The following are the main points from the latest John Faraclas live interview to Panos Thomakos of SBC TV last Friday the 17th of May 2013:
Thomakos opened the interview with an optimistic and positive view given the Greek Prime Ministers trip to China, the expected Chinese investments in Greece, the European Commission is pleased with Greece’ performance, the Fitch upgrading of Greece, the good weather and the promising touristic season where over 17 million tourists are expected to visit Greece!
1) Faraclas was reserved and expressed caution and continued with the downward markets, expressing once again his pragmatic pessimism as the BDI was down 9 points since Thursday at 841, but moreover down 43 points from the previous week! “I totally disagree with all and I have a different view altogether with what the analysts and the markets say; I have put everything on canvas, and it turned my way!”
2) Thomakos asked whether “…the scenario that we see, with the US economy’s bubble over, particularly on derivatives and if money printing is on, the advantages of shale oil and gas, if China maintains a 7 percent development and all this positively affects Europe and its southern region according to Dr. Karakitsos’ view, conversely will this affect shipping?” Faraclas opposed all these happenings and said shipping is in danger. He said that the US will maintain the world lead, and bets on that the US will be the world leader for the next 50-100 years, but shipping is a very peculiar field and caution should prevail. He hinted Maersk’s situation with 167, 000 boxes inactive, up from 102, 000 boxes (last year) or 28 vessels idle, a big increase since last year. Maersk will go for Oil exploration/drilling and Ports investment. It’s good to have the Chinese in Greece but need to have as a major shipping nation, and see more foreign countries’ investors come to Greece and have a healthy competition which will not only benefit Greece and its geopolitical business position, but the periphery too. When you see major corporations suffer in this market, you can imagine what might happen.
In past we mentioned about oil and its importance for the Greek Economy and we must safe guard every issue leading to any loss of Greece’s rights on its EEZ and beyond.
3) Faraclas hinted the overcapacity issue and the different situs in the stock markets with that of the Baltic and in general the shipping indices. There is a rally in the US and Japan above the 15, 000 (DJIA and Nikkei) and the new Japanese leader is determined for further developments, a major issue.
4) Faraclas stressed that as we speak the Union of Greek Shipowners’ delegation headed by its president Theodore Veniamis The above and other issues on Greece and World Politics can be heard and viewed in the video above; we look forward to our viewers comments. As usual there will be a translation into English (hopefully subtitles).
5) He said that we offered China the business which works to its benefit and must ask China to cancel its recognition over FYROM, which took place some years ago; you can’t offer all theses concessions and yet these are not compatible with the business mind…
He reminded Thomakos his position on Syria, “…we discuss it and see what happens”. It might be hell one day, not only Syria, but the entire periphery, particular with the Russian advance ammunition et al…
Ending he said that shipping needs discipline!
The above and other issues on Greece and World Politics can be heard and viewed in the video above; we look forward to our viewers comments. As usual there will also be English subtitles when they become available.