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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, 22 June 12
COAL: THE BACKBONE OF MODERN ELECTRICITY - ECOAL
Coal has been described as the "forgotten fuel," perhaps because many aren't aware of the huge role it plays in powering the global econo ...
Thursday, 21 June 12
DRY BULK MARKET ON THE RISE AGAIN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market was on the rise once again yesterday, with the Baltic Dry Index (BDI), the industry’s benchmark, rising by 18 points, or 1 ...
Wednesday, 20 June 12
BDI MOVING HIGHER, PANAMAX AND SUPRAMAX VESSELS STRONGER, CAPESIZE RATES NEAR TO HISTORICAL LOWS OF DECEMBER 2008 - MARIA BERTZELETOU, HELLENIC SHIPPING
The dry market seems to follow the dynamic of the previous week with the Baltic Dry Index showing daily increases since June 8th, but is still stand ...
Tuesday, 19 June 12
SMALLER DRY BULK CARRIERS LIFT UP MARKET, PANAMAXES SET TO FALL SAYS ANALYST - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Another rise for the dry bulk market was evident yesterday, as the industry’s benchmark, the BDI (Baltic Dry Index) was up for a ninth straigh ...
Sunday, 17 June 12
S7 & S8 ROUTES ARE LIKELY TO BE SOFT NEXT WEEK - VISTAAR
COALspot.com - The BDI gained some increase after continues fall for several weeks.
The BDI increased by 47 points (up by 5.36 pct) closing at 92 ...
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- Bahari Cakrawala Sebuku - Indonesia
- Meenaskhi Energy Private Limited - India
- Riau Bara Harum - Indonesia
- Malabar Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Madhucon Powers Ltd - India
- GVK Power & Infra Limited - India
- Bangladesh Power Developement Board
- Economic Council, Georgia
- Ministry of Transport, Egypt
- New Zealand Coal & Carbon
- Rashtriya Ispat Nigam Limited - India
- Commonwealth Bank - Australia
- Global Business Power Corporation, Philippines
- Sojitz Corporation - Japan
- Renaissance Capital - South Africa
- Mercator Lines Limited - India
- Africa Commodities Group - South Africa
- Pendopo Energi Batubara - Indonesia
- Indian Energy Exchange, India
- Price Waterhouse Coopers - Russia
- OPG Power Generation Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- VISA Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Makarim & Taira - Indonesia
- Bhushan Steel Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhatia International Limited - India
- Electricity Authority, New Zealand
- Sarangani Energy Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Planning Commission, India
- London Commodity Brokers - England
- Marubeni Corporation - India
- CIMB Investment Bank - Malaysia
- Petron Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- AsiaOL BioFuels Corp., Philippines
- The State Trading Corporation of India Ltd
- Coastal Gujarat Power Limited - India
- Mintek Dendrill Indonesia
- Binh Thuan Hamico - Vietnam
- Wood Mackenzie - Singapore
- Indian Oil Corporation Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Manunggal Multi Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Indika Energy - Indonesia
- Electricity Generating Authority of Thailand
- Barasentosa Lestari - Indonesia
- Wilmar Investment Holdings
- Banpu Public Company Limited - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Chamber of Mines of South Africa
- Krishnapatnam Port Company Ltd. - India
- Kumho Petrochemical, South Korea
- Alfred C Toepfer International GmbH - Germany
- Aditya Birla Group - India
- Coal and Oil Company - UAE
- Ind-Barath Power Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- Aboitiz Power Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Global Coal Blending Company Limited - Australia
- Orica Australia Pty. Ltd.
- Mercuria Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Jorong Barutama Greston.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Tata Chemicals Ltd - India
- Merrill Lynch Commodities Europe
- Bukit Asam (Persero) Tbk - Indonesia
- Uttam Galva Steels Limited - India
- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
- CNBM International Corporation - China
- Anglo American - United Kingdom
- Eastern Coal Council - USA
- Essar Steel Hazira Ltd - India
- Jindal Steel & Power Ltd - India
- ICICI Bank Limited - India
- Goldman Sachs - Singapore
- Posco Energy - South Korea
- Edison Trading Spa - Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Java Power - Indonesia
- Parry Sugars Refinery, India
- Thai Mozambique Logistica
- Asmin Koalindo Tuhup - Indonesia
- Romanian Commodities Exchange
- Orica Mining Services - Indonesia
- Semirara Mining Corp, Philippines
- Vedanta Resources Plc - India
- White Energy Company Limited
- Toyota Tsusho Corporation, Japan
- Bayan Resources Tbk. - Indonesia
- Cement Manufacturers Association - India
- Gujarat Mineral Development Corp Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Intertek Mineral Services - Indonesia
- Thiess Contractors Indonesia
- IEA Clean Coal Centre - UK
- Directorate General of MIneral and Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- Kideco Jaya Agung - Indonesia
- Larsen & Toubro Limited - India
- Globalindo Alam Lestari - Indonesia
- The Treasury - Australian Government
- TeaM Sual Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- PNOC Exploration Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Ministry of Mines - Canada
- Australian Coal Association
- Kalimantan Lumbung Energi - Indonesia
- Interocean Group of Companies - India
- Dalmia Cement Bharat India
- Kaltim Prima Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- MS Steel International - UAE
- Xindia Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Carbofer General Trading SA - India
- Australian Commodity Traders Exchange
- Agrawal Coal Company - India
- Gujarat Sidhee Cement - India
- Georgia Ports Authority, United States
- Altura Mining Limited, Indonesia
- Antam Resourcindo - Indonesia
- Central Electricity Authority - India
- The University of Queensland
- Lanco Infratech Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Minerals Council of Australia
- Tamil Nadu electricity Board
- Iligan Light & Power Inc, Philippines
- ASAPP Information Group - India
- LBH Netherlands Bv - Netherlands
- Kartika Selabumi Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Sakthi Sugars Limited - India
- Ambuja Cements Ltd - India
- Medco Energi Mining Internasional
- Bukit Makmur.PT - Indonesia
- Star Paper Mills Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Latin American Coal - Colombia
- International Coal Ventures Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- Ministry of Finance - Indonesia
- Indogreen Group - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PTC India Limited - India
- Oldendorff Carriers - Singapore
- Siam City Cement - Thailand
- PowerSource Philippines DevCo
- Standard Chartered Bank - UAE
- Singapore Mercantile Exchange
- Heidelberg Cement - Germany
- Semirara Mining and Power Corporation, Philippines
- Trasteel International SA, Italy
- Bulk Trading Sa - Switzerland
- Energy Development Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Bharathi Cement Corporation - India
- Baramulti Group, Indonesia
- Rio Tinto Coal - Australia
- Leighton Contractors Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Timah Investasi Mineral - Indoneisa
- Parliament of New Zealand
- Siam City Cement PLC, Thailand
- Deloitte Consulting - India
- Sindya Power Generating Company Private Ltd
- Kobexindo Tractors - Indoneisa
- SMG Consultants - Indonesia
- IHS Mccloskey Coal Group - USA
- Energy Link Ltd, New Zealand
- Savvy Resources Ltd - HongKong
- Coalindo Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- India Bulls Power Limited - India
- Eastern Energy - Thailand
- Kepco SPC Power Corporation, Philippines
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- Meralco Power Generation, Philippines
- Jaiprakash Power Ventures ltd
- Metalloyd Limited - United Kingdom
- Indonesian Coal Mining Association
- South Luzon Thermal Energy Corporation
- Port Waratah Coal Services - Australia
- PetroVietnam Power Coal Import and Supply Company
- Grasim Industreis Ltd - India
- Samtan Co., Ltd - South Korea
- Mjunction Services Limited - India
- Independent Power Producers Association of India
- SMC Global Power, Philippines
- Karaikal Port Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Power Finance Corporation Ltd., India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Attock Cement Pakistan Limited
- Maharashtra Electricity Regulatory Commission - India
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