What is ‘HARPEX Shipping Index’
The container ship index of ship brokers Harper Petersen & Co. The HARPEX Shipping Index tracks weekly container shipping rate changes in the time charter market for eight classes of all-container ships. The index was compiled in 2004, but by using a database of 10,000 records, can be calculated retrospectively back to 1986.
Explaining ‘HARPEX Shipping Index’
The HARPEX index is considered a suitable indicator of global economic fleet shipping activity since it tracks changes in freight rates for container ships over broad categories. This index is slightly different than the better-known Baltic Dry Index that tracks freight costs for dry bulk ships that usually carry bulk cargoes and raw materials such as coal, ore and grain.
HARPEX Index FAQ
What is charter rate?
For the purposes of the Charter Period, the term 'Daily Charter Rate' refers to a rate computed in accordance with the following formula: 'Daily Charter Rate = Actual Owners' Cost x Notional MOA Purchase Price.'
What is meant by chartering?
When a shipowner leases out the use of their vessel to a charterer, this is known as chartering. It is a common practice in the shipping business. A charterparty is the name given to the agreement between the parties (from the French 'charte partie', or 'parted document').
Further Reading
- An analysis of entry and exit decisions in shipping markets under uncertainty – www.inderscienceonline.com [PDF]
- A dynamic factor model for world trade growth – www.oecd-ilibrary.org [PDF]
- The use of indices in the maritime transport sector – imarest.tandfonline.com [PDF]
- Shipping markets and their economic drivers – link.springer.com [PDF]
- Trade and economic development: evidence from less developed countries – digital.library.adelaide.edu.au [PDF]
