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Shipping consolidation ahead as industry sails on from three decade lows

1 shipping industry

The shipping industry is on course for consolidation as it moves off three-decade lows, the president of drybulk shipper Genco said on Wednesday.

Anticipating a cyclical recovery to kick in at the end of this year, president John Wobensmith told CNBC's Squawk Box that a pullback in shipping supply is the main driver of the benchmark Baltic Dry Index's recovery of more than 7 percent this year.

The index, which assesses the price of moving the major raw materials by sea, hit its lowest level ever of $290 during 2016 before resuming a bumpy journey higher towards its current price of just about $1,000.

"Last year we probably saw the low and it was a 30-year low in terms of freight rates and asset values and now we're starting to see just the very beginning of a recovery," Wobensmith said.

"There were just too many ships that were built and delivered and we've seen a real slowdown in the number of ships that have been coming on to the water," he explained.

"The order book on ships is at its lowest point since 2002, it's only 9 percent of the existing fleet right now, and that's been helpful," Wobensmith added, agreeing that the slowdown has primarily been driven by a slackening in supply from Asia, particularly from industry players in countries such as South Korea and China.

Demand dynamics have also been a critical factor with Chinese demand for iron ore to support its steel industry ramping up again after a sharp downturn that reached its nadir just over a year ago.

"What we're looking at going forward are the new production projects that are coming on from Brazil and Australia on the iron ore front which will increase volumes not only this year but also significantly next year as well - which has been very positive obviously from a volume standpoint," said Wobensmith, noting that a key trend to watch was the displacement of domestic iron ore in China by higher quality product from Brazil and Australia.

The challenging industry conditions of recent years have particularly punished smaller companies, who have been unable to access European bank financing. For those with stronger balance sheets, the time for consolidation is approaching, according to the Genco boss.

"What we really wanted to do was position this company so it was in a position of strength to try and consolidate this industry and now that we've started to see the beginning of the recovery, we think it's the right time," Wobensmith declared, saying his company bolstered its balance sheet last November, in order to be ready for the looming opportunity.

Source: cnbc.com

18 Apr 2017 17:57
The Grimaldi Group extends its services to Mexico

The Grimaldi Group announces an important enhancement of its overseas maritime services: a new direct service to Mexico, dedicated to the transport of cars, rolling freight and project cargo has been recently launched.
The link is an upgrade of a regular service between the Mediterranean and North America, already performed by the Group with great success since 2015. The new extended service connects the Italian ports of Civitavecchia and Savona and the Turkish port of Gemlik with the North American ports of Halifax (Canada), [ ... ]

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15 Apr 2017 19:35
The 4th Tweed Run will take place in Spetses!

The stylish bike ride that was warmly welcomed in the most important cities of the world as well in Spetses, comes for the fourth time on 21-23rd of April at the car-free, cosmopolitan island of the Saronic Gulf.
The Tweed Run is a carefree bike ride with vintage bikes and atmosphere of a bygone era, accompanied by stylish presences and stops for tea and picnics.
The 4th Tweed Run is looking forward to welcoming you and enjoy every moment of the 4th Tweed Run!

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14 Apr 2017 20:30
Shipping Company of the Year Award for the Grimaldi Group

The Italian group receives the prestigious recognition during the North America Automotive Global Awards

Naples, 10th April 2017 – In the majestic surroundings of the Ritz-Carlton Hotel in New Orleans, last 5th April the Grimaldi Group received the Shipping Company of the Year award. The ceremony was held during the third edition of the North America Automotive Global Awards, an event organized by Three6Zero, an editorial group specialised in the automotive industry with various publications distributed in America, Asia, [ ... ]

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14 Apr 2017 16:13
MedCruise Ports head to China

As part of MedCruise marketing strategy aiming to promote the Mediterranean as the most popular cruise destination among Asian cruisers, MedCruise is attending this year ITB China 2017: http://www.itb-china.com/ event.

ITB China to be held 10-12 May in Shanghai is a travel trade show exclusively focused on the Chinese Travel Market. The three day event gathers international destinations, service and travel technology providers in Shanghai connecting them with handpicked Chinese buyers. MedCruise will be represented by Maria [ ... ]

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10 Apr 2017 19:33
Chinese Ports Reaching Maximum Capacity

China's ports could reach maximum capacity by early June as stockpiles iron ore build pressure on facilities to create more storage space – resulting in buildings being demolished to create larger ones, trading sources have told Reuters.

The current volume of iron ore in China equates to about 95 million tonnes of steel — enough to build 12,960 replicas of the Eiffel Tower in Paris.

This is a result of the marketplace jumping 15.3% in January-February as a price rally last year extended into 2017.

However, imported ore [ ... ]

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06 Apr 2017 19:57
George Marinakis at the opening of the

During the official opening of the "50th International Andros Regatta”, we met Mr. Marinakis- the Managing Director of SetelHellas, who gave us a short interview.

Q: There are a lot of discussions around "green shipping" lately, especially after the recent regulatory measures by EU and IMO.Can the maritime industryto be leader in green technology?

A:First of all, I would like to congratulate the organizers for the wonderful evening and wish them good luck.

Now- at the macro scale, the world that we are living today is simply [ ... ]

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05 Apr 2017 14:31
The Grimaldi Group Supplier of the Year 2016 by General Motors

This is the 16th time that the Group has received the award in the last 17 years.

The Grimaldi Group was named a Supplier of the Year by General Motors during its 25th annual Supplier of the Year awards ceremony held Friday, March 31st in Orlando, Florida.

GM recognized 118 of its best suppliers from 15 countries that have consistently exceeded GM’s expectations, created outstanding value or brought new innovations to the company. The announcement represented the most suppliers GM has recognized since debuting the Supplier [ ... ]

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03 Apr 2017 13:51
Cruise ports develop infrastructure to meet new environmental requirements

Cruise ports also aim to develop infrastructure to meet new environmental requirements. To help members achieve this, MedCruise has partnered with the World Association for Waterborne Transport Infrastructure (PIANC). Together, the organisations plan to advance guidelines on the development of cruise port infrastructure and help MedCruise members benefit from the growth of the industry. The first discussions were held at the MedCruise General Assembly in Tenerife last September. Architects often design port facilities according [ ... ]

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