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WHO WE ARE

We are an independent shipbroker with an approach focused on expertise rather than scale.

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Affinity Policy Comment 14 August 2018

 

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

what we do

  • 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

Click here for our terms of business

Our locations


  • Floor 44
    The Leadenhall Building
    122 Leadenhall Street
    London EC3A 8EE

    T +44 (0)203 142 0100

    View full office info

    LONDON

    Dry Cargo LNG Research S & P Tankers Newbuilding Finance Valuations


    Floor 44
    The Leadenhall Building
    122 Leadenhall Street
    London EC3A 8EE

    T +44 (0)203 142 0100

    View full office info


  • 72 Anson Road
    #13–03 Anson House
    Singapore
    079911

    T +65 6805 8760

    View full office info

    SINGAPORE

    Dry Cargo S & P


    72 Anson Road
    #13–03 Anson House
    Singapore
    079911

    T +65 6805 8760

    View full office info


  • Level 8
    420 St Kilda Road
    Melbourne
    VIC 3004
    Australia

    T +61 398 671 466

    View full office info

    MELBOURNE

    Dry Cargo


    Level 8
    420 St Kilda Road
    Melbourne
    VIC 3004
    Australia

    T +61 398 671 466

    View full office info


  • 8/38 Colin Street
    West Perth
    WA 6005
    Australia

    T +61 892 260 618

    View full office info

    PERTH

    Dry Cargo


    8/38 Colin Street
    West Perth
    WA 6005
    Australia

    T +61 892 260 618

    View full office info


  • 1st Floor
    64 Alexander Street
    Crows Nest, NSW 2065
    Australia

    T +61 299 378 800

    View full office info

    SYDNEY

    Dry Cargo


    1st Floor
    64 Alexander Street
    Crows Nest, NSW 2065
    Australia

    T +61 299 378 800

    View full office info


  • #703, Shin-A Building
    50 Seosomun-ro 11gil
    Jung-gu, Seoul
    South Korea
    100-752

    View full office info

    SEOUL

    Newbuilding LNG S & P


    #703, Shin-A Building
    50 Seosomun-ro 11gil
    Jung-gu, Seoul
    South Korea
    100-752

    View full office info


  • 601 Pacific House
    20 Queen's Road Central
    Central, Hong Kong

    T +852 2154 2237

    View full office info

    HONG KONG


    601 Pacific House
    20 Queen's Road Central
    Central, Hong Kong

    T +852 2154 2237

    View full office info


  • 1301 McKinney Street
    Suite 2975
    Houston, Texas
    77010, USA

    T +1 832 925 7500

    View full office info

    HOUSTON

    Tankers


    1301 McKinney Street
    Suite 2975
    Houston, Texas
    77010, USA

    T +1 832 925 7500

    View full office info


  • Marco Polo Parkside Building 1005,
    Anli Road No. 80,
    Chaoyang District,
    Beijing, China, 100101

    View full office info

    BEIJING

    LNG Tankers


    Marco Polo Parkside Building 1005,
    Anli Road No. 80,
    Chaoyang District,
    Beijing, China, 100101

    View full office info


  • Basadre 607,
    Office 208, Lima, Peru

    T +511 712 3772

    View full office info

    LIMA

    Dry Cargo


    Basadre 607,
    Office 208, Lima, Peru

    T +511 712 3772

    View full office info


  • Augusto Leguia Norte 100
    Office 710
    Las Condes
    7550155 Santiago
    Chile

    T +56 22 352 7100

    View full office info

    SANTIAGO

    Dry Cargo Tankers


    Augusto Leguia Norte 100
    Office 710
    Las Condes
    7550155 Santiago
    Chile

    T +56 22 352 7100

    View full office info


  • Inkognitogata 35,
    0256 Oslo
    Norway

    View full office info

    OSLO

    Offshore


    Inkognitogata 35,
    0256 Oslo
    Norway

    View full office info