The Dry Market had one of its worse weeks with the BDI (Baltic Dry Index) diving down to 2,681 points, thanks to the volatile Capes – losing 660 points since yesterday and 2,708 since last week’s 4,526. The Wets with mixed feelings remain more than enigmatic. The Ukrainian mess entered its fourth month and will spread further, whilst Turkey – as we have warned using blackmail, might rock Peace in a range of 3,000 miles around today’s Turkish borders. Sanctions an issue; cool it…. Covid will upset us and we must ensure we contain Monkey pox… Posidonia splashes lift public morale… John Faraclas’ daily and weekly recap:
The BDI lost 252 points since yesterday and now reads 2,681; on a weekly basis, same was down 663 losing the 2,700 to 3,100 points threshold – from 3,344 last week (20/05) and sending alarms…
The Capes’ BCI, as mentioned in the preamble, had a disastrous week with the loss of the 2,900 to 4,000 points threshold. Caution as in case this fall continuous, the catastrophe may end up in a major market issue with incalculable collateral damages…
Major losses for the Panamaxes’ BPI now at 3,048 – down 92; on a weekly basis the BPI lost 334 points as well as the 3,100 to 3,300 points threshold… from 3,382 (20/05) another considerable loss…
Minor losses the Supras and the Handies; the BSI was down 27 points at 2,796 and on weekly basis same was down 20 – from 2,816 last week losing though the 2,800 points threshold. The Handies’ BHSI lost five points and now stands at 1,647 points. Minus 15 points on a weekly basis – from 1,662…
All in all a disastrous Dry week. Ultra caution should be observed…
The Wets remain enigmatic; the last published BDTI (Dirties) and BCTI (Cleans) stood at 1,128 and 1,459 points – up two and down 13 points respectively. On a weekly basis the Dirties were up 17 points – from 1,111 and the Cleans down six points – from 1,465 points respectively… Watch this space.
Containers still enjoy a good market… excellent results for those who waited and managed to survive…
The Cruise Industry returns and hope some debts will be rectified. We also believe in small cruise ships – 1,000 (one thousand) passengers and 300 (three hundred) crew. You do not have to be big to be beautiful…
On the Sales and Purchase front we insist in newbuildings powered by wind sails or any other real eco means and let’s avoid mickeymousing with time frames such as 2020 (What keeps you awake at night and all that jazz), 2030, 2035 2050 or delayed excuses with Covid etc etc. Time to wake up!
The WTI stood at US$ 115.07 – up 98 cents since yesterday; on a weekly basis, same was up US$ 4.79 – from US$ 110.28 (20/05). Dreadful levels; we maintain the view that same should not exceed the US$ 49.99 under any circumstances. Respect the international public please… We hear of a “return” of 2008 levels close to US$ 150… Hold your breath…
The Energy issue MUST be solved here and now; no excuses please!
On the Geopolitical front, we will be very brief:
Firstly, you have not seen anything yet with the Ukrainian mess and the forthcoming spill over. Indeed one must be cynical: War Father of All… if you do not destroy, you cannot rebuilt, this is the pitiful message from history! As stressed in previous articles / TV coverage, imagine Planet Ocean and Shipping Business without the Second World War. The product of the Second World War was the long period Timecharterts to rebuilt Planet Ocean in its entirety and Shipping Transport had its best time ever in the 50’s, 60’s and even in the 70’s with the Golden Greek Boys …and others, conquering the seven seas… You dead well know what I mean…
Secondly, we had a “tip” for the Energy mess of today, during the incidents of the Suez Canal (1956) and then the six day war in 1967 which lead to the closure of the canal, the Yom Kippur War in 1973 and the reopening in 1975 causing not only a mess, but changed the pattern of trade and costs. Just to remind you the distance from Bombay – Mumbai today, to London become 10,800 nautical miles via the Cape of Good Hope instead of 6,200 nm via Suez Canal. Find out the costs of all goods to the end user / consumer…
Self-sustained issues with energy; the European Union and the Brussels mandarins governed by pathetic German / Merkelist policies, left Germany AND the EU in a mess dependent on Russian energy… Europe has energy multi oasis regions, such as Greece’s and Cyprus’ which coupled with those of Egypt and Israel could have completely deterred the dependency of Russian energy products. Not to mention Northern Africa, Italy and Maltese blocks…
Another issue, which will bother humanity, is the Turkish behaviour in the 3,000 miles around today’s Turkish borders. Turkey is ready to destabilise the EU, the Balkans, Central and East Med including the Black Sea and the Middle East. Add that Turkey is NATO’s worse member using blackmail to stop other countries such as Sweden and Finland to join in citing terrorist issues… Why the EU with Frontex and NATO do not stop MIGRANTS crossing over from Turkey to the Greek Islands and also trying in the northeast at Evros River? We all had enough and with the Ukrainian MIGRANT crisis, things can turn sour… Watch this space.
North Korea’s missile test a couple of days ago are another warning of yet what is to accompany the Chinese desires for the control of the South China Sea, the western Pacific and …”flirting” Taiwan. Japan would react if things get worse… The USA have to face another major mess…
Watch-out the presidential elections in Colombia this coming Sunday…
We must as a society, collectively, bring an end to shootings, particularly in the USA given last Tuesday’s shooting ordeal in Texas. The Uvalde School in Texas is an alarming bell for all. NO EXCUSES.
Party-gate looks quiet in UK; too much under the circumstances. Boris Johnson retains the job.
Africa; Elections next year in Nigeria. Mind Ethiopia’s issues. Clean up South Africa’s corruption.
Coming back to the Ukrainian conflict and energy mess the arrest of an Iranian interest vessel by Greek authorities in Greek waters and the tit-for-tat earlier on today against two Greek controlled and flagged tankers in a rather military attack, suggests to me the importance of guards on board ships. Imagine if there were guards on board, they would have ridiculed all invading Iranians and arrest them… The IMO and the UN MUST intervene to avoid such insidents.
On another tone and note we had:
Naftemporiki’s 6th Shipping Conference “Shipping: the ‘industry of the year” at Athens’ Concert Hall. The new publisher George Melissanides and his team produced a memorable event with excellent speakers. Three interesting sessions with Energy and the Environment Social Cohesion, ESG and shipfinance being at the forefront. It remains to be seen the outcome in the next couple of years. The event begun with a Networking lunch. Some of the speakers unable to physically attend the Conference did spoke via satellite and other means of communication. All stakeholders of Greece’s Shipping cluster participated; well done. We look forward to many more events from our daily newspaper and its electronic / site twin… Excellent.
What a gathering that was at the Media lunch by the Posidonia organisers at the airy and iconic modern compound of the Benaki Museum at Pireos street where similar Shipping evets take place over the last five years. Theodore Vokos’ team produced a memorable gathering; a good chance to meet up Shipping and Trade journalists. Moreover, what a cuisine that was; superb food and wines. As Theodore stressed, this Posidonia are going to be the biggest ever event since its inception in 1969! Excellent organisational skills by Extrovert Communication! Watch this space!
Christos Staikouras’ speech at the Piraeus Marine Club yesterday was fine. Greece’s minister of Economy did his best in Akti Miaouli’s place of reference with all from Greece’s Shipping Cluster duly represented. He praised Greek Shipping and its success despite current and other issues as the key pillar of Greece’s National Economy. Well prepared with figures and statistics he has a lot to do in assisting the entire spectrum of Greece’s local and ocean going sectors and improve Maritime Education particularly in attracting youngster in Seafaring, safeguarding the Shipbuilding and Shiprepair industry and improving Ports and Terminals infrastructure… Some very good questions opened further the appetite of those present at the “Stavros A. Daifas” Room lunch forum. The president of the Hellenic Chamber of Shipping, George D. Pateras, as always on a great day, as well as Captain Panagiotis Tsakos with his concluding remarks. Good to hear George Xiradakis’ points too. Congrats to PMC’s president Irene S. Daifas and her team in organising this timely pre-Posidonia gathering.
The Bureau Veritas’ evening Posidonia Reception at the grounds of the elite Ekali Club in north Athens’ exclusive suburb was unique. Never ever before we witnessed such a great congregation around the tranquil water of its pool in a Bureau Veritas event. Will revert with a full coverage for Paillette Palaiologou team’s success story soonest.
The North P&I Club’s Posidonia Reception at the Lighthouse veranda of Stavros Niarchos Foundation Cultural Center earlier on tonight attracted nearly 700 guests. Who wasn’t there; unbelievable but true. Well done Tony Allen and many congratulations for the creation of the NorthStandard Club.
For two more weeks Posidonia will dominate the news even beyond Shipping. A great honour for Greece and its Shipping cluster. A big bravo to Themis Vokos!
Receptions and parties until the morning of the 11th of June with the Exhibition between the 6th and 10th of June at metropolitan Expo Athens off the Eleftherios Venizelos’ Athens Airport. www.posidonia-events.com
Have a nice evening and weekend but continue to remain on guard from actions emanating from Pirates, Terrorists, Criminals and any Business Hooligans whatsoever wherever you are on Planet Ocean. Once again a big THANK YOU to all who really care for all humans – Doctors, Nurses, Seafarers, Dockers, Port Authorities et al during this Coronavirus disaster!! We repeat: Do please invest in Hospitals including Equipment, Doctors, Nurses and any useful means to avoid further disasters! Become more disciplined and care for the Environment too. As for the mess in Ukraine, you have not seen anything yet as well as its spread… Lastly: Education and Training for all to be able to tackle these disasters. Let us work collectively together and NOT opt for a fistful of Dollars to restart the already collapsed global economy… which is now approaching the US$ 400 (four hundred) trillion…
