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WEDNESDAY, SEPTEMBER 23, 2009 11:00 AM EDT
(4:00 PM LONDON) (5:00 PM PARIS) (6:00 PM ATHENS)
DURATION: 45 MINUTES FOLLOWED BY Q&A SESSION
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Dry Bulk Shipping Fundamentals:
Supply/Demand of Dry Bulk Commodities- Iron, Ore, Coal & Grain
Presented by
Media Sponsor
Panel Structure
The focus of the discussion (and the Q&A) will be only on sector trends and fundamentals, and not on company specifics or company recommendations. The discussion will cover dry bulk shipping fundamentals: Supply / Demand of Dry Bulk Commodities - Iron, Ore, Coal & Grain.
Overview
The severity of the financial crisis is affecting both supply and demand for dry bulk commodities. On the supply side, market volatility persists and the structural supply problem has not been resolved. This is also related to the difficult political and legal environment where most commodities are produced, and the significant reduction in capital expenditure resulting from the financial crisis while demand is growing demand evident mostly in emerging countries, where growth of the population and the disposable income is still significant.
Contrary to the agri and energy commodities, there has been a significant drop in the demand for steel products. Steel production is expected to drop 25% this year after 7 years of strong growth. This resulted in reduced
ocean freight rates. Overall, China plays a dominant role for the dry bulk shipping industry. China alone covers almost 50% of the world steel production. The main raw material for steel production is iron ore. In order to satisfy the local demand, China needs to import 350 to 400 mio tones of iron ore from the world market, which makes iron ore the most important cargo for dry bulk shipping.
The global shipping industry is currently going through a transitional phase, which after a period of physical shortage of ships is characterized by: an explosive cocktail of a massive fleet renewal, very weak demand due to reduced international trade and scarcity of bank debt and fresh public equity. Ship owners will begin to quickly adjust their decisions to the new reality. In the long run, this may well lead to new shortages as investments are reduced, cancelled or postponed. Cargo owners, having experienced the large volatility in the market, are keener to invest in long term shipping strategies as part of their overall portfolio. Debt- and equity capital markets are awaking to the opportunity, which may well lead to further transition in the shipping market.
You Will Learn
- Market outlook on major commodities: Iron Ore, Coal, Grain
- Influence on Shipping
- Update on ship finance conditions
- Update on developments at Fortis Bank Nederland
Featured Panelists
Mr. Harris Antoniou
CEO of Energy, Commodities & Transportation
Fortis Bank Nederland N.V.
Harris Antoniou is globally responsible for Energy, Commodities & Transportation (ECT), and a member of the Merchant Banking Management Team of Fortis Bank Nederland NV. Prior to that Harris was Managing Director of Fortis' Transportation group based in Rotterdam, following different positions within Fortis in Greece, the UK and the Netherlands. Before joining Fortis Harris worked for a short period with ABN AMRO, global clients unit in Amsterdam. He is a graduate of Piraeus University in Greece, holder of a MBA from Erasmus University in the Netherlands, and has completed the General Management Program of Harvard Business School. Harris is married, has four children and lives in Amsterdam.
Mr. Gust Biesbroeck
Managing Director of Transportation
Fortis Bank Nederland N.V.
Gust has a global responsibility for Fortis Bank Nederland's Shipping - and Aviation activities. His international career of almost 20 year has been entirely devoted to financing the shipping- and transportation industry. Prior to becoming the Managing Director, Gust was Transportation's risk- and portfolio manager for 7 years. Prior to joining Fortis in 2001, Gust worked for over 10 years for Nedship Bank (now DVB) in various commercial-and managerial roles based in Rotterdam, Athens and Hong Kong. Gust is a graduate from Erasmus University's Economic Faculty and completed an executive General Management Program at Cedep in Fontainebleau, France in 2006.
Mr. Rick Torken
Managing Director of Agri Commodities
Fortis Bank Nederland N.V.
Rick joined Fortis in his current role in September 2008 and is responsible for the global financing of companies active in agricultural commodities like coffee, sugar, cocoa, soy, cotton and wheat. After having worked on projects for the Dutch Ministry of International Co-operation in India and the Sudan for some years, Rick started his career in commodity finance with MeesPierson in 1994. Since then he worked in structured finance with Marc Rich Investments Ltd in London, headed up the South American commodities operations of ING in São Paulo, and most recently was the CFO/COO of Multigrain, a large Brazilian soy, cotton and sugar exporter. Rick holds a Masters of Public Administration from Leiden University.
Mr. Piet-Hein Ingen Housz
Managing Director of Metals Commodities
Fortis Bank Nederland N.V.
During the last 7 years Piet-Hein has been responsible for the global Metals portfolio including 165 of the major trading and processing companies in the industry. Prior to that he was responsible for country risk management and correspondent banking in emerging markets. He has over 25 years of experience in trade finance working for Deutsche bank, MeesPierson and Fortis. He also established FIM Bank in Malta on behalf of MeesPierson who was one of the founding shareholders of this bank. He has a bachelors degree in economics from IHBO in Breda.
Q&A Session
Participants can submit questions to the panelists prior to or during the event through the special feature on the event page, or they can email them to us at
questions@CapitalLinkWebinars.com.
The Dry Bulk Shipping Fundamentals Forum is organized by Capital Link, a New York-based Investor Relations and Financial Communications firm with strategic focus on shipping,
Registrants can download the PowerPoint Presentations from this webcast
A Free and Invaluable Resource
This webinar will also be available on demand at any time after the live broadcast.
Transcript
A transcript of the panel discussion will be publicly available at no cost within approximately 48 hours after the event and those interested can request it when they register for the event or afterwards through the event page at websites indicated.
About Fortis Bank Nederland N.V.
Fortis Bank Nederland offers a comprehensive package of products and services to private, corporate and (alternative) institutional clients. The broad services vary from consumer finance and credit cards to factoring, trust, corporate, energy, commodities and shipping finance, transaction banking, clearing, custody and fund services, investment banking and financial markets services.
Merchant Banking provides bespoke financial solutions to corporate and institutional clients active in the Netherlands and abroad. We offer a broad spectrum of banking services, including cash and treasury management, debt, equity and structured finance, trading and financial risk hedging, financial advisory, factoring and structuring.
ECT is a business line within Merchant Banking that serves a wide range of customers and prospects in the energy, commodities and transportation industries. Our extensive market knowledge have made us leaders in these industries.
Energy is engaged in offshore oil and gas services, oil and gas, power and utilities, renewables (wind and solar energy) and carbon banking. Fortis Groenbank in Utrecht is a separate legal entity within Energy, providing green financing to companies that invest in sustainable projects in the Netherlands. Commodities finances the physical flow of agri, metals, steel and energy products, from the pre-production stage through to storage & delivery. The Transportation arm offers structured and innovative financing solutions to companies active in deep-sea shipping, container transport and the aviation sector.
Principle Finance is responsible for all direct investment activities (where FBNL acts as Principal) in the ECT sectors PF acquires (portfolio's of) assets at attractive valuations, provides subordinated debt or preferred equity with upside sharing and invest selectively in companies or projects of core clients of the bank, oftentimes on the basis of tangible collateral and diversified cash-flows.
About Capital Link
Capital Link is a New York-based Investor Relations and Financial Communications firm. Capitalizing on our in-depth knowledge of the shipping industry and capital markets, Capital Link has made a strategic commitment to the industry becoming the largest provider of Investor Relations and Financial Communications services to international shipping companies listed on the US and European Exchanges. Capital Link's headquarters are in New York with a presence in London and Athens.
In our effort to enhance the information flow to the investment community and contribute to improving investor knowledge of shipping, Capital Link has undertaken a series of initiatives beyond the traditional scope of our investor relations activity, such as:
- www.CapitalLinkShipping.com: A web based resource which provides information on the major shipping and stock market indices, as well as on all shipping stocks. It also features industry reports from major industry participants and interviews with CEOs, analysts and other market participants. The information on the website is not an offer to buy or sell any kind of securities nor does it constitute investment advice of any kind. Capital Link does not represent or warrant the accuracy of the information in this site. The user of the site acknowledges that he/she accesses the information at his/her own risk and cannot hold Capital Link liable for any matter in any way and will use the website in accordance with the Terms and Conditions specified on the website.
- Weekly Capital Link Shipping eNewsletter: Weekly distribution to an extensive audience in US & European shipping investor community.
- Sector Forums & Webinars: Periodically, we organize panel discussions among CEOs and analysts on various shipping sectors (containers, dry bulk, tankers) and on other topics of interest.
- Capital Link Investor Shipping Forums: in New York, Athens and London, which bring together investors, financial advisors, listed companies CEOs, analysts, and shipping industry participants.
- www.MaritimeIndices.com: Capital Link Maritime Indices: Capital Link developed and maintains a series of stock market maritime indices which track the performance of U.S. listed shipping stocks (CL maritime Index, CL Dry Bulk Index, CL Tanker Index, CL Container Index, CL LNG/LPG Index, CL Mixed Fleet Index, CL Shipping MLP Index - Bloomberg page: CPLI).
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