Harpex (Index)
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The HARPEX (Harper Petersen Time Charter Index) is a weekly container vessel Spot Time-Charter Rate Index that reflects the global rate development on the charter market for container vessels. The HARPEX is published by Shipbroker Harper Petersen.[1]
Definitions[edit]
The HARPEX is calculated and published on a weekly basis, each Friday. The HARPEX provides an overview of the charter rates (rental price for a ship per day) for container vessels. The calculation is based on the average amongst all defined vessel classes, normalized to the basis 06-Jan-2001 (First Friday 2001) = 1000 points. The index assumes an artificial 6-12 Months charter period, based on actual weekly fixture reports as well as Harper Petersen’s own market assessment. In addition to the HARPEX index, Harper Petersen also publish rates in USD per day for each specific vessel size category. The size classes range from small 700 TEU container vessels up to larger 8500 TEU container vessels. While the unit of the HARPEX is index points, the charter rates of the specific size classes are published in USD per day.[1]
Classes[edit]
The HARPEX is constructed out of several classes which represent ”typical” container vessels in their specification and intake in 20 foot containers (TEU), as well as intake of containers at 14 tons weight (homogeneous intake) whether they are equipped with mounted cranes on board, plus its typical deadweight specification with its reefer container intake and the assumed trading speed in knots.[1]
| Class | Teu capacity | Homogeneous intake | Deadweight | Reefer | Speed |
| 700 teu gearless | abt 700 teu | abt 400@14t | abt 8400 dwt | abt 100 reefer | abt 17kn |
| 1100 teu geared | abt 1100 teu | abt 700@14t | abt 14000 dwt | abt 200 reefer | abt 19kn |
| 1700 teu geared | abt 1700 teu | abt 1300@14t | abt 23000 dwt | abt 300 reefer | abt 20kn |
| 2500 teu geared | abt 2500 teu | abt 1850@14t | abt 34000 dwt | abt 300 reefer | abt 22kn |
| 2700 teu gearless | abt 2700 teu | abt 2100@14t | abt 37000 dwt | abt 300 reefer | abt 22kn |
| 3500 teu gearless | abt 3500 teu | abt 2400@14t | abt 42000 dwt | abt 300 reefer | abt 22kn |
| 4250 teu gearless | abt 4250 teu | abt 2800@14t | abt 50000 dwt | abt 400 reefer | abt 23kn |
| 6500 teu gearless | abt 6500 teu | abt 4900@14t | abt 82000 dwt | abt 500 reefer | abt 24kn |
| 8500 teu gearless | abt 8500 teu | abt 6350@14t | abt 100000 dwt | abt 700 reefer | abt 25kn |
Revisions[edit]
The HARPEX was developed in 2004 as a university collaboration between the University of Applied Science Oldenburg/Ostfriesland/Wilhelmshaven and the shipbroker Harper Petersen in order to provide a transparent and independent market observation tool.[2] A sophisticated statistical model has calculated the index values based on the actual fixtures recorded in each segment.[3] A major revision and a change of methodology took place in 2011 after the statistical model failed to reproduce the struggling container market caused by the financial crises in 2008. The change from a model-based approach to a panel poll approach was done under the recalculation of the old index values back in 2001. In order to take account of the increase in vessel sizes, two classes representing larger container vessels were added to the HARPEX in 2017, the 6500 and the 8500 TEU size segment. [1]
History[edit]
The HARPEX started at 1000 points in 2001 and reached a first high in 2005. The lowest ever HARPEX index value was recorded with 275 points in November 2009 in the aftermath of the financial crisis.[3] Since then, the HARPEX has followed the movement of the container market, not straying too much from previous figures. In June 2020, the post Covid-19 impact brought the HARPEX to a low of 412 points.[4][5] With the charter-market surge that followed the economic recovery of the COVID-19 pandemic impacts, the index increased to an all-time high of 4,258 points (recorded on the 04-Feb-2022).[6]
References[edit]
- ↑ 1.0 1.1 1.2 1.3 "Harper Petersen". www.harperpetersen.com. Retrieved 2022-03-31.
- ↑ "Harper Petersen Charterraten-Index. HARPEX Konzept - PDF Free Download". docplayer.org. Retrieved 2022-03-31.
- ↑ 3.0 3.1 Odom, Payton (2010). "Shipping indexes signal global economic trends". Annual Report. Annual Report. - Federal Reserve Bank of Dallas. - 2010, p. 28-35.
- ↑ "OECD Economic Outlook". www.oecd-ilibrary.org. doi:10.1787/16097408. Retrieved 2022-03-31.
- ↑ "A New Barometer of Global Supply Chain Pressures". Liberty Street Economics. 2022-01-04. Retrieved 2022-03-31.
- ↑ "Container charter prices hit an all time high of 4,258 points". The Maritime Post. 2022-02-05. Retrieved 2022-03-31.
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