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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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Monday, 16 November 09
141 VESSELS ARE EXPECTED TO LOAD 8.833 MILLION TONS OF INDONESIAN COAL BEFORE 30 NOVEMBER 2009
COALspot.com (Indonesia): 141 vessels are expected to load or sail with 8.833 million tons of Indonesian coal before 30 November 2009.
A source f ...
Sunday, 15 November 09
NALCO SHELVES SA PROJECT- PUTS IRAN PROJECT ON HOLD
The Economic Times reported that, In a twin decision on its global operations involving about Rs 27,000-crore (US$ 5.847billions) investment, the st ...
Saturday, 14 November 09
SHORT PERIOD RATES FOR SUPRAMAX WAS AT US$ 19,000 / 20,000 PER DAY FOR VESSELS OPENING FAR EAST / SE ASIA - VISTAAR SINGAPORE
COALspot.com (Singaproe): BDI continues to rally crossing the 4,000 mark. The BDI increased this week by 718 points up by 21 pct and closed at 4,111 ...
Saturday, 14 November 09
CHINA HAS BEEN THE LARGEST SINGLE BUYER OF INDONESIAN COAL IN OCTOBER, TAKING 24.37% OF TOTAL EXPORT QUANTITY OF 22.637 MILLION TONS
COALspot.com (Indonesia): China has been the largest single buyer of Indonesian coal in October 2009, taking 24.37% of total export quantity o ...
Saturday, 14 November 09
ASIA'S POWER SECTOR IS INVESTING IN COALMINES TO SECURE SUPPLIES
COALspot.com (Press Release): Asia Coal Power conference in Jakarta pinpoints growing power demand in Asia & Power sector investments in Indones ...
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- Coalindo Energy - Indonesia
- Baramulti Group, Indonesia
- Billiton Holdings Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Aditya Birla Group - India
- Siam City Cement - Thailand
- Ministry of Finance - Indonesia
- Port Waratah Coal Services - Australia
- Holcim Trading Pte Ltd - Singapore
- Miang Besar Coal Terminal - Indonesia
- Mintek Dendrill Indonesia
- Singapore Mercantile Exchange
- Renaissance Capital - South Africa
- Attock Cement Pakistan Limited
- Iligan Light & Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Sical Logistics Limited - India
- Gujarat Sidhee Cement - India
- Bhushan Steel Limited - India
- Sojitz Corporation - Japan
- GAC Shipping (India) Pvt Ltd
- Australian Coal Association
- Sarangani Energy Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Samtan Co., Ltd - South Korea
- Parliament of New Zealand
- Coastal Gujarat Power Limited - India
- Orica Australia Pty. Ltd.
- PTC India Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Deloitte Consulting - India
- Gujarat Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Formosa Plastics Group - Taiwan
- The Treasury - Australian Government
- Marubeni Corporation - India
- Minerals Council of Australia
- Bahari Cakrawala Sebuku - Indonesia
- Vedanta Resources Plc - India
- Riau Bara Harum - Indonesia
- Banpu Public Company Limited - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Kobexindo Tractors - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Energy Development Corp, Philippines
- SMG Consultants - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Indonesian Coal Mining Association
- Bhoruka Overseas - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- New Zealand Coal & Carbon
- Vizag Seaport Private Limited - India
- CNBM International Corporation - China
- Meenaskhi Energy Private Limited - India
- Kideco Jaya Agung - Indonesia
- Indian Oil Corporation Limited
- Sindya Power Generating Company Private Ltd
- White Energy Company Limited
- Anglo American - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Georgia Ports Authority, United States
- Merrill Lynch Commodities Europe
- Alfred C Toepfer International GmbH - Germany
- Karaikal Port Pvt Ltd - India
- Petron Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Tamil Nadu electricity Board
- Global Business Power Corporation, Philippines
- Mjunction Services Limited - India
- Meralco Power Generation, Philippines
- Larsen & Toubro Limited - India
- Lanco Infratech Ltd - India
- Dalmia Cement Bharat India
- Cement Manufacturers Association - India
- Bayan Resources Tbk. - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Java Power - Indonesia
- Straits Asia Resources Limited - Singapore
- Edison Trading Spa - Italy
- Maharashtra Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- SMC Global Power, Philippines
- Sinarmas Energy and Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- South Luzon Thermal Energy Corporation
- San Jose City I Power Corp, Philippines
- Grasim Industreis Ltd - India
- Chettinad Cement Corporation Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Romanian Commodities Exchange
- Interocean Group of Companies - India
- TNB Fuel Sdn Bhd - Malaysia
- International Coal Ventures Pvt Ltd - India
- Mercator Lines Limited - India
- Indian Energy Exchange, India
- Carbofer General Trading SA - India
- Pendopo Energi Batubara - Indonesia
- Heidelberg Cement - Germany
- Kalimantan Lumbung Energi - Indonesia
- India Bulls Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Tata Chemicals Ltd - India
- Jaiprakash Power Ventures ltd
- Timah Investasi Mineral - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Indika Energy - Indonesia
- Power Finance Corporation Ltd., India
- Toyota Tsusho Corporation, Japan
- Rashtriya Ispat Nigam Limited - India
- Salva Resources Pvt Ltd - India
- Ministry of Transport, Egypt
- ICICI Bank Limited - India
- Global Coal Blending Company Limited - Australia
- Kartika Selabumi Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- McConnell Dowell - Australia
- Oldendorff Carriers - Singapore
- Trasteel International SA, Italy
- Energy Link Ltd, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Central Electricity Authority - India
- Ambuja Cements Ltd - India
- Chamber of Mines of South Africa
- Borneo Indobara - Indonesia
- Electricity Generating Authority of Thailand
- Essar Steel Hazira Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- GVK Power & Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Xindia Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Price Waterhouse Coopers - Russia
- Bharathi Cement Corporation - India
- Ministry of Mines - Canada
- Orica Mining Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bukit Makmur.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Rio Tinto Coal - Australia
- Jindal Steel & Power Ltd - India
- Eastern Coal Council - USA
- Videocon Industries ltd - India
- Thiess Contractors Indonesia
- The University of Queensland
- Eastern Energy - Thailand
- GMR Energy Limited - India
- Makarim & Taira - Indonesia
- Ind-Barath Power Infra Limited - India
- Thai Mozambique Logistica
- Agrawal Coal Company - India
- Neyveli Lignite Corporation Ltd, - India
- Uttam Galva Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- ASAPP Information Group - India
- Planning Commission, India
- Mercuria Energy - Indonesia
- Antam Resourcindo - Indonesia
- Bangladesh Power Developement Board
- Metalloyd Limited - United Kingdom
- Latin American Coal - Colombia
- Sakthi Sugars Limited - India
- Star Paper Mills Limited - India
- Madhucon Powers Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Sree Jayajothi Cements Limited - India
- Goldman Sachs - Singapore
- Coal and Oil Company - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Standard Chartered Bank - UAE
- Wood Mackenzie - Singapore
- Altura Mining Limited, Indonesia
- Directorate Of Revenue Intelligence - India
- MS Steel International - UAE
- Maheswari Brothers Coal Limited - India
- Cigading International Bulk Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Independent Power Producers Association of India
- European Bulk Services B.V. - Netherlands
- Posco Energy - South Korea
- Medco Energi Mining Internasional
- London Commodity Brokers - England
- VISA Power Limited - India
- CIMB Investment Bank - Malaysia
- Electricity Authority, New Zealand
- SN Aboitiz Power Inc, Philippines
- Parry Sugars Refinery, India
- Australian Commodity Traders Exchange
- Bulk Trading Sa - Switzerland
- Karbindo Abesyapradhi - Indoneisa
- Economic Council, Georgia
- Global Green Power PLC Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Malabar Cements Ltd - India
- The State Trading Corporation of India Ltd
- Indogreen Group - Indonesia
- Africa Commodities Group - South Africa
- Commonwealth Bank - Australia
- OPG Power Generation Pvt Ltd - India
- Siam City Cement PLC, Thailand
- IHS Mccloskey Coal Group - USA
- Wilmar Investment Holdings
- IEA Clean Coal Centre - UK
- Binh Thuan Hamico - Vietnam
- Manunggal Multi Energi - Indonesia
- PowerSource Philippines DevCo
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