We are an independent shipbroker with an approach focused on expertise rather than scale.
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All (EU) eyes on Turkey.
While tensions between Ankara and Washington develop further,
the TRY collapses causing the EU another headache.
The economic crisis in Turkey seems to have a direct impact to the EU’s performance, with the Euro hovering around one-year lows against the US Dollar. Tension between Ankara and Washington have worried global markets, with concern rising over contagion into the nearby currency bloc. Both Turkish stocks (primarily banks) and the lira decline further. The country’s officials blame international press for “fake news” and western banks for the collapse of the currency, instead of focusing on adjusting domestic policy. The Euro has started feeling the pressure, having hit a low of USD 1.1363, the weakest point since July last year. Traders now expect the Euro to head close to USD 1.10. The concern within the European Central Bank refers to the exposure of Eurozone banks to Turkey. European bank stocks have been down by around 1 per cent, with some of the most exposed banks such as UniCredit down 2.4 per cent on Monday, while BBVA and BNP Paribas are both down 3 and 1.2 per cent respectively.
Brussels seem to be more vulnerable now to shockwaves, as apart from the Italian government bonds, it now has to consider the danger related to the Turkish crisis. In the meantime, US inflation is creeping up further, giving the Fed having more work to do.
Focusing on Turkey, there is high concern even after the recent announcements by the country’s central bank on Monday, which referred to the measures it’ll take to support the domestic financial system amid warnings of a deepening crisis. The currency fell by around 11 per cent more, reaching a new record low of TRY 7.2362 to the USD earlier today, before recovering and jumping closer to TRY 6.8966 to the USD once European markets opened, but still 6.5 per cent lower on the session.
The losses for Turkish stocks have been rather severe, with the BIST 100 benchmark index dropping 2.3 per cent, to its lowest level in US dollar terms since early 2009. Investors have been expecting the government to calm markets by unveiling their plan on Monday.
Analysts expect the central bank to incrementally tighten its monetary policy by getting ready to lend money at an overnight rate above the benchmark repo rate of 17.5 per cent. According to Reuters, the bank is willing to provide lira liquidity at 19.25 per cent after deciding not to hold its regular repo auction for the day. Recep Tayyip Erdogan has been publicly expressing his hostility against high interest rates. In the past, this encouraged the central bank to only increase rates through relatively opaque and complex means.
The central bank also decided to proceed with some other measures. One of the major ones refer to lowering the lira reserve requirements for banks, which is expected to support the currency as a result the country’s financial stability. The losses for the TRY have been rather dramatic, with more than 40 per cent of its value against the USD lost this year. The reduction in reserve requirement ration translates into a significant amount of capital getting available into the financial system. The total capital that could free up reached TRY 10 Bn (around USD 6 Bn).
Affinity Research LLP
Dry Cargo
Dry Cargo
Our dry bulk chartering teams in Sydney, Melbourne, Perth, Santiago, Lima, Singapore and London are cargo-focussed and they fix voyage, COA and time charter business on behalf of their clients with a wide range of ship owners.
Contact: David Oakley
[email protected]
+61 2 9937 8806
Finance
Finance
Affinity Financial Products Ltd is authorised by the FCA to provide advice and execution of regulated activities. We focus our efforts on asset-related transactions often structured as corporate share sales or mergers and acquisitions.
We work in partnership with investment banks providing specific, shipping-related advice.
Contact: Andrew Finn
[email protected]
+44(0)20 3142 0114
LNG
LNG
Our young and dynamic LNG team possess wide-ranging experience of spot and term charters working with all major LNG shipowners and charterers. The LNG team has close interaction with the Newbuilding and Sale & Purchase divisions with an unrivalled track record of contracting LNG newbuildings and in the sale and purchase of LNG assets.
We maintain up-to-date knowledge and an understanding of new technologies within the LNG sector to ensure that our clients can make the most suitable and cost-effective decisions on shipping solutions.
Contact: Joni Mackay
[email protected]
+44(0)20 3142 0133
Newbuilding
Newbuilding
Our Newbuilding team has concluded over 500 newbuildings of all types, including LNGCs, FSRUs, drillships, crude tankers, product tankers and dry cargo vessels. We have contracted in all major newbuilding centres globally, with particular focus on the Korean Shipyards.
Contact: Nick Wood
[email protected]
+44(0)20 3142 0111
Offshore
Offshore
Affinity Offshore is based out of our Oslo and Houston offices. The Team focuses on world-wide sale & purchase of offshore support vessels, as well as chartering – particularly in the Americas and Mediterranean/MENA regions.
Contact: Tor-Øyvind Bjørkli
[email protected]
+47 2109 8211
Research
Research
Our research department combines real time market information with econometric modelling and the latest technology.
Contact: Fotios Katsoulas
[email protected]
+44(0)20 3142 0186
S & P
S & P
Our Sale & Purchase team has extensive experience of working with private clients, national shipping companies, major corporates, oil companies, grain houses and institutional investors. We provide a cradle to grave services across all shipping sectors. We operate from London, Singapore and Seoul to give 24-hour coverage of the markets, working for both newbuilding and second-hand buyers.
Contact: Toby English
[email protected]
+44(0)20 3142 0123
Tankers
Tankers
Our established tanker chartering teams serve the industry from London, Houston and Santiago delivering a highly proficient spot chartering service with a prime position in the fuel oil market. The team has close relationships with oil majors, national oil companies, oil traders and major ship owners and operators.
Our ethos for operations and post-fixture is simple: these roles are as important to us as the chartering/commercial function, and we continue to apply those same principles of professional ship broking throughout the life of each fixture.
Contact: Tim Gurdon
[email protected]
+44(0)20 3142 0142
Valuations
Valuations
We provide transparent, objective ship valuation service to major owners, banks and other financial institutions at short notice and a daily basis. We provide a retainer service for regular fleet valuations.
Contact: Ben Pusey
[email protected]
+44(0)20 3142 0125
Dry Cargo
Our dry bulk chartering teams in Sydney, Melbourne, Perth, Santiago, Lima, Singapore and London are cargo-focussed and they fix voyage, COA and time charter business on behalf of their clients with a wide range of ship owners.
Contact: David Oakley
[email protected]
+61 2 9937 8806
Finance
Affinity Financial Products Ltd is authorised by the FCA to provide advice and execution of regulated activities. We focus our efforts on asset-related transactions often structured as corporate share sales or mergers and acquisitions.
We work in partnership with investment banks providing specific, shipping-related advice.
Contact: Andrew Finn
[email protected]
+44(0)20 3142 0114
LNG
Our young and dynamic LNG team possess wide-ranging experience of spot and term charters working with all major LNG shipowners and charterers. The LNG team has close interaction with the Newbuilding and Sale & Purchase divisions with an unrivalled track record of contracting LNG newbuildings and in the sale and purchase of LNG assets.
We maintain up-to-date knowledge and an understanding of new technologies within the LNG sector to ensure that our clients can make the most suitable and cost-effective decisions on shipping solutions.
Contact: Joni Mackay
[email protected]
+44(0)20 3142 0133
Newbuilding
Our Newbuilding team has concluded over 500 newbuildings of all types, including LNGCs, FSRUs, drillships, crude tankers, product tankers and dry cargo vessels. We have contracted in all major newbuilding centres globally, with particular focus on the Korean Shipyards.
Contact: Nick Wood
[email protected]
+44(0)20 3142 0111
Offshore
Affinity Offshore is based out of our Oslo and Houston offices. The Team focuses on world-wide sale & purchase of offshore support vessels, as well as chartering – particularly in the Americas and Mediterranean/MENA regions.
Contact: Tor-Øyvind Bjørkli
[email protected]
+47 2109 8211
Research
Our research department combines real time market information with econometric modelling and the latest technology.
Contact: Fotios Katsoulas
[email protected]
+44(0)20 3142 0186
S & P
Our Sale & Purchase team has extensive experience of working with private clients, national shipping companies, major corporates, oil companies, grain houses and institutional investors. We provide a cradle to grave services across all shipping sectors. We operate from London, Singapore and Seoul to give 24-hour coverage of the markets, working for both newbuilding and second-hand buyers.
Contact: Toby English
[email protected]
+44(0)20 3142 0123
Tankers
Our established tanker chartering teams serve the industry from London, Houston and Santiago delivering a highly proficient spot chartering service with a prime position in the fuel oil market. The team has close relationships with oil majors, national oil companies, oil traders and major ship owners and operators.
Our ethos for operations and post-fixture is simple: these roles are as important to us as the chartering/commercial function, and we continue to apply those same principles of professional ship broking throughout the life of each fixture.
Contact: Tim Gurdon
[email protected]
+44(0)20 3142 0142
Valuations
We provide transparent, objective ship valuation service to major owners, banks and other financial institutions at short notice and a daily basis. We provide a retainer service for regular fleet valuations.
Contact: Ben Pusey
[email protected]
+44(0)20 3142 0125
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Floor 44
The Leadenhall Building
122 Leadenhall Street
London EC3A 8EE
T +44 (0)203 142 0100
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LONDON
Floor 44
The Leadenhall Building
122 Leadenhall Street
London EC3A 8EE
T +44 (0)203 142 0100
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72 Anson Road
#13–03 Anson House
Singapore
079911
T +65 6805 8760
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#13–03 Anson House
Singapore
079911
T +65 6805 8760
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Level 8
420 St Kilda Road
Melbourne
VIC 3004
Australia
T +61 398 671 466
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MELBOURNE
Level 8
420 St Kilda Road
Melbourne
VIC 3004
Australia
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West Perth
WA 6005
Australia
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PERTH
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West Perth
WA 6005
Australia
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1st Floor
64 Alexander Street
Crows Nest, NSW 2065
Australia
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64 Alexander Street
Crows Nest, NSW 2065
Australia
T +61 299 378 800
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#703, Shin-A Building
50 Seosomun-ro 11gil
Jung-gu, Seoul
South Korea
100-752
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#703, Shin-A Building
50 Seosomun-ro 11gil
Jung-gu, Seoul
South Korea
100-752
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601 Pacific House
20 Queen's Road Central
Central, Hong Kong
T +852 2154 2237
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601 Pacific House
20 Queen's Road Central
Central, Hong Kong
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1301 McKinney Street
Suite 2975
Houston, Texas
77010, USA
T +1 832 925 7500
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HOUSTON
1301 McKinney Street
Suite 2975
Houston, Texas
77010, USA
T +1 832 925 7500
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Marco Polo Parkside Building 1005,
Anli Road No. 80,
Chaoyang District,
Beijing, China, 100101
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BEIJING
Marco Polo Parkside Building 1005,
Anli Road No. 80,
Chaoyang District,
Beijing, China, 100101
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Basadre 607,
Office 208, Lima, Peru
T +511 712 3772
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LIMA
Basadre 607,
Office 208, Lima, Peru
T +511 712 3772
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Augusto Leguia Norte 100
Office 710
Las Condes
7550155 Santiago
Chile
T +56 22 352 7100
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SANTIAGO
Augusto Leguia Norte 100
Office 710
Las Condes
7550155 Santiago
Chile
T +56 22 352 7100
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Inkognitogata 35,
0256 Oslo
Norway
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OSLO
Inkognitogata 35,
0256 Oslo
Norway
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