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Author Archives: HellenicShippingNews

IMO Secretary-General, Mr. Efthimios Mitropoulos reflects on critical decisions adopted for the futu

In an exclusive interview with Hellenic Shipping News Worldwide, the long-serving Secretary-General of the International Maritime Organization (IMO), Mr. Efthimios E. Mitropoulos, looks back at the decisions adopted by the organization during his term and talks about the most significant current issues of the shipping industry, from the problem of piracy to the issue of shipping emissions and what measures the industry has undertaken to deal with those topics. Mr. Mitropoulos will be serving as Secretary General until the end of the year, when his second four-year term ends. He ...

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Tonnage oversupply heavily weighing down on tanker markets says Gibson

In an interview with Hellenic Shipping News Worldwide, Mr. Nigel Richardson, Managing Director of Gibson Shipbrokers Ltd. Highlighted the extremely weak tanker markets ““ especially the VLCC segment ““ during the first half of the year and the reasons behind it. Regarding the estimates for the near future, Mr. Richardson mentioned that “œthe market prospects for tanker owners over the next couple of months remain weak, as tanker supply will continue to grow rapidly, putting downwards pressure on tanker rates. At the same time, there is very little obsolete or ...

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Torm sees early recovery for product tankers

One of the leading players for product tankers, TORM, sees an early recovery on the sector, on the back of lower orderbook. The company’s Chief Executive Officer, Mr. Jacob Meldgaard” also said, in an exclusive interview with Hellenic Shipping News Worldwide, that the outlook for 2011 suggests a loss before tax of between $100-125 million, as a result of lower rates. TORM has been actively taking defensive measures to counter this expected loss, securing liquidity through various deals and deleveraging its balance sheet, until the market picks up pace. TORM ...

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Maersk expects rates to return to healthier levels during second half of 2011

In an interview with Hellenic Shipping News Worldwide, Maersk Hellas’ Managing Director, Mrs. Anne O. Gronbjerg, responsible for the Greece Cluster, including Hellas, Cyprus and Bulgaria, confirmed Maersk’s estimates that the second half of 2011 will prove healthier in terms of rates for the container shipping sector. She also speaks of the recent huge Triple-E vessels order and the scope behind it, while she analyzes the future of container shipping, through the eyes of the sector’s leading group. In terms of the company’s presence in Hellas, Mrs. Gronbjerg reaffirmed Maersk’s ...

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Dry bulk market to recover no earlier than second half of 2013 says Commodore Research

The recovery and next upward cycle of the dry bulk market shouldn’t be expected to occur earlier than the second half of 2013, according to Jeffrey Landsberg, managing director of US-based Commodore Research & Consultancy. By then, he says, a large amount of the orderbook should be absorbed, especially when it comes to capesize vessels, the most overweighed part of the dry bulk fleet. Should scrapping activity pick up even more, then the comeback could happen even earlier. According to Commodore, India’s coal needs will also become a major factor ...

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Tanker sector facing oversupply issues, sustained recovery seen only for smaller ship types says exp

During the next two years the VLCC and Suezmax fleets are projected to post net growths of 21% and 19%, respectively, which is well out of step with demand growth projections said George P. Los, Research Analyst with Charles R. Weber Company, Inc., in an interview with Hellenic Shipping News Worldwide. “Should newbuilding ordering remain at present levels, it will at least prevent an unnecessary prolonging of overcapacity in the long term and possibly from mid-2013 earnings will progress into the recovery stage. For the smaller crude tanker size classes ...

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Oversupply of vessels to rule the market for at least three more years says analyst

Dry cargo demand fundamentals are falling back in terms of offering proper comfort to ship owners and alleviate oversupply issues, as Chinese iron fixtures are on a downward trend with port stockpiles of iron ore, coal and steel being at elevated levels. According to Maria Bertzeletou, Analyst of Research & Valuations Department with shipbroker Golden Destiny, tonnage oversupply will most probably remain a headache for owners for another three years, since demolition activity, though elevated in recent months isn’t enough to ease pressure on freight rates. Following is the full ...

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Oversupply issues to plague dry bulk trade for 2011 as well

According to John Pachoulis, the President of the Hellenic Shipbrokers Association, current, as well as future oversupply problems will most likely hamper the dry bulk sector’s recovery this year as well, with freights rates deteriorating again by the second half of 2011. Still, in the short term and at least until May, things could look a bit rosier, as this period of the year is traditionally, the strongest one of each year. As for the latest devastation in Japan, Mr. Pachoulis says that it won’t affect dry bulk trade that ...

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Dry bulk to stay subdued in the long term

Tonnage oversupply keeps adding “œweight” to the dry bulk market, but even if the balance with demand was right, ship owner Alexis Angelopoulos, head of ACA Shipping says it wouldn’t be enough to propel the Baltic Dry Index (BDI) more than 20% – 30% of what it is today. In an interview with Hellenic Shipping News Worldwide, Mr. Angelopoulos, whose company is mainly focused to smaller ship types of 15,000 ““ 20,000 tons, operating a fleet of five, mainly active in the Mediterranean market, states that some external factors would ...

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Oversupply to reign in on dry bulk market during 2011

In an interview with Hellenic Shipping News Worldwide, BIMCO’s shipping analyst, Peter Sand, describes the “œhardships” expected to reign in on the dry bulk market this year, as tonnage oversupply will definitely keep rates down, especially for the larger Capesize vessels. “The oversupply has now become too severe to counterbalance even for a strong dry bulk market that grew by 9% in 2010 and are expected to grow by 7% in 2011. The volatility in the market will come down as the upside potential will be limited. Spikes in Capesize ...

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AVEVA Marine “œbuilds” the future of shipping

With shipbuilding design becoming ever so crucial for the future of ships, AVEVA’s solutions package towards shipbuilders across the world is powering up change and technology. With 85% of the top 50 shipbuilders being AVEVA Customers it’s more than clear that in one way or another, most of today’s modern vessels were designed using one or more of the group’s applications and modules. Hellenic Shipping News Worldwide spoke with Mr. StΓ©phane NeuvΓ©glise, Product Strategy Manager – AVEVA Marine, on the company’s plans for the future, its current line of products, ...

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Large orderbook to hinder 2011 dry bulk market rebound despite increased demand says Paragon Shippin

A large orderbook which currently stands at 53% of the existing fleet is expected to render 2011 another challenging year for the dry bulk market. According to Mr. Michael Bodouroglou, Chairman and CEO of Paragon Shipping Inc., in an interview with Hellenic Shipping News Worldwide, “œwe believe that 2011 should be a challenging year due to the amount of new vessels that are expected to hit the water during the year”. Providing with an explanation on the flurry of newbuilding orders this year, Mr. Bodouroglou said that current newbuilding prices ...

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Ship supply business constantly evolving as shipping becomes more and more technology-driven

Being the first company to offer transit warehousing to the Turkish market, Atlas International Shipchandling & Trading, is operating for more than 30 years in one of the most important sectors of the shipping industry, the one of ship supply. Atlas, a company founded by managing director George Saris and his colleagues, currently offers a 3,500 square meter warehouse and cold storage plant offering a large availability of product including multiethnic provisions as well as deck and engine, cabin stores, suppliers of various spare parts in connection with worldwide manufacturers’ ...

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Tanker market to be plagued by oversupply in 2011, bunker prices heading upwards as well

Oversupply issues will continue to be a crucial factor for the tanker freight market during 2011 as well, said Mr. Alexandros Prokopakis, General Manager-Bunkering with Mamidoil ““ JetOil SA in an interview with Hellenic Shipping News Worldwide. Still, he remains optimistic about the market from the middle of 2012 onwards. Until then though, tanker owners will have to be cautious regarding their investment and chartering strategies, especially as operating costs are facing increases. According to Mr. Prokopakis, this year’s very competitive bunker prices are unlikely to be repeated next year, ...

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Seanergy Maritime Holdings expects better days for dry bulk shipping in the near future

With oversupply issues seen as overblown and solid cargo demand from China expected to continue in the coming months, Christina Anagnostara, Chief Financial Officer of Seanergy Maritime Holdings Corp., expects Cape and Panamax rates to find additional support in the coming months. At the moment, Seanergy has secured charter coverage of 98% for 2010, 78% for 2011, 38% for 2012 and 19% for 2013 which is among the highest in the industry. “This provides cash flow stability, protection against the volatile freight rate environment and upside potential as five of ...

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