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Wednesday, 18 March 15
PARKING THE CAPES - LINOS KOGEVINAS
 It is no secret that recent times have been anything but kind towards shipping, and no sector has suffered more lately than the dry bulk one. While we have seen various correctional signals for the wet sector (especially for the MR and VLCC segments), the dry market has had very few reasons to be hopeful. The BDI has been fairing at historical lows over the past few months and this had created a climate of widespread anxiety among dry bulk shipowners as there are limited hints of a recovery in the short-term.
With current cape spot market rates being significantly below OPEX levels, it seems that the patience of many Cape owners has finally begun to run out. As a result, they are left with a few options on how to proceed. There are two value-maximizing (or rather loss-minimizing) options; one is of course scrapping the vessel, almost certainly at a loss compared to the initial capital investment. With the scrap market revolving predominantly around bulk carriers and container vessels during the past weeks, it seems that many owners have selected this option.
On the other hand, some of the largest European Capesize players have selected the alternative route of parking their capes. A number of them have selected Kaohsiung, Taiwan as the ideal place to park their capes until rates pick up from the current depressing rates. Eastern Pacific has reportedly parked a number of their capes in anchorages (favoring the Kaohsiung anchorage).
Navios is also reported to have alluded to following the same route even going as far as suggesting that cold layups are the next step in order to cut what costs they can. The effects of such decisions on the market are hard to predict unless they are followed by a bigger number of owners, therefore for now it is expected that there will be a minor and more importantly temporary (lasting only until they’re back in the market) support in the market.
How sustainable will this strategy be? While the larger owners (many of whom have diversified fleets, thus hedging their exposure to the dry market troubles) may be able to sustain themselves long enough to survive through the current market slump, smaller players and those primarily invested in the cape segments will most definitely have trouble surviving where the situation is to persist for long.
With current conditions pushing more and more vessels out of the market, owners are awaiting Q2 in order to decide on their future moves. While short-term prospects are dire, the Indian coal market together with the Chinese steel import market, are possible candidates to partially help in the medium-long term recovery/ revival of the dry market sector.
As always, the amount of new orders that will be placed during the next quarters will play a determining role in the segment’s recovery, but given how quiet the newbuilding market for Capes has been since the summer of 2014, we believe that this should currently be the least of our worries.
By Linos Kogevinas
Marketing - Harbour Towage & Port Agency
Cotzias Intermodal Shipping Inc.
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms. Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Sunday, 26 July 15
INDO-INDIA OCEAN COAL FREIGHT RATES REMAIN STEADY
COALspot.com: The freight market continued lost steam towards end of the week and all indices were showing downward trend.
The BDI was up by 3 ...
Friday, 24 July 15
U.S PRODUCED 17.2 MMST OF COAL FOR THE WEEK ENDED JULY 18; FELL 11.5% YEAR ON YEAR
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 17.2 million shor ...
Friday, 24 July 15
THE IMPACT OF COLLAPSING CHINESE COAL IMPORTS - CLARKSONS
Global seaborne coal trade is currently projected to drop 1% y-o-y in 2015, which would be the first annual decline in almost three decades. The dr ...
Thursday, 23 July 15
ELEVEN NEW NICKEL SMELTERS ARE TO BE BUILT IN INDONESIA OVER THE NEXT TWO YEARS AT A COST OF $1.4 BILLION
Indonesia’s Most Reputable Nickel Event
Eleven new nickel smelters are to be built in Indonesia over the next two years at a cost of $1. ...
Thursday, 23 July 15
THE CAPESIZE SEGMENT KEPT FOUNDING SUPPORT ON INCREASED DEMAND FROM CHINESE STEEL MILLS - INTERMODAL
The Dry Bulk market closed off on Friday (17July 2015) noting substantial gains and the BDI surpassing the 1,000 points level for the first time af ...
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- Directorate Of Revenue Intelligence - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Semirara Mining and Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Lanco Infratech Ltd - India
- Toyota Tsusho Corporation, Japan
- Banpu Public Company Limited - Thailand
- Indonesian Coal Mining Association
- Port Waratah Coal Services - Australia
- MS Steel International - UAE
- Chamber of Mines of South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Antam Resourcindo - Indonesia
- Bukit Baiduri Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Kideco Jaya Agung - Indonesia
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- Altura Mining Limited, Indonesia
- Mintek Dendrill Indonesia
- Indian Energy Exchange, India
- Australian Commodity Traders Exchange
- OPG Power Generation Pvt Ltd - India
- Commonwealth Bank - Australia
- Sarangani Energy Corporation, Philippines
- Kumho Petrochemical, South Korea
- Georgia Ports Authority, United States
- Posco Energy - South Korea
- Rashtriya Ispat Nigam Limited - India
- Bukit Makmur.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Larsen & Toubro Limited - India
- Krishnapatnam Port Company Ltd. - India
- Madhucon Powers Ltd - India
- Mjunction Services Limited - India
- Eastern Energy - Thailand
- Sree Jayajothi Cements Limited - India
- GMR Energy Limited - India
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- VISA Power Limited - India
- IEA Clean Coal Centre - UK
- Indogreen Group - Indonesia
- Indo Tambangraya Megah - Indonesia
- Sical Logistics Limited - India
- Xindia Steels Limited - India
- Medco Energi Mining Internasional
- Planning Commission, India
- Maharashtra Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Agrawal Coal Company - India
- Simpson Spence & Young - Indonesia
- South Luzon Thermal Energy Corporation
- Kapuas Tunggal Persada - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- European Bulk Services B.V. - Netherlands
- Energy Link Ltd, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Ind-Barath Power Infra Limited - India
- Bhoruka Overseas - Indonesia
- Makarim & Taira - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Riau Bara Harum - Indonesia
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Marubeni Corporation - India
- Aditya Birla Group - India
- The Treasury - Australian Government
- Eastern Coal Council - USA
- Asmin Koalindo Tuhup - Indonesia
- Global Coal Blending Company Limited - Australia
- The University of Queensland
- Standard Chartered Bank - UAE
- Formosa Plastics Group - Taiwan
- Star Paper Mills Limited - India
- Thiess Contractors Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Transport, Egypt
- Heidelberg Cement - Germany
- Oldendorff Carriers - Singapore
- Australian Coal Association
- Leighton Contractors Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Wood Mackenzie - Singapore
- Aboitiz Power Corporation - Philippines
- Goldman Sachs - Singapore
- San Jose City I Power Corp, Philippines
- Orica Australia Pty. Ltd.
- Vizag Seaport Private Limited - India
- Interocean Group of Companies - India
- Bharathi Cement Corporation - India
- Electricity Authority, New Zealand
- Trasteel International SA, Italy
- CNBM International Corporation - China
- Directorate General of MIneral and Coal - Indonesia
- Ambuja Cements Ltd - India
- Ministry of Finance - Indonesia
- Jaiprakash Power Ventures ltd
- PNOC Exploration Corporation - Philippines
- Sojitz Corporation - Japan
- Kartika Selabumi Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Bhatia International Limited - India
- Parry Sugars Refinery, India
- GN Power Mariveles Coal Plant, Philippines
- Karaikal Port Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Orica Mining Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Therma Luzon, Inc, Philippines
- CIMB Investment Bank - Malaysia
- Electricity Generating Authority of Thailand
- Metalloyd Limited - United Kingdom
- Energy Development Corp, Philippines
- Maheswari Brothers Coal Limited - India
- ASAPP Information Group - India
- Baramulti Group, Indonesia
- Minerals Council of Australia
- Alfred C Toepfer International GmbH - Germany
- Videocon Industries ltd - India
- London Commodity Brokers - England
- Tamil Nadu electricity Board
- White Energy Company Limited
- Dalmia Cement Bharat India
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- Anglo American - United Kingdom
- The State Trading Corporation of India Ltd
- Economic Council, Georgia
- Africa Commodities Group - South Africa
- SMG Consultants - Indonesia
- Indian Oil Corporation Limited
- Uttam Galva Steels Limited - India
- India Bulls Power Limited - India
- Bulk Trading Sa - Switzerland
- Globalindo Alam Lestari - Indonesia
- ICICI Bank Limited - India
- Tata Chemicals Ltd - India
- Power Finance Corporation Ltd., India
- Petron Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Independent Power Producers Association of India
- Romanian Commodities Exchange
- Mercuria Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Wilmar Investment Holdings
- Savvy Resources Ltd - HongKong
- Singapore Mercantile Exchange
- PTC India Limited - India
- International Coal Ventures Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- LBH Netherlands Bv - Netherlands
- Latin American Coal - Colombia
- Coalindo Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Jindal Steel & Power Ltd - India
- Sakthi Sugars Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Thai Mozambique Logistica
- Karbindo Abesyapradhi - Indoneisa
- Global Business Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Salva Resources Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Deloitte Consulting - India
- Coastal Gujarat Power Limited - India
- Malabar Cements Ltd - India
- Semirara Mining Corp, Philippines
- PowerSource Philippines DevCo
- Siam City Cement PLC, Thailand
- Central Java Power - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Borneo Indobara - Indonesia
- Coal and Oil Company - UAE
- Timah Investasi Mineral - Indoneisa
- Rio Tinto Coal - Australia
- Ministry of Mines - Canada
- Petrochimia International Co. Ltd.- Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Sidhee Cement - India
- SMC Global Power, Philippines
- Mercator Lines Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Meralco Power Generation, Philippines
- Iligan Light & Power Inc, Philippines
- Parliament of New Zealand
- Edison Trading Spa - Italy
- AsiaOL BioFuels Corp., Philippines
- Renaissance Capital - South Africa
- Vedanta Resources Plc - India
- McConnell Dowell - Australia
- Merrill Lynch Commodities Europe
- Gujarat Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Central Electricity Authority - India
- Bangladesh Power Developement Board
- Chettinad Cement Corporation Ltd - India
- Kaltim Prima Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Global Green Power PLC Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- GVK Power & Infra Limited - India
- Grasim Industreis Ltd - India
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