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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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Friday, 06 December 13
INDONESIAN PARLIAMENT REJECTED A GOVERNMENT PROPOSAL TO EASE THE BAN ON EXPORTING UNPROCESSED ORE
COALspot.com: Indonesian House of Representatives rejected a proposal from Energy and Mineral Resources Minister Jero Wacik on to ease the ban on ex ...
Friday, 06 December 13
THE MINISTRY OF ENERGY & MINERAL RESOURCES OF INDONESIA FIXED DEC'13 HBA AT US$ 80.31
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia has increased government declared coal bench mark price by US$ 2.18 / MT ...
Friday, 06 December 13
US PRODUCED APPROXIMATELY 82.8 MILLION SHORT TONS OF COAL IN NOVEMBER 2013
COALspot.com – United States the world’s second largest coal producer, produced approximately 19.00 million short tons (mmst) of coal in ...
Friday, 06 December 13
PANAMAXES HAVE BEEN THE ' WEAPON OF CHOICE' BY MOST DRY BULK SHIP OWNERS DURING 2013 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Low ship prices, the direct consequence of subdued freight rates for the larger part of 2013 have been the main driving force behind this year's ag ...
Thursday, 05 December 13
PANAMAX : THE FIRM TENDENCY CONTINUES - FEARNRESEARCH
Handy
It has been an active week for the Supramax and Handysize segment. USG is almost boiling and charterers looking to cover their December stems ...
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- GAC Shipping (India) Pvt Ltd
- Bukit Baiduri Energy - Indonesia
- Orica Mining Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- ASAPP Information Group - India
- Minerals Council of Australia
- Chettinad Cement Corporation Ltd - India
- Kartika Selabumi Mining - Indonesia
- Attock Cement Pakistan Limited
- Global Business Power Corporation, Philippines
- Energy Development Corp, Philippines
- New Zealand Coal & Carbon
- Indonesian Coal Mining Association
- Alfred C Toepfer International GmbH - Germany
- Pendopo Energi Batubara - Indonesia
- Madhucon Powers Ltd - India
- Ministry of Transport, Egypt
- TNB Fuel Sdn Bhd - Malaysia
- Bayan Resources Tbk. - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Oldendorff Carriers - Singapore
- Mintek Dendrill Indonesia
- PNOC Exploration Corporation - Philippines
- Australian Coal Association
- Kohat Cement Company Ltd. - Pakistan
- Vizag Seaport Private Limited - India
- SN Aboitiz Power Inc, Philippines
- The University of Queensland
- Economic Council, Georgia
- Independent Power Producers Association of India
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Mines - Canada
- GMR Energy Limited - India
- Indika Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wilmar Investment Holdings
- Riau Bara Harum - Indonesia
- Intertek Mineral Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Electricity Authority, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Sojitz Corporation - Japan
- Vijayanagar Sugar Pvt Ltd - India
- Grasim Industreis Ltd - India
- CIMB Investment Bank - Malaysia
- Kumho Petrochemical, South Korea
- Jaiprakash Power Ventures ltd
- Therma Luzon, Inc, Philippines
- Carbofer General Trading SA - India
- Directorate Of Revenue Intelligence - India
- Banpu Public Company Limited - Thailand
- Standard Chartered Bank - UAE
- Bhatia International Limited - India
- Central Java Power - Indonesia
- Borneo Indobara - Indonesia
- Metalloyd Limited - United Kingdom
- Timah Investasi Mineral - Indoneisa
- London Commodity Brokers - England
- AsiaOL BioFuels Corp., Philippines
- Aditya Birla Group - India
- Uttam Galva Steels Limited - India
- The Treasury - Australian Government
- Bank of Tokyo Mitsubishi UFJ Ltd
- TeaM Sual Corporation - Philippines
- Sical Logistics Limited - India
- McConnell Dowell - Australia
- IHS Mccloskey Coal Group - USA
- LBH Netherlands Bv - Netherlands
- Orica Australia Pty. Ltd.
- Goldman Sachs - Singapore
- Manunggal Multi Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Coalindo Energy - Indonesia
- Parry Sugars Refinery, India
- Miang Besar Coal Terminal - Indonesia
- MS Steel International - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Barasentosa Lestari - Indonesia
- Africa Commodities Group - South Africa
- White Energy Company Limited
- Jindal Steel & Power Ltd - India
- Sindya Power Generating Company Private Ltd
- International Coal Ventures Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Romanian Commodities Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sakthi Sugars Limited - India
- Parliament of New Zealand
- Tamil Nadu electricity Board
- Kideco Jaya Agung - Indonesia
- Eastern Energy - Thailand
- Bharathi Cement Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- PowerSource Philippines DevCo
- Gujarat Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Wood Mackenzie - Singapore
- Savvy Resources Ltd - HongKong
- Salva Resources Pvt Ltd - India
- Mercuria Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Binh Thuan Hamico - Vietnam
- VISA Power Limited - India
- Singapore Mercantile Exchange
- Samtan Co., Ltd - South Korea
- Posco Energy - South Korea
- The State Trading Corporation of India Ltd
- Latin American Coal - Colombia
- Vedanta Resources Plc - India
- Deloitte Consulting - India
- Maharashtra Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Kepco SPC Power Corporation, Philippines
- Heidelberg Cement - Germany
- Malabar Cements Ltd - India
- Mjunction Services Limited - India
- Mercator Lines Limited - India
- Straits Asia Resources Limited - Singapore
- Siam City Cement - Thailand
- Larsen & Toubro Limited - India
- Central Electricity Authority - India
- Rashtriya Ispat Nigam Limited - India
- Xindia Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Karaikal Port Pvt Ltd - India
- Ministry of Finance - Indonesia
- Global Green Power PLC Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Dalmia Cement Bharat India
- Semirara Mining and Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Bulk Trading Sa - Switzerland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Star Paper Mills Limited - India
- Planning Commission, India
- Rio Tinto Coal - Australia
- Indo Tambangraya Megah - Indonesia
- ICICI Bank Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Renaissance Capital - South Africa
- Krishnapatnam Port Company Ltd. - India
- Baramulti Group, Indonesia
- India Bulls Power Limited - India
- European Bulk Services B.V. - Netherlands
- Ind-Barath Power Infra Limited - India
- Essar Steel Hazira Ltd - India
- SMC Global Power, Philippines
- Kaltim Prima Coal - Indonesia
- Coal and Oil Company - UAE
- Asmin Koalindo Tuhup - Indonesia
- San Jose City I Power Corp, Philippines
- Ambuja Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Anglo American - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Merrill Lynch Commodities Europe
- Meenaskhi Energy Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Karbindo Abesyapradhi - Indoneisa
- Thiess Contractors Indonesia
- Power Finance Corporation Ltd., India
- Indian Oil Corporation Limited
- Eastern Coal Council - USA
- Coastal Gujarat Power Limited - India
- Sree Jayajothi Cements Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Trasteel International SA, Italy
- Makarim & Taira - Indonesia
- Georgia Ports Authority, United States
- CNBM International Corporation - China
- Medco Energi Mining Internasional
- GVK Power & Infra Limited - India
- Bhushan Steel Limited - India
- Thai Mozambique Logistica
- Videocon Industries ltd - India
- Port Waratah Coal Services - Australia
- Altura Mining Limited, Indonesia
- Kobexindo Tractors - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- Lanco Infratech Ltd - India
- Electricity Generating Authority of Thailand
- Aboitiz Power Corporation - Philippines
- Price Waterhouse Coopers - Russia
- SMG Consultants - Indonesia
- Bangladesh Power Developement Board
- Marubeni Corporation - India
- Siam City Cement PLC, Thailand
- Indian Energy Exchange, India
- OPG Power Generation Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- Commonwealth Bank - Australia
- Edison Trading Spa - Italy
- Antam Resourcindo - Indonesia
- Australian Commodity Traders Exchange
- Interocean Group of Companies - India
- PTC India Limited - India
- Meralco Power Generation, Philippines
- Agrawal Coal Company - India
- Formosa Plastics Group - Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- IEA Clean Coal Centre - UK
- Kalimantan Lumbung Energi - Indonesia
- Energy Link Ltd, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cement Manufacturers Association - India
- Toyota Tsusho Corporation, Japan
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