- Baltic Exchange and TradeWinds International Shipbroking Forum
On 11 September the Baltic Exchange, in partnership with TradeWinds, will be presenting the International Shipbroking Forum, London, at the Doubletree By Hilton, Tower of London Hotel. The event, which takes place during London International Shipping Week, will incorporate three sessions. These sessions are as follows:
Panel One 2-3pm
Relevant, reliable and tradable: Indices for today’s shipping markets
Panel members include Emanuel (Manu) Ravano, CEO, Ifchor; John Banaszkiewicz, Managing Director, FIS, Chris Reilly, Managing Director, BRS Futures and Ben Gibson, Head of LNG Derivatives, Affinity Shipping. Mark Jackson, CEO, Baltic Exchange, will moderate the discussion.
Panel Two 3.10-4.10pm
Shipbroking and Digitalisation – Disruption, Diversification and Differentiation
Julian Bray, Editor-in-Chief, TradeWinds, is joined by Mark O’Neil, President, Columbia Shipmanagement Ltd; Ami Daniel, CEO, Windward; Martin Hjelle, Head of Technology, Western Bulk; Viral Shah, Head of Freight Trading, RWE Supply and Trading; Nico Borkmann, Director and Executive Board Member, Braemar ACM Shipbroking.
Panel Three 4.30-5.30pm
Regulation & Shipping – what’s come/coming over the horizon?
Stefan Albertijn, Chairman, Baltic Index Council will be joined by Duncan Dunn, Senior Director, SSY Futures Ltd; Brian Nixon, Managing Director, Lavinia Bulk Ltd and Jonathan Herbst, Global Head of Financial Services Regulation, Norton Rose Fullbright LLP.
Registration for the event commences from 1pm, with opening remarks taking place at 1.30pm. Short breaks will be held between sessions, with a networking drinks reception on the Savage Garden rooftop immediately following the forum.
For more information and for registration enquiries, click here.
- LISW: Baltic Exchange drinks reception
Baltic Exchange Members attending London International Shipping Week (LISW) are invited to join a complimentary Baltic Exchange drinks reception following the Baltic Exchange and TradeWinds International Shipbroking Forum on 11 September.
The reception takes place from 5.30pm at Savage Garden on the roof of the Doubletree By Hilton, Tower of London Hotel.
Places are limited, so please register by email to email@example.com to ensure your attendance.
- Join Baltic reception at Gastech
Baltic Exchange members visting this September’s Gastech event in Houston are invited to attend a Baltic Exchange cocktail reception at Yellow Rose Distilling on 17 September. Cocktails and light bites will be served at 1630, followed by a distillery tour and whiskey tasting at 1730.
Yellow Rose Distilling
1224 North Post Oak Road #100
To confirm your attendance, please email firstname.lastname@example.org
- FFA training courses: London
There are still limited places available on the Baltic’s freight derivatives training courses in London (7-10 October).
Freight Derivatives & Shipping Risk Management
An overview of risk in the shipping business. Topics covered include freight rate risk management, derivative instruments, freight rate options, bunker and financial risk management, ship price risk management, Value at Risk and credit risk.
Advanced Freight Modelling & Trading
A focus on pricing freight options, modelling freight rate dynamics, constructing forward curves, modelling freight rate volatility as well as hedging and trading strategies.
For full details please visit www.balticexchange.com/other-services/training-2/
- 2020 Baltic diaries now available to order
Baltic diaries and pocket diaries for 2020 are now available alongside other items via the Baltic’s online shop.
- Member update: 4 September
The following company has applied for Corporate Membership:
Company Individual Interocean Coal Sales LLC
Mr S Cheema
The following individuals have applied for membership of an existing member company:
Company Individual BACA – The Baltic Air Charter Association
Mr S Donnelly Mr A Titterington Braemar ACM Shipbroking Ltd Mr A Gupta Cargill International SA Mr K Attikouris Clarksons Platou Miss C M Eapen Equinor ASA Mr A Arteaga
Any comments should be passed to Karen Karanicholas by 11 September 2019.
- Marine art exhibition at the Baltic
Mall Galleries will be holding an exhibition of pastel paintings by Matthew Draper at the Baltic Exchange between 4 September and 4 October. Matthew Draper is the 2019 winner of the Baltic Exchange Award at the Royal Society of Marine Artists’ Annual Exhibition. Paintings will be displayed in the Baltic Bar and around the building.
This exhibition draws together his winning painting alongside other works from recent series that approach the relationship between water and light. His atmospheric landscapes take us from the Scottish Islands of Skye and Raasay to the busy River Thames and down into the West Country to Falmouth Harbour, a site he has revisited over the course of 25 years.
Draper won the Baltic Exchange Award for the pastel painting Nocturne with A Polluted Light, a depiction of Falmouth Harbour at night, the dockyard lights blurred through the fog and cranes, the hull of a ship, floating buoys just discernible in the glow.
“I became interested in how to combine the two types of reflections; whether it be the lit-up dockland, and parts of the town or the remaining evening light, with the movement seen on the surface of the water,” said Matthew Draper.
The artist identifies himself principally as a draughtsman and uses soft pastel as a medium, crushing it in his hands and manipulating the material to build up a thick layered surface using the ball of his thumb or the heel of his hand, and even his forearms.
Known for his atmospheric and beautiful depictions of landscape he is interested in and influenced by the dramatic imagery of 18th and 19th century painting.
Draper is an Edinburgh-based artist who has exhibited widely throughout the UK and whose work can be found in numerous private, corporate and public collections including that of The Bank of Scotland, Huawei, Falmouth Art Gallery, Kelvin Grove Gallery and The City of Edinburgh.
All paintings exhibited are for sale through www.mallgalleries.org.uk/buy-art
- Stable but substandard growth
World growth might be stable, but the quality of that growth has declined, according to the Governor of the Bank of England, Mark Carney. At a recent conference, Mr Carney spoke of a sizeable hit to the growth rate of business investment in the G7 — an intergovernmental body comprising the world’s seven largest International Monetary Fund-described advanced economies (the US, the UK, Japan, Canada, France, Germany and Italy).
“The latest indications and indicators suggest that global growth is holding steady, rather than picking up as the [Bank of England’s] Monetary Policy Committee (MPC) had expected three months ago,” the governor noted. “The quality of that growth has also deteriorated, with the growth rate of business investment in the G7 cut almost in half since its peak in late 2017. Global price pressures remain subdued, with headline and core inflation below target in all major advanced economies.”
Growth on a downer
The conference was centred around the bank’s Inflation Report for that month, which noted that the forecast for world growth has worsened somewhat since May this year, partly reflecting increasing trade tensions. UK-weighted global GDP growth slowed marginally to 0.4% in the second quarter of 2019, slightly lower than anticipated in May. Additionally, eurozone and US GDP growth slowed, after unexpected Q1 strength, to 0.2% and 0.5% respectively. Furthermore, emerging market growth has been weaker than forecast, having slowed in the last 12 months, reflecting a previous tightening in financial conditions.
“Higher-frequency indicators further suggest that global output growth may have weakened in recent months,” the report continued. “Global Purchasing Managers’ Indexes (PMIs) have continued to fall since May, particularly in the manufacturing sector, where the output index has dipped below 50. Forward-looking surveys suggest that growth is likely to stabilise in the near-term. For example, the manufacturing export orders index has remained at a similar level over the past three months.”
The forecast for world growth has worsened somewhat since May this year
Mr Carney said that the anticipated paths of policy interest rates in advanced economies have moved sharply lower due to the “softer” prospects for global demand and inflation. In turn, world financial conditions are being supported by expectations of easier monetary policy.
“US 10-year yields are near two-year lows, 10-year gilt yields are at their lowest in three years and German 10-year Bund yields are their lowest ever,” he noted. “Around $14tr of global investment-grade debt is now trading at negative yields. In the MPC’s latest projections, these more-accumulative financial conditions offset the drags from trade headwinds, although global growth is now expected to return to potential rates more slowly than in May.”
Unsurprisingly, the governor also passed comment on the US–China trade dispute. Mr Carney noted that the conflict intensified “with the ink barely dry on our May Inflation Report”.
“More generally, the rationales for protectionism have broadened, increasing the risks that it could prove more pervasive, persistent and damaging than previously expected,” he continued. “There are already signs that trade actions are having larger effects than previously anticipated on global business confidence and investment spending. For example, the JP Morgan Global Manufacturing PMI fell to its lowest level since October 2012.”
“Softer global growth — particularly in the manufacturing sector — is likely at least in part to reflect the impact of trade tensions, which have increased over the past year and intensified further since May,” the Bank of England report said, going on to note: “As well as the tariffs implemented so far, other developments have added to concerns about trade protectionism. For example, the US announced plans to impose further tariffs on all remaining imports from China, although in June both parties agreed to continue talks. The US administration is also considering whether to impose tariffs on automotive products, including those imported from the EU, with a decision expected later this year.”
The bank argued that trade tensions will have likely impacted the world’s economy through direct as well as indirect means.
“Tariffs introduced by the US and China have had a direct effect on their bilateral goods trade, with both Chinese imports from the US and US imports from China having fallen in the year to Q1 2019,” the report said. “There are also likely to have been wider indirect effects via reduced global business confidence. Sentiment in the manufacturing sector has fallen over the past year, consistent with weaker world trade growth. Indicators of uncertainty about economic policy, including trade policy, have also picked up. That is likely to have weighed on investment, which has been a key driver of the recent slowdown in advanced economy growth. Consumption growth has remained resilient, however.”
The report claimed that across the outlook as a whole, trade tensions are anticipated to drag on GDP growth by more than was assumed in May. Levies are forecast to decrease US GDP by 0.5% — and China GDP by 0.4% after some offset from looser policy has been incorporated.
The document stated: “The overall impact is to lower purchasing power parity-weighted world GDP by 0.2% via direct channels … It is also likely that there have been spillovers via business confidence, although the MPC’s central forecast assumes that they are only modest. A severe shock could lead to a much larger impact.”
While the MPC’s forecast pointed out that “the easing of global financial conditions supports a gradual pickup in world GDP growth to its potential rate”, the forecast is still slightly weaker than in May, and this reflects the downward effect of greater tariffs and the related impact of weaker sentiment, according to the Bank of England.
The Baltic Exchange will hold its next Shipping Economics & Investment course on 13 and 14 January 2020 in London. More information can be found here.
- City Sailing Regatta
The City Sailing Regatta, organised by the Portcullis Sailing Club and incorporating the Finn Trophy, Crossley Cup and the Dick Chapman Navigator Cups, takes place on 21 and 22 September in Cowes, Isle of Wight.
Only yachts entering under the Baltic Exchange Sailing Association, Stock Exchange Sailing Association or Lloyds of London Yacht Club flags are eligible for the Finn Trophy. All boats shall be entered in the Crossley Cup and Crossley Cruiser Cup. Both of these events will take place on 21 Septmeber, with a first warning signal at 11am.
The fee for entering the event is £55 per boat, with entries to be made online by Friday 13 September. Late entries will be accepted up until Friday 20 September, with an additional £5 cost.
- BEGS Company Cup 2019
This year’s Baltic Exchange Golfing Society Company Cup will be held on Friday 11 October at West Herts Golf Club.
The event is open to teams of two shipbroking golfers. The best combined Stableford score will be the winner.
The Company Cup format is pretty simple, but has a few minor rules:
- Teams of two, competing in four-balls over one round.
- Stableford scoring system, with the combined score counting to each two-person team.
- Each team does NOT have to consist of employees from the same company, clients/visitors are very welcome.
- Teams can be two principals from the same company or different offices, or a principal and a broker or two brokers.
- There is no limit on the number of teams any one company wishes to enter, the more the merrier.
- Baltic Exchange is sponsoring the hole in one on the Par 3’s, with a main prize of a car and other prizes on the rest
- There will be additional prizes for nearest the pin, longest drive in the rough and longest drive on the fairway.
- Official handicap certificates are not required, but anyone playing off 24 or higher that does not have an official club handicap cannot score more than 30 points.
- This event can contribute as one of the sports for the overall David Bradley Cup winner.
Anyone interested in registering for the Company Cup, please contact James Pendered, it will be on a first-come-first-served basis.
Format (all times are approximate & subject to change)
Noon – Arrival time, bacon roll & coffee
13:15 – Tee off for 18 holes from the first tee
18:30 – Drinks/prize giving during dinner
The cost will be £80/player
Herts WD3 3GG
Telephone: 01923 236484 / Pro Shop: 01923 236866