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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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Sunday, 01 November 09
THE COAL MOVEMENT TO INDIA FROM SOUTH AFRICA AND INDONESIA WOULD BE CONTINUE INCREASE - VISTAAR SINGAPORE
COALspot.com (Singapore): The BDI continued to be firm with an increase of 60 points and closed at 3,103 points.
The cape index also was firm an ...
Sunday, 01 November 09
INDONESIA ADARO Q3 NET PROFIT JUMPS ON COAL DEMAND
* Q3 net profit up 131.6 percent to 1.27 trillion rupiah
* Q3 revenue up 56.8 percent to 7.12 trillion rupiah
Reuters reported that, Indonesia' ...
Sunday, 01 November 09
PT INDIKA MAY BUY STAKES IN BHPB INDONESIA OPERATIONS
Dow Jones reported that Indonesian coal producer PT Indika Energy may buy stakes in BHP Billiton Limited's Indonesian coal operations and in local ...
Sunday, 01 November 09
ADAVALE RESOURCES MAKES COAL ACQUISITIONS IN INDONESIA
Adavale Resources Limited has entered into an agreement to acquire the rights to two thermal coal projects Tapan and Jambi in Sumatra Indonesia, hel ...
Saturday, 31 October 09
PRODUCERS BENEFIT FROM COAL'S TIGHT SUPPLY AND STRONG DEMAND
The Jakarta Post reported that, The outlook for Indonesian coal producers appears promising with strong volume growth coming from both the domestic ...
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- Mercuria Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Rio Tinto Coal - Australia
- Meralco Power Generation, Philippines
- SMC Global Power, Philippines
- Mercator Lines Limited - India
- Interocean Group of Companies - India
- GN Power Mariveles Coal Plant, Philippines
- IEA Clean Coal Centre - UK
- Petrochimia International Co. Ltd.- Taiwan
- Samtan Co., Ltd - South Korea
- Madhucon Powers Ltd - India
- Anglo American - United Kingdom
- Borneo Indobara - Indonesia
- VISA Power Limited - India
- Medco Energi Mining Internasional
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parry Sugars Refinery, India
- Gujarat Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Barasentosa Lestari - Indonesia
- Bhushan Steel Limited - India
- Kapuas Tunggal Persada - Indonesia
- The University of Queensland
- Posco Energy - South Korea
- ICICI Bank Limited - India
- Tata Chemicals Ltd - India
- Uttam Galva Steels Limited - India
- Vedanta Resources Plc - India
- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- Ministry of Finance - Indonesia
- Dalmia Cement Bharat India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- OPG Power Generation Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Singapore Mercantile Exchange
- Mjunction Services Limited - India
- Cement Manufacturers Association - India
- Coalindo Energy - Indonesia
- Formosa Plastics Group - Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- IHS Mccloskey Coal Group - USA
- Bahari Cakrawala Sebuku - Indonesia
- Agrawal Coal Company - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Toyota Tsusho Corporation, Japan
- Jorong Barutama Greston.PT - Indonesia
- Metalloyd Limited - United Kingdom
- White Energy Company Limited
- India Bulls Power Limited - India
- Marubeni Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Aditya Birla Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- McConnell Dowell - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Carbofer General Trading SA - India
- Electricity Generating Authority of Thailand
- Videocon Industries ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Jindal Steel & Power Ltd - India
- Electricity Authority, New Zealand
- The Treasury - Australian Government
- TeaM Sual Corporation - Philippines
- Parliament of New Zealand
- Planning Commission, India
- Kartika Selabumi Mining - Indonesia
- Bhatia International Limited - India
- Larsen & Toubro Limited - India
- Bukit Makmur.PT - Indonesia
- Riau Bara Harum - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bangladesh Power Developement Board
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- Economic Council, Georgia
- Coal and Oil Company - UAE
- Semirara Mining Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Commonwealth Bank - Australia
- Therma Luzon, Inc, Philippines
- PTC India Limited - India
- Iligan Light & Power Inc, Philippines
- New Zealand Coal & Carbon
- Trasteel International SA, Italy
- Maharashtra Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Xindia Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Oldendorff Carriers - Singapore
- AsiaOL BioFuels Corp., Philippines
- CIMB Investment Bank - Malaysia
- Vizag Seaport Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Latin American Coal - Colombia
- Miang Besar Coal Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- GMR Energy Limited - India
- PNOC Exploration Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Orica Mining Services - Indonesia
- Central Electricity Authority - India
- Wood Mackenzie - Singapore
- Sical Logistics Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bulk Trading Sa - Switzerland
- Asmin Koalindo Tuhup - Indonesia
- Edison Trading Spa - Italy
- Indonesian Coal Mining Association
- Pipit Mutiara Jaya. PT, Indonesia
- Banpu Public Company Limited - Thailand
- Price Waterhouse Coopers - Russia
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- Global Business Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- International Coal Ventures Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Ceylon Electricity Board - Sri Lanka
- LBH Netherlands Bv - Netherlands
- Siam City Cement - Thailand
- Jaiprakash Power Ventures ltd
- MS Steel International - UAE
- Standard Chartered Bank - UAE
- Australian Coal Association
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Deloitte Consulting - India
- Coastal Gujarat Power Limited - India
- Heidelberg Cement - Germany
- GVK Power & Infra Limited - India
- Savvy Resources Ltd - HongKong
- Orica Australia Pty. Ltd.
- Pendopo Energi Batubara - Indonesia
- Romanian Commodities Exchange
- Attock Cement Pakistan Limited
- Bharathi Cement Corporation - India
- Central Java Power - Indonesia
- Lanco Infratech Ltd - India
- Petron Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Karaikal Port Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Ministry of Mines - Canada
- Maheswari Brothers Coal Limited - India
- Ambuja Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Eastern Coal Council - USA
- Thai Mozambique Logistica
- Indian Energy Exchange, India
- Ministry of Transport, Egypt
- Kohat Cement Company Ltd. - Pakistan
- Star Paper Mills Limited - India
- Altura Mining Limited, Indonesia
- CNBM International Corporation - China
- Chamber of Mines of South Africa
- Sojitz Corporation - Japan
- Ind-Barath Power Infra Limited - India
- Baramulti Group, Indonesia
- Kumho Petrochemical, South Korea
- Indian Oil Corporation Limited
- Port Waratah Coal Services - Australia
- Simpson Spence & Young - Indonesia
- Africa Commodities Group - South Africa
- Indogreen Group - Indonesia
- Energy Link Ltd, New Zealand
- SN Aboitiz Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Tamil Nadu electricity Board
- Binh Thuan Hamico - Vietnam
- Independent Power Producers Association of India
- Australian Commodity Traders Exchange
- Wilmar Investment Holdings
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Merrill Lynch Commodities Europe
- Alfred C Toepfer International GmbH - Germany
- GAC Shipping (India) Pvt Ltd
- Thiess Contractors Indonesia
- Krishnapatnam Port Company Ltd. - India
- PowerSource Philippines DevCo
- Siam City Cement PLC, Thailand
- Rashtriya Ispat Nigam Limited - India
- Energy Development Corp, Philippines
- Renaissance Capital - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indo Tambangraya Megah - Indonesia
- Indika Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Meenaskhi Energy Private Limited - India
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- ASAPP Information Group - India
- Gujarat Sidhee Cement - India
- Grasim Industreis Ltd - India
- Global Coal Blending Company Limited - Australia
- Mintek Dendrill Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Antam Resourcindo - Indonesia
- Makarim & Taira - Indonesia
- The State Trading Corporation of India Ltd
- Straits Asia Resources Limited - Singapore
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