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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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Wednesday, 22 July 15
SHIPPING MARKET INSIGHT - PANOS TSILINGIRIS | INTERMODAL
In both bulk shipping sectors, there are certain, yet different, reasons and strategies to invest. In the wet, buy once you can charter-out long, w ...
Tuesday, 21 July 15
CHINA'S ENERGY COMMODITY IMPORTS DIVERGING - RICHARD SCOTT | HELLENIC SHIPPING NEWS
Energy commodity imports into China have grown enormously over the past decade, boosting global demand for shipping capacity. But a dramatic change ...
Tuesday, 21 July 15
FOB INDONESIA COAL SWAPS EXTEND LOSS
COALspot.com: Indonesian coal swap for delivery Q3 2015 declined month on month and week over week, this past week. The swaps was lost 0.70%.
...
Tuesday, 21 July 15
Q4'15 FOB RBCT COAL SWAP DECLINES NEARLY 3.13 PER CENT MONTH OVER MONTH
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 declined month over month and week over week.
The Q3 swap was down US$ ...
Monday, 20 July 15
FOB NEWCASTLE COAL SWAP SEE FURTHER DECLINES
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery down $ 1.32 per MT (-2.89%) month over month to US$ 44.43 per mt. The swap ...
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- Sakthi Sugars Limited - India
- Posco Energy - South Korea
- Vedanta Resources Plc - India
- Star Paper Mills Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Thiess Contractors Indonesia
- Bayan Resources Tbk. - Indonesia
- Independent Power Producers Association of India
- SN Aboitiz Power Inc, Philippines
- Australian Commodity Traders Exchange
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Energy Development Corp, Philippines
- Electricity Authority, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Attock Cement Pakistan Limited
- Australian Coal Association
- Energy Link Ltd, New Zealand
- Altura Mining Limited, Indonesia
- Intertek Mineral Services - Indonesia
- IEA Clean Coal Centre - UK
- Ministry of Finance - Indonesia
- Bhoruka Overseas - Indonesia
- Salva Resources Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Videocon Industries ltd - India
- Makarim & Taira - Indonesia
- Heidelberg Cement - Germany
- Grasim Industreis Ltd - India
- Commonwealth Bank - Australia
- Jaiprakash Power Ventures ltd
- LBH Netherlands Bv - Netherlands
- Sarangani Energy Corporation, Philippines
- Sical Logistics Limited - India
- Standard Chartered Bank - UAE
- ASAPP Information Group - India
- European Bulk Services B.V. - Netherlands
- Singapore Mercantile Exchange
- Antam Resourcindo - Indonesia
- Gujarat Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Larsen & Toubro Limited - India
- Mercuria Energy - Indonesia
- Bhushan Steel Limited - India
- Interocean Group of Companies - India
- GVK Power & Infra Limited - India
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- Tata Chemicals Ltd - India
- Kepco SPC Power Corporation, Philippines
- Siam City Cement - Thailand
- Goldman Sachs - Singapore
- Deloitte Consulting - India
- Eastern Coal Council - USA
- Minerals Council of Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Lanco Infratech Ltd - India
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- Karbindo Abesyapradhi - Indoneisa
- Bukit Makmur.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- India Bulls Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Ministry of Transport, Egypt
- MS Steel International - UAE
- Globalindo Alam Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Kohat Cement Company Ltd. - Pakistan
- Trasteel International SA, Italy
- Binh Thuan Hamico - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- San Jose City I Power Corp, Philippines
- White Energy Company Limited
- Bulk Trading Sa - Switzerland
- Pendopo Energi Batubara - Indonesia
- Cement Manufacturers Association - India
- Therma Luzon, Inc, Philippines
- Xindia Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Orica Mining Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- PowerSource Philippines DevCo
- SMC Global Power, Philippines
- Karaikal Port Pvt Ltd - India
- Agrawal Coal Company - India
- Siam City Cement PLC, Thailand
- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- IHS Mccloskey Coal Group - USA
- Global Coal Blending Company Limited - Australia
- Edison Trading Spa - Italy
- Parry Sugars Refinery, India
- Toyota Tsusho Corporation, Japan
- Miang Besar Coal Terminal - Indonesia
- GMR Energy Limited - India
- CNBM International Corporation - China
- Indonesian Coal Mining Association
- Wilmar Investment Holdings
- Bharathi Cement Corporation - India
- Kaltim Prima Coal - Indonesia
- Coal and Oil Company - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Riau Bara Harum - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bangladesh Power Developement Board
- Indogreen Group - Indonesia
- Bhatia International Limited - India
- Asmin Koalindo Tuhup - Indonesia
- SMG Consultants - Indonesia
- Chamber of Mines of South Africa
- South Luzon Thermal Energy Corporation
- Mjunction Services Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Rashtriya Ispat Nigam Limited - India
- Savvy Resources Ltd - HongKong
- Malabar Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- The University of Queensland
- Directorate Of Revenue Intelligence - India
- Indian Energy Exchange, India
- Price Waterhouse Coopers - Russia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Planning Commission, India
- Sree Jayajothi Cements Limited - India
- Indo Tambangraya Megah - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Ambuja Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Georgia Ports Authority, United States
- Romanian Commodities Exchange
- Metalloyd Limited - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Baramulti Group, Indonesia
- Straits Asia Resources Limited - Singapore
- Madhucon Powers Ltd - India
- VISA Power Limited - India
- PNOC Exploration Corporation - Philippines
- Anglo American - United Kingdom
- Ministry of Mines - Canada
- Directorate General of MIneral and Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Rio Tinto Coal - Australia
- AsiaOL BioFuels Corp., Philippines
- Ind-Barath Power Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Port Waratah Coal Services - Australia
- Power Finance Corporation Ltd., India
- Sindya Power Generating Company Private Ltd
- Jindal Steel & Power Ltd - India
- Marubeni Corporation - India
- Holcim Trading Pte Ltd - Singapore
- CIMB Investment Bank - Malaysia
- Orica Australia Pty. Ltd.
- PTC India Limited - India
- Thai Mozambique Logistica
- Coalindo Energy - Indonesia
- Semirara Mining Corp, Philippines
- The Treasury - Australian Government
- Meralco Power Generation, Philippines
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- Medco Energi Mining Internasional
- Economic Council, Georgia
- Essar Steel Hazira Ltd - India
- Meenaskhi Energy Private Limited - India
- Barasentosa Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- ICICI Bank Limited - India
- Indian Oil Corporation Limited
- Eastern Energy - Thailand
- Parliament of New Zealand
- Aditya Birla Group - India
- Chettinad Cement Corporation Ltd - India
- Wood Mackenzie - Singapore
- Kumho Petrochemical, South Korea
- Petron Corporation, Philippines
- Vizag Seaport Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Formosa Plastics Group - Taiwan
- London Commodity Brokers - England
- Manunggal Multi Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Mercator Lines Limited - India
- Renaissance Capital - South Africa
- OPG Power Generation Pvt Ltd - India
- Carbofer General Trading SA - India
- Indika Energy - Indonesia
- Tamil Nadu electricity Board
- Kalimantan Lumbung Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Sojitz Corporation - Japan
- Billiton Holdings Pty Ltd - Australia
- Latin American Coal - Colombia
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- New Zealand Coal & Carbon
- Samtan Co., Ltd - South Korea
- Banpu Public Company Limited - Thailand
- McConnell Dowell - Australia
- Uttam Galva Steels Limited - India
- Kideco Jaya Agung - Indonesia
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