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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
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Tuesday, 08 December 09
RICHARDS BAY COAL SHIPMENTS FELL 11% IN NOVEMBER FROM YEAR AGO
Coal exports from South Africa’s Richards Bay, site of the continent’s largest export terminal for the fuel, fell 11 percent in November ...
Tuesday, 08 December 09
HIGH GLOBAL COAL PRICES HIT POWER PROJECTS
Spot prices for the fuel have appreciated almost 10% in November.
After a sedate year, rising coal prices could hit the coffers of import-based d ...
Monday, 07 December 09
HOW INDIA CAN CUT ITS ENERGY NEEDS BY 20%!
Using energy more efficiently can reduce our energy needs by one fifth; it is a strategy we must pursue even as we promote renewables, says Kirit Pa ...
Monday, 07 December 09
ASIA COAL POWER IN INDONESIA DISCUSSES NEW MINING LAW, COAL AND POWER SECTORS AS INVESTMENTS POUR INTO COALMINES TO SECURE SUPPLIES
COALspot.com (Singaproe): Press Release - Asia Coal Power pinpoints growing power demand in Asia & Power sector investments in Indonesia's coal ...
Monday, 07 December 09
VEDANTA RESOURCES ISSUES TENDER TO IMPORT 2.25 MILLION COAL
COALspot.com (India): Vedanta Resources plc is a London stock exchange listed FTSE 100 diversified metals and mining major with revenues in excess o ...
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- Bulk Trading Sa - Switzerland
- Chamber of Mines of South Africa
- Gujarat Mineral Development Corp Ltd - India
- Toyota Tsusho Corporation, Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Rio Tinto Coal - Australia
- Kartika Selabumi Mining - Indonesia
- Vizag Seaport Private Limited - India
- GVK Power & Infra Limited - India
- Energy Link Ltd, New Zealand
- Semirara Mining Corp, Philippines
- Baramulti Group, Indonesia
- Manunggal Multi Energi - Indonesia
- Coalindo Energy - Indonesia
- London Commodity Brokers - England
- Miang Besar Coal Terminal - Indonesia
- Parry Sugars Refinery, India
- Intertek Mineral Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Eastern Coal Council - USA
- Standard Chartered Bank - UAE
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- Global Business Power Corporation, Philippines
- VISA Power Limited - India
- Chettinad Cement Corporation Ltd - India
- IHS Mccloskey Coal Group - USA
- Bahari Cakrawala Sebuku - Indonesia
- Binh Thuan Hamico - Vietnam
- Indonesian Coal Mining Association
- Meenaskhi Energy Private Limited - India
- Jaiprakash Power Ventures ltd
- Metalloyd Limited - United Kingdom
- Thiess Contractors Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bhatia International Limited - India
- Straits Asia Resources Limited - Singapore
- Malabar Cements Ltd - India
- Coal and Oil Company - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CNBM International Corporation - China
- Indian Oil Corporation Limited
- Carbofer General Trading SA - India
- Leighton Contractors Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Singapore Mercantile Exchange
- Simpson Spence & Young - Indonesia
- The University of Queensland
- Kohat Cement Company Ltd. - Pakistan
- Mintek Dendrill Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Mjunction Services Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- India Bulls Power Limited - India
- Bhushan Steel Limited - India
- Power Finance Corporation Ltd., India
- Madhucon Powers Ltd - India
- PowerSource Philippines DevCo
- Central Electricity Authority - India
- Energy Development Corp, Philippines
- Edison Trading Spa - Italy
- Merrill Lynch Commodities Europe
- Sindya Power Generating Company Private Ltd
- Ind-Barath Power Infra Limited - India
- Larsen & Toubro Limited - India
- Lanco Infratech Ltd - India
- Sree Jayajothi Cements Limited - India
- Alfred C Toepfer International GmbH - Germany
- Indian Energy Exchange, India
- Petron Corporation, Philippines
- Electricity Authority, New Zealand
- Bhoruka Overseas - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Medco Energi Mining Internasional
- Deloitte Consulting - India
- Attock Cement Pakistan Limited
- Georgia Ports Authority, United States
- Gujarat Sidhee Cement - India
- GN Power Mariveles Coal Plant, Philippines
- Anglo American - United Kingdom
- Australian Coal Association
- Pendopo Energi Batubara - Indonesia
- Heidelberg Cement - Germany
- Siam City Cement - Thailand
- Globalindo Alam Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Xindia Steels Limited - India
- Bangladesh Power Developement Board
- Timah Investasi Mineral - Indoneisa
- Kobexindo Tractors - Indoneisa
- Tata Chemicals Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- White Energy Company Limited
- Aditya Birla Group - India
- Kapuas Tunggal Persada - Indonesia
- MS Steel International - UAE
- Vedanta Resources Plc - India
- Billiton Holdings Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Romanian Commodities Exchange
- Jorong Barutama Greston.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Makarim & Taira - Indonesia
- Sical Logistics Limited - India
- SMG Consultants - Indonesia
- Videocon Industries ltd - India
- Economic Council, Georgia
- Cigading International Bulk Terminal - Indonesia
- Eastern Energy - Thailand
- Gujarat Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Semirara Mining and Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- SMC Global Power, Philippines
- Therma Luzon, Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Kideco Jaya Agung - Indonesia
- TeaM Sual Corporation - Philippines
- PTC India Limited - India
- Grasim Industreis Ltd - India
- Sakthi Sugars Limited - India
- Mercator Lines Limited - India
- Planning Commission, India
- Kaltim Prima Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Borneo Indobara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Goldman Sachs - Singapore
- Thai Mozambique Logistica
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
- Tamil Nadu electricity Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Commodity Traders Exchange
- GAC Shipping (India) Pvt Ltd
- New Zealand Coal & Carbon
- Central Java Power - Indonesia
- Banpu Public Company Limited - Thailand
- Agrawal Coal Company - India
- European Bulk Services B.V. - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Star Paper Mills Limited - India
- Directorate Of Revenue Intelligence - India
- Posco Energy - South Korea
- Orica Mining Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Samtan Co., Ltd - South Korea
- Commonwealth Bank - Australia
- Ministry of Transport, Egypt
- International Coal Ventures Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Asmin Koalindo Tuhup - Indonesia
- Riau Bara Harum - Indonesia
- Ministry of Finance - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Trasteel International SA, Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Australia Pty. Ltd.
- The State Trading Corporation of India Ltd
- Dalmia Cement Bharat India
- Maheswari Brothers Coal Limited - India
- Global Green Power PLC Corporation, Philippines
- McConnell Dowell - Australia
- Sarangani Energy Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Mercuria Energy - Indonesia
- Latin American Coal - Colombia
- Africa Commodities Group - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Marubeni Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Krishnapatnam Port Company Ltd. - India
- Jindal Steel & Power Ltd - India
- Wilmar Investment Holdings
- Coastal Gujarat Power Limited - India
- Minerals Council of Australia
- Electricity Generating Authority of Thailand
- Bayan Resources Tbk. - Indonesia
- Global Coal Blending Company Limited - Australia
- Indogreen Group - Indonesia
- Salva Resources Pvt Ltd - India
- Parliament of New Zealand
- The Treasury - Australian Government
- ICICI Bank Limited - India
- Antam Resourcindo - Indonesia
- IEA Clean Coal Centre - UK
- Iligan Light & Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cement Manufacturers Association - India
- Renaissance Capital - South Africa
- Savvy Resources Ltd - HongKong
- Ambuja Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Sojitz Corporation - Japan
- Oldendorff Carriers - Singapore
- Interocean Group of Companies - India
- Aboitiz Power Corporation - Philippines
- Altura Mining Limited, Indonesia
- ASAPP Information Group - India
- SN Aboitiz Power Inc, Philippines
- Meralco Power Generation, Philippines
- Uttam Galva Steels Limited - India
- Bukit Makmur.PT - Indonesia
- GMR Energy Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Barasentosa Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Ministry of Mines - Canada
- Independent Power Producers Association of India
- Sinarmas Energy and Mining - Indonesia
- Indika Energy - Indonesia
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