Shipping + communication = 3

First let me start my today’s report with a huge big up to IMO. They deserve quite a nice one, thanks to the great communication work they have done to promote internationally and heavily the yesterday’s « IMO World Maritime Day », it was held on 29th september 2016, with quite a nice and interesting theme being «  Shipping, indispensable to the World ». And much to my regrets it seems that except them, nobody was aware of this day being dedicated to our industry. I can’t find anybody in my contacts being aware of the theme of this 29th sept. Here at Pelagos it’s a specific day because one of the kids of the team was born on 29th sept , 7 years ago, but let’s face it, nothing really related to something special in shipping.

Let me then do a bit of the work, and here you can find document published by IMO to explain why today (yesterday in reality) is (was) a special day for our industry. Nicely written and yes, by reading this we can all be proud to be part of this nice business. But I’m afraid it’s quite not enough.

The shipping industry is facing one of his worst and longest crisis ever, we can read in conclusions from « shipping experts meeting », shipping need to be re-invented, need to be creative, need to be modernized, need to provide a better image… Meantime, if IMO, is not able to promote within the shipping network why 29th sept is a special day in this industry,  how then can the mainstream press, the consumers, the citizens, the banks, the traders around the world know more about our jobs and what the ships do and carry at sea, why it’s crucial to support this industry ? There is really something wrong ! Please dear people at IMO, for 29th september 2017 if you do want to do something special for Maritime and shipping make sure you spread the word !

This being said, on the chartering market, to celebrate this lovely « Shipping, indisensable to the World » day, indexes have all decided to go down, or stay flat (for supras and handies). Capers managed to lose 129 and BCI is getting back quite close to the 2000 psychological step, bdi losing 24pts. Capers are having the hangeover of last week party, Panamaxes being to shy to try to convince the bouncer they shall be part of it.We can share few things.

  • Handies prospects out of ECSA, route HS3 (to skaw pass), being yesterday at 5572 on handy index type, we can see operators not hesitating to offer on tbn bss on grain cargoes, tct equivalent on larger ladies, ie the modern 33/34kdwat, below this 5500$ aps bss for a shipment to be made 2nd half october.
  • sulphur 25/30’000mt ex immingham to USG most likely gone around 20usdpmt
  • 20’000mt grains to algeria ex Odessa w/ 4000x out discussed around 17usdpmt
  • Supra Wmed to Wafr = 10’500usd daily
  • 38kdwt usg to continent proposed by charterers at 5000$ daily
  • Supra trade from USG TO CHINA on 50,0000/10  grains, with ppt dates, with usual quick shinc terms is now getting touch below 30usdpmt.
  • We got the information a Japanese built 38000dwt is put on period for 10/15 months with dely ECMEX at apparently 7’000$ with a redelivery wordwide.  Compared to the yesterday weighted time charter Average in the BHSI being at 6109$ daily, it’s looking like quite a good fixture for owners. Owner’s bank might be happy to learn that owners shall have minimum 2M$ to cash in in total if charterers deciding to redeliver the ship after 10 months.

Talking about banks, more and more concerned are shown on the market with Deutsche Bank being under the threat of Billions $ fine from the us Governments and big funds preferring to put their money to other banks. If you fancy trying to have a better vision, you can read the article here  here

Back to specific shipping info, Louis Dreyfus Company have provided some financial information here dreyfus , two sentence specifically raised my attention

The first one is

  • « It said shipped volumes rose 1 percent in the first half (2016), supported by grain and oilseed exports from South America and healthy flows at its metals business.»

Unfortunately we don’t have the information on the spread on Liquid and dry cargoes, but according to Clarkson’s research and relayed by BMTI, « in 2016 a dry bulker fleet growth of around 2% is seen, which is expected to drop to 0.8% in 2017 »… If you’re as good in mathematic as I’m, you’ll find out that one of the big players in the industry, is growth in volume shipped is only covering half of the tonnage at sea growth…

The second one is

  • « “With a 1 percent increase in volumes they appear to be keeping or slightly increasing market share,” James Dunsterville, analyst with Geneva-based Agflow, said.»

Which means… a 1% volume shipped growth is likely to be the average in the seaborne market, when again fleet growth is double of this.

Still 3 months to go to hit 2017 !  During this 3 months, as usual, if you wish to fix something, do not hesitate to sollicitate us. We’ll do our best as usual and like IMO, we shall be able to keep what we do together private & confidential.

Support your local owners, drink more beer

This is a fairly well followed motto in the shipping industry. As you can see on the picture above, taken at last Shipbroker dinner overseas, we have done our part of the job to support our local owners…

Did you know it’s estimated that brewers worldwide need something like 25millions tons of brewing barley to cover the world production of beer*? this represents something like 20% of the world barley production. Knowing most of the brewing barley is produced in Europe and breweries are set all around the world, drybulk ladies are found to be a convenient logistic solution for the bar tenders.

As you might have seen (or not) AB Inbev (1st brewer in the world) is about to swallow SAB Miller (the 2nd one), this new entity will be weighting something like 27% of worldwide beer market share. More than 1 beer out of 4 we’re going to drink at these shipping events will be then brewed by this mega Group. And the more beer you drink outside Europe, the biggest probability one of the ship you’re seeing daily on the market were involved at some stage in the logistic process for the production of your pint. It’s refreshing info, isn’t it ?

To move the barley, we’ll need to fuel in the ships, and much to everybody’s surprise, OPEC people in Algiers are saying they found a kind of a deal to slow down oil production. If this becomes concrete, this would be the first time since 2008 that oil production would be slowed down by OPEC’s Member. Oil prices went up a bit in the last hours, by couple of usd (equivalent to a cheap pint of beer in thailand), as mentionned yesterday, OPEC’s member can agree to decrease the daily production, which on the other side is opening « un boulevard » as we say here (or open a great window as they say there), to countries non OPEC’s member, being strong in shale gaz production. As mentionned in this article http://www.reuters.com/article/us-asia-oil-opec-idUSKCN11Z0CD « If shale gas producers boost production than the whole game will fail ». It’s funny game isn’t it ?

 BMTI is today proposing an interesting (at least according to me) on the « future of the 18,000dwt bulkers », see the handy bulk viewpoint and one of their conclusion is to say « (these) Owners admit […] they would rather focus on sizes over 28’000dwt ». It’s interesting but I tend to disagree with their analysis.

Few time in these reports I have been wondering why Baltic Exchange is not working out on updating their Indexes. Their market segmentation is not relevant anymore in 2016. Why following CAPER/PANAMAX/SUPRAMAX/HANDY when today ULTRAMAX for instance can make more sense than a Panamax or a Supramax. Then in the index type ships, to focus on Handies, why a index type ship remains a 28’000dwt ? Which is in today’s market (and surely for the years to come) a non sense when a 34’000dwt is proposing much better return ?

On BTMI demonstration, they take the example of a well known ship here in Europe, mv ‘Draco’ but with all due respect to owners of this lovely ship, she’s ,22 years old, and whichever the size of the ship, today a 20+ year old ship is having almost no future. I must be wrong as owners of this ship decided to ballast from Madagascar to South Africa then seems keen to go further to East Coast South America. So they decided to be ready to ballast for 20 days, when a single trip to Bangladesh for scrapping would have been half way. Never mind, I take the opportunity, talking about this ship, what do you have for her ? We are direct with owners and shall be able to get an indication if owners not committed via others already… Don’t be shy, the ship must be very well maintained, her records on Equasis seems acceptable. It’s interesting finally, isn’it ?

On the chartering side, this fixture reported today in BDI is tending to confirm the BLSEA is alive for handies. « ‘IVS Phinda’ 2014 37720 dwt dely Istanbul prompt trip via Black Sea redel Adriatic intention pig iron $10,000 daily – TKB ». We got confirmation that two 25’000mt 10pct stem from cheap russian ports to Morocco with bulk wheat has been covered in the 15/15.50usdpmt range, tce equivalent was mentionned yesterday.

Quite few Handies stems ex Blsea are seen and proposed here (putting aside the one we can proposed directly), in the last couple of days we have seen

  • Nikolaev or Odessa / Algeria 20000 mts 10% moloo wheat, sf abt 46′ Spot 7000/4000
  • ABT 30-50,000 DWT DELY CANAKKALE LC 5/8  OCT 1 TCT RDLY USG- CARIB
  • Berdyansk (7.5 m)/ 1sp Egypt Med 10.000 10% oo wheat in bulk 2500bends prompt
  • Mariupol (8 m)/ 1sp Egypt Med 15.000 10% oo wheat in bulk 5000/2500 7-12/10
  • min/ max 25,000/33,500oo coalbulk Niko / Mersin 8000c/ 3500x spot prmpt
  • 16,000/10 sfs Constanza / Span Med Oct 10 / 14 8,000/ 5,000 sshex bends
  • Ilyichevsk / Mumbai abt 20.000 mts of agriprods  8000 / 3500 sshex 27-31 Oct
  • 30.000 mts coalbulk 1st ld port: Dnepro Bugskiy, Ukraine (14kt (+/- 500t), first grade)
    2nd ld port: Yuzhny, Ukraine ( 16kt (+/- 500t), second grade)  Discharge, Dordrecht, 4/8 oct
  • 1 TCT FOR ABT 10-15 DAYS  HANDYMAX –SUPRAMAX (OA WABLE) DEL TO MAKE ISTANBUL/BLACKSEA PROMPT REDEL 1P MARMARA
  • 38/52,000 SID/BC GRD NOVO 10/14 OCT TCT W GRAIN RDLVY NIGERIA
  • 30-35k dwt,del bsea, for 2-3 llegs, try s.period redel full atl, or  pg- japan, 9-11 OCT
  • 37 / 45,000 dwt dely bsea 4/9 oct tct with steels redely red sea
  • COA 3×30,000 TS BLK WHEAT NIKOLAEV / EGYPT MED 1-10 OCT 6000/4000
  • Constanza / 1 Spain Med 25000 tns agriprods stw abt 46 14/18 Oct 5000bends
  • Ashdod/ Rio G, Brazil 28,000mt BHF 7,000x / 5,000c 01-04 Oct.
  • Ashdod/ Paranagua, Brazil 34,000mt BHF 7,000 shex / 8,000 Shinc 09-12 Oct
  • Eilat Spore-Japan range or India Abt 30,000mt  BHF 8-12 Oct
  • 28-38,000 dwt grd sdbc dely cannakale 4th oct onw tct egypt med
  • M/M 25,000 MTS BLK BARLEY NIKO/LIBYA 5/10 OCT 6,000/2,000X
  • 22k steel slabs/plates(20k slabs/2k plates) Mariupol/Sunderland 4000bendsx 4/8 – 10
  • 25.000 mts of barley, sf abt 55cft nikolaev – safi prompt 6000/4000

Busy I was telling you, no time for a beer, today.

*there is no official data available to know how much on average a shipping mate is drinking more than a non-shipping buddy. Let AB Inbev find out where are his key customers…

Everybody deadly needs more market share…

Good day, good morning,

… and when market is shrinking, you need even more market share…

« We have a problem and we have possible solutions»

This is probably the introduction speech from Algerian governement currently hosting the OPEC meeting in Algiers. Sure all members of OPEC agreeing the problem is the low price for petrol which is drying brutally income in these countries. Low price is obviously due to overproduction compare to demand and needs of petrol worldwide. Surely one of the solution is to cut down production, but obviously some members don’t want that, Iran, after a long ban need to get back with some market shares and will show no willingness to produce less. USA (non OPEC member) if OPEC’s production is cut, then they’ll be more than happy to put back on air their shale production. The dilemma is cruel, as a result, if OPEC’s cutting down production, members will keep seeing their revenues in decline. If they don’t cut the production the oil price is anyway remaining low and opec’s members revenue stay in decline. All in all no politically correct decision seems to be an available solution. The only issue is to cut down costs and wait for better days.

 

« We have a problem and we have possible solutions »

This could be the introduction speech from the president of the worldwide shipowners union (if such exist). Then read again the above, replace « oil production » by « ships at sea » and you have exactly the same situation. No owners are willing to lose market shares, no owners are willing to send to scrap assests being worth millions of USD. And surely, if all OPEC’s members (or shipowners) would agree in an official meeting to « cut down » the ressource, you’ll always find one player, once out of the meeting room who will try to take advantage of the commonly agreed decision. And naturally when the market is shrinking everybody is trying to enhance is market share, just to try to survive.

 

Having said all the above, OPEC’s people shall be quite happy to see ships at sea burning dizains of tons of bunkers per day. And Shipowners shall be quite happy to see OPEC’s member not being able to find agreements enabling the petrol’s price going up. It might become another story when finances of the countries using the petrol revenue to buy and import goods in their local ports will be high and dry ! Just out of curiosity, below the list of countries being OPEC’s member :

Algeria / Angola / Ecuador / Gabon / Indonesia / Iran / Iraq/ Kuwait / Libya / Nigeria / Qatar / Saudi Arabia / UAE / Venezuela…

You’ll surely find in this list countries where your ships are heading to discharge dry commodities.

Focusing on the chartering market, on the handies, in the Baltic to Black Sea basin, it seems we are back to mid-july scenario, up to a certain extent. Remember end june, dely canakkale redel Med via black sea on the grains, handy ladies were hardly getting 3500$ daily, then end july it was up to 6500$. Eventhough spot handy Black Sea is pretty unlikely to be able to almost double again his daily value but surely on the spot, the right ship can obtain touch above 800$ daily when it was about 2000$ less few days ago. The Tuapse Morocco cargo mentionned in BMTI attached on 27’000mt could be this Glencore seen with 8000c at load and 5000x at discharge. If the 15 usdpmt is indeed the best seen, on a index type lady, it’s giving us (according to our maths) a tce dely canakkale at around 8100$. Meantime as said by BMTI to egypt at 12/13usdpmt, this is giving tce around 6500$. As a consequence, owners, looking after grains open in West Med are again considering the ballast to Black Sea being a better option than going back to continent or Baltic. We can probably then expect a Handy continent/Baltic market getting back to a position market with probably less ships available and therefore a more balance market in the days few weeks to come. More balanced meanings owners resisting to face charterers level until the end. The one being spot first losing the party…On the other side of the Atlantic, daily values reported on the HS3 and HS4 are slighlty positive but the levels done and seen remain quite low. It is questionnable for owners open in West Africa whether it is worth it or not to ballast to East Coast South America or ballast toward Gibraltar and then see what’s up for the ship… knowing, unless owners can find some fertz from Wmed, once in Gibraltar, still quite few days remains on owners account to ballast to Northern continent or to Black Sea.

on the Capers, the last week bubble is deflating slowly, if we can say losing about 5% being slow. Panamaxes are resisting and so the supramaxes.

Anyway, if you start to think « we have a problem to fix» don’t hesitate to sollicitate us, as always we will do our best to find out suitable solutions, in your interests.

Regards

jerome

on your marks, get set

On your marks, get set…

Waiting for the « Go » order is probably owners state of mind right now, the ones open in EMED/BLSEA on spot prompt basis. With Egypt back on the wheat market yesterday afternoon, with guaranteed by the receivers (it still remains to be seen) tolerance on Ergot content being back to international standard, after 3 tenders with no offer, the next one being on air now for shipment end October will most probably get some takers. This shall boost the wheat market but this shall also boost the demand of tonnage for the weeks to come. But hold your horses guys, no need to rush and have all the bulkers around the world to ballast toward Canakkale, eventhough Egypt is a big grain importer this will not fullfill all ships available. As we all have to admit, drybulk market is not all about grains and we can see quite few stems of scrap being covered from continent or baltic to emed. These handy/handymaxes ladies are getting something like 8’000usd daily to perform such trade.

On the Capesize it’s time for champagne, fireworks, drugs and rock’n’roll and some even wrote « Bombastic ». I’m not really comfortable with this word, but nevermind, as mentionned to you yesterday, whichever the word you want to use, the momentum is here on these ladies. If I may give an advise:

  • Don’t wonder why,
  • don’t wonder for how long it’s going to last,
  • don’t wonder where you can order your next newbuilding Caper

Owners shall take advantage of this grace periode and save the money which can be saved.

On the Panamax, this size is surely get the  benefit of the big sisters upward, today’s BPI heading to 700points (capes +271).

What going on the supras and handies ?

The fiesta is still not in. The Dj is still not even booked, discussing with various friends, from the ECSA, the HS3 route, basis the index is indeed going up, on the other side, in the real life the offers seen on this route seems to be not really in line with the +120 seen yesterday and whichever the the daily plus or minus, we shall not forget this HS3 route ECSA to Skaw-Pass is anyway only worth 5483usd daily on a handy index type. We shall not forget, most of the handies being valued at such level are ballasting from West Africa or South Africa, which is something like 10/12 days ballast.

To come back to interesting information gathered here and there, in case you’re willing to take « a broader view » and you can’t afford an helicopter tour (or simply don’t have the time): (source BMTI)

  • around 10’000/10’500 bulk carriers currently at sea
  • abt 1’200 new building shall get in until 2018
  • ships older than 15yrs old = abt 115mt = abt volume in order

 

That’s it for today but we remain reachable if you have a sudden and uncontrollable willingness to fix something nice (or not that nice, we can also cooperate on this if we are left with no other choice).

21st sept : themes of the day.

Amusing -not sure if it is the right word- to note that today’s 21st september is both International Peace’s day and at the same time International Alzheimer’s Day. Is the timing a coincidence ? I bet no, surely one has forgotten about the other or one prefers to forget about the other. Anyway we are here to talk about important things right ? Shipping, Trading, Chartering, Fixing.

Once again, I find it rather difficult to get the inspiration today to make some chartering market comments based on various discussions I have with our counter parties or while reading Chartering market reports.

Yes, we can agree with this statement on Panamaxes « slowly but surely they are emerging from the shadows ». At first sight, looking only at the BPI, being only up with 7points yesterday and +16 today , Panamaxes are not yet to be tanned, but focusing on the various routes, the skaw gib transatlantic round voyage was gaining +91pts, today +146, the skaw Gib to Taiwan/Japan route gaining +54  compared to today +175 and this route is now back above 10’000$ daily value and the transpacific round voyage was up by 70pts yesterday, up by 200 today. This seems to be enough for some positive sentiments. I would not be able to tell if this upward on the Panamaxes is the logical next step after the Capers being up quite heavily but one is surely going with the other (bit like 21st september international theme of the day).

Talking about the capers, they keep up going up as today, the BCI is above 2000, heading to 2118. For your records, on 1st of september BCI was at 1’002 and yes today’s it fairly difficult to remember when was the last time BCI was above the 2100 points. I’ll check for tomorrow report.

The Baltic exchange panellists are not bringing enough good news to see the same upward on the Supras (today +2) and the handies (today +1). Again, worth to go a bit into details, HS3 (Ecsa to Skaw pass) is back on positive trend with +120 heading at 5’483$ daily. BSI routes are all in positive mood except the S4A USg to Skaw pass, getting back below 9000$ daily, and losing 90pts today.

Surely, these figures and this general positive trend feelings will bring some confidence to owners whichever the size, whichever the trade and they’ll keep trying to resist to charterers ideas. I would not be a broker, I would have said, at some stage they have to resist, as it is a matter of being in position to see the 2017 year from the window of their office. But, I’m a broker and I can’t say or write it otherwise, charterers would challenge me and ask me from where do I get my commissions from. So to avoid this unpleasant question I don’t say and don’t write it, I don’t  even dare to think about this suggestion.

Talking about « going through Q4 2016 and being in position to see 2017 », we could read that RBS (Royal Bank of Scotland) « might wound down its shipping business but not sell it, 5 Billion Dollars worth of its loan portfolio – three billion involving Greek loans »

Chartering market might have read this article about shipyards difficulties hard time for Korean shipyards. Buying a second hand ship in February/March this year was said to be a very good timing. Q4 could be even a better one.

To end up with chartering, 2 comparable handies reported fixed from Continent to USG with 1 week in between means $1’500 difference daily, difference in favor of the later one fixed. Maestro Diamond, said gone at 7’000$ daily from N Spain to usg via baltic, may also most probably bring owners to consider Baltic to Wmed at least in the 8’000usd daily.

Have a peaceful day and don’t forget we are at your disposal.

idiots never die…

Chartering market is clearly driven by the Capers, almost +200 in the BDI index dated friday, today again +173. Today, all indexes are in green and showing a positive trend. + 1 on the handies or supra, remain something positive. And nowadays, it’s important to be positive, otherwise, no point to go to office.

If you’re missing some really negative view on the market, then we invite you to read today’s BMTI section called « The point of no Return ». It’s abyssimally negative. please find few quotes here:

  • “shipping industry is in financially bad and dangerous shape”
  • “the situation has become increasingly more fragile”
  • “steadily building a huge pile of uncontrollable debt”
  • “idiots never die”
  • People don’t seem to learn from mistakes”

Of course, the worth is that we will need to cope with idiots for eternity!!

Is it reflecting exactly the state of the market ? I don’t know, but surely an upward on the chartering market for this Q4 will be more than welcomed by Owners.

On the handies, very limited amount of fixtures came up to our ears Friday and today. We understood Bunge did 16+ usdpmt from Hamburg to Algeria with 2500x out and usual restrictions. From the continent, scrap cargoes trying to keep Supras busy, DOP figures are obtained by owners, but the daily hire is remaining below the 9’000usd daily, for a trip with redely in EMED for candidates open in ARAG, down around 6kusd pdpr for ladies coming from West Med. Ultramaxes in the Black Sea region are obtain around 10’000 passing canakkale on average for trip with redely in the Pacific Basin. From ECSA, modern 56000dwat open south Brazil has obtain 9kusd daily aps Recalada for a trip to Algeria.

Talking quickly about wheat, gasc today’s tender remaining with no offer as none willing to commit themselves with no ergot in the stem. This is having surely an impact on the wheat price but also on the shipping sector, knowing Egypt is the main wheat importer in the world, and most of these are coming from russia. In case you’re interested to have a wheat world picture, you can read this article here Wheat world

Alternatively, if you don’t have access, please find attached few charts from this article

worldtopwheat-importers

russianwheatwheatglobalprod

Remaining at your disposal for the recipes of nice french baguette

 

looking for the next king of Egypt

 

We have not talked yet about Bayer/Monsanto new set up. If you’re not up to date please find a quick summary  here

in this article we can read “We are entering a new era in agriculture — one with significant challenges that demand new, sustainable solutions and technologies to enable growers to produce more with less,” Grant said (Grant being one of the bosses involved in the deal).

For French speakers, you can listen to this edito done yesterday morning in a national radio , here also stating in nutshell, in my words:

In other words, grain producers may have more headaches while trying to negotiate their terms and conditions with their seeds and fertilizers suppliers. However,they shall stop complaining, by chosing Bayer-Monsanto, they might be able to obtain a free pack of aspirin together with the painful terms and conditions set up. Great right!

If I may give an advise to Mr Grant, not sure producing MORE is the key for the years to come. Producing with guaranteed quality at the end might pleased french agri producers (and some others around the world). If they can also produce and guarantee wheat with ZERO ERGOT, they’ll be the king of Egypt ! Gasc (Egyptian government office for Agri prods importation) placed a tender this week, with the appliance of ZERO ERGOT policy and with no surprise, they got zero offer.  This is probably the best way to remain on the safe side with the ergot importation. Seriously spoken, a ship loaded with 63000mt was refused by Gasc couple of weeks ago, claiming the wheat about to be delivered was having a too high percentage of Ergot. It’s going to cost bit of money to all players involved in this mess.

On the chartering, definitely a week which we can forget and put behind us. Quiet, does not mean that nothing is happening, we got the information that a 45’000 10pct stem of rapeseeds was discussed ex Klaipeda to Ghent with 6000/8000shex on a supra in the 10/11usdpmt region. Same kind of size ex Black Sea (Kavkaz, which is a rather cheap port) we understood a 49kdwat got covered to load about 42000mt of bulk wheat with 8000sshex to Mombasa with 5000shinc there, done in the region of 19/20usdpmt. TC Equivalent on this one being something around 9000usd dely canakkale if my maths are not wrong. Still dely Canakkale with grains via black Sea to Japan Singapore range, quite few charterers being after this trade,, value for a Supra on this route is in the 9’000usd daily. From Wmed to Wafr a 55kdwt was discussed in the 8/8.5kusd per day. As a comparison, mv ‘elena Topic’ 45kdwat is said being covered dely span med redel Wafr at 8500USd daily. On the handies from Brazil to Continent, modern 38000dwt can hope to get bit more than 6’000 usd daily.

What’s going on on the index ? the bunkers ?

Today’s bdi is back at 800 with Capers gaining close to 200pts, others size are flattish not to say lackadaisical.

on the bunkers, Brent is moving up slighlty getting above 46usd/barrel

To conclude this today/week comments, I’m inviting you to read this article about Uber and wondering if losing $1.2billon on the first half of 2016 is a something normal?billion dollar baby .

Before reading it, you can wonder what’s the links with shipping ?

Well I can see at least 3 :

  1. While bankers and founds are focused on keeping investements going on in companies like UBER (if they stop, they lose everything), they have less cash available to finance new buildings. Guys, keep up focusing on Uber, thanks.
  2. We can hear pretty often that the world economy is getting « uberized » and of course, shipping industry is wondering how this uberisation can impact our business models. It’s looking like, at least today, it might be wise to wait a bit before brushing aside all the corporations and networks which are in place in the shipping environment.
  3. Being market leader does not prevent to fall (too big too fall), but we did not need to read this article attached to be aware of that.

Looking forward for the next week with full of cargoes and ships to be put all together, let’s do it the old fashion way, via your preferred broker. Pelagos team will be in time at the office, if needed they’ll order a uber driver.

Jerome