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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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Tuesday, 14 August 12
SAKARI SIGNS HEADS OF AGREEMENT TO ACQUIRE SIX COAL CONCESSIONS IN INDONESIA
COALspot.com - Sakari has signed a Heads of Agreement (HOA) to acquire a 100% interest in up to six IUPs, covering an area of over 29,000 hectares, ...
Tuesday, 14 August 12
UNCERTAIN FUTURE FOR DRY BULK PANAMAX SHIPS - DREWRY / HELLENIC SHIPPING
The dry bulk shipping market is in a poor state, with the Capesize segment the worst of all. Unfortunately, the latest analysis from Drewry Maritime ...
Monday, 13 August 12
5TH VIETNAM PORTS AND LOGISTICS 2012
Press Release - Co-hosted by VINAMARINE, the 5th Vietnam Ports and Logistics2012 will feature dedicated sessions on port and transport infrastructur ...
Monday, 13 August 12
ACTIVE DRY BULK FLEET INCREASES BY 8% SO FAR IN 2012 IN TERMS OF TONNAGE CAPACITY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
It’s no wonder that the dry bulk market has been tethering since the start of the year. the overflow of tonnage has been so enormous, that eve ...
Sunday, 12 August 12
COAL FREIGHT RATES FALL FLAT TO SOFT ON OVERSUPPLY, WEAK DEMAND - VISTAAR SINGAPROE
COALspot.com - The BDI continued its fall 10th August.
This week all segments were down including BDI down by 9.15 pct closing at 774 points .The ...
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- Star Paper Mills Limited - India
- Tamil Nadu electricity Board
- Merrill Lynch Commodities Europe
- Commonwealth Bank - Australia
- New Zealand Coal & Carbon
- Globalindo Alam Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Kobexindo Tractors - Indoneisa
- Independent Power Producers Association of India
- The Treasury - Australian Government
- Krishnapatnam Port Company Ltd. - India
- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
- ASAPP Information Group - India
- ICICI Bank Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Dalmia Cement Bharat India
- Jorong Barutama Greston.PT - Indonesia
- Videocon Industries ltd - India
- Chamber of Mines of South Africa
- Alfred C Toepfer International GmbH - Germany
- Kaltim Prima Coal - Indonesia
- Semirara Mining Corp, Philippines
- Sojitz Corporation - Japan
- Australian Coal Association
- Sindya Power Generating Company Private Ltd
- Bhoruka Overseas - Indonesia
- Trasteel International SA, Italy
- Toyota Tsusho Corporation, Japan
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- Economic Council, Georgia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Ministry of Finance - Indonesia
- Price Waterhouse Coopers - Russia
- Heidelberg Cement - Germany
- Siam City Cement PLC, Thailand
- Holcim Trading Pte Ltd - Singapore
- Larsen & Toubro Limited - India
- Edison Trading Spa - Italy
- GMR Energy Limited - India
- Grasim Industreis Ltd - India
- Coastal Gujarat Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Essar Steel Hazira Ltd - India
- Jaiprakash Power Ventures ltd
- Eastern Coal Council - USA
- Sinarmas Energy and Mining - Indonesia
- Indonesian Coal Mining Association
- Medco Energi Mining Internasional
- SMG Consultants - Indonesia
- Port Waratah Coal Services - Australia
- Latin American Coal - Colombia
- Sical Logistics Limited - India
- Planning Commission, India
- Kepco SPC Power Corporation, Philippines
- Deloitte Consulting - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- TeaM Sual Corporation - Philippines
- Central Electricity Authority - India
- Intertek Mineral Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Borneo Indobara - Indonesia
- Interocean Group of Companies - India
- Parliament of New Zealand
- Attock Cement Pakistan Limited
- Uttam Galva Steels Limited - India
- Coalindo Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Bhatia International Limited - India
- Energy Link Ltd, New Zealand
- Indika Energy - Indonesia
- Indian Energy Exchange, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thai Mozambique Logistica
- PowerSource Philippines DevCo
- South Luzon Thermal Energy Corporation
- Indogreen Group - Indonesia
- McConnell Dowell - Australia
- Siam City Cement - Thailand
- Cement Manufacturers Association - India
- Madhucon Powers Ltd - India
- Electricity Generating Authority of Thailand
- Samtan Co., Ltd - South Korea
- GVK Power & Infra Limited - India
- Anglo American - United Kingdom
- Kideco Jaya Agung - Indonesia
- Orica Mining Services - Indonesia
- Global Business Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Posco Energy - South Korea
- European Bulk Services B.V. - Netherlands
- Jindal Steel & Power Ltd - India
- Barasentosa Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Wilmar Investment Holdings
- Sakthi Sugars Limited - India
- Karaikal Port Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Bhushan Steel Limited - India
- Petron Corporation, Philippines
- Mercuria Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Eastern Energy - Thailand
- IHS Mccloskey Coal Group - USA
- Bharathi Cement Corporation - India
- Coal and Oil Company - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Antam Resourcindo - Indonesia
- VISA Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Power Finance Corporation Ltd., India
- Formosa Plastics Group - Taiwan
- Miang Besar Coal Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Central Java Power - Indonesia
- Meralco Power Generation, Philippines
- Vedanta Resources Plc - India
- Karbindo Abesyapradhi - Indoneisa
- Marubeni Corporation - India
- Binh Thuan Hamico - Vietnam
- Indian Oil Corporation Limited
- GN Power Mariveles Coal Plant, Philippines
- SN Aboitiz Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- India Bulls Power Limited - India
- Vizag Seaport Private Limited - India
- Ministry of Transport, Egypt
- Africa Commodities Group - South Africa
- San Jose City I Power Corp, Philippines
- London Commodity Brokers - England
- SMC Global Power, Philippines
- Semirara Mining and Power Corporation, Philippines
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Riau Bara Harum - Indonesia
- The University of Queensland
- Timah Investasi Mineral - Indoneisa
- CIMB Investment Bank - Malaysia
- Rio Tinto Coal - Australia
- Agrawal Coal Company - India
- Global Green Power PLC Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Tata Chemicals Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CNBM International Corporation - China
- Kumho Petrochemical, South Korea
- Neyveli Lignite Corporation Ltd, - India
- Orica Australia Pty. Ltd.
- Mintek Dendrill Indonesia
- Australian Commodity Traders Exchange
- Bangladesh Power Developement Board
- Savvy Resources Ltd - HongKong
- Xindia Steels Limited - India
- White Energy Company Limited
- Mercator Lines Limited - India
- Goldman Sachs - Singapore
- Salva Resources Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Ambuja Cements Ltd - India
- Aditya Birla Group - India
- Standard Chartered Bank - UAE
- Carbofer General Trading SA - India
- Ceylon Electricity Board - Sri Lanka
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bulk Trading Sa - Switzerland
- Makarim & Taira - Indonesia
- Georgia Ports Authority, United States
- Thiess Contractors Indonesia
- Minerals Council of Australia
- Romanian Commodities Exchange
- Lanco Infratech Ltd - India
- The State Trading Corporation of India Ltd
- Banpu Public Company Limited - Thailand
- Electricity Authority, New Zealand
- PTC India Limited - India
- Sarangani Energy Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- LBH Netherlands Bv - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kapuas Tunggal Persada - Indonesia
- Wood Mackenzie - Singapore
- Renaissance Capital - South Africa
- Mjunction Services Limited - India
- Malabar Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Parry Sugars Refinery, India
- Simpson Spence & Young - Indonesia
- Bukit Makmur.PT - Indonesia
- MS Steel International - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- PNOC Exploration Corporation - Philippines
- Ministry of Mines - Canada
- IEA Clean Coal Centre - UK
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