Baltic Association (YBA), sponsored by Clarksons, with Francis and Friends in third.
The field also included crews from the Baltic Exchange, Brown Jenkinson, Howe Robinson and SSY.
In memory of Andrew Francis, a new cup was presented at the formal dinner on Saturday night. The cup went to the crew that finished in first place, from the first day’s racing, which was overall winners, EA Gibson.
For photographs from the event, click here.
- Baltic Exchange CC 2018 season comes to a close
After a successful season, the Baltic Exchange Cricket Club played its final game of 2018 on 6 September versus a strong Lloyd’s of London side on a beautiful day at Malden Wanderers CC.
Lloyds batted first and were all out for 267, with Nathan Roberts (Clarksons) taking 3-38 and Will Halliday (Braemar ACM) snaring 3-33. In reply, the Baltic fell short, as they finished 183 all out, with skipper Ben Regan (AM Nomikos) top scoring with 58 and some useful lower order runs from Benji Bennett (35).
Thanks to all of those who played and contributed this season.
- Baltic FC Vs Danish (DRFB) and Spanish Brokers
The Baltic FC will join Danish brokers heading to Madrid for a three-way tournament against Spanish Brokers from 14-16 September. Anybody interested in joining in, either on the field or for socialising off the field, please contact 1st XI: Nat Twiggs (firstname.lastname@example.org) / Vets XI: Alan De Rosa or Tony McDonald (email@example.com).
Photos from the last round in Copenhagen can be found here.
- Baltic Wine Society: Spanish wine tasting photos now available
Photos from the Spanish wine tasting on 5 September are now available to view here.