long term freight commitment and counterparty risk on the depressed market
TRANSCRIPT
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Long term freight commitment and
counterparty risk on the depressed market
Долгосрочное фиксирование фрахтовой ставки и кредитный риск на депрессивном рынке
By M i k h a i l G e ra s i m o v / S e a t re k Tra n s P te Ltd / S i n ga p o re
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Who is guilty?
Кто виноват?
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Supramax and Panamax TC av index for the last 10 years
Рынок супрамаксов и панамаксов за последние 10 лет
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Several noticeable bankruptcies last years
Некоторые заметные банкротства за последние годы
• 2016 – Western Bulk. Norwegian owner/operator.
• 2016 – United Ocean. Japanese shipowner.• 2015 – Lithuanian Shipping Company. Handy
size, semi-government owned company.• 2015 – Daiichi Chuo Kisen Kaisha. Japanese
owner/operator.• 2015 – OW Bunker. Global bunker trader.• 2015 – Daebo shipping. Korean owner/operator.• 2015 –Winland Ocean Shipping Corp, Chinese
owner/operator• 2015 – Copenship, Danish operator.
• 2014 – Eagle Bulk Shipping. USA shipowner.• 2014 – Genco shipping. USA shipowner.• 2013 – STX Panocean. Korean owner/operator.• 2013 – TMT Group. Taiwanese owner/operator.• 2012 – Deiulemar Shipping. Italian shipowner.• 2012 – Sanko Steamship, Japanese shipowner.• 2009 and 2015 – Samsun Logix. Korean
owner/operator.• 2009 – Armada Group, Singapore operator.• 2008 – Industrial carriers, Ukrainian operator.
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Who is safe and who is not?
Кто надежен а кто нет?
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Points you should consider before dealing with the shipping company
Что нужно знать о шиппинговой компании до начала работы с ней
• Shipping Company’s position on the market (long or short)
• Assets• Clients• Cargo volume • Place of incorporation• Reputation• Risk management department
• Позиция на рынке (long или short)
• Активы• Клиенты• Объем перевозок• Место регистрации• Репутация• Отдел управления рисками
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Is it worth to go for a long term freight commitment?
Стоит ли заключать долгосрочный контракт с фиксированной ставкой
фрахта?
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Pros and cons of fixing contract of affreightment (COA)
«За» и «против» долгосрочной фиксации фрахтовой ставки (COA)
No exposure to the freight marketGuaranteed performanceDealing with people who know the trade Top support and priority from Shipping company
Higher default/non-performance risk
Неподверженность колебаниям фрахтового рынкаГарантированный “performance”Работа со специалистами в данной перевозкеВысочайший уровень сервиса
Повышенный риск дефолта или неисполнения обязательств
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What does forward market tell us?
А что нам говорит форвардный рынок?
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Supramax TC average index for the last 3 yearsSupramax TC average индекс за последние 3
года
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Comparison of FFA levels at different spot marketСравнение ставок FFA при различных уровнях
spot рынка
Cal 14 Cal 15 Cal 16 Cal 17 Cal 18 Cal 19 Cal 20 Cal 21 Cal 220
2000
4000
6000
8000
10000
12000
14000
30 November, 2013 30 November, 2015
5000
USD 4 difference on the freightbasis 50k cargo and 40 days voyage4 USD разница на фрахтовой ставке при 50,000 т груза и 40 днях рейса
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So what to chose? High market exposure or high
counterparty risk?
Так что же выбрать?Подверженость колебаниям рынка или кредитный риск?
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SEAtrekSingapore (HQ)
Seatrek Trans Pte Ltd16 Collyer Quay #07-02, Income At
Raffles, Phone: +65 6227 7101
BangkokSeatrek Trans (Thailand) Co., Ltd
33/4 The Ninth Tower, 35th Floor, Office No 3507, Tower A Rama 9 Road,
Huaykwang Sub-district, Tel No : +662 118 0367
SeoulSeatrek Trans Pte Ltd
2F #1, E-Rae Officetel, Seocho-Daero, 50-Gil 19, Seocho-Gu,
Tel No : +82 2 598 7861
LondonSeatrek Trans UK Ltd
Building 3, Chiswick Park, 566 Chiswick High Road, Office No 127/129, Chiswick,
Tel No : +44 (0) 20 8899 7310
Seatrek clients клиенты Seatrek
Thanks for your attention!
Спасибо за внимание!
Дякую за увагу!
:)