The group consists of key users, derivative brokers and physical panellists and will act as an information gatherer and advisor to the marketplace.
The Baltic Ship Valuation Assessments (BaSVA) were launched in May 2003 by the Baltic Exchange and provide bi-monthly assessments for second hand values of VLCC, aframax, capesize and panamax vessels. Since its launch the value of a five year old second hand capesize vessel has risen from $31.643 million to $54.711 million (17 May 2004).
Asset prices have traditionally been highly volatile, and this new product has huge potential as a tool for shipowners, traders, banks and the shipping and financial markets to trade and manage this risk.
The group is actively seeking views from the market regarding these assessments.
Baltic Exchange Chief Executive Jeremy Penn welcomed the formation of the group and said: “I’m delighted that the industry is collaborating to enhance this exciting new product which relies on the Baltic’s assessment mechanism. The Baltic will do whatever it can to work with the market to ensure that we continue to provide reliable and independent data which meet the needs of the industry.”
The group consists of:
Barry Rogliano Salles
Banchero Costa
Cargill International
Clarksons Capital
Freight Investor Services
Fortis Bank
Oceanbulk Maritime
Simpson, Spence & Young
Thenamaris Ships Management
Torvald Klaveness Group
