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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, 03 July 15
U.S DELIVERS WEAK FIRST HALF COAL PRODUCTION; 8.8% LOWER Y-O-Y
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 15.5 million short ...
Friday, 03 July 15
SHIPPING CONFIDENCE EQUALS SEVEN-YEAR LOW - MOORE STEPHENS
Overall confidence levels in the shipping industry fell during the three months to May 2015 to a level equal to the lowest rating recorded in the p ...
Thursday, 02 July 15
TECHNOLOGY AND INNOVATION IN MINING 2015 - IXG
Information Exchange Group’s Technology and Innovation in Mining 2015- International Summit on Mining
Press Release: The inaugural editi ...
Thursday, 02 July 15
THE PERFORMANCE OF THE CAPESIZE SEGMENT PUSHED DRY BULK MARKET TO UPWARD LAST WEEK
COALspot.com: The Dry Bulk market continued its upward movement last week, with the BDI closing off on Friday (26 June) in excess of 800 points, wh ...
Wednesday, 01 July 15
Q4'15 AND Q1'16 FOB RICHARDS BAY COAL SWAPS ROSE W-O-W AND M-O-M
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 rose month over month and down week over week.
The Q3 swap was up US$ ...
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- Directorate General of MIneral and Coal - Indonesia
- Wood Mackenzie - Singapore
- Indo Tambangraya Megah - Indonesia
- Edison Trading Spa - Italy
- Indogreen Group - Indonesia
- Coalindo Energy - Indonesia
- Romanian Commodities Exchange
- ICICI Bank Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Energy Link Ltd, New Zealand
- Trasteel International SA, Italy
- Electricity Authority, New Zealand
- PNOC Exploration Corporation - Philippines
- Siam City Cement PLC, Thailand
- Gujarat Sidhee Cement - India
- Kapuas Tunggal Persada - Indonesia
- Petron Corporation, Philippines
- The University of Queensland
- Globalindo Alam Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- PowerSource Philippines DevCo
- Kobexindo Tractors - Indoneisa
- Central Java Power - Indonesia
- Independent Power Producers Association of India
- Simpson Spence & Young - Indonesia
- Vizag Seaport Private Limited - India
- LBH Netherlands Bv - Netherlands
- Tata Chemicals Ltd - India
- Samtan Co., Ltd - South Korea
- Bhoruka Overseas - Indonesia
- Ministry of Finance - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Intertek Mineral Services - Indonesia
- Bulk Trading Sa - Switzerland
- Miang Besar Coal Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Eastern Energy - Thailand
- Alfred C Toepfer International GmbH - Germany
- Africa Commodities Group - South Africa
- The State Trading Corporation of India Ltd
- Krishnapatnam Port Company Ltd. - India
- McConnell Dowell - Australia
- Sical Logistics Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Tamil Nadu electricity Board
- Electricity Generating Authority of Thailand
- Orica Australia Pty. Ltd.
- TeaM Sual Corporation - Philippines
- VISA Power Limited - India
- Dalmia Cement Bharat India
- IHS Mccloskey Coal Group - USA
- Global Business Power Corporation, Philippines
- Indian Oil Corporation Limited
- Price Waterhouse Coopers - Russia
- Ambuja Cements Ltd - India
- Thiess Contractors Indonesia
- Bukit Makmur.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Mercuria Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Metalloyd Limited - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Sakthi Sugars Limited - India
- South Luzon Thermal Energy Corporation
- Goldman Sachs - Singapore
- AsiaOL BioFuels Corp., Philippines
- Ind-Barath Power Infra Limited - India
- Ministry of Mines - Canada
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Malabar Cements Ltd - India
- Videocon Industries ltd - India
- The Treasury - Australian Government
- Indika Energy - Indonesia
- Larsen & Toubro Limited - India
- Makarim & Taira - Indonesia
- Bukit Baiduri Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Commonwealth Bank - Australia
- Therma Luzon, Inc, Philippines
- Altura Mining Limited, Indonesia
- Bhatia International Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Indonesian Coal Mining Association
- PetroVietnam Power Coal Import and Supply Company
- Grasim Industreis Ltd - India
- GMR Energy Limited - India
- SMC Global Power, Philippines
- GAC Shipping (India) Pvt Ltd
- Chamber of Mines of South Africa
- Singapore Mercantile Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Heidelberg Cement - Germany
- Parliament of New Zealand
- Salva Resources Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Sindya Power Generating Company Private Ltd
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- Cement Manufacturers Association - India
- MS Steel International - UAE
- Port Waratah Coal Services - Australia
- Kepco SPC Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Coastal Gujarat Power Limited - India
- Lanco Infratech Ltd - India
- London Commodity Brokers - England
- Renaissance Capital - South Africa
- Economic Council, Georgia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sojitz Corporation - Japan
- Agrawal Coal Company - India
- Uttam Galva Steels Limited - India
- IEA Clean Coal Centre - UK
- Mercator Lines Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- European Bulk Services B.V. - Netherlands
- New Zealand Coal & Carbon
- Leighton Contractors Pty Ltd - Australia
- Indian Energy Exchange, India
- Kartika Selabumi Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jaiprakash Power Ventures ltd
- Merrill Lynch Commodities Europe
- Bhushan Steel Limited - India
- Savvy Resources Ltd - HongKong
- Interocean Group of Companies - India
- White Energy Company Limited
- Eastern Coal Council - USA
- Siam City Cement - Thailand
- Barasentosa Lestari - Indonesia
- Australian Coal Association
- Meralco Power Generation, Philippines
- Pendopo Energi Batubara - Indonesia
- Ministry of Transport, Egypt
- Georgia Ports Authority, United States
- Bayan Resources Tbk. - Indonesia
- Xindia Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Energy Development Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Coal and Oil Company - UAE
- PTC India Limited - India
- Bangladesh Power Developement Board
- Parry Sugars Refinery, India
- Jindal Steel & Power Ltd - India
- OPG Power Generation Pvt Ltd - India
- Orica Mining Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Iligan Light & Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Mintek Dendrill Indonesia
- Sarangani Energy Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Anglo American - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Carbofer General Trading SA - India
- Latin American Coal - Colombia
- Central Electricity Authority - India
- Madhucon Powers Ltd - India
- ASAPP Information Group - India
- Rio Tinto Coal - Australia
- Kumho Petrochemical, South Korea
- Jorong Barutama Greston.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Aditya Birla Group - India
- Cigading International Bulk Terminal - Indonesia
- Baramulti Group, Indonesia
- Maheswari Brothers Coal Limited - India
- Meenaskhi Energy Private Limited - India
- Vedanta Resources Plc - India
- Bahari Cakrawala Sebuku - Indonesia
- Banpu Public Company Limited - Thailand
- Planning Commission, India
- Kideco Jaya Agung - Indonesia
- Borneo Indobara - Indonesia
- Standard Chartered Bank - UAE
- GVK Power & Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Attock Cement Pakistan Limited
- Medco Energi Mining Internasional
- Directorate Of Revenue Intelligence - India
- Sinarmas Energy and Mining - Indonesia
- India Bulls Power Limited - India
- CNBM International Corporation - China
- Posco Energy - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Thai Mozambique Logistica
- Semirara Mining and Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Karaikal Port Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Semirara Mining Corp, Philippines
- Deloitte Consulting - India
- Sree Jayajothi Cements Limited - India
- Mjunction Services Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wilmar Investment Holdings
- Ceylon Electricity Board - Sri Lanka
- Manunggal Multi Energi - Indonesia
- Antam Resourcindo - Indonesia
- Power Finance Corporation Ltd., India
- SMG Consultants - Indonesia
- Minerals Council of Australia
- Formosa Plastics Group - Taiwan
- Toyota Tsusho Corporation, Japan
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