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Monday, 30 July 12
DRY BULK MARKET TO REMAIN UNDER PRESSURE FOR THE REST OF 2012 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
 In an interview with Hellenic Shipping News Worldwide, Mr. Yannis Pachoulis, President of the Hellenic Shipbrokers' Association, remains cautiously optimistic regarding the dry bulk market's long-term prospects. He states that the current downturn was expected, as more and more newbuilding vessels were scheduled to hit the water, on the back of a huge orderbook. He adds that with global dry bulk trade expected to increase exponentially during the next few years, the current oversupply of dry bulk tonnage will be gradually absorbed, thus helping to bring freight rates back to more sustainable levels.
Since the start of the year, we've witnessed a dry bulk market collapse. Why has this occurred? Was the fall expected or did its extent take some under surprise?
Well we cannot name it a ‘collapse’. It is indeed a free fall, but bearing in mind the world’s economy situation together with the oversupply of tonnage due to mass deliveries of newbuildings, ordered during the last five years, brought the tough times of shipping industry we are experiencing now. The fall was expected as the supply of tonnage increased dramatically and broke the balance of supply and demand. I am sure that the prudent owners and brokers have predicted this fall and in most cases were prepared for it.
Is China in a position to be the dry bulk market's powerhouse, like it has been in the past years?
For the last decade China proved to be the dry bulk market’s powerhouse. As the Chinese Government’s 20 years development plan is running , raw materials will be needed, so it will still remain the master powerhouse not only for shipping but for trading also. We have to keep in mind that although the imports of iron ore, which is the primary raw material, might decrease, the imported iron ore is going to be well above half a billion tons. China’s total output in iron ore is estimated to be around 1.5 billion tons this year against 1.33 billion tons in 2011 out of which 686 million tons were imported. It is therefore obvious that China will remain the great source of seaborne trade.
How do you see the market behaving in months until the end of the year? Is a rebound to healthier levels imminent or will ship owners have to be patient and weather the storm?
It’s a good question. Personally, I don’t see great changes till the end of the year – which in my opinion is healthy – of course we are expecting an increase in 4th quarter as it is common in shipping, but nothing extraordinary. The fluctuations of the market will continue and the usual geographical gaps will remain. Shipping as a globalized industry has to be patient, following the international trade market which is showing some optimistic signs, for example the growth of the world trade predicted to reach close to 100 % next 15 years with specific areas like S.America, India, Australia, China, Mexico, African and South East Asian countries expected to play a prime role in future. In the meantime India’s coal imports have already increased during the last three years and expected to have a further increase of approximately 35-36 % in the years to come.
What about demolition activity? Is scrapping activity enough to compensate for part of the newbuilding deliveries?
Demolition is definitely a way to assist the balance of supply and demand. We have already seen a great increase in scrapping activity the last three years. It is obvious that a weak market is leading most of the overaged tonnage to the scrapyards. During 2010 the total dwt scrapped was 28 million tons, 2011 was 42 million tons and the number is growing by nearly 50% during 2012. Scrap prices are still high and owners should take advantage of the prevailing needs and prices and lead their old tonnage to demolition yards, thus giving a chance to their younger tonnage to survive. The average age of scrapped tonnage jumped from 30.5 years in 2010 to 28 years today for dry cargo vessels and 22 years for tankers.
In terms of demand, could other countries like India come to the help of dry bulk ship owners?
As explained hereabove, India’s coal imports are likely to increase from 137 to 185 million tons. Having a target growth rate of 7.5 per cent per year, India seems to be one of the leading countries worldwide in terms of industrial and agricultural infrastructure. And it's not the only one. There are other economies which are giving signs of emerging growth. Russian economy with the known resources, Brazil with the sugar and iron ore trade, Argentina with the grain production, USA and Canada with their industrial and grains products, Australia with the iron ore and coal exports. It’s a promising lot, therefore we should be optimistic for the future of shipping.
Do you expect shipping companies to come under further pressure from banks and lenders in general, with some of them even exiting the market all together?
It all depends on the policy of the banks. There is indeed a pressure, especially to shipowners which purchased their fleet during the very high market of 2006-2008, when the values were sky high. We have recently seen banking and financing organizations to resign from their shipping activities for various reasons, like Commerzbank – being a key player in shipping finance-which decided to exit shipping . But in the meantime we have also experienced refinancing facilities from banks which were not heavily involved in the industry. Hopefully we are not going to see unfortunate events i.e. shipping companies exiting the shipping market due to financial problems created by banks.
Do you believe that the latest fuel regulations regarding ship emissions will ultimately lead to "greener" vessels? Are ship owners looking to build more efficient vessels, or will their preferred solution be to install new engine technologies onboard existing vessels in order to comply with low-sulphur fuel regulations?
Definitely the new fuel regulations are already leading shipowners in building ‘greener’ vessels. Most of the major shipyards have already created new designs of eco-type vessels which will be the leading force in future. Apparently the shipyards following the high bunker prices and the new regulations are trying to create environment friendly vessels with low consumption using, at least in the areas where imposed, the low-sulphur bunkers.
On the other hand the already existing fleet will have to harmonize with the new regulations so the owners have to make all necessary arrangements in order to comply with them, otherwise they are going to face ‘prohibited areas’ in the trade of their ships.
How has the eurozone debt crisis and more importantly the Hellenic financial woes affected your day-to-day business?
We are living in Greece and as Greeks, we are facing the problem of this crisis. It is definitely affecting our life but in the meantime strengthens our will to assist in any possible way our country to overcome this difficulty. Eurozone’s economical situation cannot be considered as smooth. There are different economical levels of the member countries and we have to reach an accepted balance. This is not easy but I strongly believe it can be achieved, provided that there will be understanding from all parties concerned. Our day-to-day business is running normally for the time being but definitely affected, having to live in an uncertain economical environment, but again we are optimistic.
Source: Nikos Roussanoglou, Hellenic Shipping
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Thursday, 13 September 12
PANAMAX: THE NEGATIVE TREND, POOR SENTIMENT CONTINUES - FEARNLEYS AS
Handy
Lack of cargoes and a growing list of available ships is causing rates to slip for all Atlantic trades.
The only trade keeping somewhat s ...
Thursday, 13 September 12
FUEL EFFICIENT SHIPS MAY BE MORE EXPENSIVE, BUT THEY MAKE FINANCIAL SENSE SAYS ANALYSIS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The latest trend in shipbuilding is the so called "Eco" ship, i.e. ships which offer much better fuel consumption and are more cost-effect ...
Wednesday, 12 September 12
INDIAS COALGATE: TIME FOR A ROOT CANAL
A recent report from India’s Comptroller and Auditor General (CAG) pertaining to the allocation of coal blocks has created a political storm i ...
Tuesday, 11 September 12
CLOUDY AND POLICY RISK INDONESIAN COAL INDUSTRY
COALspot.com - Bahana Securities in its latest coal outlook, commented on the Indonesian coal market, with economic slowdown in the four largest coa ...
Tuesday, 11 September 12
SHIP OWNERS KEEN ON SECOND HAND VESSEL PURCHASES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With most ship owners back from their summer rest, things are starting to pick up again in the second hand vessel market, with more and more deals b ...
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- Directorate General of MIneral and Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kobexindo Tractors - Indoneisa
- Africa Commodities Group - South Africa
- Parry Sugars Refinery, India
- Georgia Ports Authority, United States
- Mercator Lines Limited - India
- India Bulls Power Limited - India
- Oldendorff Carriers - Singapore
- Power Finance Corporation Ltd., India
- Orica Mining Services - Indonesia
- Mjunction Services Limited - India
- Indian Energy Exchange, India
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Sidhee Cement - India
- Kohat Cement Company Ltd. - Pakistan
- Price Waterhouse Coopers - Russia
- Simpson Spence & Young - Indonesia
- Port Waratah Coal Services - Australia
- Edison Trading Spa - Italy
- Energy Link Ltd, New Zealand
- TeaM Sual Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Bahari Cakrawala Sebuku - Indonesia
- San Jose City I Power Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Tata Chemicals Ltd - India
- PNOC Exploration Corporation - Philippines
- ASAPP Information Group - India
- OPG Power Generation Pvt Ltd - India
- Ministry of Finance - Indonesia
- Interocean Group of Companies - India
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- Karaikal Port Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- New Zealand Coal & Carbon
- Gujarat Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Directorate Of Revenue Intelligence - India
- Ambuja Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Coal Association
- Thiess Contractors Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- McConnell Dowell - Australia
- Uttam Galva Steels Limited - India
- Mercuria Energy - Indonesia
- Wilmar Investment Holdings
- Siam City Cement - Thailand
- Pendopo Energi Batubara - Indonesia
- Malabar Cements Ltd - India
- Medco Energi Mining Internasional
- Merrill Lynch Commodities Europe
- Kaltim Prima Coal - Indonesia
- Anglo American - United Kingdom
- Eastern Coal Council - USA
- Central Electricity Authority - India
- Karbindo Abesyapradhi - Indoneisa
- Indian Oil Corporation Limited
- Economic Council, Georgia
- Videocon Industries ltd - India
- Makarim & Taira - Indonesia
- Coastal Gujarat Power Limited - India
- Thai Mozambique Logistica
- Romanian Commodities Exchange
- Globalindo Alam Lestari - Indonesia
- Bharathi Cement Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Jindal Steel & Power Ltd - India
- Coalindo Energy - Indonesia
- White Energy Company Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maharashtra Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Eastern Energy - Thailand
- Deloitte Consulting - India
- Metalloyd Limited - United Kingdom
- Independent Power Producers Association of India
- Sojitz Corporation - Japan
- Wood Mackenzie - Singapore
- Sarangani Energy Corporation, Philippines
- Renaissance Capital - South Africa
- Binh Thuan Hamico - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Kumho Petrochemical, South Korea
- Carbofer General Trading SA - India
- Riau Bara Harum - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- GMR Energy Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Larsen & Toubro Limited - India
- Meralco Power Generation, Philippines
- Dalmia Cement Bharat India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Manunggal Multi Energi - Indonesia
- London Commodity Brokers - England
- Star Paper Mills Limited - India
- CNBM International Corporation - China
- The State Trading Corporation of India Ltd
- Indonesian Coal Mining Association
- Bhoruka Overseas - Indonesia
- Australian Commodity Traders Exchange
- Barasentosa Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Coal and Oil Company - UAE
- AsiaOL BioFuels Corp., Philippines
- Altura Mining Limited, Indonesia
- Bukit Makmur.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Goldman Sachs - Singapore
- Bhushan Steel Limited - India
- Samtan Co., Ltd - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Salva Resources Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Sical Logistics Limited - India
- Electricity Generating Authority of Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Lanco Infratech Ltd - India
- Antam Resourcindo - Indonesia
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Minerals Council of Australia
- Bukit Baiduri Energy - Indonesia
- Vedanta Resources Plc - India
- Therma Luzon, Inc, Philippines
- Vizag Seaport Private Limited - India
- The Treasury - Australian Government
- IHS Mccloskey Coal Group - USA
- Miang Besar Coal Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Timah Investasi Mineral - Indoneisa
- Agrawal Coal Company - India
- Planning Commission, India
- The University of Queensland
- Bulk Trading Sa - Switzerland
- Grasim Industreis Ltd - India
- Latin American Coal - Colombia
- MS Steel International - UAE
- Kepco SPC Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- ICICI Bank Limited - India
- South Luzon Thermal Energy Corporation
- Energy Development Corp, Philippines
- Chamber of Mines of South Africa
- Straits Asia Resources Limited - Singapore
- SN Aboitiz Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- VISA Power Limited - India
- Ministry of Transport, Egypt
- Bhatia International Limited - India
- Indogreen Group - Indonesia
- Marubeni Corporation - India
- GVK Power & Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- SMG Consultants - Indonesia
- Iligan Light & Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Cement Manufacturers Association - India
- Ministry of Mines - Canada
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Mintek Dendrill Indonesia
- Indika Energy - Indonesia
- Central Java Power - Indonesia
- Maheswari Brothers Coal Limited - India
- Meenaskhi Energy Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Global Coal Blending Company Limited - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Xindia Steels Limited - India
- Aditya Birla Group - India
- Sakthi Sugars Limited - India
- Parliament of New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jaiprakash Power Ventures ltd
- Attock Cement Pakistan Limited
- Posco Energy - South Korea
- Intertek Mineral Services - Indonesia
- Madhucon Powers Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Heidelberg Cement - Germany
- Semirara Mining and Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Tamil Nadu electricity Board
- IEA Clean Coal Centre - UK
- Holcim Trading Pte Ltd - Singapore
- Commonwealth Bank - Australia
- SMC Global Power, Philippines
- Baramulti Group, Indonesia
- Trasteel International SA, Italy
- Sree Jayajothi Cements Limited - India
- Savvy Resources Ltd - HongKong
- PowerSource Philippines DevCo
- Siam City Cement PLC, Thailand
- Asmin Koalindo Tuhup - Indonesia
- Petron Corporation, Philippines
- Global Business Power Corporation, Philippines
- Electricity Authority, New Zealand
- Singapore Mercantile Exchange
- Standard Chartered Bank - UAE
- Sinarmas Energy and Mining - Indonesia
- Rio Tinto Coal - Australia
- Banpu Public Company Limited - Thailand
- Kartika Selabumi Mining - Indonesia
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