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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, 15 July 15
SAS TO BUILD 108 KM ROAD FOR COAL IN JAMBI, SAYS JAKARTA POST
Jambi Governor Hasan Basri Agus said on Sunday that mining company PT Sinar Anugerah Sukses (SAS) would develop a 108-kilometer road with a width o ...
Wednesday, 15 July 15
ANY FUTURE IRAN OIL DEAL WILL BOOST SUPPLY FUNDAMENTALS WITH TANKER OWNERS HOPING FROM TEHRAN TO QUICKLY BOOST ITS PRODUCTION
With the Greek “Euro-drama” apparently over, at least for now, Iran’s oil deal still remains elusive, with any potential agreemen ...
Tuesday, 14 July 15
FOB NEWCASTLE COAL SWAPS MAINTAIN OVERALL NEGATIVE TONE THIS PAST WEEK
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery down $ 1.02 per MT (-2.23%) month over month to US$ 44.68 per mt. The swap ...
Tuesday, 14 July 15
CFR SOUTH CHINA COAL SWAPS DECLINE THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery declined US$ 1.47 (2.82%) per MT month over month.
A commodity swap ...
Monday, 13 July 15
THERMAL COAL IMPORTS SOAR 23 PER CENT TO 24.08 MILLION TONNES AT 12 MAJOR INDIAN PORTS
Import of thermal coal jumped 23 per cent to 24.08 million tonnes at 12 major ports in the first quarter of the fiscal, even as the government cont ...
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- PowerSource Philippines DevCo
- Goldman Sachs - Singapore
- Central Electricity Authority - India
- IEA Clean Coal Centre - UK
- Edison Trading Spa - Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Oldendorff Carriers - Singapore
- Coastal Gujarat Power Limited - India
- South Luzon Thermal Energy Corporation
- Salva Resources Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Indogreen Group - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Jorong Barutama Greston.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Maharashtra Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Meenaskhi Energy Private Limited - India
- Deloitte Consulting - India
- Sree Jayajothi Cements Limited - India
- Borneo Indobara - Indonesia
- Kobexindo Tractors - Indoneisa
- Siam City Cement PLC, Thailand
- Sakthi Sugars Limited - India
- Krishnapatnam Port Company Ltd. - India
- Ministry of Mines - Canada
- Therma Luzon, Inc, Philippines
- McConnell Dowell - Australia
- Manunggal Multi Energi - Indonesia
- Standard Chartered Bank - UAE
- European Bulk Services B.V. - Netherlands
- Carbofer General Trading SA - India
- Bangladesh Power Developement Board
- Sarangani Energy Corporation, Philippines
- Cement Manufacturers Association - India
- Asmin Koalindo Tuhup - Indonesia
- Medco Energi Mining Internasional
- Orica Mining Services - Indonesia
- Makarim & Taira - Indonesia
- Iligan Light & Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- GVK Power & Infra Limited - India
- Bhatia International Limited - India
- Eastern Energy - Thailand
- Economic Council, Georgia
- International Coal Ventures Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- TeaM Sual Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Samtan Co., Ltd - South Korea
- GMR Energy Limited - India
- Parliament of New Zealand
- Madhucon Powers Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Posco Energy - South Korea
- Bukit Baiduri Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Grasim Industreis Ltd - India
- SMG Consultants - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Dalmia Cement Bharat India
- Wood Mackenzie - Singapore
- Orica Australia Pty. Ltd.
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Sidhee Cement - India
- Anglo American - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Aditya Birla Group - India
- Ministry of Finance - Indonesia
- LBH Netherlands Bv - Netherlands
- ICICI Bank Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bukit Makmur.PT - Indonesia
- Thiess Contractors Indonesia
- The Treasury - Australian Government
- Petron Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Bharathi Cement Corporation - India
- Minerals Council of Australia
- Kartika Selabumi Mining - Indonesia
- Vedanta Resources Plc - India
- Savvy Resources Ltd - HongKong
- Rashtriya Ispat Nigam Limited - India
- Barasentosa Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Australian Commodity Traders Exchange
- Indika Energy - Indonesia
- Parry Sugars Refinery, India
- Kepco SPC Power Corporation, Philippines
- Videocon Industries ltd - India
- PNOC Exploration Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Sojitz Corporation - Japan
- Ind-Barath Power Infra Limited - India
- The State Trading Corporation of India Ltd
- San Jose City I Power Corp, Philippines
- Independent Power Producers Association of India
- Semirara Mining Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Holcim Trading Pte Ltd - Singapore
- The University of Queensland
- Chettinad Cement Corporation Ltd - India
- Kideco Jaya Agung - Indonesia
- Agrawal Coal Company - India
- Kumho Petrochemical, South Korea
- Indonesian Coal Mining Association
- Timah Investasi Mineral - Indoneisa
- Mercator Lines Limited - India
- Commonwealth Bank - Australia
- Uttam Galva Steels Limited - India
- Lanco Infratech Ltd - India
- Mjunction Services Limited - India
- Star Paper Mills Limited - India
- Antam Resourcindo - Indonesia
- Renaissance Capital - South Africa
- London Commodity Brokers - England
- Vijayanagar Sugar Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Heidelberg Cement - Germany
- Port Waratah Coal Services - Australia
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- Australian Coal Association
- Essar Steel Hazira Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Chamber of Mines of South Africa
- Larsen & Toubro Limited - India
- Thai Mozambique Logistica
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- Planning Commission, India
- Latin American Coal - Colombia
- CIMB Investment Bank - Malaysia
- Malabar Cements Ltd - India
- Bulk Trading Sa - Switzerland
- New Zealand Coal & Carbon
- Ambuja Cements Ltd - India
- Indian Oil Corporation Limited
- India Bulls Power Limited - India
- Banpu Public Company Limited - Thailand
- Riau Bara Harum - Indonesia
- Merrill Lynch Commodities Europe
- Ministry of Transport, Egypt
- Pendopo Energi Batubara - Indonesia
- Marubeni Corporation - India
- Georgia Ports Authority, United States
- Singapore Mercantile Exchange
- Global Coal Blending Company Limited - Australia
- Baramulti Group, Indonesia
- Energy Link Ltd, New Zealand
- Romanian Commodities Exchange
- Altura Mining Limited, Indonesia
- Central Java Power - Indonesia
- Rio Tinto Coal - Australia
- Wilmar Investment Holdings
- Mintek Dendrill Indonesia
- Tata Chemicals Ltd - India
- Maheswari Brothers Coal Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jindal Steel & Power Ltd - India
- IHS Mccloskey Coal Group - USA
- Formosa Plastics Group - Taiwan
- Directorate Of Revenue Intelligence - India
- Binh Thuan Hamico - Vietnam
- Coal and Oil Company - UAE
- Gujarat Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- MS Steel International - UAE
- Mercuria Energy - Indonesia
- Energy Development Corp, Philippines
- Electricity Generating Authority of Thailand
- Interocean Group of Companies - India
- ASAPP Information Group - India
- VISA Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bayan Resources Tbk. - Indonesia
- SN Aboitiz Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Africa Commodities Group - South Africa
- OPG Power Generation Pvt Ltd - India
- Bhushan Steel Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMC Global Power, Philippines
- White Energy Company Limited
- Siam City Cement - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- CNBM International Corporation - China
- Sindya Power Generating Company Private Ltd
- Tamil Nadu electricity Board
- Miang Besar Coal Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining and Power Corporation, Philippines
- PTC India Limited - India
- Attock Cement Pakistan Limited
- Kapuas Tunggal Persada - Indonesia
- Xindia Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Meralco Power Generation, Philippines
- Eastern Coal Council - USA
- Trasteel International SA, Italy
- Toyota Tsusho Corporation, Japan
- Vizag Seaport Private Limited - India
- Global Business Power Corporation, Philippines
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