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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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Friday, 17 July 15
DO CANCELLATION RIGHTS UNDER VOYAGE CHARTERPARTY SURVIVE RE-NOMINATION OF LOAD PORT? - INCE&CO
KNOWLEDGE TO ELEVATE
Do cancellation rights under voyage charterparty survive re-nomination of load port?
St Shipping & Transport Inc ...
Thursday, 16 July 15
INDONESIA'S HBA HITS ALL-TIME LOW OF $59.16 PER METRIC TON IN JULY 2015
COALspot.com - The Director General of Mineral and Coal of Indonesia revised down Indonesian coal benchmark price once again to US$ 59.16 pe ...
Thursday, 16 July 15
FOB RICHARDS BAY COAL SWAPS DECLINE W-O-W, M-O-M
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$ ...
Wednesday, 15 July 15
WEEKLY SHIPPING MARKET INSIGHT - INTERMODAL
The last few weeks have been rather strenuous for Greece and China, each for their own reasons, affecting most markets around the world. In Greece ...
Wednesday, 15 July 15
IRAN OIL RECOVERY TO TAKE YEARS, BUT COULD START IN 2016 - FITCH
Iranian crude oil production is likely to increase in 2016 but will take a number of years to reach its previous peak, Fitch Ratings says.
The ...
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- TeaM Sual Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Metalloyd Limited - United Kingdom
- Bhatia International Limited - India
- Bhoruka Overseas - Indonesia
- IEA Clean Coal Centre - UK
- Mjunction Services Limited - India
- Bhushan Steel Limited - India
- Karaikal Port Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Australian Coal Association
- Oldendorff Carriers - Singapore
- CIMB Investment Bank - Malaysia
- Eastern Coal Council - USA
- The Treasury - Australian Government
- Merrill Lynch Commodities Europe
- Sakthi Sugars Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Manunggal Multi Energi - Indonesia
- Xindia Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Trasteel International SA, Italy
- Orica Australia Pty. Ltd.
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- Anglo American - United Kingdom
- Mercuria Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- SMC Global Power, Philippines
- Deloitte Consulting - India
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Agrawal Coal Company - India
- Rio Tinto Coal - Australia
- Energy Development Corp, Philippines
- Attock Cement Pakistan Limited
- Global Business Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Meralco Power Generation, Philippines
- Interocean Group of Companies - India
- Kohat Cement Company Ltd. - Pakistan
- Aboitiz Power Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Mintek Dendrill Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Commodity Traders Exchange
- San Jose City I Power Corp, Philippines
- Salva Resources Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Rashtriya Ispat Nigam Limited - India
- Vedanta Resources Plc - India
- PTC India Limited - India
- Indian Oil Corporation Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Makarim & Taira - Indonesia
- The University of Queensland
- Borneo Indobara - Indonesia
- Power Finance Corporation Ltd., India
- Baramulti Group, Indonesia
- Jindal Steel & Power Ltd - India
- Bayan Resources Tbk. - Indonesia
- Straits Asia Resources Limited - Singapore
- Medco Energi Mining Internasional
- Antam Resourcindo - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Chamber of Mines of South Africa
- GMR Energy Limited - India
- IHS Mccloskey Coal Group - USA
- White Energy Company Limited
- Riau Bara Harum - Indonesia
- Georgia Ports Authority, United States
- Global Green Power PLC Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Larsen & Toubro Limited - India
- Malabar Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Bharathi Cement Corporation - India
- International Coal Ventures Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- ASAPP Information Group - India
- Coal and Oil Company - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Formosa Plastics Group - Taiwan
- Iligan Light & Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Commonwealth Bank - Australia
- Simpson Spence & Young - Indonesia
- Aditya Birla Group - India
- Neyveli Lignite Corporation Ltd, - India
- Goldman Sachs - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Videocon Industries ltd - India
- Gujarat Electricity Regulatory Commission - India
- VISA Power Limited - India
- OPG Power Generation Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Central Electricity Authority - India
- Thai Mozambique Logistica
- Sinarmas Energy and Mining - Indonesia
- Grasim Industreis Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Kepco SPC Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Renaissance Capital - South Africa
- London Commodity Brokers - England
- Ministry of Transport, Egypt
- Maharashtra Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Cement Manufacturers Association - India
- Port Waratah Coal Services - Australia
- Ministry of Finance - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- GAC Shipping (India) Pvt Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Globalindo Alam Lestari - Indonesia
- Parry Sugars Refinery, India
- Heidelberg Cement - Germany
- SMG Consultants - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Lanco Infratech Ltd - India
- Central Java Power - Indonesia
- Electricity Authority, New Zealand
- Eastern Energy - Thailand
- Ind-Barath Power Infra Limited - India
- Indogreen Group - Indonesia
- Kartika Selabumi Mining - Indonesia
- Romanian Commodities Exchange
- South Luzon Thermal Energy Corporation
- SN Aboitiz Power Inc, Philippines
- Parliament of New Zealand
- Pendopo Energi Batubara - Indonesia
- Carbofer General Trading SA - India
- Intertek Mineral Services - Indonesia
- New Zealand Coal & Carbon
- Ambuja Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Marubeni Corporation - India
- Wilmar Investment Holdings
- Leighton Contractors Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- PowerSource Philippines DevCo
- ICICI Bank Limited - India
- Africa Commodities Group - South Africa
- Krishnapatnam Port Company Ltd. - India
- Ministry of Mines - Canada
- Independent Power Producers Association of India
- GVK Power & Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Tamil Nadu electricity Board
- Essar Steel Hazira Ltd - India
- Sojitz Corporation - Japan
- Bulk Trading Sa - Switzerland
- Sindya Power Generating Company Private Ltd
- Karbindo Abesyapradhi - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- MS Steel International - UAE
- Indian Energy Exchange, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kaltim Prima Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Jaiprakash Power Ventures ltd
- Indonesian Coal Mining Association
- Dalmia Cement Bharat India
- Global Coal Blending Company Limited - Australia
- Posco Energy - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Meenaskhi Energy Private Limited - India
- Bangladesh Power Developement Board
- Thiess Contractors Indonesia
- Kumho Petrochemical, South Korea
- Mercator Lines Limited - India
- Edison Trading Spa - Italy
- Kobexindo Tractors - Indoneisa
- Sical Logistics Limited - India
- Planning Commission, India
- Samtan Co., Ltd - South Korea
- Latin American Coal - Colombia
- Tata Chemicals Ltd - India
- Orica Mining Services - Indonesia
- Standard Chartered Bank - UAE
- CNBM International Corporation - China
- McConnell Dowell - Australia
- Gujarat Sidhee Cement - India
- Coastal Gujarat Power Limited - India
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- Coalindo Energy - Indonesia
- Siam City Cement - Thailand
- European Bulk Services B.V. - Netherlands
- Vizag Seaport Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petron Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Uttam Galva Steels Limited - India
- Altura Mining Limited, Indonesia
- Economic Council, Georgia
- Bukit Makmur.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Wood Mackenzie - Singapore
- Maheswari Brothers Coal Limited - India
- Minerals Council of Australia
- Toyota Tsusho Corporation, Japan
- Miang Besar Coal Terminal - Indonesia
- Star Paper Mills Limited - India
- Madhucon Powers Ltd - India
- The State Trading Corporation of India Ltd
- Chettinad Cement Corporation Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement PLC, Thailand
- Bukit Baiduri Energy - Indonesia
- India Bulls Power Limited - India
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