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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, 13 July 15
THE DRY BULK MARKET CLOSED ON A POSITIVE TONE THIS PAST WEEK
COALspot.com: Despite Greece crisis and turmoil in the stock market across the world , the freight market overall was firm and up in all segments t ...
Sunday, 12 July 15
SHIPYARD NOT LIABLE FOR ENGINE ROOM FIRE CAUSED BY OIL LEAKAGE - BIRCH WINDAHL
KNOWLEDGE TO ELEVATE
A Danish vessel owner requested a Danish shipyard to undertake repairs and maintenance works on its vessel. An agreement ...
Saturday, 11 July 15
MAJOR IRANIAN GAS EXPORTS WILL TAKE AT LEAST FIVE YEARS - FITCH
Iran has the long-term potential to become one of the world's top gas producers, thanks to its 34 trillion cubic meters (tcm) of natural gas re ...
Friday, 10 July 15
DRY BULK MARKET KEEPS POSITIVE MOMENTUM - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has kept its positive momentum over the course of the past few days, thanks to Panamax gains. During yesterday’s session ...
Friday, 10 July 15
U.S PRODUCED APPROXIMATELY TOTALED AN ESTIMATED 14.1 MMST WEEK OVER WEEK - EIA
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 14.1 million short ...
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- The Treasury - Australian Government
- Makarim & Taira - Indonesia
- Karaikal Port Pvt Ltd - India
- Xindia Steels Limited - India
- Trasteel International SA, Italy
- Gujarat Mineral Development Corp Ltd - India
- Metalloyd Limited - United Kingdom
- Port Waratah Coal Services - Australia
- Leighton Contractors Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- CIMB Investment Bank - Malaysia
- Ministry of Mines - Canada
- India Bulls Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Star Paper Mills Limited - India
- Banpu Public Company Limited - Thailand
- Ambuja Cements Ltd - India
- Commonwealth Bank - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Independent Power Producers Association of India
- Mercuria Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- CNBM International Corporation - China
- McConnell Dowell - Australia
- Marubeni Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Asmin Koalindo Tuhup - Indonesia
- ASAPP Information Group - India
- White Energy Company Limited
- Uttam Galva Steels Limited - India
- Intertek Mineral Services - Indonesia
- Sical Logistics Limited - India
- Vedanta Resources Plc - India
- Sindya Power Generating Company Private Ltd
- Minerals Council of Australia
- Samtan Co., Ltd - South Korea
- Georgia Ports Authority, United States
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Thai Mozambique Logistica
- Larsen & Toubro Limited - India
- Global Green Power PLC Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Simpson Spence & Young - Indonesia
- Economic Council, Georgia
- Bulk Trading Sa - Switzerland
- Kaltim Prima Coal - Indonesia
- Oldendorff Carriers - Singapore
- SMC Global Power, Philippines
- Goldman Sachs - Singapore
- Deloitte Consulting - India
- Ind-Barath Power Infra Limited - India
- Romanian Commodities Exchange
- GAC Shipping (India) Pvt Ltd
- Alfred C Toepfer International GmbH - Germany
- Agrawal Coal Company - India
- Tata Chemicals Ltd - India
- Indika Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kumho Petrochemical, South Korea
- The University of Queensland
- Directorate Of Revenue Intelligence - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Transport, Egypt
- TNB Fuel Sdn Bhd - Malaysia
- PNOC Exploration Corporation - Philippines
- Grasim Industreis Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Edison Trading Spa - Italy
- PowerSource Philippines DevCo
- Eastern Energy - Thailand
- Toyota Tsusho Corporation, Japan
- Chamber of Mines of South Africa
- Kideco Jaya Agung - Indonesia
- Chettinad Cement Corporation Ltd - India
- Heidelberg Cement - Germany
- Central Java Power - Indonesia
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- Indonesian Coal Mining Association
- Aditya Birla Group - India
- Electricity Generating Authority of Thailand
- Borneo Indobara - Indonesia
- Australian Commodity Traders Exchange
- Malabar Cements Ltd - India
- Videocon Industries ltd - India
- Merrill Lynch Commodities Europe
- Altura Mining Limited, Indonesia
- Savvy Resources Ltd - HongKong
- Meralco Power Generation, Philippines
- Therma Luzon, Inc, Philippines
- Renaissance Capital - South Africa
- OPG Power Generation Pvt Ltd - India
- Latin American Coal - Colombia
- Planning Commission, India
- Antam Resourcindo - Indonesia
- Sojitz Corporation - Japan
- Vijayanagar Sugar Pvt Ltd - India
- Africa Commodities Group - South Africa
- Eastern Coal Council - USA
- Maheswari Brothers Coal Limited - India
- San Jose City I Power Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- Global Business Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Orica Australia Pty. Ltd.
- Siam City Cement - Thailand
- Semirara Mining Corp, Philippines
- Formosa Plastics Group - Taiwan
- Straits Asia Resources Limited - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Madhucon Powers Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Bukit Baiduri Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Anglo American - United Kingdom
- Coastal Gujarat Power Limited - India
- Mjunction Services Limited - India
- Wilmar Investment Holdings
- Bukit Makmur.PT - Indonesia
- Bangladesh Power Developement Board
- Energy Link Ltd, New Zealand
- MS Steel International - UAE
- Cement Manufacturers Association - India
- The State Trading Corporation of India Ltd
- Kartika Selabumi Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Pendopo Energi Batubara - Indonesia
- VISA Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Energy Development Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bharathi Cement Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Binh Thuan Hamico - Vietnam
- Rio Tinto Coal - Australia
- Salva Resources Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Rashtriya Ispat Nigam Limited - India
- Mercator Lines Limited - India
- Indogreen Group - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement PLC, Thailand
- Bhoruka Overseas - Indonesia
- Mintek Dendrill Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Carbofer General Trading SA - India
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- Orica Mining Services - Indonesia
- Barasentosa Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Sakthi Sugars Limited - India
- Coalindo Energy - Indonesia
- Attock Cement Pakistan Limited
- Kapuas Tunggal Persada - Indonesia
- Aboitiz Power Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Parry Sugars Refinery, India
- Medco Energi Mining Internasional
- Wood Mackenzie - Singapore
- Australian Coal Association
- Posco Energy - South Korea
- Interocean Group of Companies - India
- IHS Mccloskey Coal Group - USA
- PTC India Limited - India
- Riau Bara Harum - Indonesia
- Ministry of Finance - Indonesia
- Meenaskhi Energy Private Limited - India
- Sree Jayajothi Cements Limited - India
- Bhushan Steel Limited - India
- Jaiprakash Power Ventures ltd
- Jindal Steel & Power Ltd - India
- Lanco Infratech Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- London Commodity Brokers - England
- Petrochimia International Co. Ltd.- Taiwan
- SMG Consultants - Indonesia
- Indian Energy Exchange, India
- Indian Oil Corporation Limited
- Bahari Cakrawala Sebuku - Indonesia
- Petron Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Coal and Oil Company - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tamil Nadu electricity Board
- Baramulti Group, Indonesia
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Standard Chartered Bank - UAE
- Singapore Mercantile Exchange
- Vizag Seaport Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Bhatia International Limited - India
- International Coal Ventures Pvt Ltd - India
- Central Electricity Authority - India
- ICICI Bank Limited - India
- Gujarat Sidhee Cement - India
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Price Waterhouse Coopers - Russia
- Electricity Authority, New Zealand
- Kohat Cement Company Ltd. - Pakistan
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