Introduction to The Baltic Indices and the FFA market 波交所指数及FFA市场简介

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1 Introduction to The Baltic Indices and the FFA market 波交所指数及FFA市场简介
Marcus Lee 李贤明 Chief Representative, China 中国首席代表 The Baltic Exchange 波罗的海交易所

2 Overview 概述 Our history 我们的历史 Our word our bond 言出必行 Our indices 我们的指数
Introduction to the FFA market FFA市场介绍

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5 Evolution of the Baltic Exchange 波罗的海交易所的演变
1744 – Virginia and Baltick Coffee House 弗吉尼亚和波罗的海的咖啡馆 1823 – Committee and Regulation 委员会成立及相关规则确立 1903 – Exchange Floor opened 交易大厅正式开业 BFI 波罗的海运价指数 New offices 新办公楼建立 2002 – Trading floor closes 交易大厅功能关闭 2007 – Singapore office opens 新加坡代表处成立 2013 – Shanghai office opens 上海代表处成立

6 The Baltic Exchange today 现在的波罗的海交易所
World’s only independent source of maritime freight market information 世界上唯一一所独立海运运费信息来源 The Baltic Exchange reports the market as it is TODAY 波罗的海交易所仅对当前的航运市场作出报告 Provide an international forum and network for discussion on development of our indices, dispute resolution services, training, networking and social events to promote shipping culture 提供国际化论坛和社交圈，探讨运价指数的发展方向。争议解决机制、培训课 程以及多种社交活动，推动发展航运文化 Maintain high standards of business practice following The Baltic code “Our word, our bond” 保持高水准的商业行为，遵循波交所的准则 “言出必行” Head office in London, with Asia Pacific HQ in Singapore, and ROs in Greece and Shanghai 总部位于伦敦，亚太地区总部在新加坡，分别在希腊和上海设立代表处

7 The Baltic Dry Index (BDI) 波罗的海干散货运价指数（BDI）
Capesize Index (BCI) – average of 5 x time-charter routes 海岬型指数 (BCI) – 5条期租航线的平均值 Panamax Index (BPI) – average of 4 x time-charter routes 巴拿马型指数(BPI) – 4条期租航线的平均值 Supramax Index (BSI) – average of 6 x time-charter routes 大灵便型指数(BSI) – 6条期租航线的平均值 Handysize Index (BHSI) – average of 6 x time-charter routes 灵便型指数(BHSI) – 6条期租航线的平均值 The BDI is calculated as the average of the above 4 time-charter averages, adjusted by a multiplier BDI指数是取以上四个指数的平均值，再乘以换算系数得到的

8 Baltic Market Information 波罗的海市场信息
Indices 指数 Baltic Exchange Dry Index 波罗的海干散货运价指数 Baltic Exchange Capesize Index 波罗的海海岬型指数 Baltic Exchange Panamax Index 波罗的海巴拿马型指数 Baltic Exchange Supramax Index 波罗的海超灵便型指数 Baltic Exchange Handysize Index 波罗的海灵便型指数 Baltic Exchange Dirty/Clean Tanker Indices 波罗的海原油/成品油油轮指数 Settlement data 结算数据 LPG route assessment 波罗的海液化石油气船运价评估 Baltic Exchange Sale & Purchase Assessment 波罗的海交易所买卖船评估 Baltic Exchange Ship Demolition Assessment 波罗的海交易所拆船评估 Daily dry cargo fixture list & market reports 每日干散货成交清单和市场报告 Baltic Exchange Forward Assessment 波罗的海交易所远期评估

9 The Baltic Panelists 波罗的海指数汇报小组成员
All Baltic members, independent shipbroking firms 均为波罗的海交易所会员，独立的航运经纪人公司 Competent, professional firms, actively engaged in the markets they report, with adequate personnel to perform the role 成员是在他们每日汇告的领域非常活跃的、专业的公司，拥有适格的员工承担这一责任 Geographical spread – commitment to increase the number of Asian based panellists 地理分布 – 致力于增加汇报小组中亚洲地区经纪公司的数目 No principals are permitted to be panellists 船东、租家都不能加入指数汇报小组 We avoid appointing panellists who are exclusive representatives of charterers particularly influential in relevant trades 我们避免委任在某些贸易领域有很大影响力的租家加入指数汇报小组

10 The Baltic Freight Market Team 波罗的海市场运价团队
London – 5 Freight Market Reporters 伦敦 – 五位市场运价报告员 Singapore – 2 Freight Market Reporters 新加坡 – 两位市场运价报告员 Experienced – ex competitive shipbrokers and principals 经验丰富的 – 曾是好胜的航运经纪人或船东/租家 Backed up by IT/admin staff and online data collection system 由IT/行政人员和网上数据收集系统提供支持

11 Index production methodology 指数编制方法
Shipbroker assessments 航运经纪人评估 Baltic members 波交所会员 Subscribers 订阅用户 News vendors 指定新闻机构 Checks data 数据检查 Queries if necessary 必要时经纪人需作出进一步解释 Averages out – including highs and lows 算出平均数 – 无论数据偏高或偏低

12 Current issues in the shipping market 当前航运市场的问题
Over-tonnage in market means very low freight rates 市场运力过剩意味着运价过低 Credit crisis 信用危机 CP defaults 租船合同毁约 CP renegotiations 租船合同重新谈判 FFA problems 运费远期合同问题 Focus on credit 注重信用 FFAs exclusively cleared 运费远期协议单独清算

13 Dry Cargo FFA Volumes (10 years) 干散货远期运费协议交易量（十年）

14 Introduction to FFAs FFA介绍
Standardised, cash settled, forward contract on freight rates 标准化的、不涉及实物的远期运费协议 Bought and sold at an agreed rate per tonne or daily time-charter basis 以约定的价格（/吨或/天）收取或支付 Fixes a price today for settlement against an agreed future period 在未来约定的时间点，根据与现在约定的运费差价结算 Position settled against selected Baltic Exchange index or assessment of spot market during the settlement month or months 依据结算当月的双方约定的波罗的海交易所指数或市场评估评估来进行结算

15 Introduction to FFAs FFA介绍
FFAs can be traded either bilaterally Over-the-Counter (OTC), or as an Exchange- cleared contract 远期运费协议可以场外交易，也可以作为通过清算所结清 If Baltic’s rate is higher than the rate fixed, then seller pays the difference to buyer 如果波罗的海交易所的运价指数价格高于约定价格，那么由卖家支付差价给买家 If Baltic’s rate is lower than the rate fixed, then buyer pays seller 如果波罗的海交易所的运费指数价格低于约定价格，那么由买家支付差价给卖家 FFAs are cleared; payments are made to and from margin accounts with the clearing house or general clearing member 远期运费协议被清算；通过清算所或其他清算成员的保证金账户进行交易

16 Long or Short 长仓或短仓 A Ship Owner is by definition LONG of tonnage and will seek to protect himself from a drop in Freight Rates 船东是运力的持有者，竭力寻求运价的上涨 A Charterer is by definition SHORT of tonnage and will seek to protect himself from a rise in Freight Rates 租家是运力的寻求者，竭力寻求运价的下跌 Hedging market risk 规避市场风险 Increasing exposure to market (speculation) 增加市场威胁(推测)

17 Worked example 举例 I buy Capesize 5 TC Average for Q1 ‘17
Contract rate = $7,700 合同价格 = $7,700 At the end of each month, the settlement is: 每月月底，成交价分别为: 2015年1月: 5 TC Average (Jan ‘17 settlement) = $10,000 2015年2月: 5 TC Average (Feb ‘17 settlement) = $11,000 2015年3月: 5 TC Average (Mar ‘17 settlement) = $7,000

18 Worked example 举例 Settle (31 X $2,300) + (28 X $3,300) + (31 X (-$700)) 计算 (31 X $2,300) + (28 X $3,300) + (31 X (-$700)) So I receive $71,300 + $92,400 - $21,700 = $142,000 所以我收益 $71,300 + $92,400 - $21,700 = $142,000 But on average over the period I chartered in at $9,278 which equates to a loss of (90 X ($9,278 - $7,700)) = $142,000 equivalent to the paper profit 假设在此期间我以$9,278/天的价格租入一艘船，那总计损失(90 X ($9,278 – $7,700)) = $142,000，与FFA收益持平

19 Summing up 总结 US-denominated FFAs are cleared through SGX, LCH, Nasdaq, and CME 美元远期运费协议由新加坡交易所、伦敦清算所、纳斯达克证券交易所和芝加哥商品交易 所提供清算服务 New regulations - FFAs convert to block futures through an exchange for more transparency (SGX, LCH and Baltex/Cleartrade, Nasdaq, CME) 新规定 - 通过交易所将远期运费协议转换成规模期货，提高透明度（新加坡交易所、伦敦 清算所、Baltex/Cleartrade、纳斯达克证券交易所和芝加哥商品交易所） RMB-denominated FFAs are cleared through the Shanghai Clearing House 人民币远期运费协议由上海清算所进行结算 Important risk management tool for Shipowners, Charterers / Operators and others in physical bulk shipping business 对船东、租家/船舶经营人或其他干散货实体航运市场中的人来说是重要的风险管理工具 Cash settled, no physical cargo involved 不涉及实物运输

20 Thank you. 谢谢 For any questions, please feel free to contact us
Marcus Lee 李贤明

21 Appendices 附录

22 Panelists (Dry bulk) 指数汇报小组成员（干散货）
Acropolis Chartering E A Gibson Shipbrokers LMB Bulk Chartering Arrow Chartering (Singapore) Fearnleys LSS B Galbraith's Shanghai LSS Geneva Arrow Chartering (UK) H Vogemann Optima Chartering Ausea Beijing Hai Young Rigel Shipping Banchero-Costa Hartland Shipping Simpson Spence Young Barry Rogliano Salles Howe Robinson Partners Simpson Spence Young (Asia) Braemar ACM Shipbroking I & S Shipping Chinica Shipbrokers Ifchor Thurlestone Shipping Clarksons Platou Ifchor (Hong Kong) Thurlestone Shipping (Singapore) Clarksons Platou (Asia) Interocean Delhi Clarksons Platou (Geneva) Yamamizu Shipping Co John F Dillon & Co Doric Shipbrokers Lightship Chartering

23 Panelists (Tankers) 指数汇报小组成员（油轮）
Barry Rogliano Salles Fearnleys Poten & Partners (New York) Bassoe (PF) Galbraith's Braemar ACM Shipbroking Icap Shipping Poten & Partners (UK) Bravo Tankers Icap Shipping (Singapore) Simpson Spence Young Charles R Weber Inge Steensland Simpson Spence Young (NY) Clarksons Platou Lorentzen & Stemoco Simpson Spence Young (Singapore) Clarksons Platou (Asia) Mallory Jones Lynch Flynn Clarksons Platou (Geneva) McQuilling Brokerage Partners (New York) Taipan Shipbrokers Clarksons Platou (Houston) True North Chartering EA Gibson Shipbrokers McQuilling Brokerage Partners (Singapore) Vantage Shipbrokers Eastport Chartering Odin Marine (Singapore)

24 Most traded Dry bulk FFA contracts 交易量最大的FFA合同
Capesize C3 150,000mt Tubarao - Beilun/Baoshan C4 150,000mt Richards Bay - Rotterdam C5 150,000mt W Australia - Beilun/Baoshan C7 150,000mt Bolivar – Rotterdam BCI T/C average Panamax P2A 74,000mt SKAW-GIB/FAR EAST P3A 74,000mt Japan-SK/Pacific/RV BPI T/C average Supramax T/C average Handysize

25 Most traded Tanker FFA contracts 交易量最大的FFA合同
Clean TC2_37 37,000mt Continent to USAC TC5 55,000mt Middle East to Japan Dirty TD3 260,000mt ME Gulf to Japan TD5 130,000mt W Africa to USAC TD7 80,000mt North Sea to Cont