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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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- Trasteel International SA, Italy
- The State Trading Corporation of India Ltd
- ASAPP Information Group - India
- Eastern Coal Council - USA
- Semirara Mining and Power Corporation, Philippines
- Chamber of Mines of South Africa
- Simpson Spence & Young - Indonesia
- Madhucon Powers Ltd - India
- Makarim & Taira - Indonesia
- Latin American Coal - Colombia
- Baramulti Group, Indonesia
- Banpu Public Company Limited - Thailand
- Romanian Commodities Exchange
- India Bulls Power Limited - India
- Binh Thuan Hamico - Vietnam
- Sindya Power Generating Company Private Ltd
- Sical Logistics Limited - India
- Riau Bara Harum - Indonesia
- Posco Energy - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Sree Jayajothi Cements Limited - India
- International Coal Ventures Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Planning Commission, India
- CNBM International Corporation - China
- MS Steel International - UAE
- Meralco Power Generation, Philippines
- Ministry of Transport, Egypt
- Mercuria Energy - Indonesia
- Australian Coal Association
- Vedanta Resources Plc - India
- Siam City Cement - Thailand
- Merrill Lynch Commodities Europe
- Karaikal Port Pvt Ltd - India
- Eastern Energy - Thailand
- Global Coal Blending Company Limited - Australia
- The University of Queensland
- Uttam Galva Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Videocon Industries ltd - India
- Formosa Plastics Group - Taiwan
- Straits Asia Resources Limited - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Star Paper Mills Limited - India
- Kohat Cement Company Ltd. - Pakistan
- London Commodity Brokers - England
- Indonesian Coal Mining Association
- Iligan Light & Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chettinad Cement Corporation Ltd - India
- Salva Resources Pvt Ltd - India
- Coalindo Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Deloitte Consulting - India
- Port Waratah Coal Services - Australia
- European Bulk Services B.V. - Netherlands
- Economic Council, Georgia
- PNOC Exploration Corporation - Philippines
- Independent Power Producers Association of India
- Global Green Power PLC Corporation, Philippines
- Ministry of Mines - Canada
- Bharathi Cement Corporation - India
- TeaM Sual Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Indika Energy - Indonesia
- Energy Development Corp, Philippines
- Petron Corporation, Philippines
- The Treasury - Australian Government
- New Zealand Coal & Carbon
- GAC Shipping (India) Pvt Ltd
- San Jose City I Power Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Central Electricity Authority - India
- PTC India Limited - India
- McConnell Dowell - Australia
- Xindia Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Goldman Sachs - Singapore
- Holcim Trading Pte Ltd - Singapore
- Singapore Mercantile Exchange
- Barasentosa Lestari - Indonesia
- Dalmia Cement Bharat India
- GN Power Mariveles Coal Plant, Philippines
- GMR Energy Limited - India
- Grasim Industreis Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Energy Link Ltd, New Zealand
- Thiess Contractors Indonesia
- Africa Commodities Group - South Africa
- Coal and Oil Company - UAE
- Renaissance Capital - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ceylon Electricity Board - Sri Lanka
- Bhushan Steel Limited - India
- Cigading International Bulk Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Rio Tinto Coal - Australia
- Gujarat Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Parliament of New Zealand
- Bulk Trading Sa - Switzerland
- Toyota Tsusho Corporation, Japan
- Agrawal Coal Company - India
- Savvy Resources Ltd - HongKong
- Bayan Resources Tbk. - Indonesia
- Parry Sugars Refinery, India
- VISA Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- Minerals Council of Australia
- Aditya Birla Group - India
- Medco Energi Mining Internasional
- Ministry of Finance - Indonesia
- Central Java Power - Indonesia
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- Coastal Gujarat Power Limited - India
- Mintek Dendrill Indonesia
- Aboitiz Power Corporation - Philippines
- Mercator Lines Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Attock Cement Pakistan Limited
- Vijayanagar Sugar Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Heidelberg Cement - Germany
- Globalindo Alam Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- PowerSource Philippines DevCo
- Directorate Of Revenue Intelligence - India
- Pipit Mutiara Jaya. PT, Indonesia
- GVK Power & Infra Limited - India
- South Luzon Thermal Energy Corporation
- Maharashtra Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- OPG Power Generation Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Edison Trading Spa - Italy
- ICICI Bank Limited - India
- Anglo American - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Tamil Nadu electricity Board
- Therma Luzon, Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Vizag Seaport Private Limited - India
- Commonwealth Bank - Australia
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Indian Oil Corporation Limited
- Asmin Koalindo Tuhup - Indonesia
- IHS Mccloskey Coal Group - USA
- Timah Investasi Mineral - Indoneisa
- Altura Mining Limited, Indonesia
- Wilmar Investment Holdings
- Wood Mackenzie - Singapore
- Leighton Contractors Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- Jindal Steel & Power Ltd - India
- Kartika Selabumi Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Mining Services - Indonesia
- Sojitz Corporation - Japan
- Mjunction Services Limited - India
- Meenaskhi Energy Private Limited - India
- SMC Global Power, Philippines
- Lanco Infratech Ltd - India
- Manunggal Multi Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Power Finance Corporation Ltd., India
- Directorate General of MIneral and Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Sakthi Sugars Limited - India
- Bhoruka Overseas - Indonesia
- Oldendorff Carriers - Singapore
- Indogreen Group - Indonesia
- Larsen & Toubro Limited - India
- Indian Energy Exchange, India
- Ind-Barath Power Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Malabar Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Interocean Group of Companies - India
- Carbofer General Trading SA - India
- SN Aboitiz Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IEA Clean Coal Centre - UK
- Tata Chemicals Ltd - India
- Electricity Authority, New Zealand
- Standard Chartered Bank - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Borneo Indobara - Indonesia
- Bangladesh Power Developement Board
- Bhatia International Limited - India
- Electricity Generating Authority of Thailand
- Siam City Cement PLC, Thailand
- White Energy Company Limited
- Intertek Mineral Services - Indonesia
- Antam Resourcindo - Indonesia
- Thai Mozambique Logistica
- Semirara Mining Corp, Philippines
- Marubeni Corporation - India
- Ambuja Cements Ltd - India
- Global Business Power Corporation, Philippines
- Cement Manufacturers Association - India
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
- Alfred C Toepfer International GmbH - Germany
- SMG Consultants - Indonesia
- Kideco Jaya Agung - Indonesia
- Metalloyd Limited - United Kingdom
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