We are an independent shipbroker with an approach focused on expertise rather than scale.
Roll On Q4!
Central banks across major developed economies delivered what looked like a last gasp set of rate hikes in September, while economies in both Latin America and emerging Europe were on track for continued easing.
September saw nine of the central banks overseeing the 10 most heavily traded currencies hold rate setting meetings, though just three - Sweden, Norway and the European Central Bank - hiked rates, by a cumulative 75 basis points. The US Federal Reserve, the Bank of England as well as Australia, Canada and Japan all opted for no change. New Zealand's central bank did not meet.
September's moves compare to two hikes across four meetings in August, traditionally a quieter month for monetary policy decisions, and take the 2023 YTD tally for G10 central banks to a total of 1,150 basis points across 36 hikes.
Still, markets have seen some seismic shifts in recent weeks after being forced to adjust to the 'higher for longer' mantra propagated by major central banks. Diverging rate trajectories were on full display in emerging economies where 16 out of the 18 central banks in the Reuters sample held meetings in September.
Latin America and central and eastern Europe are at the forefront of the easing cycle, with Brazil, Chile and Poland lowering benchmarks, taking the cumulative amount of rate cuts to 200 basis points for September, and the annual total of cuts to 420 basis points across eight moves lower. Hungary also reduced one of its rates, the one-day deposit rate, by 100 basis points to 13 per cent last week, aligning it with the main base rate which it left unchanged. However, the recent jump in oil prices has added to uncertainty over how fast the easing cycle could progress.
On the other hand, a select number of central banks in emerging markets were still in hiking mode. Turkey, which is struggling with inflation pressures and a currency that is sliding from one record low to the next, delivered another bumper 500 basis points rate hike. Russia raised its benchmark by 100 basis points while Thailand also hiked rates in surprise decision, taking the monthly tightening tally across developing economies to 625 basis points in September and the total in the year to date to over 3,475 basis points through 30 hikes.
In other news, the US Congress passed a stopgap funding bill late on Saturday, averting a government shutdown that threatened to further damage the US credit rating, exacerbate market volatility and delay key economic releases. Still, concerns that political polarization in Washington is weakening fiscal policymaking could linger.
Meanwhile, looking east, the World Bank has cut its growth forecast for China into next year to 4.4 per cent, down from the 4.8 per cent figure the institution forecasted in April, as Asia's largest economy keeps struggling with a brewing property crisis that threatens to harm prospects for its economy.
A 4.4 per cent expansion in 2024 would mean that China's growth would not be as strong as it was before the pandemic. Official statistics show the Chinese economy grew around 6 per cent to 7 per cent annually in the late 2010s before slowing to 2.2 per cent in 2020 due to the pandemic. The growth rebounded to 8.4 per cent in 2021 but slowed again to 3 per cent in 2022 as the government's strict zero-COVID policy damaged business activities. For this year, the World Bank projects a 5.1 per cent expansion for the country.
"China's past growth, largely driven by investment in infrastructure and property, has left firms and local governments burdened by debt, as saturated infrastructure yields diminishing returns and an oversupply of housing reduces property prices," the report noted.
Once the largest developer in the country, for instance, China Evergrande Group is now struggling under heavy debts accumulated over the years, while a sales slump has hit its cash position following a government crackdown on the sector. Estimates on the real estate sector's contribution to China's GDP range from a quarter to a third, including surrounding industries that prop up the property space.
The World Bank's report also noted that a 1 per cent reduction in China's growth is associated with a cut in regional expansion by 0.3 per cent. Overall, for developing economies in the APAC region, the World Bank now expects growth to remain strong at 5 per cent in 2023, but that the momentum might ease in the second half of this year.
And despite China's troubles, the institution sees bright spots in Southeast Asia, with global inflation expected to ease. In the region, it noted that the combination of services reform and digitalization is creating new opportunities, with the "diffusion of digital technologies" set to improve economic performance. The region’s GDP should expand by 4.5 per cent in 2024, the Bank said.
Affinity Research LLP
Carbon
Carbon
Using tailored analytics platforms, we offer client-specific advisory and trading services across the global carbon markets. Contributing to hedging strategies, sustainability reporting and financing requirements, our aim is to assist clients in managing their financial exposure to the approaching energy transition.
Contact: Hugo Wilson
[email protected]
+44(0)20 3142 0121
Containers
Containers
Our specialised Container team in South America arranges freight & logistic solutions primarily for the mining and perishable industries.
Contact: Andrea Meza Allemant
[email protected]
+51 99 115 2393
Dry Cargo
Dry Cargo
Our dry bulk chartering teams in Sydney, Melbourne, Perth, Santiago, Lima, Montevideo, Buenos Aires, 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.
For Atlantic business please contact Hans Bredrup
For Pacific business please contact Rahul Khanna
Contact: Hans Bredrup
[email protected]
Contact: Rahul Khanna
[email protected]
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]
Research
Research
Our research department combines real time market information with econometric modelling and the latest technology.
Contact: Sevita Kondyliou
[email protected]
+44(0)20 3142 0182
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: Tom Morrison
[email protected]
+44(0) 20 3142 0128
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: Stuart Morrison
[email protected]
+44 (0)20 3142 0144
Carbon
Using tailored analytics platforms, we offer client-specific advisory and trading services across the global carbon markets. Contributing to hedging strategies, sustainability reporting and financing requirements, our aim is to assist clients in managing their financial exposure to the approaching energy transition.
Contact: Hugo Wilson
[email protected]
+44(0)20 3142 0121
Containers
Our specialised Container team in South America arranges freight & logistic solutions primarily for the mining and perishable industries.
Contact: Andrea Meza Allemant
[email protected]
+51 99 115 2393
Dry Cargo
Our dry bulk chartering teams in Sydney, Melbourne, Perth, Santiago, Lima, Montevideo, Buenos Aires, 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.
For Atlantic business please contact Hans Bredrup
For Pacific business please contact Rahul Khanna
Contact: Hans Bredrup
[email protected]
+56 99 887 3036
Contact: Rahul Khanna
[email protected]
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]
Research
Our research department combines real time market information with econometric modelling and the latest technology.
Contact: Sevita Kondyliou
[email protected]
+44(0)20 3142 0182
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: Tom Morrison
[email protected]
+44(0) 20 3142 0128
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: Stuart Morrison
[email protected]
+44 (0)20 3142 0144
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Floor 44
The Leadenhall Building
122 Leadenhall Street
London EC3V 4AB
T +44 (0)203 142 0100
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Floor 44
The Leadenhall Building
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London EC3V 4AB
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#13–03 Anson House
Singapore
079911
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PERTH
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Suite 3.05, Level 3
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South Yarra
VIC 3141, Australia
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MELBOURNE
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VIC 3141, Australia
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1st Floor
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Crows Nest, NSW 2065
Australia
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SYDNEY
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Crows Nest, NSW 2065
Australia
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Brisbane
QLD 4006
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BRISBANE
7/455 Brunswick St
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QLD 4006
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#703, Shin-A Building
50 Seosomun-ro 11gil
Jung-gu, Seoul
South Korea
100-752
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SEOUL
#703, Shin-A Building
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Jung-gu, Seoul
South Korea
100-752
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1301 McKinney Street
Suite 2975
Houston, Texas
77010, USA
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HOUSTON
1301 McKinney Street
Suite 2975
Houston, Texas
77010, USA
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Marco Polo Parkside Building 1204,
Anli Road No. 80,
Chaoyang District,
Beijing, China, 100101
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BEIJING
Marco Polo Parkside Building 1204,
Anli Road No. 80,
Chaoyang District,
Beijing, China, 100101
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6/F Kimberley Plaza
45-47 Kimberley Road
Tsim Sha Tsui. Kowloon
Hong Kong
T +852 2154 2237
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HONG KONG
6/F Kimberley Plaza
45-47 Kimberley Road
Tsim Sha Tsui. Kowloon
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Room 04, 10/F, 500
Yan'an West Road,
Shanghai,
People's Republic of China
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SHANGHAI
Room 04, 10/F, 500
Yan'an West Road,
Shanghai,
People's Republic of China
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Jirón Cruz del Sur 140, of. 1712,
Santiago de Surco, Lima,
Perú
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LIMA
Jirón Cruz del Sur 140, of. 1712,
Santiago de Surco, Lima,
Perú
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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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Misiones St. 1372,
1st Floor "De Los Patricios" Building,
11000 Montevideo, Uruguay
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MONTEVIDEO
Misiones St. 1372,
1st Floor "De Los Patricios" Building,
11000 Montevideo, Uruguay
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Viamonte 174, 4 to B,
C1053ABD Buenos Aires,
Argentina
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BUENOS AIRES
Viamonte 174, 4 to B,
C1053ABD Buenos Aires,
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Rua Barão de Cotegipe, 443, room 1310
Porto de Gale Business Center
Rio Grande
Brazil
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RIO GRANDE
Rua Barão de Cotegipe, 443, room 1310
Porto de Gale Business Center
Rio Grande
Brazil
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Fascinatio Boulevard 742
2909 VA Capelle aan den IJssel
The Netherlands
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ROTTERDAM
Fascinatio Boulevard 742
2909 VA Capelle aan den IJssel
The Netherlands
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Inkognitogaten 35,
0256 Oslo
Norway
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OSLO
Inkognitogaten 35,
0256 Oslo
Norway
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104-111 21st St
West Vancouver
BC V7V 0C2
Canada
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VANCOUVER
104-111 21st St
West Vancouver
BC V7V 0C2
Canada
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Kaigaten 12, 2nd floor
Bergen 5016
Norway
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BERGEN
Kaigaten 12, 2nd floor
Bergen 5016
Norway
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Rua Duque Estrada 36/101 Rio de Janeiro, 22451-090, Brazil
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RIO DE JANEIRO
Rua Duque Estrada 36/101 Rio de Janeiro, 22451-090, Brazil
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501 5th Ave, New York, NY 10017, USA
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NEW YORK
501 5th Ave, New York, NY 10017, USA
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