chartering leaks, PandC clause, Fake news and shipping

Whichever the newspaper you read, you’ll find stories about State confidential documents leaks into public sphere. Snowden, Assange, Mossack Fonseca can testify massive private states documents leaks is a dangerous game. Now the new hit is about Fake news. Any good reasons why Shipping shall remain off information leaks and fake news ?

As mentionned yesterday, we can wonder if in 2017 PandC stands for Private and Confidential or Publish and Circulate ?

This is a real question on which it’s worth to think about twice. In chartering, this clause « All negotiations / fixture to be kept strictly private and confidential and not to be disclosed to any third parties» (or similar) is most probably inserted in black and white in 100% of the charterers Parties conclude around the world, every day (by the way how much fixture are done in the world on daily basis ?). So Private and Confidential would means shut your mouth and don’t disclose anything. How come then, daily, Baltic Dry Index is able to disclose something like 40 to 50 fixtures/day, something like 200/week. Are the BDI panelists exempted from this PandC clause ? Sure no. Seeing some Charter Parties done by companies being parts of the  BDI panel, the reply is definitly no. So they keep inserting this clause, knowing they’ll break the committment in the minute after the deal is done.

We will all agree, everybody needs these market deals to be disclosed. It’s essential to have some guidance on how the market is moving, where and what shall be expected for the next days. This is an essential part of the chartering world to collect information in order to take the right decision. Obviously, in a perfect world, everybody’s willing to collect as much information as possible about others deals but willing to keep what he’s been doing on his own side to remain secret, and A B S O L U T E  PANDC plse.

Before the internet and social media it was surely more difficult to get the flow of information. Today, anything done is found easily, you just need to know where to look for the info. Few hours after a tender is closed, easy to find  who won, what the price FOB of the commodity sold, what the freight, what’s the origin. For example, just have a look at the Gasc wheat tender which has been concluded yesterday, major recognized news provider (Reuters to name them) disclosing: «Egypt’s GASC bought 420,000Mt bulk wheat, in which 300,000mt ex Russia, 60,000mt ex Ukrain and 60,000mt ex France ».  If you want to have some ideas on who are the traders involved and what will be the origin and the inserted freight in these deals, I let you dig in to find the info. I have found this on my side. But not willing to disclose, in case it’s fake news.

Another example, personally, 10 minutes after having subs confirmed by charterers, a friend broker came to me and asked me if I were the one involve in a fixture which came to his ears. Disclosing to me ship’s name/Dely port/dates/exact daily hire. This was a quick leak ! Yes I was discussing with this owners’ broker who were having a suitable candidate which we tried to fix but did not manage to conclude. Still, he got the exact information of what has finally been done.


Is it really a big huge deal to get the information disclosed on the market ? Probably some traders and some owners would definitely prefer to play low profile in order to protect their network and business keys however same are still able to make good deals by getting information on what’s the markets are doing and what’s done/seen/conclude… in other words thanks to market information which has leaked to their ears.

And surely some others, to the contrary are happy to be reported on the market, giving some signals about how active they are and how serious their business is becoming.


Anyway, disclosing and finding information is a point. Then checking and being in position to confirm veracity of the information is another one. As you know information leaks is not really something new (Wikileaks founded by Julian Assange is already a 10 years old organization and first massives leaks were done back in 2010). What’s fresh and new now is the concept of FAKE NEWS. And I see no reason why our Shipping Industry will be exempted by this movement.

As an example, from various sources we got this fixture reported earlier this week :

« ecsa=====- 34,000 dwt vsl, del aps plate ppt, tct, redel cont, 13750 (cnr) »

Then some others of my market infos providers were reporting about the same

« unsubstantiated rumours continued to circulate that a 34,000-dwt was fixed from Recalada to the Continent at $13,750 ».

Any one reading this, would come to the conclusion, « yes, ECSA handy market is on fire » but a fixture reported without any ship name, any name of charterers being involved is somehow suspicious. There is absolute no way to check on your own if this is a true info or a fake news. Knowing on the other side I also got information, a voyage biz has been concluded on similar size vessel ex Recalada to Wmed according to my Time Charterers calculation equivalent at $10’700/11’000 daily. Taking the other way round, at $13,750 daily, the voyage equivalent is something like $6.25/mt higher than what seems being done. Where is the truth here ? the ones who committed these fixtures may be in position to testify, missing this, we will all keep reading markets report, call market friends to share point of views and try to sort out what’s real, what’s fake and back to handy market level in ECSA, the BHSI was yesterday at 9,747 for the HS3 (it’s a fact, no need to wonder) and mv ‘Nordrhone’ 38kdwt blt 2015 is said fixed daily ECSA ppt for 2/3 ll redel Atlantic at $10,500 daily + $150,000bb. (It’s also a fact, and in case of doubts you can call owners and double checked with the charterers/operators who booked this one.

As a conclusion, don’t forget, Pelagos team will always be happy to share market information, as far as we can and provide you information in hands, to enable you to fix your next at the best.






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