John Faraclas
Another drop in the markets, both dry and wet amid continued geopolitical chaos and uncertainty; John Faraclas’ daily report:
The BDI (Baltic Dry Index) lost another 16 points earlier on today and now stands at 1,154 points; a bit of a …contained fall.
The Capers’ BCI 2014 lost 13 points and now reads 1,767; a contained fall suggesting that tomorrow there might be a plus situ… CAUTION though as this volatile “conditions” are not healthy…
The Panamaxes’ BPI was down 56 points, now standing at 1,371; CAUTION here too. It seems that both sizes past week’s gains evaporate or volatility plays its games…
The Supras too lost five points with the BSI at 887, and
The Handies’ BHSI, hurray hurray …remained the same at 577
All in all a downwards market. In the meantime there are many voices urging for stopping the ordering of newbuilding bulkers, particularly the large sizes, but… You can’t do that given the lack of regulation; it’s a free market, unfortunately… Brace for the new catastrophe…
Many have the view that the demolition of bulkers, large in particular, will be essential and a catalyst for the market’s recovery; but what about the Wets? I mean the Tankers… We need to see thirty centum of all existing tonnage go for scrap!!! Bulkers, Containers, Tankers… you name it. The big question is: what will their lenders do as many are heavily indebted….
The Wets too followed suit; the last published BDTI (Dirties) and BCTI (Cleans) stood at 812 – no change and 654 – minus seven respectively. CAUTION for the Wet market too.
The Boxships’ companies are once again about to announce some mergers…
The WTI stood just below the US$ 50, at US$ 49.55 when these lines were written…
The Markets are in turmoil despite their performance following Macron’s first round win in France… CAUTION!
The Geopolitical front’s horizon gets cloudy and the forecast is …low… Expect rain, expect warring rain soon in many parts on Planet Ocean…
MIGRANTS still, unfortunately, on top all over the world. We repeat our last feelings, those of feeling very sorry for the loss of life of thousand during 2017 in the West, central Med and in the Aegean Seas. The Superpowers MUST get their act together. A mandate is needed, rules of engagement too, so we have in place a Naval Blockade; otherwise we do NOT wish to read complaints in the future.
The Wars in Syria and Iraq continue and what one can say to the superpowers there? Eh??
Turkey continues to slide towards a mess internally and externally: ENOUGH!!! Be on guard for what is yet to come within Turkey and beyond. It seems the UN, the EU and many others “cannot” get the message for Erdogan’s orientations and new directions. Wonder if all this is on purpose or what… Yesterday we are advised that four engagements took place between Greek and Turkish jets and 71 (yes seventy-one) intrusions/violations of Greece’s Airspace.
Greece is in a mess too; the politicians day by day deprive the Greek public and the European Union together with the IMF are responsible for the financial genocide of the Greek people. In the foreign policy and affairs the mess continues….
In the wider Balkans periphery the situ gets worse and the Albanians – pushed from outsiders, might cause havoc and an all out conflagration… CAUTION….
Next door in FYROM the situ remains far worse than last week…
In France the second round of the presidential election might hold a surprise but the main issue is not who wins, it is who has the solution for France’s problems – they are too many and grave…
The German elections too are boiling up – Mrs Merkel must make or break…
Italy too must get its act together, particular after Fitch’s BBB – the forthcoming election is crucial.
BREXIT on …the run up for the 8th of June’s elections… The United Kingdom becomes Planet Ocean’s focal point!
Al Qaeda’s chief ordered St. Petersburg’s (Russia) metro bombing; SHAME !
The Americans expressed deep concern following the Turkish air strikes that killed nearly two dozen of Kurdish fighters in Syria and Iraq!!!
Meantime the missile-armed USS Michigan will join a flotilla of warships led by Carl Vinson, the aircraft carrier. The submarine Michigan docked yesterday in Busan, South Korea. We hope the North Koreans come down to their senses and not down to their knees, as president Trump will not let them go…
A faction of the Pakistani Taliban, who also carried out the January attack, took responsibility for an attack earlier on today, killing at least ten in a mini-bus in North West Pakistan; another shameful atrocity!
On another tone now:
Prof. Susan Hawker replying to questions
The Second Day of the very successful and interesting LMA (Lloyd’s Maritime Academy) Shipping 360 Training Course continued with interesting presentations from supremo Susan Hawker, the course director at HST Akademie Hamburg on “Maritime Law Explain”.
The charismatic professor excited the attendees with the interactive session and Ship Sales and Purchase specialist Matt Hannaford, partner at Hannaford Turner on “Sale and Purchase: Exploring the commercial and legal complexities”.
Matt Hannaford delivering his paper
Alex Cue was the post lunch speaker on “Time and Voyage charterparties: Examining the key commercial and legal aspects”, before the delegates’ visit at Lloyd’s of London.
Congrats once again to Stephanie Brown and Matilde Piteira as well as their team from KNect 360 for their organisational skills and valuable service to all!
Off to the 2017 Greek Wine tasting at the Vintners’ Hall in the heart of the Square Mile, for yet another …upcoming Greek success, thanks to the organisational skills and planning of the Commercial and Trade office at Greece’s Embassy in the United Kingdom – headed by Counsellor Antonis Katepodis, who in unique cooperation with the Press Office – headed by Alex Georgiades and supported by Irene Kioulafi, created an unforgettable day, attracting a great number of professionals in the field – tasters at their best!!! Greek and local media covered the event. EDOAO too (the National Inter-professional Organisation of Vine and Wine) managed well and hope, next time round, they improve their development further. Good to see among the wine exhibitors friends from the past interwoven with the maritime saga; Eclectic Wines Mary Pateras and husband Polys! They were the first professionals some years ago to kick-start Greek wine tasting in the United Kingdom! We must also honour all the interns at the respective departments of the Greek Embassy who did their best to make it a very successful event – details count most! We hope next time round to see more wines from the Aegean Sea islands, Chios in particular – remind you that in antiquity and as Mythology says, the first colonist of Chios was Oinopionas from Crete, the grandson of King Minos who taught the inhabitants the art of wine-making. The amimon oenos from Iliad too, a must to understand its meaning! You don’t need to be reminded of the Innouses’ name where it emanates from…
Do please watch the live video coverage above, thanks to IKKI
from the LSLC event: the chairman and the speakers
Lastly, we were fortunate to be …sober and attend the LSLC (London Shipping Law Centre) event at Stephenson Harwood’s auditorium in Moorgate on the “Interpretation of Contracts / Implication of terms/ Exclusion / limitation / Liquidated Damages Clauses”, chaired by The Rt. Hon. Lord Justice Hamblen and a powerful group of speakers: Richard Siberry QC and Philippa Hopkins from Essex Court Chambers, prof. Ewan McKendrik QC from 3 Verulam Buildings and University of Oxford and Tony Concagh from the hosts. We will revert soon with a full write-up.
That’s all for now, have a nice evening and be on guard for and from any eventuality involving Pirates and Terrorists wherever you are on board / ashore…
