Newsletters

Coinciding with IP Week, the Tanker Freight Derivatives Forum is the world’s largest FFA gathering for the tanker market. 

Hosted annually by the Baltic Exchange and FFA Brokers Association, the Forum features freight market insight and discussions.

The event is free to attend for freight and derivative traders and those interested in trading exposure to tanker rates.

The recent implementation of US sanctions on exports of crude from Venezuela and the continued unstable situation are impacting the trade volumes and ability for the Panellists to mark route TD9 (70,000mt Puerto la Cruz to Corpus Christi). The Baltic Index Council has approved an emergency change to the load port which from Monday 11 February will be Covenas (Colombia).
 
As a result of this change, we will suspend publishing the TCE for TD9 on the current description until we have established a TCE on the new description.
 
As there is no FFA open interest, we will also suspend publishing the TD9 forward curve.
 
The revised route description will be:
 
TD9
70,000mt. Caribbean to US Gulf (Covenas to Corpus Christi). Laydays/cancelling 7/14 days from index date. Age max 15 yrs. Assessment basis Oil Pollution Act premium paid. 2.5% total commission.
 
Any feedback from members is extremely welcome – please send this to balticbroker@balticexchange.com

Baltic members are reminded that following the November Working Group meetings and as a supplement to the feedback that the Baltic collected during 2018, that they may submit any further feedback through written responses to a consultation paper. 

Details of how to respond are set out in the consultation paper, which is available to members from our website. The Baltic requests all comments by 22 February 2019.

The paper briefly summarises the feedback received by the Baltic through its consultation process to date (which remains ongoing). At the end of the consultation period, the Baltic will collate all feedback received during the consultation process and submit such feedback to the Baltic Index Council (BIC) for its consideration. The BIC is then responsible for determining whether any changes are required to the Baltic’s indices as a result of the proposed introduction on 1 January 2020 of the 2020 Sulphur Cap.

The BIC’s decision is currently expected to be announced within the first quarter of 2019. 

Assessor – Freight Market Benchmark Administration
Competitive Salary + Benefits Package
London

The ongoing development of the Baltic Exchange, and a forthcoming retirement, has created an opportunity for an Assessor to join our London based Freight Market and Benchmark Administration team.

Working as part of a small team, the successful applicant will work closely with shipbrokers, owners and charterers collecting, analysing, verifying and recording fixtures and market information. They will ensure the accuracy and reliability of the benchmarks and the integrity of the process used to determine them. They will monitor market trends enabling robust periodic assessment and auditing of the Baltic Contributors, challenging and seeking clarification when anomalies are identified.

We are keen to find someone from a trading/broking background with experience of the Tanker, LNG and LPG markets who are able to demonstrate a solid understanding of the market and good networks. A working knowledge of voyage estimate calculators and the ability to interpret time charter equivalents is key together with commercial experience of working with indices and market benchmarks.

The applicant will be expected to demonstrate an analytical and disciplined approach to their scrutiny and decision-making processes.

The role requires a confident communicator, able to build positive business relationships using their significant experience and profile within shipping. They also need to demonstrate a solid understanding of all aspects of physical and paper trading.

A keen eye for detail is paramount with the ability to create data and written market reports within required deadlines whilst complying with quality and integrity standards.

The role will suit a self-motivated, proactive individual with good presentation and interpersonal skills, enabling the post holder to be an effective representative of the Baltic (and SGX) to the shipping community.

Applications would be welcome from candidates who have the following;

• Minimum 8-10 years’ shipping experience, preferably as both Principal and Broker in the Tanker market with additional experience of LNG or LPG being an advantage.
• Good working knowledge of voyage estimate calculators and ability to interpret Time Charter equivalents.
• An understanding of the Baltic ethos, solid commercial experience of working with indices and benchmarks and a familiarity of the derivatives market.
• Strong communication and written skills with an attention to detail, excellent English language and a confident user of the Microsoft Office suite, in particular Excel providing a significant advantage.

Interested candidates, are invited to send a CV and covering letter to Sharon O’Ryan at hr@balticexchange.com.

Escrow Sales and Business Development
Competitive Salary + Benefits Package
Singapore

As part of its exciting growth plans, the Baltic Exchange has launched an Escrow service providing members with an independent facility to hold deposits for ship sale transactions. This service allows Baltic members to take advantage of the Exchange’s trusted position in the marketplace, high standards of compliance and understanding of the complexities of the sale and purchase of vessels.

The Escrow Service is run by the Baltic Exchange’s Asia office in Singapore and is subject to the Singapore Exchange’s (SGX) detailed compliance and money laundering procedures.

We are looking for a seasoned maritime professional with hands on experience in Sale and Purchase to join the Baltic Sales team based in Singapore. The successful applicant will work closely with the Baltic London based marketing team to promote and raise market awareness of the paid for Escrow service to all potential users within the sale and purchase community in the Asia Pacific region including shipowners, shipbrokers and investors.

Opportunities to gain market traction might be acquired through speaking at industry events and therefore the post holder must be a confident communicator with excellent interpersonal skills, an appropriate ambassador for the Baltic Exchange and an ability to make the ask in order to secure new business.

The successful candidate will be responsible for building relationships with interested parties, onboard them and ensure a smooth timely release of funds. An important aspect of the service is ensuring compliance with anti-money laundering (AML) regulations which includes completion of Know your Customer (KYC) checks and therefore applicants who have a working knowledge of KYC verification would be at an advantage.

Applications would therefore be welcome from candidates who have the following;

• Proven track record and good reputation in the sale and purchase market.
• Good broad knowledge of the maritime industry and an excellent network of contacts in Asia Pacific.
• An understanding of AML regulations and the importance of KYC.
• An understanding of the Baltic ethos, its products and its services.
• Strong communication and written skills with an attention to detail, excellent English language and a confident user of the Microsoft Office suite.
• A proven ability in developing business with a persuasive sales technique.
• Comfortable working as part of a team.
• A confident presenter and communicator.

Interested candidates, are invited to send a CV and covering letter to Sharon O’Ryan at hr@balticexchange.com.

Six Month Internship – Data Analytics – London Based

London Living Wage

Through the Baltic Briefing, we hope our membership network will help unearth a talented young student who would benefit from a six month internship and an opportunity to develop their skills and experience in the world of maritime data. The ideal candidate would have studied finance or computer/data science or equally well suited to the role would be a financially astute humanities student comfortable with handling and understanding financial data.

The Baltic Exchange lies at the heart of the maritime industry and is on an exciting journey to develop new markets and leverage its data. It is therefore is a great place to gain experience at the start of a career in Data/Financial analysis. Working closely with our Data Leader, the successful applicant will have the opportunity to develop and support interesting projects in data analytics and data reporting and tasks will include;

• Daily monitoring and updating of clearing house transaction histories
• Transforming excel datasets for further analysis
• Assisting with member and mailing database management
• Creating visualisations and graphs to support others in the Baltic team.

Applications would be welcome from candidates who meet the following essential requirements: 

• Studying or recently completed their studies in data, finance or a related field.
• Have an aptitude for working with Office 365, with a high level of proficiency in Excel and confident in problem solving and conducting quantitative online research.
• Able to demonstrate an intellectual curiosity and a passion for all things data including data processing, analysis, visualisation and descriptive statistics.
• Enthusiastic to learn about shipping markets and derivatives, comfortable with financial market data and have basic understanding of the futures market.
• Methodical in their approach with an eye for detail and pride in the accuracy of their work.
• Have a good academic standing, proficient in English, and hold the appropriate right to work in the UK for the duration of the internship.
• Have a professional attitude, adaptable and the ability to relate well to others.

The intern will be based in our London office at St Mary Axe and will be required for a period of approximately six months, although there may be some flexibility around the length of the internship.

If you know someone who fits the bill, has recently graduated or is looking for some work experience as part of their development or studies, and is available to start in the next few weeks, then please get them to pop their CV and covering letter across to Sharon O’Ryan at hr@balticexchange.com.

Now in its eighth edition, this classic text is a first point of reference for anyone looking to obtain an understanding of chartering and shipbroking practice. It provides hands-on, commercially-focused explanations of chartering business and invaluable advice on how the shipping market operates across a broad range of topics. The authors also deal expertly with the legal, financial, operational and managerial aspects of chartering, offering numerous case studies which clearly link theory to practice.

This new edition has been updated to reflect the current trends in chartering practice, legal developments and standard forms of charterparties. 

ISBN: 978-1-138-82694-6 | Retail Price: £220

Order Now: http://bit.ly/Shipbroking8e

Discount Offer:

Baltic Exchange members can receive 20% off* this book by using discount S023 when ordering through www.Routledge.com.

* Offer cannot be combined with any other offer or discount, and only applies to print books purchased directly via www.Routledge.com. Offer expires 30 April 2019.

There are still places available on the Baltic’s upcoming FFA training courses in London and New York. 

Freight Derivatives & Shipping Risk Management

– The practicalities of FFA trading
– Freight rate options
– Bunker risk management
– Interest rate risk management
– Ship price risk management and portfolio theory
– Value at Risk in shipping
– Measuring credit risk

London 11-12 March
New York 8-9 April

Advanced Freight Modelling & Trading

– Spot price dynamics
– Forward curve construction
– Technical analysis & freight trading
– Risk management using options
– Volatility models
– Pricing freight options
– Real options in shipping
– Risk management of options positions

London 13-14 March
New York 10-11 April

Click here for full details, including booking.

The following company has applied for Corporate Membership:

The following individuals have applied for membership of an existing member company:

Any comments should be passed to Karen Karanicholas by 20 February 2019.

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:

E: colm_nolan@balticexchange.com 
M: 07713316417

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:

NatWest Bank
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.

Tickets can now be purchased for the annual Baltic Exchange Golf Society (BEGS) dinner on Thursday 7 March. This black-tie event is open to all and provides an informal and enjoyable opportunity to network with different brokers and principles. 

As usual, the event will be held at the Honourable Artillery Company (HAC) in Moorgate, with tickets costing £85 per head. 

To purchase tickets, contact Duncan Brown:

E-mail: info@balticgolf.co.uk

Tel 0207 337 7063 / Mob 07831 428 046

Or James Pendered:

E-mail: jpendered@balticexchange.com

Tel  0207 369 1672 / Mob 07802 965552

There will also be a wine list circulated in advance to will allow tables to reserve the bottles they want ahead of time. 

Pictures from last years event can be viewed here.

The next Young Baltic Association (YBA) event in Singapore will take place next Thursday 21 February at the Exchange Bar.

Those interested in attending are invited to RSVP Peggy Peng via the event flyer here.

The Young Baltic Association (YBA) invites industry colleagues under 35 to its first-ever event held in Geneva at Le Soleil Rouge.

Join us from 6pm for cocktails and nibbles.

To find out more and to register your interest in attending, click here.

After the final quiz round of the David Bradley Cup, the Baltic Exchange has been crowned 2018 champions. The Baltic team managed to pip Howe Robinson to first place, with Holman Fenwick Willan (HFW) in third. Photos from the night can be found on the Baltic’s Flickr account here.

The evening raised £650 in aid of Cancer Research; the David Bradley Cup will be awarded at the Chairman’s Cocktail Party on 15 May in London.

The David Bradley Cup consists of four annual events: golf, tennis, sailing and a pub quiz. Those wanting to enter in 2019, or simply interested in learning more about Baltic events taking place during this year, are invited to email marketing@balticexchange.com.