02 Jun 2008 |
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 Ship Owner Bülent Dandin has in his fleet 4 vessels in time-charter, and 7 vessels in his ownership (the number is currently 8 vessels in the fleet, with no time-charters). All of the vessels names carry impressions of our national heroes. On the contrary to what we are accustomed to, seamanship doesn’t run in his family. “I’m the first seaman in my family” says, ship owner Bülent Dandin. Almost all of his vessels are named after our national heroes. Adatepe, Duatepe, Kocatepe carries the names of the hills in the “Turkish War of Independence”; Sari Pasha, and Sari Zeybek is “His” (Mustafa Kemal Ataturk’s) titles. “I’m trying to satisfy my aspiration for Him in my own way” he says. The name of his company Statu, is inspired by a phrase he has seen while he was in England. The phrase read “Change your plans, but not your Statute”, “We were inspired by that saying, while choosing this name. Later on, it became our motto as, we compromise from ourselves, but our service quality does not change.”
Statu handles the business from ship ownership to operation. Almost all of the operations are based on dry cargo market. The rise in freight charges is imaginaryWe ask Bulent Dandin, who has a first hand experience in the dry cargo market, which we think with it’s rising freight charges, is going well. Implying he doesn’t agree with our case he notes “They say business is well. But, all commodities have risen. Fuel was 250USD, now it’s around 1250USD. Dolar exchange has dropped from 1.7 to 1.2. Euro has gained a lot of strength against the falling Dollar. Since Dollar no longer is an expense item, we calculate our expenditure according to Euro. Freight charges have risen, but when you endevaour to revise your existing assets, you perceive they have risen just the same. A ship that cost 500.000 dollars 4 years ago, now costs 1.5million dollars. If you sell it for 1.5mil, you may beleive you profited, but you are selling to invest, you have to owe 1million more dollars, just to buy a ship that delivers as that 4 year old one did. For example when you visit the shipyards, 2-3 years ago 1ton of coil was exchanged for around 1100-1200USD, the same exchange is now worth 4500USD. When the situation is as such in the repair shipyards, the estimates are obvious for companies trying to turn their businesses around. There are only 3-5 repair shipyards left, and they reserved their slipways for new buildings. Especially small coaster tonnage has plummeted. They can’t leave the yards before 45 to 60 days even for the smallest repairs, and for 3 to 4 thousand tonnage ships, the costs are around half a million dollars. Investing in coasters isn’t rationalSpeaking of coasters, we reminisce last weeks speech by DTO Vice Chairman Levent Karaçlik, who said “He who invests in coasters shall win”. We don’t agree with Bulent Dandin on this subject. “They say coaster, coaster, but all coaster based Turkish Ship Owners, have now turned to capesize, and handymaxes. Because, way of the righteous is one. This is a matter of revenue. There is no difference between a 50.000 ton ship, and 1500 on ship, considering office, labor, and procedure. Furthermore 50.000 ton vessel is easier to operate. Smaller tonnage, is effected more by the sea. You have to lay up because the voyages are shorter. You can send the larger vessel to China, and you’re set for a month. Also I don’t beleive anyone will build under 3000 tonnes. Maybe the market will grow the need for 5 to 10 ships around that tonnage. Only they would benefit. As an investor, investing in ships under 3000tonnes is irrational” says Bulent Dandin disagreeingly.
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