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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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Thursday, 09 July 15
CPP MARKET : POSITIVE IN THE SHORT TERM - GEORGE VASTARDIS
Despite the traditionally quieter summer period, the clean tanker market has so far experienced healthy activity especially East of Suez. Increased ...
Thursday, 09 July 15
LACK OF FRESH BUSINESS IN THE PACIFIC LEFT CAPESIZE RATES MOVING SIDEWAYS - INTERMODAL
COALspot.com: Intermodal ship broker says in its weekly report that, a different picture from what we saw the previous week was painted during the ...
Wednesday, 08 July 15
RIO TINTO'S MODERNISED KITIMAT SMELTER BEGINS PRODUCTION; KITIMAT BECOMING ONE OF THE LOWEST COST SMELTERS IN THE WORLD
COALspot.com: Rio Tinto is preparing its first shipments of metal from its world-class Kitimat aluminium smelter in Canada following an extensive m ...
Wednesday, 08 July 15
Q3'15 INDONESIA COAL SWAP DECLINED 3.14% MONTH OVER MONTH
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 $ ...
Tuesday, 07 July 15
FOB RICHARDS BAY COAL SWAPS DECLINED WEEK OVER WEEK
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$ ...
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- San Jose City I Power Corp, Philippines
- IHS Mccloskey Coal Group - USA
- India Bulls Power Limited - India
- Orica Mining Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Dalmia Cement Bharat India
- SMG Consultants - Indonesia
- White Energy Company Limited
- Indian Energy Exchange, India
- Global Business Power Corporation, Philippines
- The Treasury - Australian Government
- Global Coal Blending Company Limited - Australia
- Indo Tambangraya Megah - Indonesia
- Parliament of New Zealand
- Pendopo Energi Batubara - Indonesia
- Timah Investasi Mineral - Indoneisa
- CNBM International Corporation - China
- Port Waratah Coal Services - Australia
- Sarangani Energy Corporation, Philippines
- Heidelberg Cement - Germany
- Coal and Oil Company - UAE
- Kepco SPC Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Samtan Co., Ltd - South Korea
- Bulk Trading Sa - Switzerland
- McConnell Dowell - Australia
- Meenaskhi Energy Private Limited - India
- Vizag Seaport Private Limited - India
- Electricity Generating Authority of Thailand
- Xindia Steels Limited - India
- Sojitz Corporation - Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement - Thailand
- PowerSource Philippines DevCo
- Thiess Contractors Indonesia
- Ministry of Finance - Indonesia
- Tamil Nadu electricity Board
- Banpu Public Company Limited - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Interocean Group of Companies - India
- Barasentosa Lestari - Indonesia
- GVK Power & Infra Limited - India
- GMR Energy Limited - India
- Wood Mackenzie - Singapore
- Attock Cement Pakistan Limited
- OPG Power Generation Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- The State Trading Corporation of India Ltd
- AsiaOL BioFuels Corp., Philippines
- Leighton Contractors Pty Ltd - Australia
- Marubeni Corporation - India
- Altura Mining Limited, Indonesia
- Indonesian Coal Mining Association
- Maheswari Brothers Coal Limited - India
- Cement Manufacturers Association - India
- CIMB Investment Bank - Malaysia
- Anglo American - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Videocon Industries ltd - India
- Madhucon Powers Ltd - India
- Kobexindo Tractors - Indoneisa
- Indian Oil Corporation Limited
- Bhushan Steel Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mjunction Services Limited - India
- Metalloyd Limited - United Kingdom
- Larsen & Toubro Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Thai Mozambique Logistica
- Jorong Barutama Greston.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Wilmar Investment Holdings
- Pipit Mutiara Jaya. PT, Indonesia
- Bayan Resources Tbk. - Indonesia
- Romanian Commodities Exchange
- Borneo Indobara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhatia International Limited - India
- Deloitte Consulting - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mintek Dendrill Indonesia
- IEA Clean Coal Centre - UK
- PTC India Limited - India
- Trasteel International SA, Italy
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- Independent Power Producers Association of India
- Standard Chartered Bank - UAE
- Ind-Barath Power Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Renaissance Capital - South Africa
- Straits Asia Resources Limited - Singapore
- London Commodity Brokers - England
- Commonwealth Bank - Australia
- Directorate General of MIneral and Coal - Indonesia
- Bhoruka Overseas - Indonesia
- PNOC Exploration Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Australian Coal Association
- Karbindo Abesyapradhi - Indoneisa
- Chamber of Mines of South Africa
- Bukit Baiduri Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Meralco Power Generation, Philippines
- Energy Link Ltd, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Lanco Infratech Ltd - India
- Edison Trading Spa - Italy
- Kohat Cement Company Ltd. - Pakistan
- Minerals Council of Australia
- Eastern Coal Council - USA
- Semirara Mining Corp, Philippines
- Coalindo Energy - Indonesia
- Posco Energy - South Korea
- Chettinad Cement Corporation Ltd - India
- Kartika Selabumi Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Bangladesh Power Developement Board
- Oldendorff Carriers - Singapore
- Africa Commodities Group - South Africa
- Directorate Of Revenue Intelligence - India
- Latin American Coal - Colombia
- Sindya Power Generating Company Private Ltd
- Malabar Cements Ltd - India
- Energy Development Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Eastern Energy - Thailand
- MS Steel International - UAE
- Ministry of Transport, Egypt
- ASAPP Information Group - India
- PetroVietnam Power Coal Import and Supply Company
- Rio Tinto Coal - Australia
- Parry Sugars Refinery, India
- Australian Commodity Traders Exchange
- Gujarat Mineral Development Corp Ltd - India
- SMC Global Power, Philippines
- Sical Logistics Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Economic Council, Georgia
- Toyota Tsusho Corporation, Japan
- Ministry of Mines - Canada
- Mercuria Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- European Bulk Services B.V. - Netherlands
- Salva Resources Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Aditya Birla Group - India
- Miang Besar Coal Terminal - Indonesia
- Star Paper Mills Limited - India
- Georgia Ports Authority, United States
- Semirara Mining and Power Corporation, Philippines
- Indogreen Group - Indonesia
- Agrawal Coal Company - India
- VISA Power Limited - India
- Bharathi Cement Corporation - India
- Electricity Authority, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Kideco Jaya Agung - Indonesia
- Central Java Power - Indonesia
- Merrill Lynch Commodities Europe
- Iligan Light & Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Riau Bara Harum - Indonesia
- Vedanta Resources Plc - India
- Bukit Asam (Persero) Tbk - Indonesia
- ICICI Bank Limited - India
- LBH Netherlands Bv - Netherlands
- Singapore Mercantile Exchange
- International Coal Ventures Pvt Ltd - India
- Petron Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Baramulti Group, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Indika Energy - Indonesia
- Makarim & Taira - Indonesia
- Grasim Industreis Ltd - India
- SN Aboitiz Power Inc, Philippines
- Goldman Sachs - Singapore
- Power Finance Corporation Ltd., India
- Kumho Petrochemical, South Korea
- Antam Resourcindo - Indonesia
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Uttam Galva Steels Limited - India
- Savvy Resources Ltd - HongKong
- Planning Commission, India
- Price Waterhouse Coopers - Russia
- Global Green Power PLC Corporation, Philippines
- Carbofer General Trading SA - India
- Tata Chemicals Ltd - India
- Mercator Lines Limited - India
- The University of Queensland
- TNB Fuel Sdn Bhd - Malaysia
- Sakthi Sugars Limited - India
- Ceylon Electricity Board - Sri Lanka
- Binh Thuan Hamico - Vietnam
- Essar Steel Hazira Ltd - India
- Jaiprakash Power Ventures ltd
- Medco Energi Mining Internasional
- Krishnapatnam Port Company Ltd. - India
- Maharashtra Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Orica Australia Pty. Ltd.
- Simpson Spence & Young - Indonesia
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