- Season’s Greetings from the Baltic Exchange
The Baltic Exchange wishes all Members a very Merry Christmas and a happy, peaceful and prosperous New Year.
- Angus Procter elected as Wet FFABA Chairman
Angus Procter, of Braemar ACM-GFI, has been elected as Chairman of the Wet FFA Brokers Association (FFABA). He replaces Pat Donnelly, also of Braemar ACM-GFI, who has chaired the group, which represents the worldwide community of tanker Forward Freight Agreement (FFA) brokers, since 2017.
Founded in 1997, the FFABA is the worldwide association for Forward Freight Agreement (FFA) broking firms. Working with the Baltic Exchange, the FFABA organises educational workshops and industry forums in major shipping centres, with the aim of promoting FFAs as an important tool for managing exposure to freight rates.
Angus Procter said:
“I am honoured to be elected as the Chairman of the Tanker FFA Brokers Association (FFABA Wet) ahead of what is set to be a very interesting 2019.
“The FFABA’s role is to help guide the FFA market and provide solutions for traders looking to manage volatility and freight price risk, making it easier for them to hedge physical exposure. Over the coming 12 months we’ll be working with the Baltic to introduce new routes, helping traders reduce basis risk as well as advising clients as we head towards IMO 2020 legislation.
“We’ll reinforce this with educational forums and workshops during the year, helping to make FFAs more accessible and build understanding of how derivatives are used to stabilise a physical chartering book. I look forward to working closely with all involved in the Wet market over the coming year.”
The Baltic Exchange provides the tanker FFA market with daily independent assessments of 24 dirty and clean routes and responds to new trades and routes by introducing new assessments. A further five new clean and dirty tanker routes are currently being trialled.
In 2018 the Exchange introduced daily timecharter equivalent assessments on all its tanker routes; a Balance of Month Assessment for tanker forward assessments and began publishing weekly $/mt forward curves for routes TC2, TC5, TC14, TD3C, TD7, TD8, TD9, TD19 and TD20.
Angus Procter has worked on the wet freight desk at Braemar ACM-GFI since October 2010, working his way up to senior broker. In addition to wet FFAs, Angus has experience in brokering LPG, fuel oil and Dry FFAs.
- Baltic Exchange non-publishing dates – December and January
Due to the Christmas and New Year holidays, the Baltic Exchange will not be publishing the following indices between 25-31 December:
- BITR Asia, BES Asia & BEP Asia
- BDI, BCI, BPI, BSI & BHSI + BSPA & BDA
- BDTI , BCTI + BLPG
- BCTI TC14, MRA Triangulation & BDTI TD21
The BFA & BOA (Options) will not be published on 25-26 December but will be published between 27-31 December.
None of the indices will be published on 1 January.
Any questions or comments should be directed to firstname.lastname@example.org
- Member update: 19 December
The following company has applied for Corporate Membership:
Company Individual Starfuels Pte Ltd Mr M J Stanley TP Host LLC
Mr G A Anderson Mr B Davis Universal Navigation Pte Ltd Mr M A Taqi
The following individuals have applied for membership of an existing member company:
Company Individual Clarksons Platou Futures Limited Mr P Smyth E D & F Man Shipping Ltd Mr W L Weaving Glencore International AG Mr Y van Weert
Any comments should be passed to Karen Karanicholas by 27 December 2018.
- Baltic Exchange training courses 2019
As the New Year approaches, the Baltic Exchange is now taking bookings for its 2019 training courses in London, New York and Singapore.
The courses offer high-level training to shipping, financial and commodity professionals. Below is the full list of courses and the dates and locations they take place in 2019:
Freight Derivatives & Shipping Risk Management (London: 11-12 March & 7-8 October, New York: 8-9 April, Singapore: 1-2 July)
Delivered over two days by experts in the areas of shipping and commodity risk management, the Shipping Risk Management course aims to raise market awareness of risks involved in shipping businesses and how various physical and derivatives instruments can be used to control such risks efficiently and effectively. Participants will learn how to analyse and measure the impact of financial risks involved in shipping investment and operations, and how to select and execute effective strategies to minimise or eliminate such risks, stabilise their cash flow and maximise the return on investment more efficiently.
Advanced Freight Modelling and Trading (London: 13-14 March & 9-10 October, New York: 10-11 April, Singapore: 3-4 July)
This advanced two day module focuses on modelling freight rate dynamics and pricing options on freight. It discusses issues which are relevant to shipping market practitioners such as constructing forward curves on freight, modelling freight rate volatility as well as hedging and trading strategies using freight options. The course aims to provide delegates with both a theoretical foundation as well as practical hands-on experience.
Ship Finance Executive (London: 13-14 May & 11-12 November)
This course aims to raise awareness of the substantial benefits and risks of equity and debt finance, to shipping companies looking for capital and to investors looking at shipping as a market with increasing accessibility and potentially strong returns on investment. Using a variety of real-life examples, course participants will learn how an IPO is made, what to look for when choosing an underwriter, how to identify an under-priced IPO before it is made public using only publicly available information, how to issue a high-yield bond and how to calculate the probability a high-yield bond will default.
Shipping Economics & Investment (London: 14-15 January & 10-11 June)
The course aims to provide delegates with both a theoretical foundation as well as practical hands-on experience on modern shipping economics and investment. It provides delegates with the essential knowledge of shipping economics, operations and investment management. The programme covers the microeconomic structure of the shipping markets including freight, second-hand, newbuilding and scrap markets and presents how these shipping markets interact.
For more information or to book onto one of these courses, click here.
- Baltic ICS January lectures
The Baltic Exchange and Institute of Chartered Shipbrokers (ICS) will be presenting the third in the series of lectures on 30 January in Singapore, Shanghai, Athens and London.
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 third lecture will focus on economic cycles & shipping. Join shipping thought leaders for an open discussion on freight market cycles; how have trends in cargo flows changed and what has the impact been from the vessel supply side, as a result of the evolution of the shipowner and the ever-changing ROI horizons for their investors.
Guest speakers include:
Singapore | 30 Jan | 13.00
Global Head of Shipping, Anglo American
Shanghai | 30 Jan | 13.00
CEO, Asia Maritime Pacific
Athens | 30 Jan | 18.30
Director, Ursa Shipbrokers
*In celebration of the New Year, the Athens lecture will be held on the ‘Hellas Liberty’. The seminar will be followed by the cutting of the Vasilopita.
London | 30 Jan | 13.00
Dr Martin Stopford
Non-Executive President, Clarkson Research
This event is free to Baltic and ICS member companies. Those interested must register by email to email@example.com (reference: BXICS203)
View the flyer here.
- Making it possible
The relationship between Baltic Exchange and Sailors’ Society goes back many years. Since 2006, Baltic Exchange and its staff have given more than £140,000 to the charity. In November 2013, Typhoon Haiyan devastated vast areas of the Philippines, killing more than 6,000 people. In response to the tragedy, Baltic Exchange donated an incredibly generous £10,000 to our emergency appeal, which contributed to the disaster relief of stricken seafaring communities in the country. This generosity allowed Sailors’ Society to rebuild homes, livelihoods and communities and five years down the line, we are still helping those affected by Typhoon Haiyan.
Baltic Exchange has also shown its support of our work by funding a minibus for one of our chaplains, enabling our ship visitors to provide vital transport to seafarers, giving them vital time away from the port environment.
The organisation has supported an array of Sailors’ Society’s events – taking part in and sponsoring Three Peaks Challenges since 2006. Baltic Exchange staff have regularly shown they’re an active bunch, with teams competing in everything from dragon boat races to golf days – as well as attending the ING wine tasting and London shipping ball and dinners.
Staff have even run events such as cricket days and Baltic RFC matches to raise funds for our cause.
The company currently funds the work of David See, our port chaplain in Singapore, which enables him to undertake his crucial work with seafarers visiting the port. Between July 2017 and September of this year, David made 1,071 ship visits. Whether that’s transporting seafarers to the local amenities or providing them with SIM cards so that they can communicate with loved ones back home – David’s practical and emotional support is vital to seafarers visiting Singapore and is made possible by Baltic Exchange’s kindness.
So far, in 2018, the Baltic Exchange has supported the Society with a team in Ride London and guests attending our 200th anniversary dinner at the Lloyds’ Register Committee Room in November.
Although Sailors’ Society is more than 200 years old, many of the issues faced by the seafarers we supported in our fledgling years are the same faced by seafarers today, and our chaplains are still there for those facing isolation, dangerous conditions and separation from loved ones.
Problems like piracy still affect the world’s 1.6m seafarers, which is why the charity has created a Crisis Response Network to support those traumatised by incidents such as natural disasters, kidnapping and piracy.
Sailors’ Society has moved with the times, creating apps to improve on-board well-being and more connected welfare provision for seafarers. Since 2013, we’ve doubled the number of our chaplains. Our chaplains and ship visitors now have a presence in 91 global ports, with wider projects and services covering 30 countries.
As we go into our 201st year, there are many ways you can support our global work. For the intrepid, we’ve a variety of exciting events lined up for 2019, including spaces on Ride London and the London Marathon.
If you would like more information about our programme of events, click here to connect with our team.
For fans of maritime stories and to celebrate our 200th anniversary, we have produced a fascinating commemorative book – 200 Stories from the Sea. It is a collection of stories from the Society’s archives and takes readers on a journey from the desperate times in London’s docks through two World Wars, generations of Royal support and even an appearance from The Beatles.
You can purchase your copy at www.200stories.org knowing that all profits will support our work.
Finally, if you’re doing secret Santa this year, why not visit our new Gifts Ahoy! virtual gifts platform, which features a range of gifts, all of which support seafarers and their families – it certainly beats buying your colleague a pair of socks!
As 2018 draws to a close, everyone at Sailors’ Society would like to wish you a happy Christmas and new year and thank you for your ongoing support of our work.
To find out more about Sailors’ Society, visit: www.sailors-society.org
- Baltic Exchange vs. HAC Old Boys
The Baltic Exchange Rugby Football Club (BERFC) is planning a fixture against the Honourable Artillery Company (HAC) Old Boys at the renowned HAC ground, City Road, on 5 January.
Those interested in taking part are invited to register their interest and position to Humphrey Hodgson (O’Keeffe & Partners).
- Baltic Irish Night: 14 March
The Baltic’s annual Irish Night will be held at The Brewery, Chiswell Street on Thursday 14 March.
The Baltic Irish Society, Irish night, is one of the most popular events of the Baltic’s social calendar. Held each March on the evening of the closest Thursday to St Patricks Day, it is regularly attended by over 500 people.
The format will be as in previous years, including the traditional sing-along.
Tickets are now available, costing £95 each and can be bought by contacting Colm Nolan by either the email or telephone details given below:
Please note that the Baltic have negotiated a new wine list with the Brewery, which includes alternative wines at a reduced rate from last year.
Ticket payment should be made to:
Sort code 50 00 00
Account number 15427080
Account: Baltic Exchange Irish Society
For those paying directly to the bank, please also email Simon O’Sullivan with payment details.
Baltic Irish Society needs you!
Members under 40 with Irish connections and an interest in having a more active role in the Baltic Irish Society are invited to contact Colm Nolan.