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