最高法院两个司法解释对航运界的影响

在我们从事海事海商的案件代理过程中,发现许多船东、货主、货代、船代对最高法院的一些有关海商法的司法解释不是很了解。但是这些司法解释对贷代、船东和货主、船代的影响是非常大的。它可能造成船东、船货代辛辛苦苦挣的运费仅因时效问题而付之东流,也可能因为对中国法租约的管辖规定不了解,造成国内一方不得不花费大量的律师费去境外涉讼。     

《金康合同》释义

如果因它船的疏忽和因船长,船员、引水员或船东之雇佣人员在指挥航行或管理船舶中的疏忽或过失而导致与它船碰撞,被承运货物之货主应就船东对它船或非承运船或其船东的一切损失或责任作出补偿。补偿的范围应相当于它船或非承运船或其船东向所述货主已支付的损失或损害费用,或将要向所述货主支付的任何赔偿费用;应相当于它船或非承运船或其船东抵销、补偿、收回其要求承运船或其船东作出赔偿的那一部份费用。     

Clarkson研究报告--集装箱市场

对于多数集装箱船来说,2003年是业绩卓著的一年.货主们普遍认识到船舶运力的不足,因此接受必须支付更高运费的事这.船东们,为能在长期结构性下滑的运费趋势中保持领先地位,历经30年的时间运行集装箱化运输以降低其运营成本.随着客户们屈服于市场的供需法则,承运人瞬间获得了多年来节约成本所带来的价值.     

运费风险的分担与防范

运费乃承运人在完成货物运输后为补偿运输中成本支出,并在为货主提供服务后为创收一定的利润而向货物托运人或收货人收取的报酬。但随着国际贸易、运输的发展,传统的货运市场逐渐转变为货主市场,航运市场不再以承运人为主导地位,而是在一定程度上由货主来左右承运人在完成货物运输后是否能收到应得的运费。尽管在提单上对预付运费、到付运费的风险分担作了明确规定,然而,实际上,承运人的运费收入却难以得到保证。其根本原因在于市场导向发生了根本变化。本人就承运人在完成货物运输后的运费风险分担与防范问题作一论述,期待对相关人…     

《金康合同》释义

(甲)按实际装船货量计算,并以流通货币支付主要条款第13条所规定之运费I; (乙)预付。如果按主要条款第13条规定装完货支付运费,不管船舶与货物灭失与否,运费都是绝对所得,不可退回。 除非船东巳收到应付运费,任何人不能要求船东及其代理人签发或背带有“运费预付”字样的提单;     

航运市场运费套期保值方法探讨

分析研究了2种运费套期保值方法远期运价协议和运价指数期货合约，通过典型案例论证了租船人和船东都能利用这2种方法，锁定运费收入或支出，从而规避运价风险的目的；同时对这2种方法进行了分析比较，指出运价指数期货合约具有灵活性且安全的特点，但二者费用有差异，运价指数期货合约需要一定的保证金，实际费用等于经纪人的佣金(通常为0．3％)加上现金保证金的利息。     

浅谈对二程船船东的法律保护

近年来随着集装箱运输的逐步增加,集装箱运输中的转船运输在法律上带来很多麻烦,当二程船运输中出现货物损坏或灭失,货主控告二程船船东时,二程船船东的权利往往会因为提单本身或其适用的某国法律或国际公约的限制得不到很好的保护。笔者针对不同情况。分析了二程船船东所处的法律地位,提出了几种对二程船船东的法律保护方法,总结了二程船船东的法律保护体系,指出了不足之处。     

谈如何用FFA规避运费风险

国际干散货运输主要通过不定期船(即租船)来实现的.而不定期船运输的特点决定了干散货运输市场是一种接近于完全竞争结构的市场.由于这样一个市场受世界经济和贸易、国际政治、自然因素等的影响,使其运价始终处于变化之中.而运费的波动、变化无常给干散货经营者(船东和货主)带来极大的风险和不确定性.     

联运保赔保险

联运保赔保险,又称为集装箱联运保险,是船舶责任保险,即船东互保协会承保的保赔保险的新发展和重要补充.其主要承保集装箱运输经营者对货物的赔偿责任、集装箱所有人对第三者的赔偿责任以及集装箱箱体的灭失或损坏.传统的海上保险,又称水险,是以船舶和货物为中心,为船东和货主提供风险保障,以船东和货主的财产灭失或损坏以及对第三人的责任为主要承保范围.其主要包括三种保险:海上货物运输保险、船舶保险和船舶责任保险.其中海上货物运输保险和船舶保险属于一般商业保险公司都能承保的普通财产险,主要承保由于自然灾害和意外事故造成的船舶和货物的灭失或损坏,除船舶险包括3/4的碰撞责任外,一般不承保船东或货主对第三人的责任风险.     

正确处理危险品运输以减少企业物流成本

在日常的工作中，在托运危险货物时，确实出现过一些货主或货运代理为节省运费把危险货物当作普通货物托运的做法；也有一些货主和货运代理缺乏危险货物知识的了解和运用，将可不作危险货物的货物当作危险货物托运，既浪费了运费，又增加了许多不必要的麻烦。这两种现象都不正常，应当克服和纠正。     

中日班轮航线运价问题研究

通过中日航线的集装箱运价指数与中韩航线对比,反映中日航线实际运价状况,以市场集中度测算反映市场结构特点。中日航线的市场结构呈现低集中度特点,这决定了在市场竞争程度较高,在服务产品同质性较高的条件下,价格成为主要的竞争手段,中日航线运价水平整体上处于正常状态。政府主管机关对运价的监管涉及运价水平、稳定性、运价的合理构成以及暗中回扣等问题,运价的合理构成和暗中回扣应是重点规范的领域,有必要考虑运价报备制度的价值。     

Spatial efficiency in the bulk freight market

In the short run, there can be substantial differences in spot freight earnings between geographical regions of the global freight market for bulk carriers. Such differences can be consistent with an efficient market if they are temporary and if they cannot be exploited financially by pursuing chartering strategies that are based on publicly available information. In this paper, we apply a simple optimal switching model to evaluate whether such chartering strategies exist. We model the spot freight rate differential between the Atlantic and Pacific basins as a mean-reverting Ornstein–Uhlenbeck process and the entry–exit decision using the discount factor approach, which results in optimal trigger values for the entry/exit from each basin. Our empirical results suggest that the market is spatially efficient during normal freight market conditions when there is a surplus of vessels. The tight market conditions during the 2003–2008 freight market boom caused a persistent upward bias in Atlantic freight rates, but also here we find little added value from pursuing an active switching strategy.     

海洋运输运价保值市场的研究和创新

国际上创设的多种运费衍生市场，理论上能够起到运费保值的作用，但因市场交易清淡，保值范围非常有限。针对国际集装箱运输市场的特点，本文提出了运费保值市场的架构：创设以做市商为中心的、零售性质的远期运费合同市场，以利于中小型外贸公司规避运价的不确定性，并建立集装箱远期运费协议市场，以便做市商、大货主和大船运公司在衍生市场进行运费保值。     

Market efficiency in the bulk freight market revisited

Given that the freight rate is the price of a transportation service that cannot be traded or stored; the traditional form of the efficient market hypothesis (EMH) does not apply to the freight rate price process. However, the notion of market efficiency still applies in the freight market. In particular, under the hypothesis that the market is semi-strong-form efficient, it should not be possible to make excess profit by taking chartering positions in the freight market based on public information such as past levels of the spot freight rate or the shape of the term structure of freight rates. This paper contributes to the literature by proposing an alternative test of market efficiency in the bulk freight market. We utilize technical analysis based on the history of spot freight rates and investigate the profitability of such chartering strategies for a tanker operator. The chartering decisions are based on identification of the peaks and troughs in the freight market cycles using kernel smoothing of the spot freight rate history. The empirical results suggest that a large tanker operator (e.g. a pool) could have achieved significant profits without investing in ships by trading on such information, although this does not hold in the most recent subset of the sample.     

A new perspective on price dynamics of the dry bulk market

The main result of this article is that freight rates and second hand prices in the dry bulk market seem to be stationary. By unit-root tests, an established tool for testing for random walk in economic time series, the random walk hypothesis can be rejected in most cases for the freight rate samples. This result is in contrast to the findings of a number of papers during the 1990s. However, the results confirm classical shipping market models that indicate stationarity in freight rates, which is not the case if the freight rates follow a random walk. By transforming all observations from US$ to Japanese yen detrended freight rates and prices seem to become stationary and volatility is reduced.     

A new perspective on price dynamics of the dry bulk market

The main result of this article is that freight rates and second hand prices in the dry bulk market seem to be stationary. By unit-root tests, an established tool for testing for random walk in economic time series, the random walk hypothesis can be rejected in most cases for the freight rate samples. This result is in contrast to the findings of a number of papers during the 1990s. However, the results confirm classical shipping market models that indicate stationarity in freight rates, which is not the case if the freight rates follow a random walk. By transforming all observations from US$ to Japanese yen detrended freight rates and prices seem to become stationary and volatility is reduced.     

Is there potential for a two-tier tanker market?

The simulations performed show that demand for quality tankers has to increase by 30% for a two-tier tanker market to emerge. The two-tier freight structure will only last for 3-5 years due to contracting induced by higher freight rates. This means that OPA does not by itself result in higher freight rates for tankers that comply with the requirements. If Western Europe also closes their trades to substandard tankers, a two-tier market emerges and quality tankers obtain a premium. The paper presents a simulation model for international tanker markets. The non-linear complementary equilibrium model solves for a sequence of static equilibria in segmented tanker freight markets, shipbuilding and scrapping markets. Freight markets are segmented according to quality requirements for tankers. The model specifies three tanker classes and one quality tankers can operate both market segments.     

On the nature and sorces of controversy in the economic analysis of the liner shipping industry†

The simulations performed show that demand for quality tankers has to increase by 30% for a two-tier tanker market to emerge. The two-tier freight structure will only last for 3–5 years due to contracting induced by higher freight rates. This means that OPA does not by itself result in higher freight rates for tankers that comply with the requirements. If Western Europe also closes their trades to substandard tankers, a two-tier market emerges and quality tankers obtain a premium. The paper presents a simulation model for international tanker markets. The non-linear complementary equilibrium model solves for a sequence of static equilibria in segmented tanker freight markets, shipbuilding and scrapping markets. Freight markets are segmented according to quality requirements for tankers. The model specifies three tanker classes and one—quality tankers—can operate both market segments.     

An econometric analysis for container shipping market

This article presents an econometric analysis for the fluctuation of the container freight rate due to the interactions between the demand for container transportation services and the container fleet capacity. The demand is derived from international trade and is assumed to be exogenous, while the fleet capacity increases with new orders made two years before, proportional to the industrial profit. Assuming the market clears each year, the shipping freight rate will change with the relative magnitude of shifts in the demand and fleet capacity.

This model is estimated using the world container shipping market statistics from 1980 to 2008, applying the three-stage least square method. The estimated parameters of the model have high statistical significance, and the overall explanatory power of the model is above 90%. The short-term in-sample prediction of the model can largely replicate the container shipping market fluctuation in terms of the fleet size dynamics and the freight rate fluctuation in the past 20 years. The prediction of the future market trend reveals that the container freight rate should continue to decrease in the coming three years if the demand for container transportation services grows at less than 8%.