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New freight indexes back hub goal
By Richard Fu |
November 29, 2012, Thursday
|
Print Edition
Print Edition
THE Shanghai Shipping Exchange began publishing China's first dry bulk and oil tanker indexes yesterday as the city moved a step forward in its ambition to become a global shipping center by 2020.
The indexes are based on prices collected from charters, brokers and shipowners.
"We aim to introduce a complete set of freight indexes that could cover all the major commodities that China buys and sells, so that companies could easily find their own reference," Zhang Ye, the exchange's president said. The bourse already runs container-shipping indexes, which are closely watched given China's role as a major exporter of goods such as toys and garments.
The new indexes may improve China's say in global shipping markets and are seen as a challenge to the Baltic Dry Index. The longtime benchmark for the global shippers is compiled by the Baltic Exchange Ltd.
Jeremy Penn, Baltic Exchange chief executive, said he regretted Shanghai's decision to create the new indexes, saying the London bourse already provided benchmarks for the majority of routes Shanghai proposed to cover.
But Zhang said the Shanghai exchange was not aimed at challenging the BDI and the new China import-focused indexes would complement those provided by Baltic.
"It took the Baltic Dry Index many generations to earn its status, starting from a big group of brokers and traders, so we can't expect these Shanghai indexes to be a serious rival of the BDI any time soon," said Bouko de Groot, China content manager of maritime intelligence publisher IHS Fairplay.
He said the Shanghai exchange should look at more companies and rates for its new indexes so they can be more independent.
The bourse said it will initially take data from 23 companies for its dry bulk indexes and 18 firms for the tanker gauge, many of which are state-owned companies such as China COSCO and oil firm Sinopec.
"Using a bigger group and more private and foreign companies would certainly be a push in the right direction, especially towards that 'international' part of Shanghai's aim," de Groot said.
The oil tanker index will track rates on the Ras Tanura, Saudi Arabia-Ningbo route and from West Africa to Ningbo.
The indexes are based on prices collected from charters, brokers and shipowners.
"We aim to introduce a complete set of freight indexes that could cover all the major commodities that China buys and sells, so that companies could easily find their own reference," Zhang Ye, the exchange's president said. The bourse already runs container-shipping indexes, which are closely watched given China's role as a major exporter of goods such as toys and garments.
The new indexes may improve China's say in global shipping markets and are seen as a challenge to the Baltic Dry Index. The longtime benchmark for the global shippers is compiled by the Baltic Exchange Ltd.
Jeremy Penn, Baltic Exchange chief executive, said he regretted Shanghai's decision to create the new indexes, saying the London bourse already provided benchmarks for the majority of routes Shanghai proposed to cover.
But Zhang said the Shanghai exchange was not aimed at challenging the BDI and the new China import-focused indexes would complement those provided by Baltic.
"It took the Baltic Dry Index many generations to earn its status, starting from a big group of brokers and traders, so we can't expect these Shanghai indexes to be a serious rival of the BDI any time soon," said Bouko de Groot, China content manager of maritime intelligence publisher IHS Fairplay.
He said the Shanghai exchange should look at more companies and rates for its new indexes so they can be more independent.
The bourse said it will initially take data from 23 companies for its dry bulk indexes and 18 firms for the tanker gauge, many of which are state-owned companies such as China COSCO and oil firm Sinopec.
"Using a bigger group and more private and foreign companies would certainly be a push in the right direction, especially towards that 'international' part of Shanghai's aim," de Groot said.
The oil tanker index will track rates on the Ras Tanura, Saudi Arabia-Ningbo route and from West Africa to Ningbo.
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