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Friday, 13 December 13
DRY BULK SHIPPING TO WITNESS HEALTHY DEMAND MOVING FORWARD - ICS
The Institute of Chartered Shipbrokers Greek Branch organised its 9th Annual Forum at Eugenides Foundation, on Wednesday, 11th of December, with a remarkable success. The title was: « Underway to recovery or Underestimating the Fundamentals? ». The Forum has been well attended by over 400 shipping professionals – from the Greek and International shipping community - covering all spectrums of the industry.
The panel consisted of the following distinguished personalities: Mr. Nicolas A. Tsavliris, Chairman of ICS Greek Branch and Tsavliris Salvage Group, H.E. Mrs. Jenny Bloomfield, Ambassador of Australia in Greece, Mr. Michael Bodouroglou, Chairman & CEO at Paragon Shipping Inc., Mr. James Leak, Managing Director at Arrow Research Ltd., Mrs. Stavroula Betsakou, Head of Tanker Research at ICAP Shipping Ltd., Mr. Ted Petropoulos, Managing Director at Petrofin Research S.A., Mr. Anthony Argyropoulos, Managing Director at Seaborne Capital Advisors Ltd. Panel Moderator of the forum was Mr. Vasileios Chakos, FICS, V. Chakos Claims Adjusters Co.
Natalia Margioli - Komninou, Managing Director of the ICS Greek Branch and Hellenic Management Centre, after thanking the speakers and the audience, remarked that ICS, 100 years now, promotes the highest standards of professionalism and ethics, while the ICS Membership is a mark of competence for shipping professionals worldwide. She proudly mentioned that more and more companies trust HMC, which represents ICS in Greece, for the professional development of their human resource, under the statement that qualified individuals are better placed to make better decisions.
Mrs. Margioli - Komninou queried whether we are truly underway to recovery or we are just underestimating the fundamentals driving the supply and demand in shipping. On the one hand, she said, there are those who believe that the monumental changes occurring in the global economy will positively affect shipping. Facts supported by the mini-spike on new orders placed by owners, due to the significant improvement seen at freight markets and asset values over the last year. On the other hand, she mentioned that there are those who do not see a recovery in 2014 or even early 2015. She referred to the worse scenario, as predicted by Martin Stopford that the fleet and shipbuilding overcapacity and the orders put in place are driven by shortsighted and speculative motives rather than by a sustainable trade demand. Mrs. Margioli - Komninou concluded her reference to the topic with the statement that ‘’shipping accounts for 95% of the global trade and is here to stay’’.
The Chairman of the ICS Greek Branch, Nicolas Tsavliris referred to the current turbulent times that Greece faces, which unavoidably have affected the Greek Shipping Business. He expressed that international level shipping markets seem to have improved, though there are some that believe the opposite. Three factors are affecting the international shipping: the effect of regulatory pressure on lenders, the new sources of financing, i.e. private equities and hedge funds, the escalation of the bizarre phenomenon of insolvent banks lending money to insolvent shipowners to buy ships at inflated prices – or to build ships at insolvent shipyards. He concluded his speech by the words of President John F. Kennedy: “An error does not become a mistake until you refuse to correct it.”
H.E. Jenny Bloomfield, the Australian Ambassador in Greece, underlined Greece’s dominant role in international shipping and highlighted the synergies between Greece’s shipping industry and Australia’s export-driven economy. Mentioning the significant amount of Australia’s exports, particularly to emerging Asian markets that are transported by Greek-owned ships, Ambassador Bloomfield remarked on the considerable shared interest both countries have in maintaining an efficient, safe and environmentally responsible global shipping industry. Australia’s current chairmanship of the G20, which coincides with Greece’s EU presidency, gives both countries an opportunity to engage at high levels to secure an industry that is vital to the global economy.
Michael Bodouroglou stated that although cyclicality exists in all business sectors, when it comes to shipping its consequences are far more intense. The cycle is obviously driven by the prevailing supply-demand balance. Oversupply creates recession and this can be caused by either weak demand or too many orders. The recent recession has occurred despite healthy demand simply because of too many newbuilding orders. The Chairman of Paragon Shipping added that the current state of affairs of the industry is described by a reduced order book, somewhat improved chartering market, asset values at or very near historical lows and an expected healthy demand for the foreseeable future. Lastly he stated that despite increased private equity investments into the sector, funding in general remains problematic due to lack of liquidity and reduced Bank lending. This is probably comforting as it reduces the possibility of a new over ordering wave big enough to destroy the market.
Stavroula Betsakou discussed the crude and product tanker markets. Starting by identifying the factors that led the crude tanker market at the bottom the first 9 months of 2013 and to the VLCC rally in November, expressing that that neither the bottom nor the highs seen this year are sustainable for 2014. China and India will continue to drive demand growth with the marginal barrel of supply moving westward due to unconventional production in the Atlantic basin, increasing tonne-miles. Low fleet growth may allow for a solid recovery, however, competition with the Suezmaxes and fluctuations in the fleet speed will place ceiling on freight rates, possibly below the required rates of the fleet ordered from 2004 to 2008.
Expectations for the product sector are balancing between the heavy deliveries of eco-ships for a second year and the increasing trade and triangulation opportunities. Investment interest is strong as financing, sourced from financial markets and private equity. The effects of the rising markets will filter through and cause the market to reach its next peak at significant lower levels than 2008. Owners are encouraged to stay focused on quality and to exploit short-term asset cycles.
‘’We are on the brink of a dry bulk renaissance" is what James Leake, the new MD of Arrow Research, would have us believe. He argues that the era of punishing fleet growth is behind us, and now we have compelling trade growth stories in the key dry commodities representing a shift in the fundamentals. Some doubt that the current rally is anything more than the kind of seasonal uptick experienced over the last few years. In his presentation at this year's event, James will no doubt attempt to convince the doubters, with supporting evidence spanning all the major bulk commodities and likely fleet developments. The expansion of the iron ore trade is central to his view, with Capesize leading the way as the major beneficiary in this up cycle. With delivery dates for new orders now slipping into 2016, further newbuilding investment risks missing the boat.
According to the latest Petrofin Research, Ted Petropoulos stressed the fact that Greeks remain totally committed to shipping. Interest in acquiring more vessels is accelerating, as is shown by this year's second hand vessel purchases and newbuilding orders. As Greek banks, financing Greek shipping, have been in a merging and acquisition turmoil, ship finance has been affected downwards, stated Mr. Petropoulos. He added that the two international largest banks financing Greek shipping, the Royal Bank of Scotland and HSH Nordbank, have been addressing their own difficulties, and this has also affected Greek ship finance. Hence, the divergence between the rise in Global ship finance and the downward trend of Greek ship finance. He concluded with a reference to every other financial and private capital source that is being exploited with increasingly more reliance on own resources to acquire second hand vessels and newbuildings. However, the majority of newbuilding orders remain largely speculative in having no arranged finance in place.
Anthony Argyropoulos approached the topic by describing the relation of shipping and US Capital Markets. He stated that tighter lending by commercial banks has led to shipping companies to seek for alternative sources of financing in the public markets, while private investors are cautious when it comes to investing in shipping. He referred to the IPO activity which in 2013 increased compared to the previous years, as 5 shipping companies entered the US Capital Markets raising approximately $ 951.5 millions in gross proceeds. Lastly, on the basis of the title Mr. Argyropoulos stated that dry bulk shipping market experiences a small recovery- especially in Capesize- due to Australian and Brazilian iron ore exports, outpacing the dry bulk shipyard activity. But he queried, will it be sustainable? Though, a positive sign is that analysts predict a 4% fleet growth in 2014, compared to the 10% – 16% experiencing between 2010 – 2012.
This year’s proceedings closed on a celebrating note with the award commendation of the candidates that participated at the ICS Examinations in April 2013. The panel Moderator, Mr. Vasileios Chakos, mentioned that in 2013 more than 500 shipping executives attended the ICS Professional Training Courses, while the Greek Branch come secondly in terms of examination participation only to London.
The candidates distinguished internationally were: Ioannis Theodorou - Niovis Shipping, Loukia Tranou - Oceanwide Shipping, Christian Becker - Thenamaris Shipmanagement, Evi Platsidaki - Norton Rose, Sofia Zoidou, Nikolaos Vasilatos - Vita Management, Konstantinos Katranis, Helen Arabatzi - Aerio Shipmanagement and Panagiotis Kalogerakos - Marmaras Navigation.
Source: Institute of Chartered Shipbrokers Greek Branch / Hellenic Shippingnews
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Wednesday, 08 January 14
SHIPPING: THE ABSOLUTE BOTTOM OF THE CYCLE WAS REACHED AND PASSED - GEORGE LAZARIDIS
COALspot.com: To many in the industry 2013 has been the turning point in the market where the absolute bottom of the cycle was reached and passed.
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Tuesday, 07 January 14
INDONESIA RAISES COAL PRICE THIS MONTH
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia has increased government declared coal bench mark price by US$ 1.59 / MT ...
Tuesday, 07 January 14
NEWCASTLE COAL TERMINAL'S COAL EXPORTS SLIDE TO 3.54 MMT W/E 30 DECEMBER 13
COALspot.com: In the week ended December 30, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, totalled 3.54 ...
Tuesday, 07 January 14
US COAL OUTPUT SLIDES 9 PCT WEEK ON WEEK, EIA SAYS
COALspot.com – United States the world’s second largest coal producer, produced approximately 17.8 million short tons (mmst) of coal in ...
Monday, 06 January 14
ARGUS LAUNCHES SPOT CFR EAST COAST INDIA COAL ASSESSMENTS
COALspot.com: Global energy and commodity news and price reporting agency Argus has announced today that, the company has launched CFR coal assessme ...
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Showing 3921 to 3925 news of total 6871 |
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- Oldendorff Carriers - Singapore
- Kartika Selabumi Mining - Indonesia
- Indian Oil Corporation Limited
- Metalloyd Limited - United Kingdom
- Jaiprakash Power Ventures ltd
- SMG Consultants - Indonesia
- Riau Bara Harum - Indonesia
- IHS Mccloskey Coal Group - USA
- European Bulk Services B.V. - Netherlands
- Mercator Lines Limited - India
- Billiton Holdings Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Tamil Nadu electricity Board
- OPG Power Generation Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Grasim Industreis Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Coal Association
- Maharashtra Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Gujarat Mineral Development Corp Ltd - India
- Bhatia International Limited - India
- Pendopo Energi Batubara - Indonesia
- Medco Energi Mining Internasional
- Sojitz Corporation - Japan
- AsiaOL BioFuels Corp., Philippines
- Binh Thuan Hamico - Vietnam
- New Zealand Coal & Carbon
- Altura Mining Limited, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Attock Cement Pakistan Limited
- TeaM Sual Corporation - Philippines
- Thai Mozambique Logistica
- Uttam Galva Steels Limited - India
- Semirara Mining Corp, Philippines
- Sree Jayajothi Cements Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Toyota Tsusho Corporation, Japan
- ASAPP Information Group - India
- San Jose City I Power Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- The University of Queensland
- Rio Tinto Coal - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- LBH Netherlands Bv - Netherlands
- Singapore Mercantile Exchange
- Kohat Cement Company Ltd. - Pakistan
- Posco Energy - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- International Coal Ventures Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Tata Chemicals Ltd - India
- Lanco Infratech Ltd - India
- Global Business Power Corporation, Philippines
- Petron Corporation, Philippines
- Dalmia Cement Bharat India
- Therma Luzon, Inc, Philippines
- Anglo American - United Kingdom
- Directorate Of Revenue Intelligence - India
- Gujarat Sidhee Cement - India
- Mintek Dendrill Indonesia
- Globalindo Alam Lestari - Indonesia
- Aditya Birla Group - India
- Electricity Authority, New Zealand
- Banpu Public Company Limited - Thailand
- Thiess Contractors Indonesia
- Bhoruka Overseas - Indonesia
- Antam Resourcindo - Indonesia
- Ind-Barath Power Infra Limited - India
- Agrawal Coal Company - India
- Manunggal Multi Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Indonesian Coal Mining Association
- Kapuas Tunggal Persada - Indonesia
- Latin American Coal - Colombia
- Orica Australia Pty. Ltd.
- Makarim & Taira - Indonesia
- McConnell Dowell - Australia
- Asmin Koalindo Tuhup - Indonesia
- PTC India Limited - India
- Miang Besar Coal Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Larsen & Toubro Limited - India
- Bhushan Steel Limited - India
- Formosa Plastics Group - Taiwan
- Marubeni Corporation - India
- VISA Power Limited - India
- IEA Clean Coal Centre - UK
- Star Paper Mills Limited - India
- Indian Energy Exchange, India
- Merrill Lynch Commodities Europe
- Global Coal Blending Company Limited - Australia
- Goldman Sachs - Singapore
- Straits Asia Resources Limited - Singapore
- Maheswari Brothers Coal Limited - India
- Karaikal Port Pvt Ltd - India
- Indika Energy - Indonesia
- Parliament of New Zealand
- Sical Logistics Limited - India
- Siam City Cement PLC, Thailand
- Bukit Makmur.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- GVK Power & Infra Limited - India
- Planning Commission, India
- Cement Manufacturers Association - India
- GMR Energy Limited - India
- Holcim Trading Pte Ltd - Singapore
- Global Green Power PLC Corporation, Philippines
- Coal and Oil Company - UAE
- Sakthi Sugars Limited - India
- Port Waratah Coal Services - Australia
- Sindya Power Generating Company Private Ltd
- Carbofer General Trading SA - India
- Iligan Light & Power Inc, Philippines
- White Energy Company Limited
- Siam City Cement - Thailand
- Semirara Mining and Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Central Java Power - Indonesia
- Bangladesh Power Developement Board
- Krishnapatnam Port Company Ltd. - India
- GAC Shipping (India) Pvt Ltd
- Chettinad Cement Corporation Ltd - India
- Samtan Co., Ltd - South Korea
- Wilmar Investment Holdings
- South Luzon Thermal Energy Corporation
- PNOC Exploration Corporation - Philippines
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- MS Steel International - UAE
- Indogreen Group - Indonesia
- Ministry of Transport, Egypt
- Australian Commodity Traders Exchange
- Jindal Steel & Power Ltd - India
- Independent Power Producers Association of India
- Trasteel International SA, Italy
- Madhucon Powers Ltd - India
- Mjunction Services Limited - India
- Bulk Trading Sa - Switzerland
- Eastern Coal Council - USA
- Bahari Cakrawala Sebuku - Indonesia
- Malabar Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Minerals Council of Australia
- Heidelberg Cement - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Africa Commodities Group - South Africa
- Simpson Spence & Young - Indonesia
- Sarangani Energy Corporation, Philippines
- Vedanta Resources Plc - India
- Romanian Commodities Exchange
- Cigading International Bulk Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- CNBM International Corporation - China
- Ministry of Finance - Indonesia
- Central Electricity Authority - India
- SMC Global Power, Philippines
- Bharathi Cement Corporation - India
- Xindia Steels Limited - India
- Parry Sugars Refinery, India
- Aboitiz Power Corporation - Philippines
- India Bulls Power Limited - India
- The State Trading Corporation of India Ltd
- Essar Steel Hazira Ltd - India
- Commonwealth Bank - Australia
- PowerSource Philippines DevCo
- ICICI Bank Limited - India
- Meralco Power Generation, Philippines
- Price Waterhouse Coopers - Russia
- Ministry of Mines - Canada
- Directorate General of MIneral and Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Deloitte Consulting - India
- Kalimantan Lumbung Energi - Indonesia
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- CIMB Investment Bank - Malaysia
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- Kobexindo Tractors - Indoneisa
- Ambuja Cements Ltd - India
- Georgia Ports Authority, United States
- London Commodity Brokers - England
- Economic Council, Georgia
- Wood Mackenzie - Singapore
- Bukit Baiduri Energy - Indonesia
- Orica Mining Services - Indonesia
- Videocon Industries ltd - India
- Neyveli Lignite Corporation Ltd, - India
- The Treasury - Australian Government
- Ceylon Electricity Board - Sri Lanka
- Meenaskhi Energy Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Leighton Contractors Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Mercuria Energy - Indonesia
- Kumho Petrochemical, South Korea
- Baramulti Group, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Chamber of Mines of South Africa
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- Eastern Energy - Thailand
- Sinarmas Energy and Mining - Indonesia
- Renaissance Capital - South Africa
- Bayan Resources Tbk. - Indonesia
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