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The Markets: the right to predict

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John N. Faraclas

John N. Faraclas

Today’s weekly live interview of John Faraclas to Lilian Margaritis of SBC TV reconfirmed once again his predictions and fears of the falling markets…

With the BDI  now down to 1, 671 points – down 230 since last Friday (18/10), Faraclas reiterated his view that despite a 100 centum increase since last week to 1, 901 points (925 x 2 from the 17th of June 2013, more or less) and with the Capers down 583  points in a week to 2, 681, things couldn’t go worse. Even Panamaxes fell and the respective BPI dropped below the 2, 000 point mark to 1, 904 points (down 156 in a week time). Smaller tonnage had a marginal rise with the BSI and BHSI at 1, 258 and 649 respectively –  up 45 and 15 points since 18/10. The wets where both down at 596 points the BDTI and 490 points the BCTI; difficult times ahead. Faraclas maintains a very different view on the markets both for the sort and long terms; as he says…. “countering” to all those  opposing same: “Predicting well is the best revenge”*

Mrs. Margaritis recalled Faraclas’ worries and asked how companies and ships face these situation and Faraclas countered that in today’s Lloyd’s List there was an article on “A bankruptcy guide to preventing creditors arresting your vessels”, giving in this way the scene of the market…

Mrs. Margaritis asked about yesterday’s event on Capital Link’s 3rd Annual Shipping and offshore CSR Forum with Faraclas describing same as an international success, an event on an important issue which must prevail in all companies of any kind. Mrs. Margaritis asked what was discussed on the oil front and Faraclas mentioned the Norwegian success as well as the success of Danish Shipping in contributing to its country’s coffers, adding that the Greek oil and gas should come out forthwith creating new jobs and giving a new impetus of economic development for the Greek people, as well as for shipowners, Greek and foreign ones to build good ships in the country’s ailing shipyards due to governmental mismanagement, despicable unionism and owners as well as managers awaiting only for the state’s naval orders. Faraclas called the immediate return to prosperity of Greece’s yards under a united scheme and the running saga of the shipyards, particularly that of Scaramanga Shipyard,  in the Greek Parliament to come to an end…

Finally in the remaining minute he added how important and successful was the 38th  Interferry Conference in Malta earlier in the month with issues, amongst others important technical safety matters (Prof. Drakos Vassalos’ points) and the crisis affecting the Adriatic Passenger trade and the Aegean one, issues mentioned by Spyros Paschalis of Attica Group, as well as and the company’s prospective projects in the area.

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

*paraphrasing the famous maxim: “Living well is the best revenge”

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