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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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Monday, 30 December 13
INDONESIAN COAL TO BE PART OF INDEX DETERMINING POWER TARIFFS - BUSINESS STANDARD
In a significant move, power sector regulator CERC has decided to provide 50 per cent weightage for Indonesian coal in the benchmark index that is u ...
Friday, 27 December 13
THE EXPORT OF UNPROCESSED MINERALS WOULD NOT BE ALLOWED AFTER 12 JAN 2014 - INDONESIAN ENERGY MINISTER
COALspot.com: The government of Indonesia will implement Law No. 4 of 2009 on Mineral and Coal in full and consistently by January 12, 2014, said, m ...
Friday, 27 December 13
INDONESIA SHIPPED 15.75 PERCENT MORE COAL IN NOVEMBER
COALspot.com: Indonesia, the world's 4th largest coal producer and the largest multi grade coal exporter shipped over $2* billion worth of co ...
Thursday, 26 December 13
COAL & OIL GROUP SECURES US$ 250 MILLION FUNDING FOR ITS 1200MW THERMAL POWER PLANT IN INDIA
COALspot.com: Dubai-based Coal & Oil (C&O) Group has announced that it has secured additional funding of approximately Dhs. 1 billion (appro ...
Wednesday, 25 December 13
DRY BULK INDEX LOST SOME GROUND THIS PAST WEEK - INTERMODAL
Chartering (Wet: Firm+ / Dry: Softer - )
The Dry Bulk Index lost some ground this past week, on the back of activity slowing down befor ...
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- Australian Commodity Traders Exchange
- Kaltim Prima Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ambuja Cements Ltd - India
- IEA Clean Coal Centre - UK
- Parliament of New Zealand
- London Commodity Brokers - England
- Bangladesh Power Developement Board
- Lanco Infratech Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- MS Steel International - UAE
- Asmin Koalindo Tuhup - Indonesia
- Wilmar Investment Holdings
- Formosa Plastics Group - Taiwan
- Commonwealth Bank - Australia
- Semirara Mining Corp, Philippines
- Singapore Mercantile Exchange
- Jindal Steel & Power Ltd - India
- LBH Netherlands Bv - Netherlands
- Merrill Lynch Commodities Europe
- Deloitte Consulting - India
- Power Finance Corporation Ltd., India
- Kideco Jaya Agung - Indonesia
- Bharathi Cement Corporation - India
- Mercator Lines Limited - India
- Indian Energy Exchange, India
- Essar Steel Hazira Ltd - India
- Antam Resourcindo - Indonesia
- Ministry of Finance - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Electricity Authority - India
- GAC Shipping (India) Pvt Ltd
- Bhoruka Overseas - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- PowerSource Philippines DevCo
- Indogreen Group - Indonesia
- Siam City Cement PLC, Thailand
- Electricity Generating Authority of Thailand
- Ind-Barath Power Infra Limited - India
- White Energy Company Limited
- Timah Investasi Mineral - Indoneisa
- Salva Resources Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Eastern Coal Council - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ceylon Electricity Board - Sri Lanka
- Indian Oil Corporation Limited
- Posco Energy - South Korea
- Grasim Industreis Ltd - India
- TeaM Sual Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Goldman Sachs - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Coalindo Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Global Green Power PLC Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Central Java Power - Indonesia
- Barasentosa Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Orica Australia Pty. Ltd.
- ICICI Bank Limited - India
- Trasteel International SA, Italy
- Therma Luzon, Inc, Philippines
- Petron Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- VISA Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Manunggal Multi Energi - Indonesia
- Bhushan Steel Limited - India
- Kepco SPC Power Corporation, Philippines
- Electricity Authority, New Zealand
- Tata Chemicals Ltd - India
- Star Paper Mills Limited - India
- Krishnapatnam Port Company Ltd. - India
- Videocon Industries ltd - India
- GVK Power & Infra Limited - India
- Coal and Oil Company - UAE
- Sical Logistics Limited - India
- Meralco Power Generation, Philippines
- Maheswari Brothers Coal Limited - India
- Tamil Nadu electricity Board
- Oldendorff Carriers - Singapore
- Toyota Tsusho Corporation, Japan
- Gujarat Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Indo Tambangraya Megah - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- The University of Queensland
- CNBM International Corporation - China
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bulk Trading Sa - Switzerland
- Riau Bara Harum - Indonesia
- Vedanta Resources Plc - India
- India Bulls Power Limited - India
- Karaikal Port Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Bhatia International Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Development Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Xindia Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Altura Mining Limited, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Parry Sugars Refinery, India
- Samtan Co., Ltd - South Korea
- Sinarmas Energy and Mining - Indonesia
- Vizag Seaport Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Mjunction Services Limited - India
- Gujarat Sidhee Cement - India
- Iligan Light & Power Inc, Philippines
- Madhucon Powers Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- GMR Energy Limited - India
- Edison Trading Spa - Italy
- Sojitz Corporation - Japan
- Coastal Gujarat Power Limited - India
- Planning Commission, India
- Indonesian Coal Mining Association
- Ministry of Transport, Egypt
- Aditya Birla Group - India
- Standard Chartered Bank - UAE
- Latin American Coal - Colombia
- Georgia Ports Authority, United States
- Kumho Petrochemical, South Korea
- Indika Energy - Indonesia
- Wood Mackenzie - Singapore
- Thiess Contractors Indonesia
- Ministry of Mines - Canada
- Borneo Indobara - Indonesia
- Bukit Makmur.PT - Indonesia
- Thai Mozambique Logistica
- Eastern Energy - Thailand
- Binh Thuan Hamico - Vietnam
- Romanian Commodities Exchange
- New Zealand Coal & Carbon
- Malabar Cements Ltd - India
- The State Trading Corporation of India Ltd
- European Bulk Services B.V. - Netherlands
- Siam City Cement - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- OPG Power Generation Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Kapuas Tunggal Persada - Indonesia
- SN Aboitiz Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Jaiprakash Power Ventures ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- The Treasury - Australian Government
- Cement Manufacturers Association - India
- Rio Tinto Coal - Australia
- Makarim & Taira - Indonesia
- Minerals Council of Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Simpson Spence & Young - Indonesia
- CIMB Investment Bank - Malaysia
- Global Business Power Corporation, Philippines
- SMG Consultants - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Independent Power Producers Association of India
- Aboitiz Power Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Global Coal Blending Company Limited - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sakthi Sugars Limited - India
- Kartika Selabumi Mining - Indonesia
- Renaissance Capital - South Africa
- Larsen & Toubro Limited - India
- Leighton Contractors Pty Ltd - Australia
- Anglo American - United Kingdom
- Orica Mining Services - Indonesia
- Mercuria Energy - Indonesia
- Medco Energi Mining Internasional
- Marubeni Corporation - India
- International Coal Ventures Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Heidelberg Cement - Germany
- PetroVietnam Power Coal Import and Supply Company
- Kohat Cement Company Ltd. - Pakistan
- ASAPP Information Group - India
- Price Waterhouse Coopers - Russia
- SMC Global Power, Philippines
- Carbofer General Trading SA - India
- Dalmia Cement Bharat India
- San Jose City I Power Corp, Philippines
- Sree Jayajothi Cements Limited - India
- PTC India Limited - India
- Intertek Mineral Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Jorong Barutama Greston.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Africa Commodities Group - South Africa
- Cigading International Bulk Terminal - Indonesia
- Australian Coal Association
- Economic Council, Georgia
- Mintek Dendrill Indonesia
- Interocean Group of Companies - India
- McConnell Dowell - Australia
- Baramulti Group, Indonesia
- Agrawal Coal Company - India
- Chamber of Mines of South Africa
- Uttam Galva Steels Limited - India
- Sarangani Energy Corporation, Philippines
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