Caution for the markets is the message

John N. Faraclas

John Faraclas’ weekly live interview to Lilian Margaritis of SBC TV last Friday the 11^th of October 2013 focused on the falling BDI, The Intermodal Europe 2013 at Hamburg Messe, the BHCC annul event in London, the IMIF event with Torben Skaanild, BIMCO’s outgoing Secretary-General and the 8th International Conference of  Maritime Law event in Piraeus.

Falling below the 2, 000 point mark of the BDI and the bad overall performance of all the indices confirmed Faraclas’ worries about the markets. Mrs. Margritis countered if this is a correction but he insisted that no way this happened like this in shpping and centred his objections to the following facts that influence the markets: Uncertainty, bankruptcies, Overcapacity and greediness on behalf of owners to build more ships and obviously the lack of funds to finance the new ships.

Then he briefly mentioned the important annual British Hellenic Chamber of Commerce annual forum at the Hellenic Centre in London, with keynote speaker the  Greek Minister of Shipping Miltiades Varvitsiotis – an excellent event but “inconclusive” vis-à-vis what action one should really take to save Greece et al plus the Euro, , given the subject “The euro, Greece & the Southern Periphery”; the event was in collaboration with the LSE – Hellenic Observatory and the COBCOE – the Council of British Chambers of Commerce in Europe.

Moreover he referred to one of the best ever events in mainland Europe, that of Intermodal Europe 2013 at Hamburg Messe where over 100 exhibitors participated as well as COA’s  (the Containers Owners Association) AGM.

Lastly we mentioned the  International Maritime Law Conference in Piraeus and the importance of all its deliberations given its title: Shipping in periods of economic distress: Financing ship’s operation- enforcement”.

The above and other matters which can be heard in the video which follows here below and soon with subtitles in English. We look forward to your written comments.