Dubai: This year marks the quarter century mark that Captain Jitendra Misra has worked for Emarat Maritime, including 17 years as managing director at the well known Dubai-based bulk and tanker firm.
In a busy week going through an ExxonMobil TMSA audit, Misra, one of the best known faces in Middle East maritime, spares some time for a quick Maritime CEO interview.
With markets as they are Misra says there are no plans to expand the Emarat fleet anytime soon.
“On dry bulk,” he says, “as things stand, we expect the markets will continue to suffer. The expected influx of vessels in 2016 will keep freight rates and asset prices under pressure. The lack of demand for commodities despite the drop in prices has been the concern.”
However Misra hopes that in Q2, the South American grain movement will provide some temporary relief to the supramax sector.
“There is also some talk of India exporting iron ore to Japan and South Korea and China rebuilding its iron ore inventory Q2 onwards,” he adds.
As for tankers, Misra expects rates to hold firm for 2016.
“The price of oil is expected to drop further,” he says, “and there is some speculation that it will drop below levels seen before. One has to wait and see what effect this has on world economy. We feel rates could come off later in the year as demand drops due to lack of storage capacity and with newbuilding deliveries increasing.”
The Emarat Maritime fleet is made up of seven bulkers and six tankers.