Dubai: As one of the best known faces in the shipowning sector in the Middle East Captain Jitendra Misra’s views are keenly followed. He first joined Dubai’s Emarat Maritime when it was formed some 23 years ago, becoming managing director in 1997, a position he has held to this day.
Emarat’s ships are easy to spot; they all start with the name Dubai. Currently the fleet consists of eight Japanese-built bulkers ranging in size from 45,000 dwt to 61,000 dwt as well as six 115,000 dwt tankers, all built by Hanjin Heavy in Korea, two of which are LR2. There are no ships on order and no immediate plans to bolster the fleet either.
The company operates the dry fleet in the spot market and its tankers in a pool operation. “This strategy will continue for the short to medium term,” Misra says, adding: “The company is also constantly evaluating dry cargo contracts and COAs which are performed whenever possible.”
Misra says the worst of the downturn is over but it will take “some time” before the markets get back to satisfactory levels.
After 42 years in the shipping industry Misra is well versed in shipping cycles. On the current operating environment, Misra notes: “Companies that are overleveraged have suffered and I think that is the biggest lesson one can learn from the current downturn. Other issues like surplus tonnage have only compounded this fundamental issue.” Neither are issues that Emarat has contributed towards under the steady stewardship of Misra. [21/06/13]
NEED TO KNOW: Emarat Maritime
Founded in 1990 in Dubai initially to ship agricultural products, Emarat Maritime has grown to become one of the blue chip names in UAE shipowning. Currently has a fleet of 14 ships, eight bulkers and six tankers – all vessel names start with the word Dubai.