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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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Monday, 20 July 15
CFR SOUTH CHINA COAL SWAPS GAIN WEEK OVER WEEK
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery declined US$ 1.18 (2.27%) per MT month over month.
A commodity swap ...
Sunday, 19 July 15
BDI GAINED AND CROSSED 1000 MARK THIS WEEK
COALspot.com: The BDI gained and crossed 1000 mark after many months this Friday. The BDI was up almost 20 pct and closed 1048 points on 17 July 20 ...
Saturday, 18 July 15
INTERVIEW : FRANZ ESCALANTE, CHIEF OF INFORMATION SYSTEMS, MINERA CHINALCO, PERU
We are interested in the technology of Autonomous trucks, the new-generation trucks are not remote controlled, they are truly autonomous - Franz Es ...
Friday, 17 July 15
COAL PRODUCTION IN THE U.S. INCREASES SHARPLY FOR THE WEEK ENDING JULY 11
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 16.4 million short ...
Friday, 17 July 15
INDONESIAN POWER-STATION COAL SWAPS DECLINE CONTINUES THIS PAST WEEK
COALspot.com: Indonesian coal swap for delivery Q3 2015 declined month on month and week over week, this past week.
The Q3 swap was declined $ ...
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- Bukit Asam (Persero) Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Indonesian Coal Mining Association
- Price Waterhouse Coopers - Russia
- Standard Chartered Bank - UAE
- Central Electricity Authority - India
- Deloitte Consulting - India
- VISA Power Limited - India
- Coastal Gujarat Power Limited - India
- Edison Trading Spa - Italy
- Wood Mackenzie - Singapore
- GVK Power & Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Tamil Nadu electricity Board
- Oldendorff Carriers - Singapore
- Trasteel International SA, Italy
- Mjunction Services Limited - India
- Ministry of Mines - Canada
- Mintek Dendrill Indonesia
- European Bulk Services B.V. - Netherlands
- Indian Oil Corporation Limited
- Carbofer General Trading SA - India
- Central Java Power - Indonesia
- Commonwealth Bank - Australia
- LBH Netherlands Bv - Netherlands
- Cigading International Bulk Terminal - Indonesia
- The University of Queensland
- Rashtriya Ispat Nigam Limited - India
- Aboitiz Power Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Bhoruka Overseas - Indonesia
- CNBM International Corporation - China
- Siam City Cement - Thailand
- Ministry of Finance - Indonesia
- Chamber of Mines of South Africa
- Antam Resourcindo - Indonesia
- Bulk Trading Sa - Switzerland
- Indika Energy - Indonesia
- Independent Power Producers Association of India
- Grasim Industreis Ltd - India
- International Coal Ventures Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Petron Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Latin American Coal - Colombia
- Karaikal Port Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Timah Investasi Mineral - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- McConnell Dowell - Australia
- Orica Mining Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Cement Manufacturers Association - India
- Medco Energi Mining Internasional
- Chettinad Cement Corporation Ltd - India
- Kapuas Tunggal Persada - Indonesia
- South Luzon Thermal Energy Corporation
- IHS Mccloskey Coal Group - USA
- Sree Jayajothi Cements Limited - India
- Planning Commission, India
- Goldman Sachs - Singapore
- Miang Besar Coal Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Attock Cement Pakistan Limited
- Bangladesh Power Developement Board
- White Energy Company Limited
- Parliament of New Zealand
- Agrawal Coal Company - India
- Directorate Of Revenue Intelligence - India
- Coalindo Energy - Indonesia
- Indian Energy Exchange, India
- Australian Coal Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Singapore Mercantile Exchange
- Eastern Energy - Thailand
- Krishnapatnam Port Company Ltd. - India
- Energy Link Ltd, New Zealand
- Star Paper Mills Limited - India
- Kaltim Prima Coal - Indonesia
- PTC India Limited - India
- Ministry of Transport, Egypt
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Romanian Commodities Exchange
- Semirara Mining and Power Corporation, Philippines
- Lanco Infratech Ltd - India
- GAC Shipping (India) Pvt Ltd
- Altura Mining Limited, Indonesia
- Indogreen Group - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Globalindo Alam Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Riau Bara Harum - Indonesia
- Pendopo Energi Batubara - Indonesia
- Electricity Authority, New Zealand
- Wilmar Investment Holdings
- Mercuria Energy - Indonesia
- Australian Commodity Traders Exchange
- Thai Mozambique Logistica
- The Treasury - Australian Government
- Ceylon Electricity Board - Sri Lanka
- Binh Thuan Hamico - Vietnam
- Simpson Spence & Young - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Aditya Birla Group - India
- Indo Tambangraya Megah - Indonesia
- Barasentosa Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Videocon Industries ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Coal and Oil Company - UAE
- Renaissance Capital - South Africa
- Thiess Contractors Indonesia
- Iligan Light & Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Billiton Holdings Pty Ltd - Australia
- Xindia Steels Limited - India
- Eastern Coal Council - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Uttam Galva Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Rio Tinto Coal - Australia
- MS Steel International - UAE
- Ambuja Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Sojitz Corporation - Japan
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Mercator Lines Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meenaskhi Energy Private Limited - India
- SMC Global Power, Philippines
- Straits Asia Resources Limited - Singapore
- Jaiprakash Power Ventures ltd
- Tata Chemicals Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- GMR Energy Limited - India
- Vizag Seaport Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- London Commodity Brokers - England
- Alfred C Toepfer International GmbH - Germany
- AsiaOL BioFuels Corp., Philippines
- Dalmia Cement Bharat India
- San Jose City I Power Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Kumho Petrochemical, South Korea
- Intertek Mineral Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meralco Power Generation, Philippines
- Interocean Group of Companies - India
- Sindya Power Generating Company Private Ltd
- New Zealand Coal & Carbon
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ind-Barath Power Infra Limited - India
- Banpu Public Company Limited - Thailand
- Bukit Makmur.PT - Indonesia
- Posco Energy - South Korea
- PNOC Exploration Corporation - Philippines
- Bhushan Steel Limited - India
- Sical Logistics Limited - India
- Maheswari Brothers Coal Limited - India
- Power Finance Corporation Ltd., India
- ICICI Bank Limited - India
- Malabar Cements Ltd - India
- The State Trading Corporation of India Ltd
- Economic Council, Georgia
- CIMB Investment Bank - Malaysia
- Heidelberg Cement - Germany
- Siam City Cement PLC, Thailand
- TeaM Sual Corporation - Philippines
- Gujarat Sidhee Cement - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Madhucon Powers Ltd - India
- Makarim & Taira - Indonesia
- Kobexindo Tractors - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- IEA Clean Coal Centre - UK
- Vedanta Resources Plc - India
- OPG Power Generation Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Sakthi Sugars Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Larsen & Toubro Limited - India
- Savvy Resources Ltd - HongKong
- Kepco SPC Power Corporation, Philippines
- Baramulti Group, Indonesia
- Georgia Ports Authority, United States
- SN Aboitiz Power Inc, Philippines
- Minerals Council of Australia
- India Bulls Power Limited - India
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- Therma Luzon, Inc, Philippines
- Marubeni Corporation - India
- Energy Development Corp, Philippines
- Africa Commodities Group - South Africa
- Essar Steel Hazira Ltd - India
- ASAPP Information Group - India
- Jindal Steel & Power Ltd - India
- Bhatia International Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Global Green Power PLC Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Electricity Generating Authority of Thailand
- Global Business Power Corporation, Philippines
- Anglo American - United Kingdom
- Orica Australia Pty. Ltd.
- Borneo Indobara - Indonesia
- SMG Consultants - Indonesia
- Leighton Contractors Pty Ltd - Australia
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