We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
Monday, 07 December 09
DRY BULK RATES' VOLATILITY TO STAY, BUT RECOVERY IS UNDERWAY SAYS ION VAROUXAKIS HEAD OF FREESEAS
 In an interview with Hellenic Shipping News, Mr. Ion G. Varouxakis, Chairman of the Board, President and CEO of Nasdaq-listed Freeseas, explains why dry bulk rates will recover gradually, while volatility will remain. He states that the handysize sector appears to be the healthiest sector right now, mainly because of the low orderbook and the high number of older handies scrapped this year. Mr. Varouxakis founded Free Bulkers, the beginning of a single-vessel, self-financed entrepreneurial venture that led to FreeSeas’ founding and Nasdaq listing in 2005.
Under Mr. Varouxakis’ leadership, FreeSeas has grown to be a leader in the Handysize and Handymax segment in the U.S. capital market. Prior to founding Free Bulkers, Mr. Varouxakis held since 1997 management positions in private shipping companies operating in the drybulk sector.
Lately we witnessed yet another rally of the BDI this year. With the market retreating again, do you think that this erratic behaviour will continue next year as well?
As the world economy rebounds we expect that the charter rates will gradually recover. Seasonality and volatility will continue. For the time being though, the charter rates stand at relatively healthy levels.
What factors are causing this turbulence of dry bulk rates?
The effective removal of trade credit and virtual stand-still of industrial production on a worldwide basis have been the contributing factors for the collapse of the charter rates. As restocking starts taking place the rates will recover. However the recovery is not and will not be uniform and there will be pockets of weakness which will lead to the volatility of the rates.
Do you think that the looming oversupply of vessels will soon become a reality, or is there any room for that to change?
We have seen a very substantial number of cancellations and delays in the deliveries. As a consequence we expect that while the annual rate of newbuilding deliveries will be at record high levels in the next couple of years, they in fact will be spread over a longer period of time, leading to about 20-30 % more newbuilding deliveries than in 2007. This is probably a scenario much better than most fear, but still of concern. It is interesting to note that not all sectors are overbuilt. For instance, the handysize sector we operate in has by far the lowest orderbook (in fact at rather healthy levels), coupled with an overage fleet of handies which should provide support for the future.
As a matter of fact there has been massive scrapping of handysize vessels over the last year.
How does Freeseas cope with current market conditions?
We are operating a profitable and cash flow-positive business under adverse market conditions, and expect to be able to continue to do so under the present conditions.
What measures did you implement in order to improve the company’s performance?
We have taken cost-cutting initiatives, which increased our margins, and decided to operate our vessels coming off-charter in the spot market in order to be able to benefit from improving market conditions.
How would you characterize the current market for second hand vessels?
There is a lot of liquidity and sales in the second hand market, and one could say relatively stable prices. While prices have increased since the beginning of 2009, the volatility of second hand prices is far smaller that the volatility of charter rates. We believe that the scarcity of credit contributes to this situation.
Why have the Chinese been so aggressive this year, leaving Hellenic ship owners at second place?
An explanation could be that there is an intention by authorities (which could soon become a law), under which, ship owners won’t be allowed to fly the Chinese Flag in vessels older than 10 years old in the future. This could a reason, why many owners from China are buying a large number of older second hand bulk carriers from the beginning of the year, as a reaction to such a possibility.
Do you think that second hand ships’ prices will go down again, or are we heading towards firmer prices?
Nobody can predict the future. However we believe that prices will remain relatively stable for a while and will improve only for a sustainable improvement in the charter rates, and release of acquisition credit in the market.
With 2010 just a few weeks away, what are your expectations about next year? How do you think things are shaping up for the dry bulk industry?
I am optimistic for the future. Shipping is a centuries-old industry with its own self-correcting mechanism. We are in the process of the correction, the duration of which is unknown, yet will provide the opportunities for healthy companies to expand.
Recently, there’s been a lot of debate among industry players, regarding the abolition of the Ministry of Mercantile Marine. Do you think it will be the beginning of a series of changes for the way shipping is treated in Hellas, or will we see some positive initiatives, for instance towards the creation of a proper maritime cluster of services?
Bureaucracy, a chronic problem in Greece, is the main enemy for the integration of a modern maritime cluster of services (as you call it).
In our business in which every hour is worth thousands of dollars, there is no room for bureaucracy and the uncertainty it generates, even worse there is no room for ‘client-relations’ with the state.
No government in Greece has so far been able to overcome the public service bureaucracy and implement ground-breaking changes, allowing the development of Greek-based maritime services or providing the appropriate incentives to fly the Greek flag. Let’s see what the future has in task for us.
Source: Nikos Roussanoglou, Hellenic Shipping News Worldwide
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Sunday, 20 December 09
GLOBAL COAL MAJORS MAKE THEIR PRESENTATIONS
Major energy companies from four countries, including the U.S., Indonesia and South Africa, have completed detailed presentations before a committee ...
Saturday, 19 December 09
THE FUTURES FOR 2010 - 2012 FIRMED UP COMPARED TO LAST WEEK AND WAS AT AROUND CAPE US$ 28,000 PER DAY - VISTAAR
COALspot.com (Singapore): The freight market continued to soften this week with major drop in the cape size index by almost 21 pct and Panamax , Sup ...
Friday, 18 December 09
CARGOTEC WINS IBJ'S BEST SHIP LOADING / UNLOADING SYSTEM AWARD WITH SIWERTELL
Cargotec’s Siwertell ship unloader has recently won International Bulk Journal’s best ship loading/unloading system award for 2009; out ...
Friday, 18 December 09
THERMAL COAL PROJECT MOVES AHEAD
A proposal for Australia's largest thermal coal project in Queensland's central west has taken a step forward.
Hancock Prospecting is proposing ...
Friday, 18 December 09
CHURCHILL MINING COMPLETES FEASIBILITY STUDY FOR EAST KUTAI COAL PROJECT
Churchill Mining Plc has announced the completion of the feasibility study for its flagship project, the 75% held East Kutai coal project in Indones ...
|
|
|
Showing 6156 to 6160 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Central Electricity Authority - India
- Sinarmas Energy and Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thiess Contractors Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Indian Oil Corporation Limited
- Holcim Trading Pte Ltd - Singapore
- Bhoruka Overseas - Indonesia
- Eastern Coal Council - USA
- India Bulls Power Limited - India
- Coal and Oil Company - UAE
- Bhatia International Limited - India
- Coastal Gujarat Power Limited - India
- Bukit Makmur.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bharathi Cement Corporation - India
- Independent Power Producers Association of India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Thai Mozambique Logistica
- Samtan Co., Ltd - South Korea
- Global Business Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Rio Tinto Coal - Australia
- PTC India Limited - India
- Karbindo Abesyapradhi - Indoneisa
- New Zealand Coal & Carbon
- ASAPP Information Group - India
- Eastern Energy - Thailand
- Carbofer General Trading SA - India
- Singapore Mercantile Exchange
- Leighton Contractors Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Riau Bara Harum - Indonesia
- Indika Energy - Indonesia
- Antam Resourcindo - Indonesia
- Cement Manufacturers Association - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Makarim & Taira - Indonesia
- Iligan Light & Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Globalindo Alam Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Renaissance Capital - South Africa
- Uttam Galva Steels Limited - India
- SMG Consultants - Indonesia
- Planning Commission, India
- Ambuja Cements Ltd - India
- Wood Mackenzie - Singapore
- Mjunction Services Limited - India
- Georgia Ports Authority, United States
- Sojitz Corporation - Japan
- White Energy Company Limited
- Kepco SPC Power Corporation, Philippines
- Indogreen Group - Indonesia
- Minerals Council of Australia
- Asmin Koalindo Tuhup - Indonesia
- CIMB Investment Bank - Malaysia
- Savvy Resources Ltd - HongKong
- Tata Chemicals Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Barasentosa Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Interocean Group of Companies - India
- London Commodity Brokers - England
- Miang Besar Coal Terminal - Indonesia
- Posco Energy - South Korea
- Straits Asia Resources Limited - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Goldman Sachs - Singapore
- Billiton Holdings Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- IEA Clean Coal Centre - UK
- Marubeni Corporation - India
- Meralco Power Generation, Philippines
- Pendopo Energi Batubara - Indonesia
- Wilmar Investment Holdings
- Siam City Cement - Thailand
- Timah Investasi Mineral - Indoneisa
- Dalmia Cement Bharat India
- Grasim Industreis Ltd - India
- Baramulti Group, Indonesia
- Ministry of Finance - Indonesia
- Lanco Infratech Ltd - India
- Kaltim Prima Coal - Indonesia
- Heidelberg Cement - Germany
- Aditya Birla Group - India
- GAC Shipping (India) Pvt Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indo Tambangraya Megah - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Alfred C Toepfer International GmbH - Germany
- Deloitte Consulting - India
- TeaM Sual Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Ministry of Transport, Egypt
- Maheswari Brothers Coal Limited - India
- McConnell Dowell - Australia
- SN Aboitiz Power Inc, Philippines
- Tamil Nadu electricity Board
- Essar Steel Hazira Ltd - India
- Borneo Indobara - Indonesia
- Edison Trading Spa - Italy
- CNBM International Corporation - China
- Oldendorff Carriers - Singapore
- Malabar Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Standard Chartered Bank - UAE
- Bangladesh Power Developement Board
- Electricity Authority, New Zealand
- Ind-Barath Power Infra Limited - India
- PowerSource Philippines DevCo
- MS Steel International - UAE
- PNOC Exploration Corporation - Philippines
- Africa Commodities Group - South Africa
- Ministry of Mines - Canada
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Mintek Dendrill Indonesia
- Energy Development Corp, Philippines
- Agrawal Coal Company - India
- Manunggal Multi Energi - Indonesia
- Larsen & Toubro Limited - India
- South Luzon Thermal Energy Corporation
- Bahari Cakrawala Sebuku - Indonesia
- GMR Energy Limited - India
- Simpson Spence & Young - Indonesia
- Petron Corporation, Philippines
- Altura Mining Limited, Indonesia
- Kumho Petrochemical, South Korea
- San Jose City I Power Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- OPG Power Generation Pvt Ltd - India
- Trasteel International SA, Italy
- Salva Resources Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Videocon Industries ltd - India
- Commonwealth Bank - Australia
- Metalloyd Limited - United Kingdom
- Latin American Coal - Colombia
- SMC Global Power, Philippines
- Attock Cement Pakistan Limited
- Gujarat Sidhee Cement - India
- Mercuria Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Orica Australia Pty. Ltd.
- Indian Energy Exchange, India
- Chamber of Mines of South Africa
- Kideco Jaya Agung - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Ceylon Electricity Board - Sri Lanka
- Economic Council, Georgia
- Australian Commodity Traders Exchange
- GVK Power & Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Port Waratah Coal Services - Australia
- Anglo American - United Kingdom
- VISA Power Limited - India
- The Treasury - Australian Government
- Aboitiz Power Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Vizag Seaport Private Limited - India
- LBH Netherlands Bv - Netherlands
- Central Java Power - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bulk Trading Sa - Switzerland
- Madhucon Powers Ltd - India
- Banpu Public Company Limited - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kohat Cement Company Ltd. - Pakistan
- Australian Coal Association
- Toyota Tsusho Corporation, Japan
- Parry Sugars Refinery, India
- Xindia Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Vedanta Resources Plc - India
- Maharashtra Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Mercator Lines Limited - India
- The State Trading Corporation of India Ltd
- Merrill Lynch Commodities Europe
- Orica Mining Services - Indonesia
- Therma Luzon, Inc, Philippines
- Medco Energi Mining Internasional
- Semirara Mining Corp, Philippines
- Romanian Commodities Exchange
- IHS Mccloskey Coal Group - USA
- Indonesian Coal Mining Association
- ICICI Bank Limited - India
- Coalindo Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Link Ltd, New Zealand
- International Coal Ventures Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Global Coal Blending Company Limited - Australia
- Parliament of New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Sical Logistics Limited - India
- The University of Queensland
- Gujarat Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Bukit Baiduri Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Star Paper Mills Limited - India
- Bhushan Steel Limited - India
- Siam City Cement PLC, Thailand
|
| |
| |
|
