- Upcoming webinar on 2020 Xinhua-Baltic International Shipping Centre Development Index
The Baltic Exchange will be hosting a webinar on 13 July 2020 at 1600 (Singapore) to share insights on the 2020 Xinhua-Baltic International Shipping Centre Development (ISCD) Index.
The Index, in its seventh edition, provides an independent ranking of the performance of the world’s largest cities that offer port and shipping business services.
During the webinar, Su Ling Lu, Head of Baltic Exchange Asia, will present the key findings of the report.
Click here for further details and registration.
This webinar is free of charge and open to all.
Xinhua-Baltic International Shipping Centre Development Index was launched in 2014 as a collaboration between the Baltic Exchange and Xinhua, the Chinese state news agency. The index, in its seventh edition, provides an annual independent ranking of the performance of the world’s largest cities that offer port and shipping business services.
It is a numeric grading system that evaluates three primary indicators (port infrastructure, shipping services and general environment) and 17 secondary indicators using a comprehensive evaluation model.
A simple, intuitive, objective, and impartial measure of the level of development and state of international shipping centres, the index is a valuable guide and reference for the development of international shipping centres.
- What’s new on the Baltic Exchange website?
With preparations for the new Baltic Exchange website in full force for the upcoming launch, we wanted to highlight some of the key features of our new and improved, user-friendly website.
One of our most exciting features is the interactive map. Working with a team of expert designers, we have produced a world map showing all of the trade lanes for the headline, dry, wet, gas and container indices. The map’s interactive element offers increased functionality in viewing route descriptions at a granular level with just the click of a button.
Subscribers to Baltic data will be able to create their own customised dashboards with enhanced charting facilities and quicker download options. A key benefit is that the same login subscribers use for the Baltic App will give them access to the new website, providing seamless access to Baltic data wherever they are.
Subscribers can pre-register for new website access here.
We will be in touch again soon with regards to the launch date. Any questions or queries, please contact email@example.com.
- Member Update: 8 July
The following individuals have applied for membership of an existing Member Company:
Individual Company Mr G Miles Clarksons Platou Futures Limited Mr S Wilson Eiger Shipping SA Ms M Fukao Marubeni Logistics Corporation
Mr K Morita Mr N Plumb The Air Charter Association Ltd
The following individual applied for Retired Membership:
Mr G M T Eddings
Any comments should be passed to Karen Karanicholas by 15 July 2020.
- Keith Maxwell
Members will learn with deep regret of the death of Keith Maxwell on 21 June 2020.
Mr Maxwell was first elected a member of the Baltic in 1955. In 1960 he was elected the Principal member for Coral Shipping Ltd until he became a retired member in 1987.
His funeral was held on 6 July in accordance with current government guidelines.
If you would like to make a donation in memory of Mr Maxwell please visit www.moorfieldseyecharity.org.uk and click on “support us”/ “donate”
- Tanker Freight Market Insights Webinar
Thu, Jul 9, 2020 12:30 PM – 1:45 PM BST
A series of Webinars bringing key players together with the Baltic Exchange, to openly discuss market developments, sector by sector through the month of July. Sign up to hear first-hand from the experts on market outlook, opinions on trends, trading activity alongside an update from the Baltic on benchmark and service developments.
In our Tanker Market Insights Webinar, we will be joined by experts from across the Clean and Dirty markets to share insights on the high volatility of recent months and the outlook for the short to medium term. Our guest analyst, Richard Matthews, Director of Consultancy and Research at EA Gibson Shipbrokers Ltd will present on the shifting supply-demand balance followed by a panel discussion on the major industry issues impacting freight market participants.
Richard Matthews, Director – Consultancy & Research,
E.A. Gibson Shipbrokers Ltd
After 5 years at IHS Maritime & Trade, Richard joined Gibson’s in 2014 and heads up Consultancy and Research for the group, advising clients globally on freight market developments, chartering decisions and freight market investment strategy.
Mike Wittner, Director, Head of Oil Market Research
Intercontinental Exchange – ICE
Mike joined ICE in 2019 leading the Oil Markets research team with a focus on anticipating structural market shifts, supporting their sales team and global client base. Mike’s work also includes contract development to meet investor/trader needs. He was previously an MD at Société Générale, leading on oil market research and is consistently ranked Top 4 globally in this field, gaining major industry awards.
12:30 Update from the Baltic Exchange; Mark Jackson, CEO
12:45 The 2020 Oil Outlook and Covid-19; Mike Wittner, Director, Head of Oil Market Research – Intercontinental Exchange I ICE
13:05 Dirty and Clean Tanker Market Outlook; Richard Matthews, Director – EA Gibson Shipbrokers Ltd
13:30 Tanker Market Q&A; Mark Jackson (Chair), Richard Matthews and Mike Wittner
Please register here.
After registering, you will receive a confirmation email containing information about joining the webinar.
- LNG/LPG Freight and FFA Market Insights Webinar
Wed, Jul 15, 2020 12:30 PM – 1:45 PM BST
A series of Webinars bringing key players together with the Baltic Exchange, to openly discuss market developments, sector by sector through the month of July. Sign up to hear first-hand from the experts on market outlook, opinions on trends, trading activity across the physical and, FFAs alongside an update from the Baltic on benchmark and service developments.
In our LPG/LNG Market Insights Webinar we examine the fast changing Gas freight sectors, bringing together leading commentators from the physical and FFA markets to present their views on how these spot markets are evolving and how market participants are adapting to manage their freight risk exposure. We are delighted to welcome Kristen Holmquist, Forecasting Manager at Poten & Partners to present the underlying shifts from the physical market followed by a FFA panel discussion chaired by Nadia Mirza, Baltic Exchange with; Ben Gibson – Affinity (Shipping) LLP, Sam Mitchell – Braemar ACM-GFI and Christian Greenop – Clarksons Platou Futures.
12:30 An Update from the Baltic Exchange, Mark Jackson, CEO – The Baltic Exchange
12:45 Analyst Market Review: LPG and LNG Markets; Kristen Holmquist, Forecasting Manager at Poten & Partners
13:10 Analyst Q&A Chaired by the Baltic Exchange
13:25 LNG / LPG FFA Market Activity panel;
– Chair; Nadia Mirza, New Markets, Baltic Exchange
– Ben Gibson, LNG Derivatives Broker, Affinity (Shipping) LLP
– Sam Mitchell, Tanker Derivatives Broker, Braemar ACM-GFI
– Christian Greenop, LNG FFA Broker, Clarksons Platou
– Paul Wightman, Director, Research and Product Development, CME Group
Please register here.
After registering, you will receive a confirmation email containing information about joining the webinar.
- Battery boost drives commodity demand
Cobalt, lithium, manganese and graphite: not dry bulk cargoes known for their movement in large volumes today, but their future looks very promising, according to a report from UNCTAD.
As demand for batteries for electric cars takes off, driven by climate change pressures and oil market disruptions, there will be a pressing need for the materials to manufacture them.
“Alternative sources of energy such as electric batteries will become even more important as investors grow more wary of the future of the oil industry,” said UNCTAD’s director of international trade, Pamela Coke-Hamilton. “The rise in demand for the strategic raw materials used to manufacture electric car batteries will open more trade opportunities for the countries that supply these materials.”
The International Energy Agency (IEA) calculates that sales of electric cars topped 2.1m globally in 2019, surpassing 2018 – already a record year – to boost the stock to 7.2 million electric cars. Electric cars, which accounted for 2.6% of global car sales and about 1% of global car stock in 2019, registered a 40% year-on-year increase.
In its Global EV Outlook 2020, released in June 2020, the IEA said it expects global electric vehicle stock (excluding two/three-wheelers) to grow by 36% annually in its Sustainable Development Scenario, reaching 245 million vehicles in 2030 – more than 30 times today’s level. Its more conservative Stated Policies Scenario sees stock rise to nearly 140m vehicles, accounting for 7% of the global vehicle fleet.
The IEA estimates that material demand for the batteries of the electric vehicles sold in 2019 was about 19 kilotons (kt) for cobalt, 17 kt for lithium, 22 kt for manganese and 65 kt for nickel. Under its conservative Stated Policies Scenario, it forecasts demand of 180 kt/year for cobalt, around 185 kt/year for lithium, 177 kt/year for manganese and 925 kt/year for class I nickel by 2030. These values more than double under its Sustainable Development Scenario.
Reserves of the raw materials needed for car batteries are highly concentrated in a few countries, making them rich pickings for dry bulk movers. According to UNCTAD, nearly 50% of world cobalt reserves are in the Democratic Republic of the Congo (DRC), 58% of lithium reserves are in Chile, 80% of natural graphite reserves are in China, Brazil and Turkey, while 75% of manganese reserves are in Australia, Brazil, South Africa and Ukraine.
In an added boost for trade, UNCTAD’s report – Commodities at a glance: Special issue on strategic battery raw material – indicates that the bulk of value added to raw materials used in making rechargeable batteries is generated outside the countries that produce the materials.
“For instance, value added to cobalt ores by the DRC is limited to intermediate products or concentrates. Further processing and refining are mostly done in refineries in Belgium, China, Finland, Norway and Zambia to obtain the end products used in rechargeable batteries as well as for other applications,” notes UNCTAD.
Looking at each commodity in detail, the world’s terrestrial cobalt resources are estimated to be about 25 million tons. Reserves were estimated at 6.9m tons in 2018 by the United States Geological Survey. DRC holds the largest reserves at 3.4m tons, followed by Australia and Cuba at second and third respectively (1.2m and 0.5m tons).
Lithium resources are mainly concentrated in Chile, Bolivia and Argentina – known as the lithium
triangle. Total world resources are estimated to be about 62m tons and reserves are estimated at 14m tons. After Chile with 58% of the world’s total lithium reserves comes Australia and Argentina with approximately 19% and 14% respectively.
For graphite, Turkey, China and Brazil account for about 31%, 25% and 24% respectively of the world total reserves, estimated at 300m tons.
Total identified world land-based manganese resources are estimated to be approximately 17 billion tons; reserves are estimated at 760 million tons, with South Africa, Ukraine and Brazil accounting for almost 63% of the total.
Trade in the four commodities is expected to grow at a fast pace as electric cars start to roll off production lines in greater numbers.
“As more automotive manufacturers are rolling out electric vehicles, the demand for raw materials used in rechargeable batteries is also rising,” notes UNCTAD. “In recent years, the cobalt market expanded rapidly, with demand rising above 100,000 tonnes for the first time in 2017. In 2018, demand surged by 25% from the previous year to 125,000 tonnes with about 9% accounted for by the EV battery sector.”
Commodity traders and movers should closely watch these four key commodities, not only for the potential growth in the primary trade of the materials themselves, but also for the secondary trade of processed and refined products.
- BEGS Summer Meetings 1908 – 2020
Ten days ago I had hoped to be driving up the A12 – past Ipswich, over the Orwell Bridge and carry on another 21 miles before I turn right into Friday Street. On seeing the House in the Clouds a few miles later a warm feeling would once again fill my heart, knowing I and those joining me had returned to what over 68 years has become our physical and spiritual home. Memories of all those previous years, of Adnams, of the halfway house, of Kummel, of heather & bracken, of card schools and snooker and of Noddy’s bet all fill my head. Overall recollections of the warmest of times, of smiles and of friends which this year we have had to put on ice (like the Kummel) but we will be back in 2021 for what will be our 60th visit.
Since 1908 there have been 76 summer meetings which have been recorded, although the society records for the years covering 1921 up to 1939 were sadly more or less entirely wiped out during the Blitz. From the history that we do have its abundantly clear that as befits a Summer break we have nearly always headed towards the seaside for our June and July outings – Woodhall Spa where we played in 1964 was the furthest we headed inland being twenty miles from the sea. We have played on two courses that have housed the Open but have not moved our base from the current Thorpeness since 1967 – yours truly is hoping we might get a free round of drinks next summer to celebrate our 60th visit!
Turning the clock back to 1908, where the first ever summer meeting took place at Royal Cinque Ports in Deal on July 9th, some 70 days after the London Olympics at White City had opened – remarkably that year the games lasted until October 31, making them the longest Olympics ever – two weeks before the start of the games, Churchill had entered the Cabinet for the first time as President of the Board of Trade. The summer meeting was the idea of Ambrose Scaramanga, from Scaramanga Bros of St Helens Place, who single-handedly arranged for 40 BEGS members to play a round at Royal Cinque Ports that Summer afternoon. He even managed to persuade Southeastern railways to offer the players discounted third-class tickets of 8s 7d each, which they had to pay alongside the 5s green fee. The society travelled en-masse on the 08:40 from Charing Cross arriving into Deal at 11:56. After the one round they all caught the 18:15 train home arriving back into London at 21:55. The records tell us that Mr EE Head won the £5 first prize!
Two weeks later a letter was written to Crowborough Beacon Golf Club about the possibility of a meeting in 1909, but this was never followed up afterwards and the summer meeting disappeared until it reappears in the 1930’s.
The next registered summer meeting took place at Rye (four times, first in 1934 and last visited in 1949) and again further along the coast at Royal Cinque Ports (three times from 1948 to 1957). Between 1951 and 1966 we expanded from the Kent coastline and made our merry ways to Aldeburgh in 1951, Hayling Island in Coronation year in 1953, Princes Sandwich in 1954 ( the second of our Summer venues after Royal Cinque Ports to house the Open), Sheringham in 1960 , Blatchington (Seaford in Sussex) three times between 1961 and 1966 and finally our one and only trip to Woodhall Spa in 1964 which bizarrely also housed the Cardiff Exchange G.S. fixture that year for the first of ten matches there. Unsurprisingly I have left the most common venue until last!
Our first visit meeting to Thorpeness was on July 12th 1952, the last year that this country had two monarchs and the year that a de Havilland Comet became the first jet airliner to take flight. Tea rationing was scrapped and Len Hutton was England’s first professional cricket captain.
Most of you reading this will have been to Suffolk over many years, Robert Bird beats us all by first attending in 1957. But for those who don’t know it, I will offer a brief background
The small village of Thorpeness is dominated by the Meare, which is popular all year round and bears witness to the village’s fantastical past. In 1910 Stuart Ogilvie bought the hamlet and set to transform it into a private fantasy holiday village. Today, the village is just how Ogilvie envisaged it with pretty mock Tudor houses and the fairy-tale ‘House in the Clouds’.
Ogilvie had made his fortune from building railways in Russia and South America during the Edwardian period and from 1910 he began to construct Tudor and Jacobean style houses near the golf course. In 1911 he employed golf course designer Harry Colt to design a course, but obviously plans were halted by the advent of the Great War. Colt went on to design over 300 courses including Muirfield, Royal Liverpool and Royal Portrush – three of the Open circuit. It was not until 1922 that Ogilvie proposed to continue with his plans to expand the facilities in Thorpeness. This time he hired five time Open Champion James Braid to finish his dream of having a golf club in the village. By July of that year he had constructed a ten-hole course surrounded by over a million trees planted in and around the entire village. By August of 1923 an additional eight holes had been added forming basically the course that we love and play nearly one hundred years later. Since 1952, our first visit, there are only five holes that differ lengthwise. Everybody knows how the bracken and bunder has been cut back over the years – particularly in the last twenty years – so picture these holes if you can. The 3rd is 28 yards longer (the tee was not by the dining room), the 7th is now 30 yards longer (again the tee shot now involves water management), the 9th is of course now a par 5 – some 65 yards longer. The 10th (aiming at Sizewell since 1955) is now 20 yards longer and the tee box has moved constantly. The last par 3 (the 16th) is amazingly 33 yards longer, which explains why it remains such a hard hole for our members to negotiate.
The annual sub in 1922 was £3 per annum, only £1,177 less that it is today. During the Second World War, the Clubhouse became a military field hospital and the course was used for tank practice manoeuvres. Obstructions were placed on the fairways to prevent aircraft from landing and anti aircraft guns also inflicted damage on the House in the Clouds in 1940.
Formerly a water tower to provide water for the village, the House in the Clouds was the brainchild of Mrs M Mason, a children’s story writer, and has become a five bedroom, five storey house and also the iconic marker for the golf course as we meander down the 18th fairway (tired and thirsty). On another literary note, the Meare was inspired by conversations between Ogilvie and JM Barrie who envisaged it as a playground for the Lost Boys in Peter Pan.
Thorpeness’ attraction as a resort was heightened when a railway line was opened in 1914, spanning eight and half miles between Saxmundham and Aldeburgh. Our half-way hut, although no longer used as such, was right by the tracks. These days a bottle of Evian and a cereal bar have replaced a can of Double Diamond and sausage bap. The line was closed under the Beeching Report in 1968. It was only four years later that the properties and Ogilvie empire – including the Golf Club – were sold.
I am sure that each and every one of us has our own memories of Suffolk summers. We are lucky that the society’s annals allow me to delve into what is a rich history of 60 years’ visits.
For many of the formative years up to the late 1990’s we stayed in the Dolphin Hotel which housed all major meals, with the club providing sandwiches and libations aplenty at lunchtimes. As numbers increased hotels (The White Lion) in Aldeburgh, numerous bed and breakfasts and even the odd tent were used. I was only from the late 1980s that the hotel facilities on site were extended enough to house us. More recently new rooms above the dining room allow for those unable to walk too far after dinner. Only a stair lift remains to be added!
The singles competition was played on the Saturday morning (maybe we should do this again?) with the foursomes following in the afternoon. The greensomes/foursomes, having been drawn at dinner that night, were played on the Sunday morning. More recently we have married up that day’s scores allowing the best and worst to play together.
Anybody over 55 had to mark their card with a ‘V’ and extra points were claimed on the basis of half a point for every year exceeding 55 but to a maximum of 5 points. Anybody over 70 was allowed six points and this accounts for much higher scores in the days of yore! Prizes were donated by the winners of the respective trophies from the year before. Each of the three rounds involved a cash sweep and I can recall the excitement of the little brown envelopes that accompanied the various prizes. The sweeps have now ceased and it was in the 1990s that Brian Collins would take on every golfer to the tune of £5 to see if they could better his Stableford singles score. Over the years I would imagine that a gambler as canny as Brian would have shown some form of profit that kept him in Silk Cut for the weekend. A trophy in his name is awarded very year to whoever makes the most telling contribution to the weekend and rightly so.
So many characters spring to mind when I think of my trips. David Hunt, who had to ask his son to rearrange his wedding as he refused to miss his annual Thorpeness trip, Lawrie Castle mistaking a mushroom for a ball, Andy Powell lovingly eyeing up the pigs by the 10th tee and of course John Madden’s hole in one on the 2nd in 2014 which I witnessed from the 3rd fairway.
Numbers at the Summer meeting differ greatly over the decades peaking in the 1970’s when nearly 50 people would attend. It dipped down to 18 in 2018 and luckily we were back up to 30 a year later. We had managed to fill 36 places this year before the Covid intervention and I have booked for 40 people for 2021. Don’t miss out – all those who had already booked for 2020 are already on the list. And also don’t forget your society tie for Saturday dinner and to bring the £60 float as we now do! Until 15 years ago the Captain paid for wine at dinner on the Saturday. That has long gone although the drinking of it hasn’t.
There are many tales of people doing their own things in and around the summer meeting and I vividly recall being taken for fish and chips in Aldeburgh on the Friday evening by David Hunt, probably as I would drive! For many years there are the tales of the (dirty) Dozen who intrepidly organised golf weekends to Scotland, France and all over the UK – normally funded by winnings on the Grand National from 1978 onwards. One can safely assume with Powell and Gardner in attendance there was plenty of fluid flowing. Legendary names such as Rabey, Flynn, Cross, Fitzpatrick, Simkins, Biggs, Williams, Powell, Gardner, Pratt, Woodward and Newman would gather at Thorpeness on the Friday morning. After a cleansing Adnams they were driven to Woodbridge golf club for a lunch, game of golf and lengthy dinner before a minibus back. Whilst criticism was voiced about a society within the society the presence of around twenty kept up the numbers for many years.
Recent years have seen a pleasing growth in numbers of the younger generation, allowing the average age to drop after many years. It was a newbie in Jonathan Bond that cleared up last year, bringing a new name to the podium – not many years ago Mike Randall won the under 40s competition without having to actually play. Since 2016 we have even had an annual visitor from Copenhagen in Ulrik Rasmussen. Last year we were joined by Graham Baldey from Dubai via Madrid. We have welcomed friends from Mexico, as far away as Australia and as nearby as numerous CEGS captains.
Three trophies dominate the summer meetings. And, whilst as previously mentioned records between the wars were sadly lost, it is also equally sad that not all records in the last twenty years are complete, although we are working on filling in the gaps.
The singles Stableford trophy was presented to the Society in 1972 by Ken Mason in his year as Captain in honour of his father George Mason. It is awarded for the best Stableford score and replaced the Langridge Trophy which first featured in 1958. This trophy was lost along with three others in 1978 when the Baltic Exchange was burgled. In 1972, in its inaugural year, the George Mason Salver was won by David Mason who became the third member of the family to triumph. Over the years Ken Mason has won the singles four times and three players have won it three times – namely Tom Pratt, James Hall and Chris Cox, the latter two gunning for Ken Mason’s record!
The Eric Faure Cup was presented to the Society in 1958 by ESN Faure and is awarded for the best individual aggregate Stableford score of the Saturday and Sunday foursomes competitions. It’s always played for at Thorpeness, bar four years. The definitive champion of this trophy is Malcolm Stephenson with five wins in ten years between 1982 and 1992, someway clear of messrs Childs and Harper with two each.
As we can all imagine, many tee shots from the first tee have vanished into the bushes on the right-hand side of the fairway. Many of us have also come close to causing a car crash on the left-hand side of the 17th.
We have all drunk from the cup of friendship extended over the year by Nevill in the bar and been greeted with a Suffolk smile by Jane and Shirley as we enjoy our kippers or full ‘fatboy’ English.
We have all had to reload with balls from Frank in the pro-shop.
And of course we have all packed the clubs away, paid our bill and shaken hands with old friends, colleagues, ex captains and secretaries, hoping that we will be able to return in a year’s time.
This year we have sadly had to forego our annual treat. And, as we slowly creep our way out of lockdown with our trollies and buggies recharged, we look forward to seeing each other again if not soon. Then on the terrace of Thorpeness Golf Club on Friday June 18th 2021 we can once again enjoy the camaraderie and kinship that drives our great Society forward along with a refreshing Aspalls or Adnams.
Many people need thanking for the efforts they have put in over many years in organising our summer meetings, namely Fred Simkins, Nic Williams, Bob Childs, Chris Allen, Duncan Brown and James Pendered – does anybody know where our flag went?
So please keep safe, keep your heads down and don’t forget to stop at the Friday Street Farm shop to buy some Suffolk strawberries before you head home down A12.
In memory of all those who are now walking the links elsewhere.
BEGS Hon Treasurer/historian