DOCSLIB.ORG

Shipping Market Review – May 2021

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Shipping Market Review – May 2021 SHIPPING MARKET REVIEW – MAY 2021 DISCLAIMER The persons named as the authors of this report hereby certify that: (i) all of the views expressed in the research report accurately reflect the personal views of the authors on the subjects; and (ii) no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in the research report. This report has been prepared by Danish Ship Finance A/S (“DSF”). This report is provided to you for information purposes only. Whilst every effort has been taken to make the information contained herein as reliable as possible, DSF does not represent the information as accurate or complete, and it should not be relied upon as such. Any opinions expressed reflect DSF’s judgment at the time this report was prepared and are subject to change without notice. DSF will not be responsible for the consequences of reliance upon any opinion or statement contained in this report. This report is based on information obtained from sources which DSF believes to be reliable, but DSF does not represent or warrant such information’s accuracy, completeness, timeliness, merchantability or fitness for a particular purpose. The information in this report is not intended to predict actual results, and actual results may differ substantially from forecasts and estimates provided in this report. This report may not be reproduced, in whole or in part, without the prior written permission of DSF. To Non-Danish residents: The contents hereof are intended for the use of non-private customers and may not be issued or passed on to any person and/or institution without the prior written consent of DSF. Additional information regarding this publication will be furnished upon request. Shipping Market Review – May 2021 1 HEAD OF INNOVATION & RESEARCH Christopher Rex, [email protected] ANALYTICAL TEAM Jonas Hoffmann, Senior Analyst Sebastian Müllertz, Analyst Pardeep Singh, Analyst Stasia Winther, Junior Analyst Shipping Market Review – May 2021 2 TABLE OF CONTENTS Fast forward, 4 Shipping Markets At A Glance, 13 Shipbuilding, 18 Container, 20 Dry Bulk, 27 Crude Tanker, 35 Product Tanker, 43 LPG Carriers, 50 Shipping Market Review – May 2021 3 FAST FORWARD Commercial levers for decarbonising the shipping industry Shipping Market Review – May 2021 4 VESSELS COULD BECOME A CATALYST FOR CHANGE The commercial levers facilitating decarbonisation could outpace global regulation A transition to carbon neutrality in large-scale fleet renewal programmes allow new services to grow which, at the shipping industry is possible. The in place. Most seem to be waiting to some point, may disintermediate the industry is making progress with see how the regulatory framework traditional operator that delivers existing assets and known plays out, as well as the selection of transportation from A to B. technologies but will at some point the zero-carbon fuel of the future. Existing owners and operators are need to introduce zero-carbon fuels. THE COMPETITIVE LANDSCAPE working to transform themselves. Hybrid-electric and hydrogen- The next generation of zero-carbon Few elements of the current industry powered vessels could contribute vessels could be owned by entities structures are likely to remain greatly to the short-sea shipping that benefit not only from lower untouched by the waves created by industry reaching the next stage of costs, but also from additional the call to decarbonise. efficiency. streams of revenue. COMMERCIAL FORCES AT PLAY For deep-sea shipping, the bulk of We invite you to imagine a scenario There is much discussion in the Vessels-as-a-service emissions need to be eliminated by where vessels could be supplied to shipping industry about the need for switching to a zero-carbon fuel. the market as-a-service. additional global regulation, brings more value per (government) subsidies and carbon Existing players are burdened by Over time, this could result in radical taxes in one form or another. The moved unit than legacy assets that are hard to changes to revenues and margins for goal is to level the playing field to upgrade to a degree where additional ship-owning companies. The entire traditional shipping enable the green transition to take value potential can be developed. competitive landscape could be up for off. review if vessels-as-a-service become Many will simply upgrade existing the new norm in the shipping In this report, we focus on the vessels to extend their lifetimes while industry. commercial forces of change that hoping to enjoy another period of could drive some aspects of the higher freight rates and secondhand We see multiple pathways towards industry’s decarbonisation efforts. prices. vessels-as-a-service, but they all require consolidation and scale to The risk of stranded assets will We invite our readers to imagine unlock the value potential of become more apparent when new some quite fundamental changes to transport-as-a-service (i.e. the data vessels burning zero-carbon fuels are asset ownership and the competitive potential from supply chain delivered. landscape. integration). Few owners currently seem to have The benefits of vessel sharing could Shipping Market Review – May 2021 5 WILL MANY PLAYERS NEED TO TRANSFORM THEMSELVES? Resetting the destination or navigating a new route? Many shipowners currently seem to medium-sized owners are further via lower speeds or by be postponing major investment increasingly struggling to upgrade blending conventional fossil fuels decisions until a clearer pathway to their digital capabilities to continue with, for example, biofuels. These the future becomes visible. Existing bringing down costs and leverage measures are hardly long-term vessels are being retrofitted to lower data to boost value generation. solutions, though. their emissions and make them Market leaders are actively seeking Fleets do not have much potential for compliant with the upcoming new additional revenue sources and ways additional value creation. Vessels are, environmental regulation. to improve operational efficiency in in general, non-standardised and The short-term market outlook order to lower costs. Many traditional offer little scope for economies of signals that many vessel segments owners seem to be ‘going asset light’; scale or valuable pools of data that The fuel transition could could enjoy another cycle of higher few are exploring ways to maximise can be monetised, even by the freight rates and increasing asset monetisation. largest and most consolidated become an unprecedented secondhand prices in the years to entities. The risk of stranded assets There is a clear trend of increased come. will increase in the coming years. business opportunity to digital adaptation. So far, this has DECARBONISATION STRATEGIES mostly been targeted at reducing We see strong value potential for create value significantly The call to decarbonise the industry costs, while other industries have vessel owners that harvests not only beyond freight rates and could be a game changer. For some managed to create new digital significant cost savings but also players, switching fuels may simply business models that deliver manages to introduce additional the asset play be an operational challenge that additional value. streams of revenue. needs to be solved alongside the NAVIGATING LEGACY ASSETS Vessel ownership models seem to be issue of paying the green premium. The number of straightforward levers approaching a fork in the road: one For others, the fuel transition could that can be applied to existing path leads to reinvention and become an unprecedented business vessels is limited. Only around 20- potential long-term value generation, opportunity to create value 30% of emissions can be reduced while the other means high volatility significantly beyond freight rates and through cost-efficiency levers such and cyclicality continuing. the asset play. as improved vessel design, more efficient operations and better The shipping industry is approaching routing. a tipping point. Asset owning is becoming more complex. Small and The fleet’s emissions can be reduced Shipping Market Review – May 2021 6 EMBRACING A NEW-GENERATION OPERATING MODEL Radical simplification and new capabilities Digitalisation has never been the end markets. Imagine that some shipowners and game but rather a means for new investors see great value The spark of decarbonisation could developing new value drivers and potential in a framework where the initiate major changes in the shipping new business models. zero-carbon challenge is melded with industry’s competitive landscape. a new digital business model for The shipping industry has yet to Zero-carbon fuels present a classic vessel ownership. identify and commercialise new chicken-and-egg problem across value drivers and new business Additional value can be created by industries. Decarbonisation is a global models. players that superscale and package challenge facing all industries and levers such as standardisation, Experience from other industries sectors of the economy, not just economies of scale, digitalisation and suggests that additional value can be maritime players. circularity into a redesigned ‘as-a- created if we reinvent the business In a digital future, Solving these issues represents an service’ business model for vessel models and allow more value to be extraordinary business opportunity to ownership. competition will no created by opening the gates to a be tackled within the next decade. broader ecosystem
Load more

Recommended publications
  • China's Merchant Marine
    “China’s Merchant Marine” A paper for the China as “Maritime Power” Conference July 28-29, 2015 CNA Conference Facility Arlington, Virginia by Dennis J. Blasko1 Introductory Note: The Central Intelligence Agency’s World Factbook defines “merchant marine” as “all ships engaged in the carriage of goods; or all commercial vessels (as opposed to all nonmilitary ships), which excludes tugs, fishing vessels, offshore oil rigs, etc.”2 At the end of 2014, the world’s merchant ship fleet consisted of over 89,000 ships.3 According to the BBC: Under international law, every merchant ship must be registered with a country, known as its flag state. That country has jurisdiction over the vessel and is responsible for inspecting that it is safe to sail and to check on the crew’s working conditions. Open registries, sometimes referred to pejoratively as flags of convenience, have been contentious from the start.4 1 Dennis J. Blasko, Lieutenant Colonel, U.S. Army (Retired), a Senior Research Fellow with CNA’s China Studies division, is a former U.S. army attaché to Beijing and Hong Kong and author of The Chinese Army Today (Routledge, 2006).The author wishes to express his sincere thanks and appreciation to Rear Admiral Michael McDevitt, U.S. Navy (Ret), for his guidance and patience in the preparation and presentation of this paper. 2 Central Intelligence Agency, “Country Comparison: Merchant Marine,” The World Factbook, https://www.cia.gov/library/publications/the-world-factbook/fields/2108.html. According to the Factbook, “DWT or dead weight tonnage is the total weight of cargo, plus bunkers, stores, etc., that a ship can carry when immersed to the appropriate load line.
    [Show full text]
  • Malacca-Max the Ul Timate Container Carrier
    MALACCA-MAX THE UL TIMATE CONTAINER CARRIER Design innovation in container shipping 2443 625 8 Bibliotheek TU Delft . IIIII I IIII III III II II III 1111 I I11111 C 0003815611 DELFT MARINE TECHNOLOGY SERIES 1 . Analysis of the Containership Charter Market 1983-1992 2 . Innovation in Forest Products Shipping 3. Innovation in Shortsea Shipping: Self-Ioading and Unloading Ship systems 4. Nederlandse Maritieme Sektor: Economische Structuur en Betekenis 5. Innovation in Chemical Shipping: Port and Slops Management 6. Multimodal Shortsea shipping 7. De Toekomst van de Nederlandse Zeevaartsector: Economische Impact Studie (EIS) en Beleidsanalyse 8. Innovatie in de Containerbinnenvaart: Geautomatiseerd Overslagsysteem 9. Analysis of the Panamax bulk Carrier Charter Market 1989-1994: In relation to the Design Characteristics 10. Analysis of the Competitive Position of Short Sea Shipping: Development of Policy Measures 11. Design Innovation in Shipping 12. Shipping 13. Shipping Industry Structure 14. Malacca-max: The Ultimate Container Carrier For more information about these publications, see : http://www-mt.wbmt.tudelft.nl/rederijkunde/index.htm MALACCA-MAX THE ULTIMATE CONTAINER CARRIER Niko Wijnolst Marco Scholtens Frans Waals DELFT UNIVERSITY PRESS 1999 Published and distributed by: Delft University Press P.O. Box 98 2600 MG Delft The Netherlands Tel: +31-15-2783254 Fax: +31-15-2781661 E-mail: [email protected] CIP-DATA KONINKLIJKE BIBLIOTHEEK, Tp1X Niko Wijnolst, Marco Scholtens, Frans Waals Shipping Industry Structure/Wijnolst, N.; Scholtens, M; Waals, F.A .J . Delft: Delft University Press. - 111. Lit. ISBN 90-407-1947-0 NUGI834 Keywords: Container ship, Design innovation, Suez Canal Copyright <tl 1999 by N. Wijnolst, M .
    [Show full text]
  • Freight Rate Series, GS-2131 TS-23 August 1959 TS-32 February 1961 TS-38 February 1962 Position Classification Standard for Freight Rate Series, GS-2131
    Freight Rate Series, GS-2131 TS-23 August 1959 TS-32 February 1961 TS-38 February 1962 Position Classification Standard for Freight Rate Series, GS-2131 Table of Contents SERIES DEFINITION.................................................................................................................................... 2 CLASS TITLES............................................................................................................................................. 4 THE FREIGHT RATE PROCESS................................................................................................................. 6 GRADE-DISTINGUISHING ELEMENTS...................................................................................................... 8 GENERAL INFORMATION AND DEFINITIONS........................................................................................ 13 TRAINING AND DEVELOPMENT POSITIONS ......................................................................................... 14 FREIGHT RATE ASSISTANT, GS-2131-04............................................................................................... 15 FREIGHT RATE ASSISTANT, GS-2131-05............................................................................................... 16 FREIGHT RATE ASSISTANT, GS-2131-06............................................................................................... 16 FREIGHT RATE SPECIALIST, GS-2131-07.............................................................................................. 17 FREIGHT RATE SPECIALIST,
    [Show full text]
  • Trends in Bulkcarrier Market & Port Activity.Pptx
    If necessary change logos on covers/ chapter dividers and in the footer. Dedicated logos are available in the template tool at the end of the list Trends In Bulkcarrier If you want to update Title and Subtitle in the Market & Port Activity footer, go to View tab → Slide Master Presentation to the International and change it on Dry Bulk Terminals Group first slide in the left pane 11 April 2019, Barcelona Trevor Crowe, Director, Date format: Day, month and year Clarksons Research e.g. 30 June 2018 Ref: A4036b Agenda Trends In Bulkcarrier Market & Port Activity 1. Introduction to the Clarksons group, Clarksons Research and Sea/net 2. Global Dry Bulk Port Activity – Looking At The Big Picture 3. Profiles & Case Studies - Drilling Down For Port Intelligence 4. Summary Trends In Bulkcarrier Market & Port Activity | International Dry Bulk Terminals Group, 11 April 2019 2 EnablingThe Clarksons Global Group Trade Clarksons is the 167 YEARS world’s leading provider 48 OFFICES of integrated shipping services IN 22 COUNTRIES FTSE 250 Our intelligence adds value by 15+ YEARS enabling clients to make more INCREASING DIVIDENDS efficient and informed decisions to achieve their business objectives 24/7 5,000+ INTERNATIONAL CLIENTS Trends In Bulkcarrier Market & Port Activity | International Dry Bulk Terminals Group, 11 April 2019 Clarksons Research Market leader, excellent brand, >120 staff globally, broad and diverse product range and client base OFFSHORE AND ENERGY SHIPPING AND TRADE The leading provider offshore Market leaders in timely and data for more than 30 years. authoritative information on all Providing clients with the key aspects of shipping.
    [Show full text]
  • Economic Information Transmissions and Liquidity Between Shipping Markets: New Evidence from Freight Derivatives ⇑ G
    Transportation Research Part E 98 (2017) 82–104 Contents lists available at ScienceDirect Transportation Research Part E journal homepage: www.elsevier.com/locate/tre Economic information transmissions and liquidity between shipping markets: New evidence from freight derivatives ⇑ G. Alexandridis a, S. Sahoo a, I. Visvikis b, a ICMA Centre, Henley Business School, University of Reading, Whiteknights, Reading RG6 6BA, UK b World Maritime University, Fiskehamnsgatan 1, SE-211 18 Malmö, Sweden article info abstract Article history: Economic return and volatility spillovers of derivatives markets on a number of assets have Received 6 July 2016 been extensively examined in the general economics literature. However, there are only a Received in revised form 24 November 2016 limited number of studies that investigate such interactions between freight rates and the Accepted 5 December 2016 freight futures, and no studies that also consider potential linkages with freight options. This study fills this gap by investigating the economic spillovers between time-charter rates, freight futures and freight options prices in the dry-bulk sector of the international JEL Classification: shipping industry. Empirical results indicate the existence of significant information trans- C32 mission in both returns and volatilities between the three related markets, which we attri- G13 G14 bute to varying trading activity and market liquidity. The results also point out that, consistent with theory, the freight futures market informationally leads the freight rate Keywords: market, though surprisingly, freight options lag behind both futures and physical freight Freight derivatives rates. The documented three-way economic interactions between the related markets Options contracts can be used to enhance budget planning and risk management strategies, potentially Price discovery attract more investors, and thus, improve the liquidity of the freight derivatives market.
    [Show full text]
  • Shipping and Incoterms
    Shipping and Incoterms Practice Guide UNDP PRACTICE SERIES Shipping and Incoterms Practice Guide Graphic Design, Layout and Print Production: Phoenix Design Aid A/S, Denmark. ISO 9001/ISO 14001/OHSAS 18001 certified. Printed on: This publication is printed on certified environmentally approved paper with vegetable-based inks. The printed matter is recyclable. Contents Introduction 1 1 Shipping 2 Section 1 of these guidelines is intended for persons dealing with purchasing and shipping, but it is recommended that persons at the receiving end also read it to be more familiar with how shipping operates, its terminology and documentation. Chapter 1: Importance of Transportation and Summary 2 Chapter 2: Methods of Dispatch 2 Chapter 3: Selection of Method of Dispatch 7 Chapter 4: Packing – Markings – Addresses 8 Chapter 5: Parties Involved in the Chain of Transport Events 10 Chapter 6: Shipping Documents 11 Chapter 7: Forwarding Arrangements 14 Chapter 8: Shipping Instructions 15 Chapter 9: Distribution of Shipping Documentation 16 Chapter 10: Insurance Coverage 18 Chapter 11: Insurance Claim 21 2 Receiving 24 Section 2 will explain the steps to be taken for the withdrawal of supplies upon their arrival, and especially what to do when the consignment is not in good order. Chapter 1: Retrieval 24 Chapter 2: Receipt and Inspection 25 Chapter 3: Reporting and Claims 26 Chapter 4: Feedback and Cooperation 28 Chapter 5 Examples of Claim Letters 29 3 Terms and Glossary 34 Section 3 introduces Incoterms, UNCITRAL and contains a glossary of the most common terms used in the shipping world. Chapter 1: Incoterms 34 Chapter 2: Uncitral 44 Chapter 3: Glossary 46 UNDP Practice Series, Shipping and Incoterms, November 2008 This Practice Guide is protected by international copyright laws.
    [Show full text]
  • Dictionary.Pdf
    THE SEAFARER’S WORD A Maritime Dictionary A B C D E F G H I J K L M N O P Q R S T U V W X Y Z Ranger Hope © 2007- All rights reserved A ● ▬ A: Code flag; Diver below, keep well clear at slow speed. Aa.: Always afloat. Aaaa.: Always accessible - always afloat. A flag + three Code flags; Azimuth or bearing. numerals: Aback: When a wind hits the front of the sails forcing the vessel astern. Abaft: Toward the stern. Abaft of the beam: Bearings over the beam to the stern, the ships after sections. Abandon: To jettison cargo. Abandon ship: To forsake a vessel in favour of the life rafts, life boats. Abate: Diminish, stop. Able bodied seaman: Certificated and experienced seaman, called an AB. Abeam: On the side of the vessel, amidships or at right angles. Aboard: Within or on the vessel. About, go: To manoeuvre to the opposite sailing tack. Above board: Genuine. Able bodied seaman: Advanced deckhand ranked above ordinary seaman. Abreast: Alongside. Side by side Abrid: A plate reinforcing the top of a drilled hole that accepts a pintle. Abrolhos: A violent wind blowing off the South East Brazilian coast between May and August. A.B.S.: American Bureau of Shipping classification society. Able bodied seaman Absorption: The dissipation of energy in the medium through which the energy passes, which is one cause of radio wave attenuation. Abt.: About Abyss: A deep chasm. Abyssal, abysmal: The greatest depth of the ocean Abyssal gap: A narrow break in a sea floor rise or between two abyssal plains.
    [Show full text]
  • Scorpio Tankers Inc. Company Presentation June 2018
    Scorpio Tankers Inc. Company Presentation June 2018 1 1 Company Overview Key Facts Fleet Profile Scorpio Tankers Inc. is the world’s largest and Owned TC/BB Chartered-In youngest product tanker company 60 • Pure product tanker play offering all asset classes • 109 owned ECO product tankers on the 50 water with an average age of 2.8 years 8 • 17 time/bareboat charters-in vessels 40 • NYSE-compliant governance and transparency, 2 listed under the ticker “STNG” • Headquartered in Monaco, incorporated in the 30 Marshall Islands and is not subject to US income tax 45 20 38 • Vessels employed in well-established Scorpio 7 pools with a track record of outperforming the market 10 14 • Merged with Navig8 Product Tankers, acquiring 27 12 ECO-spec product tankers 0 Handymax MR LR1 LR2 2 2 Company Profile Shareholders # Holder Ownership 1 Dimensional Fund Advisors 6.6% 2 Wellington Management Company 5.9% 3 Scorpio Services Holding Limited 4.5% 4 Magallanes Value Investor 4.1% 5 Bestinver Gestión 4.0% 6 BlackRock Fund Advisors 3.3% 7 Fidelity Management & Research Company 3.0% 8 Hosking Partners 3.0% 9 BNY Mellon Asset Management 3.0% 10 Monarch Alternative Capital 2.8% Market Cap ($m) Liquidity Per Day ($m pd) $1,500 $12 $10 $1,000 $8 $6 $500 $4 $2 $0 $0 Euronav Frontline Scorpio DHT Gener8 NAT Ardmore Scorpio Frontline Euronav NAT DHT Gener8 Ardmore Tankers Tankers Source: Fearnleys June 8th, 2018 3 3 Product Tankers in the Oil Supply Chain • Crude Tankers provide the marine transportation of the crude oil to the refineries.
    [Show full text]
  • Weekly Market Report
    GLENPOINTE CENTRE WEST, FIRST FLOOR, 500 FRANK W. BURR BOULEVARD TEANECK, NJ 07666 (201) 907-0009 September 24th 2021 / Week 38 THE VIEW FROM THE BRIDGE The Capesize chartering market is still moving up and leading the way for increased dry cargo rates across all segments. The Baltic Exchange Capesize 5TC opened the week at $53,240/day and closed out the week up $8,069 settling today at $61,309/day. The Fronthaul C9 to the Far East reached $81,775/day! Kamsarmaxes are also obtaining excellent numbers, reports of an 81,000 DWT unit obtaining $36,500/day for a trip via east coast South America with delivery in Singapore. Coal voyages from Indonesia and Australia to India are seeing $38,250/day levels and an 81,000 DWT vessel achieved $34,000/day for 4-6 months T/C. A 63,000 DWT Ultramax open Southeast Asia fixed 5-7 months in the low $40,000/day levels while a 56,000 DWT supramax fixed a trip from Turkey to West Africa at $52,000/day. An Ultramax fixed from the US Gulf to the far east in the low $50,000/day. The Handysize index BHSI rose all week and finished at a new yearly high of 1925 points. A 37,000 DWT handy fixed a trip from East coast South America with alumina to Norway for $37,000/day plus a 28,000 DWT handy fixed from Santos to Morocco with sugar at $34,000/day. A 35,000 DWT handy was fixed from Morocco to Bangladesh at $45,250/day and in the Mediterranean a 37,000 DWT handy booked a trip from Turkey to the US Gulf with an intended cargo of steels at $41,000/day.
    [Show full text]
  • Tanker Orders Turn to Bulkers
    4 TradeWinds 19 October 2007 www.tradewinds.no www.tradewinds.no 19 October 2007 TradeWinds 5 DRY BULK DRY BULK More older Dollar signs tankers set for Capesize market hopping Tanker Trond Lillestolen Oslo sizes from NS Lemos of Greece start to erase and says one of the ships, the conversion The period-charter market for 164,000-dwt Thalassini Kyra capesizes was busy this week (built 2002), has been fixed to old stigmas Trond Lillestolen and Hans Henrik Thaulow with a large number of long-term Coros for 59 to 61 months at Oslo and Shanghai deals being done. $74,750 per day. Gillian Whittaker and Trond Lillestolen Quite a few five-year deals Hebei Ocean Shipping (Hosco) Athens and Oslo The rush to secure dry-bulk ton- orders have been tied up. One of the has fixed out two capesizes long nage is seeing more owners look- most remarkable was Singapore- term. The 172,000-dwt Hebei The hot dry-bulk market is ing to convert old tankers. based Chinese company Pacific Loyalty (built 1987) went to Old- closing the price gap for ships BW Group is converting two King taking the 171,000-dwt endorff Carriers for one year at built in former eastern-bloc more ships, while conversion Anangel Glory (built 1999) from $155,000 per day and Hanjin countries. specialist Hosco is acquiring the middle of 2008 at a full Shipping has taken the 149,000- Efnav of Greece is set to log a even more tankers and Neu $80,000 per day. The vessel is on dwt Hebei Forest (built 1989) for massive profit on a sale of a Seeschiffahrt is being linked to a turn to charter from China’s Glory two years at $107,000 per day.
    [Show full text]
  • Ztráta Soběstačnosti ČR V Oblasti Černého Uhlí: Ohrožení Energetické Bezpečnosti? Bc. Ivo Vojáček
    MASARYKOVA UNIVERZITA FAKULTA SOCIÁLNÍCH STUDIÍ Katedra mezinárodních vztahů a evropských studií Obor Mezinárodní vztahy a energetická bezpečnost Ztráta soběstačnosti ČR v oblasti černého uhlí: ohrožení energetické bezpečnosti? Diplomová práce Bc. Ivo Vojáček Vedoucí práce: PhDr. Tomáš Vlček, Ph.D. UČO: 363783 Obor: MVEB Imatrikulační ročník: 2014 Petrovice u Karviné 2016 Prohlášení o autorství práce Čestně prohlašuji, že jsem diplomovou práci na téma Ztráta soběstačnosti ČR v oblasti černého uhlí: ohrožení energetické bezpečnosti? vypracoval samostatně a výhradně s využitím zdrojů uvedených v seznamu použité literatury. V Petrovicích u Karviné, dne 22. 5. 2016 ……………………. Bc. Ivo Vojáček 2 Poděkování Na tomto místě bych rád poděkoval svému vedoucímu PhDr. Tomáši Vlčkovi, Ph.D. za ochotu, se kterou mi po celou dobu příprav práce poskytoval cenné rady a konstruktivní kritiku. Dále chci poděkovat své rodině za podporu, a zejména svým rodičům za nadlidskou trpělivost, jež se mnou měli po celou dobu studia. V neposlední řadě patří můj dík i všem mým přátelům, kteří mé studium obohatili o řadu nezapomenutelných zážitků, škoda jen, že si jich nepamatuju víc. 3 Láska zahřeje, ale uhlí je uhlí. (Autor neznámý) 4 Obsah 1 Úvod .................................................................................................................................... 7 2 Vědecká východiska práce ................................................................................................ 10 2.2 Metodologie ..............................................................................................................
    [Show full text]
  • City Research Online
    View metadata, citation and similar papers at core.ac.uk brought to you by CORE provided by City Research Online City Research Online City, University of London Institutional Repository Citation: Kyriakou, I., Pouliasis, P. K., Papapostolou, N. C. and Andriosopoulos, K. (2017). Freight Derivatives Pricing for Decoupled Mean-Reverting Diffusion and Jumps. Transportation Research Part E: Logistics and Transportation Review, 108, pp. 80-96. doi: 10.1016/j.tre.2017.09.002 This is the accepted version of the paper. This version of the publication may differ from the final published version. Permanent repository link: http://openaccess.city.ac.uk/18168/ Link to published version: http://dx.doi.org/10.1016/j.tre.2017.09.002 Copyright and reuse: City Research Online aims to make research outputs of City, University of London available to a wider audience. Copyright and Moral Rights remain with the author(s) and/or copyright holders. URLs from City Research Online may be freely distributed and linked to. City Research Online: http://openaccess.city.ac.uk/ [email protected] Freight derivatives pricing for decoupled mean-reverting diffusion and jumps Ioannis Kyriakou,∗ Panos K. Pouliasis,† Nikos C. Papapostolou‡and Kostas Andriosopoulos§ Abstract We develop an accurate valuation setup for freight options, featuring an exponential mean- reverting model for the freight rate with distinct reversion scales for its jump and diffusion components. We calibrate to Baltic option prices and analyze the freight rate dynamics. More specifically, we observe that jumps dissipate faster than the diffusive deviations about the equi- librium level. We benchmark against practitioners’ model of choice, i.e., the lognormal model and variants, and find that our approach reduces the pricing error while preserving analytical tractability and computational competence.
    [Show full text]