干散货轮和油轮租费下降

英国《金融时报》 罗伯特•赖特 伦敦报道

Owners of dry bulk ships and tankers face sharp falls in profitability after rates for the largest ships at least halved since May on fears about ship oversupply and weak global demand.

由于市场担心船只供应过剩和全球需求疲软,自5月份以来,最大型船只的租费至少下跌了一半。干散货轮和油轮的船东们面临着利润率的剧减。

The fall-off could revive fears about the finances of the weakest companies, some of which are struggling to finance significant orders of new ships.

这可能让市场重新燃起对实力最弱的船舶公司融资状况的担忧,部分这类公司正竭力为重要的新船订单融资。

The average rates paid to charter Capesize ships – the largest dry bulk carriers – on the short-term spot market have fallen from a peak of $60,000 a day in mid-May to $23,012 yesterday.

在短期现货市场上,租用好望角型(Capesize)货轮(最大的干散货轮)的平均费率,已从5月中旬时的高点每日6万美元降至昨日的每日2.3012万美元。

In the tanker market, rates on some routes for very large crude carriers, the largest commonly used type, were more than $75,000 a day in early June but closed last week at less than $20,000 a day on one route, according to PF Bassoe, an Oslo-based shipbroker.

总部位于奥斯陆的船舶经纪商PF Bassoe表示,在油轮市场,某些航线特大型油轮的租费在6月初为每日7.5万多美元,但上周收盘时,某条航线特大型油轮的租费不到每日2万美元。

Chinese demand for iron ore and coal – the key commodities for the dry bulk market – has slackened in recent weeks. Many tankers have finished long-term contracts to store oil. Both markets have also seen significant ship deliveries.

中国对铁矿石和煤炭的需求在近几周里有所减少。铁矿石和煤炭是干散货市场的两种关键大宗商品。许多油轮已完成了储油的长期合同。此外,两个市场都出现了可观的船只交付。

Denis Petropoulos, a director of London-based Braemar Shipping, said the surprise had been how well the tanker market had held up for most of the year. Slower-than-expected deliveries of new vessels and the use of others for oil storage had boosted rates.

总部位于伦敦的Braemar Shipping的主管丹尼斯•佩特罗普洛斯(Denis Petropoulos)表示,今年大多数时间里,油轮市场是如此的坚挺,令人感到意外。新船交付慢于预期,部分油轮又用来储油,这推涨了租费。

Ships were now finally being delivered and storage contracts were ending.

现在船只终于得到交付,储油合同也已完成。

“It has fallen back to levels we expected it to be for most of the year,” Mr Petropoulos said of the market.

“租费已跌回到我们所预期的、今年大多数时间里应有的水平上,”佩特罗普洛斯这样描述市场。

Johnny Plumbe, chief executive of London-based ACM Shipping, a shipbroker specialising in tankers, said oil demand remained similar to that in the recent past. However, ships coming out of use as storage had competed unexpectedly hard for cargoes.

ACM Shipping首席执行官约翰尼•普鲁姆比(Johnny Plumbe)表示,石油需求保持在与不久前相似的水平。然而,出人意料的是,退出储油用途的船只为运载货物展开了激烈竞争。ACM Shipping是一家总部位于伦敦的船舶经纪商,主营油轮业务。

“The confidence got driven out of the market slightly,” he said.

“市场信心略有些下降,”他表示。

On dry bulk, Henriette van Niekerk of London-based Clarkson shipbrokers said there were signs the Chinese government was regulating energy-intensive industries more strictly. Falling steel prices and rising iron ore prices had squeezed margins for many Chinese steelmakers.

至于干散货市场,Clarkson的亨里埃特•范尼凯克(Henriette van Niekerk)表示,有迹象表明,中国政府在更严格地管控能源密集型行业。钢铁价格的下跌和铁矿石价格的上涨已挤压了许多中国钢铁制造商的利润空间。Clarkson是一家总部位于伦敦的船舶经纪商。

“The story’s about how they’re managing this differential between the contractual price of iron ore and the steel price,” she said.

“问题的关键在于,它们如何掌控铁矿石合同价格与钢铁价格之间的这一价差,”她表示。

The falls come little more than a year after many tanker and dry bulk owners were struggling to rearrange their finances in the wake of the 2008 financial crisis. Many are still struggling to pay for expensive ships ordered at the height of the industry’s 2001-08 boom. However, any new problems resulting from the rate falls are expected to fall mainly on smaller, weaker dry bulk owners.

租费的下降,距众多油轮和干散货轮船东在2008年金融危机后奋力重新安排自己的融资仅一年时间。许多船东仍难以支付在2001-08年行业繁荣期最鼎盛时刻订购的昂贵船只。不过,租费下降引发的任何新问题,预计都将主要落到规模更小、实力更弱的干散货轮船东身上。

Alun Hatfield of Clarkson said owners’ problems would depend on what prices they had paid for ships – and rates were also still better than often in recent years. “If you look at the 10-year average time charter rates, $25,000 a day is a pretty good rate.”

Clarkson的阿伦•哈特菲尔德(Alun Hatfield)表示,船东们的问题将取决于他们是以什么价格订购的船只——而目前的租费仍高于近年来大多数时间里的水平。“如果你研究一下10年来的平均租费,你会发现每日2.5万美元是一个相当不错的费率。”

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