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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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Friday, 27 July 12
PACIFIC MARKET REMAINED FLAT - FEARNLEYS AS
Handy
The Atlantic market continued its downward trend from last week with what appears to be a summer lull across the board. A trip from the USG t ...
Wednesday, 25 July 12
BUKIT ASAMS H1 REVENUE JUMPED BY 13 PERCENT
COALspot.com - PT Bukit Asam (Persero), Tbk., the state owned coal miner's revenue in H1 2012, has jumped 13 percent to IDR 5.79 trillion (approxim ...
Wednesday, 25 July 12
BUMI RESOURCES MINERALS SECURED PINJAM PAKAI FOR ITS ZINC AND LEAD PROJECT
COALspot.com - PT Bumi Resources Minerals Tbk. ("BRMS" or "the Company") today reported that its 80% owned subsidiary, PT Dairi ...
Tuesday, 24 July 12
SHIP OWNERS WAITING FOR SHIP PRICES TO FALL FURTHER BEFORE MOVING IN MORE AGGRESSIVELY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With the summer season already well under way and many ship owners getting ready for the autumn, the sale & purchasing activity of second hand v ...
Monday, 23 July 12
NTPC INVITES BIDS FOR 2.6 MILLION TONS OF LOW MOISTURE IMPORTED COAL
COALspot.com - India’s largest electricity generator, NTPC Limited, incorporated in 1975 as a public sector company wholly owned by Government ...
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- Thai Mozambique Logistica
- Energy Link Ltd, New Zealand
- The Treasury - Australian Government
- SMG Consultants - Indonesia
- CIMB Investment Bank - Malaysia
- South Luzon Thermal Energy Corporation
- Georgia Ports Authority, United States
- Barasentosa Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kaltim Prima Coal - Indonesia
- Coal and Oil Company - UAE
- European Bulk Services B.V. - Netherlands
- Globalindo Alam Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining and Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- PTC India Limited - India
- Gujarat Sidhee Cement - India
- Australian Commodity Traders Exchange
- Carbofer General Trading SA - India
- Kumho Petrochemical, South Korea
- Binh Thuan Hamico - Vietnam
- Thiess Contractors Indonesia
- Xindia Steels Limited - India
- Borneo Indobara - Indonesia
- Kideco Jaya Agung - Indonesia
- Antam Resourcindo - Indonesia
- Indo Tambangraya Megah - Indonesia
- MS Steel International - UAE
- Bukit Baiduri Energy - Indonesia
- Siam City Cement PLC, Thailand
- London Commodity Brokers - England
- Ceylon Electricity Board - Sri Lanka
- Bayan Resources Tbk. - Indonesia
- New Zealand Coal & Carbon
- Bukit Makmur.PT - Indonesia
- Larsen & Toubro Limited - India
- Tata Chemicals Ltd - India
- Electricity Authority, New Zealand
- Latin American Coal - Colombia
- Jorong Barutama Greston.PT - Indonesia
- Interocean Group of Companies - India
- International Coal Ventures Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Mjunction Services Limited - India
- Asmin Koalindo Tuhup - Indonesia
- IEA Clean Coal Centre - UK
- Petron Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Lanco Infratech Ltd - India
- Maheswari Brothers Coal Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Parliament of New Zealand
- LBH Netherlands Bv - Netherlands
- Mercator Lines Limited - India
- Star Paper Mills Limited - India
- Vedanta Resources Plc - India
- AsiaOL BioFuels Corp., Philippines
- Therma Luzon, Inc, Philippines
- Africa Commodities Group - South Africa
- Sindya Power Generating Company Private Ltd
- Energy Development Corp, Philippines
- Sical Logistics Limited - India
- Power Finance Corporation Ltd., India
- Tamil Nadu electricity Board
- Cigading International Bulk Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Indian Oil Corporation Limited
- Ambuja Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhushan Steel Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Indika Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- GVK Power & Infra Limited - India
- IHS Mccloskey Coal Group - USA
- The State Trading Corporation of India Ltd
- Mercuria Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Romanian Commodities Exchange
- Global Business Power Corporation, Philippines
- Videocon Industries ltd - India
- Bhatia International Limited - India
- Sinarmas Energy and Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Uttam Galva Steels Limited - India
- The University of Queensland
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement - Thailand
- Riau Bara Harum - Indonesia
- Economic Council, Georgia
- Minerals Council of Australia
- Indian Energy Exchange, India
- Wilmar Investment Holdings
- Kohat Cement Company Ltd. - Pakistan
- Kapuas Tunggal Persada - Indonesia
- Bangladesh Power Developement Board
- Orica Mining Services - Indonesia
- Agrawal Coal Company - India
- Jindal Steel & Power Ltd - India
- McConnell Dowell - Australia
- Jaiprakash Power Ventures ltd
- Maharashtra Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Formosa Plastics Group - Taiwan
- Marubeni Corporation - India
- Bhoruka Overseas - Indonesia
- Coalindo Energy - Indonesia
- Singapore Mercantile Exchange
- Edison Trading Spa - Italy
- Samtan Co., Ltd - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Wood Mackenzie - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- TeaM Sual Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Attock Cement Pakistan Limited
- Altura Mining Limited, Indonesia
- GMR Energy Limited - India
- OPG Power Generation Pvt Ltd - India
- Commonwealth Bank - Australia
- Manunggal Multi Energi - Indonesia
- Ministry of Finance - Indonesia
- Madhucon Powers Ltd - India
- Trasteel International SA, Italy
- Standard Chartered Bank - UAE
- Dalmia Cement Bharat India
- Mintek Dendrill Indonesia
- Orica Australia Pty. Ltd.
- Malabar Cements Ltd - India
- Chamber of Mines of South Africa
- SMC Global Power, Philippines
- Deloitte Consulting - India
- ASAPP Information Group - India
- Straits Asia Resources Limited - Singapore
- Rio Tinto Coal - Australia
- Vizag Seaport Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Indonesian Coal Mining Association
- Essar Steel Hazira Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- SN Aboitiz Power Inc, Philippines
- Independent Power Producers Association of India
- Banpu Public Company Limited - Thailand
- Australian Coal Association
- Meenaskhi Energy Private Limited - India
- Cement Manufacturers Association - India
- Makarim & Taira - Indonesia
- GAC Shipping (India) Pvt Ltd
- Eastern Coal Council - USA
- India Bulls Power Limited - India
- Medco Energi Mining Internasional
- Central Java Power - Indonesia
- Indogreen Group - Indonesia
- Aditya Birla Group - India
- Eastern Energy - Thailand
- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
- Heidelberg Cement - Germany
- Aboitiz Power Corporation - Philippines
- Central Electricity Authority - India
- Ind-Barath Power Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Rashtriya Ispat Nigam Limited - India
- Global Green Power PLC Corporation, Philippines
- Oldendorff Carriers - Singapore
- Ministry of Mines - Canada
- Global Coal Blending Company Limited - Australia
- Port Waratah Coal Services - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Metalloyd Limited - United Kingdom
- Bharathi Cement Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Renaissance Capital - South Africa
- Kobexindo Tractors - Indoneisa
- Sarangani Energy Corporation, Philippines
- Grasim Industreis Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Savvy Resources Ltd - HongKong
- Kepco SPC Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Anglo American - United Kingdom
- Parry Sugars Refinery, India
- Ministry of Transport, Egypt
- Merrill Lynch Commodities Europe
- ICICI Bank Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Kartika Selabumi Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- White Energy Company Limited
- Planning Commission, India
- Sojitz Corporation - Japan
- CNBM International Corporation - China
- Meralco Power Generation, Philippines
- Electricity Generating Authority of Thailand
- PNOC Exploration Corporation - Philippines
- Coastal Gujarat Power Limited - India
- VISA Power Limited - India
- Karaikal Port Pvt Ltd - India
- Posco Energy - South Korea
- Holcim Trading Pte Ltd - Singapore
- Sakthi Sugars Limited - India
- PowerSource Philippines DevCo
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