June 18, "2014 Qingdao International Shipping Finance Forum" was held. Forum on new developments in shipping finance, international dry bulk cargo transportation services, commodities trading and international dry bulk capacity combined hedging operations, Opportunities, Challenges and Countermeasures, cooperation platform facing the dry bulk shipping market structures, international iron ore supply and demand analysis of issues such as in-depth discussions.
Structural change and re-enter the system of
Currently, bulk cargo transport volume was 4.2 billion tons per year worldwide, but the world will have 700 million tons of cargo capacity, ie a capacity of only six times a year, significant excess capacity. In fact, the global dry bulk shipping capacity is still evolving.
Turning to the current situation in the shipping industry, the Shanghai Shipping Freight Exchange Limited relevant person in charge of: International trade emerge from multilateral to bilateral localization of a new trend, it is a risk and the impact on China's shipping industry is. Domestically, there is a shift of economic growth, economic restructuring and pains, digestive stimulus package early unity of three stages, which also affected the digestion of energy to the production policy of the shipping industry. In addition, there are also the shipping industry itself of excess capacity and so on.
In the dry bulk shipping market, deputy general manager of China Shipping Bulk Transport Ltd. Chenxiao Xiong pointed out that in recent years, China's demand for commodities marked decline in speculative capital to participate in FFA speculation, market presents a growing financial attributes.
Wang Dawei, deputy general manager of Shandong Marine Corporation believes that the global shipping industry will enter a period of structural change and systems reengineering. He said that in the future to build a platform to pool resources and create industrial value, and promote common development, which will also become the shipping industry to meet the challenges of the inevitable choice.
Wang Dawei Shandong sea, for example, share a core strategic global cooperation, innovative business model, the strength of the platform, as well as policy, financial, industrial, quality, service, "five in one" system of values.
Further integration of shipping, financial
About shipping finance, Shanghai Shipping Exchange responsible for a comprehensive explanation. He used two words to explain what is "shipping finance." "Loan" - the global shipping industry loans $ 600 billion, "insurance" - the global shipping industry insurers $ 33 billion. This shows that the shipping industry has a huge capacity, and shipping needs of finance, financial also requires shipping. Among them, derivatives and plays an important role.
In fact, as early as 2009, the State Council issued a document on the 19th made it clear that financial products shipping to enrich and accelerate the development of shipping derivatives, and create conditions for enterprises to control the shipping risk.
9:00 the same day, in the military, president of Shanghai Shipping Freight Exchange Limited announced the international dry bulk capacity traded product test run.
"Development shipping derivatives, not only conducive to the shipping companies to obtain better financial services, but also conducive to investment banks and other financial institutions party to develop financial products will be shipping the shipping industry, the financial sector further integration of channels and bridges." Zhengzhou Assistant general manager and director of the non-agricultural commodity exchange 魏振祥 said.
The use of financial derivatives to hedge risk
How the shipping industry out of the woods? Use financial derivatives instruments to hedge the risk of a consensus in the industry. Weizhen Xiang said that the recent price volatility of international shipping freight, cargo loaded on board there are price risk, you can take the product and shipping futures exchange hedging freight joint product better way to avoid risks.
Weizhen Xiang introduced commodities combined with the international dry bulk freight hedging principle behind the operation, which means that the forward and futures markets price discovery and risk aversion function.
In thermal coal, for example, because of thermal coal futures index is highly correlated with thermal coal and a variety of freight capacity index, traders in order to sign coal, while you can buy freight index contracts, and in the domestic futures market short to reach the purpose of hedging.
Since the forward and futures markets have price discovery and risk aversion function, traders can take advantage of the price discovery function of the contract price points, breaking the traditional pattern of trade negotiations. Weizhen Xiang suggested that the relevant enterprises to use good "Forward + Futures" tool, while the spot market well and truly achieve "two legs" to walk.
Original title: financial derivatives into the shipping industry, "darling"