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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, 01 July 15
BEIJING HAS OFFICIALLY EXTENDED BY TWO YEARS ITS SUBSIDY PROGRAM TO SUPPORT LOCAL SHIPPING COMPANIES IN SCRAPPING THEIR OLD TONNAGE - INTERMODAL
Last week, Beijing has officially extended by two years its subsidy program to support local shipping companies in scrapping their old tonnage in w ...
Tuesday, 30 June 15
Q1'16 FOB INDONESIA COAL SWAP CLOSED $ 43.45 PER MT
COALspot.com: Indonesian coal swap for delivery Q3 2015 declined month on month and flat week over week, this past week.
The Q3 swap was decli ...
Monday, 29 June 15
CFR SOUTH CHINA COAL SWAPS UP SLIGHTLY MONTH OVER MONTH
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery rose US$ 0.57 (1.11%) per MT month over month.
A commodity swap is a ...
Monday, 29 June 15
FOB NEWCASTLE COAL SWAP SLIGHTLY UP MONTH OVER MONTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery up $ 0.49 per MT (1.08%) month over month to US$ 45.77 per mt. The swap was ...
Saturday, 27 June 15
THE FREIGHT MARKET WAS STEADY EARLIER IN THE WEEK; SOFTEN INTO WEEK'S END
COALspot.com: The freight market remain steady earlier in the week, but towards end of the week BDI and BCI shows some signs of softening.
The ...
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- Cement Manufacturers Association - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining and Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Antam Resourcindo - Indonesia
- Africa Commodities Group - South Africa
- Economic Council, Georgia
- Globalindo Alam Lestari - Indonesia
- The University of Queensland
- Semirara Mining Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Coalindo Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- VISA Power Limited - India
- Minerals Council of Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- New Zealand Coal & Carbon
- Karbindo Abesyapradhi - Indoneisa
- Indian Oil Corporation Limited
- The Treasury - Australian Government
- Wood Mackenzie - Singapore
- CNBM International Corporation - China
- Parliament of New Zealand
- Electricity Generating Authority of Thailand
- Mercuria Energy - Indonesia
- Central Java Power - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- International Coal Ventures Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Indonesian Coal Mining Association
- Malabar Cements Ltd - India
- Mjunction Services Limited - India
- San Jose City I Power Corp, Philippines
- Merrill Lynch Commodities Europe
- Savvy Resources Ltd - HongKong
- Bangladesh Power Developement Board
- OPG Power Generation Pvt Ltd - India
- Sojitz Corporation - Japan
- LBH Netherlands Bv - Netherlands
- McConnell Dowell - Australia
- Heidelberg Cement - Germany
- Binh Thuan Hamico - Vietnam
- Dalmia Cement Bharat India
- Renaissance Capital - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
- PowerSource Philippines DevCo
- Kumho Petrochemical, South Korea
- Kaltim Prima Coal - Indonesia
- Meralco Power Generation, Philippines
- Planning Commission, India
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Makarim & Taira - Indonesia
- Commonwealth Bank - Australia
- Standard Chartered Bank - UAE
- Straits Asia Resources Limited - Singapore
- Salva Resources Pvt Ltd - India
- Thai Mozambique Logistica
- Samtan Co., Ltd - South Korea
- Rashtriya Ispat Nigam Limited - India
- Latin American Coal - Colombia
- Siam City Cement - Thailand
- Singapore Mercantile Exchange
- Iligan Light & Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- PetroVietnam Power Coal Import and Supply Company
- Grasim Industreis Ltd - India
- MS Steel International - UAE
- Kalimantan Lumbung Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Ambuja Cements Ltd - India
- Interocean Group of Companies - India
- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Romanian Commodities Exchange
- Holcim Trading Pte Ltd - Singapore
- Anglo American - United Kingdom
- Electricity Authority, New Zealand
- Borneo Indobara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Parry Sugars Refinery, India
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
- GVK Power & Infra Limited - India
- White Energy Company Limited
- Trasteel International SA, Italy
- Kepco SPC Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Jindal Steel & Power Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- IHS Mccloskey Coal Group - USA
- Petrochimia International Co. Ltd.- Taiwan
- Aditya Birla Group - India
- AsiaOL BioFuels Corp., Philippines
- Banpu Public Company Limited - Thailand
- Independent Power Producers Association of India
- Bukit Asam (Persero) Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Eastern Coal Council - USA
- Riau Bara Harum - Indonesia
- Goldman Sachs - Singapore
- Timah Investasi Mineral - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Petron Corporation, Philippines
- Vedanta Resources Plc - India
- Sree Jayajothi Cements Limited - India
- Ceylon Electricity Board - Sri Lanka
- Global Business Power Corporation, Philippines
- Deloitte Consulting - India
- European Bulk Services B.V. - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Mining Services - Indonesia
- Port Waratah Coal Services - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Energy Exchange, India
- Bukit Makmur.PT - Indonesia
- SMG Consultants - Indonesia
- Sical Logistics Limited - India
- Sarangani Energy Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Tata Chemicals Ltd - India
- Marubeni Corporation - India
- ASAPP Information Group - India
- Indika Energy - Indonesia
- Carbofer General Trading SA - India
- Posco Energy - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Rio Tinto Coal - Australia
- Sindya Power Generating Company Private Ltd
- Indo Tambangraya Megah - Indonesia
- IEA Clean Coal Centre - UK
- Bhatia International Limited - India
- Pendopo Energi Batubara - Indonesia
- Central Electricity Authority - India
- Coastal Gujarat Power Limited - India
- Bhushan Steel Limited - India
- Gujarat Sidhee Cement - India
- Wilmar Investment Holdings
- Maharashtra Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Essar Steel Hazira Ltd - India
- Eastern Energy - Thailand
- Kohat Cement Company Ltd. - Pakistan
- The State Trading Corporation of India Ltd
- Energy Development Corp, Philippines
- Jaiprakash Power Ventures ltd
- Directorate Of Revenue Intelligence - India
- Altura Mining Limited, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Mintek Dendrill Indonesia
- Videocon Industries ltd - India
- London Commodity Brokers - England
- Sinarmas Energy and Mining - Indonesia
- Indogreen Group - Indonesia
- Maheswari Brothers Coal Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Chamber of Mines of South Africa
- Therma Luzon, Inc, Philippines
- Kobexindo Tractors - Indoneisa
- ICICI Bank Limited - India
- Lanco Infratech Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Ministry of Finance - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Bharathi Cement Corporation - India
- Mercator Lines Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Karaikal Port Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Star Paper Mills Limited - India
- GMR Energy Limited - India
- TeaM Sual Corporation - Philippines
- Simpson Spence & Young - Indonesia
- PTC India Limited - India
- Toyota Tsusho Corporation, Japan
- Meenaskhi Energy Private Limited - India
- Price Waterhouse Coopers - Russia
- Australian Commodity Traders Exchange
- Larsen & Toubro Limited - India
- Sakthi Sugars Limited - India
- Agrawal Coal Company - India
- Xindia Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Uttam Galva Steels Limited - India
- Thiess Contractors Indonesia
- CIMB Investment Bank - Malaysia
- Australian Coal Association
- Medco Energi Mining Internasional
- Siam City Cement PLC, Thailand
- Bulk Trading Sa - Switzerland
- SMC Global Power, Philippines
- Tamil Nadu electricity Board
- Barasentosa Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Manunggal Multi Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Power Finance Corporation Ltd., India
- Billiton Holdings Pty Ltd - Australia
- Edison Trading Spa - Italy
- Formosa Plastics Group - Taiwan
- Energy Link Ltd, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kartika Selabumi Mining - Indonesia
- Ministry of Mines - Canada
- Intertek Mineral Services - Indonesia
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