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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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Tuesday, 07 July 15
FOB NEWCASTLE COAL SWAP ADVANCED MONTH OVER MONTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery up $ 0.28 per MT (-0.61%) month over month to US$ 45.85 per mt. The swap wa ...
Monday, 06 July 15
KOREA MIDLAND POWER COMPANY LIMITED ISSUED A TENDER FOR 250K MT BITUMINOUS COAL
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender for 250K Metric Tons (MT) of 5300 kcal/kg NAR coal ...
Monday, 06 July 15
COAL TRADING & RISK MANAGEMENT TRAINING COURSE
Are you ready to invest in yourself and take your trading and risk management strategy to the next level? The Coal Trading & Risk Management Tr ...
Monday, 06 July 15
CFR SOUTH CHINA COAL SWAP; DECLINED D-O-D,W-O-W AND M-O-M
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery declined US$ 0.53 (1.01%) per MT month over month.
A commodity swap ...
Sunday, 05 July 15
THE BALTIC DRY INDEX WAS DOWN 18%; PANAMAX UP 9%
COALspot.com: The freight market was soft during this week. However indices closed slightly firmer end of the week on 3rd July.
The BDI was do ...
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- Makarim & Taira - Indonesia
- Uttam Galva Steels Limited - India
- Indian Oil Corporation Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aditya Birla Group - India
- Wilmar Investment Holdings
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Renaissance Capital - South Africa
- The State Trading Corporation of India Ltd
- McConnell Dowell - Australia
- Savvy Resources Ltd - HongKong
- Global Coal Blending Company Limited - Australia
- Parliament of New Zealand
- Indonesian Coal Mining Association
- Indo Tambangraya Megah - Indonesia
- Borneo Indobara - Indonesia
- Deloitte Consulting - India
- Altura Mining Limited, Indonesia
- White Energy Company Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Mercuria Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Binh Thuan Hamico - Vietnam
- Simpson Spence & Young - Indonesia
- Rio Tinto Coal - Australia
- Bukit Baiduri Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Bhatia International Limited - India
- Sojitz Corporation - Japan
- Global Business Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Indika Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Kohat Cement Company Ltd. - Pakistan
- SMC Global Power, Philippines
- Orica Mining Services - Indonesia
- New Zealand Coal & Carbon
- Tata Chemicals Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Sarangani Energy Corporation, Philippines
- Central Electricity Authority - India
- Gujarat Mineral Development Corp Ltd - India
- Essar Steel Hazira Ltd - India
- Chettinad Cement Corporation Ltd - India
- London Commodity Brokers - England
- Wood Mackenzie - Singapore
- Commonwealth Bank - Australia
- The University of Queensland
- Ministry of Mines - Canada
- Mercator Lines Limited - India
- Power Finance Corporation Ltd., India
- Timah Investasi Mineral - Indoneisa
- Romanian Commodities Exchange
- Iligan Light & Power Inc, Philippines
- Singapore Mercantile Exchange
- Directorate Of Revenue Intelligence - India
- Bahari Cakrawala Sebuku - Indonesia
- Therma Luzon, Inc, Philippines
- Meralco Power Generation, Philippines
- ICICI Bank Limited - India
- Semirara Mining Corp, Philippines
- Vedanta Resources Plc - India
- Aboitiz Power Corporation - Philippines
- Madhucon Powers Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- San Jose City I Power Corp, Philippines
- Bangladesh Power Developement Board
- Bhoruka Overseas - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Ceylon Electricity Board - Sri Lanka
- Dalmia Cement Bharat India
- Siam City Cement PLC, Thailand
- Bhushan Steel Limited - India
- Alfred C Toepfer International GmbH - Germany
- SN Aboitiz Power Inc, Philippines
- Anglo American - United Kingdom
- Bharathi Cement Corporation - India
- Thai Mozambique Logistica
- Barasentosa Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Xindia Steels Limited - India
- Posco Energy - South Korea
- Bulk Trading Sa - Switzerland
- Kalimantan Lumbung Energi - Indonesia
- Star Paper Mills Limited - India
- GMR Energy Limited - India
- Banpu Public Company Limited - Thailand
- Ministry of Transport, Egypt
- CNBM International Corporation - China
- Toyota Tsusho Corporation, Japan
- Kartika Selabumi Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Trasteel International SA, Italy
- Coalindo Energy - Indonesia
- Electricity Generating Authority of Thailand
- The Treasury - Australian Government
- Billiton Holdings Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Heidelberg Cement - Germany
- PTC India Limited - India
- Kobexindo Tractors - Indoneisa
- Marubeni Corporation - India
- Larsen & Toubro Limited - India
- Videocon Industries ltd - India
- Holcim Trading Pte Ltd - Singapore
- ASAPP Information Group - India
- Indogreen Group - Indonesia
- Agrawal Coal Company - India
- Straits Asia Resources Limited - Singapore
- Formosa Plastics Group - Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Standard Chartered Bank - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Antam Resourcindo - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IEA Clean Coal Centre - UK
- Sical Logistics Limited - India
- India Bulls Power Limited - India
- Kumho Petrochemical, South Korea
- AsiaOL BioFuels Corp., Philippines
- Gujarat Sidhee Cement - India
- Coal and Oil Company - UAE
- GN Power Mariveles Coal Plant, Philippines
- Leighton Contractors Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Medco Energi Mining Internasional
- Economic Council, Georgia
- Baramulti Group, Indonesia
- Eastern Energy - Thailand
- VISA Power Limited - India
- SMG Consultants - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Interocean Group of Companies - India
- Sinarmas Energy and Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Parry Sugars Refinery, India
- Bayan Resources Tbk. - Indonesia
- Port Waratah Coal Services - Australia
- Tamil Nadu electricity Board
- Sree Jayajothi Cements Limited - India
- Sakthi Sugars Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Grasim Industreis Ltd - India
- Mintek Dendrill Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Central Java Power - Indonesia
- Salva Resources Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Samtan Co., Ltd - South Korea
- Mjunction Services Limited - India
- Meenaskhi Energy Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Vizag Seaport Private Limited - India
- Planning Commission, India
- Eastern Coal Council - USA
- Indian Energy Exchange, India
- GVK Power & Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Minerals Council of Australia
- PNOC Exploration Corporation - Philippines
- Riau Bara Harum - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Goldman Sachs - Singapore
- Orica Australia Pty. Ltd.
- Ind-Barath Power Infra Limited - India
- Thiess Contractors Indonesia
- Semirara Mining and Power Corporation, Philippines
- Georgia Ports Authority, United States
- Attock Cement Pakistan Limited
- Krishnapatnam Port Company Ltd. - India
- Manunggal Multi Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Cement Manufacturers Association - India
- Jorong Barutama Greston.PT - Indonesia
- Oldendorff Carriers - Singapore
- MS Steel International - UAE
- CIMB Investment Bank - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Energy Link Ltd, New Zealand
- Rashtriya Ispat Nigam Limited - India
- IHS Mccloskey Coal Group - USA
- OPG Power Generation Pvt Ltd - India
- Petron Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Carbofer General Trading SA - India
- Edison Trading Spa - Italy
- Africa Commodities Group - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement - Thailand
- Chamber of Mines of South Africa
- Global Green Power PLC Corporation, Philippines
- PowerSource Philippines DevCo
- Electricity Authority, New Zealand
- Australian Coal Association
- Independent Power Producers Association of India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Development Corp, Philippines
- Lanco Infratech Ltd - India
- Australian Commodity Traders Exchange
- Ambuja Cements Ltd - India
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