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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, 26 June 15
INDONESIA COAL PRODUCTION FALLS BETWEEN JAN-MAY : JG
The Ministry of Energy and Mineral Resources announced that coal production declined to 166 million tons between January and May, a 19 percent drop ...
Friday, 26 June 15
COAL PRODUCTION IN THE U.S ROSE 6.0% WEEK OVER WEEK, SAYS EIA
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 16.3 million short ...
Thursday, 25 June 15
THE PORT OF NEWCASTLE SHIPPED 13.31% MORE COAL IN MAY 2015 COMPARED TO APRIL 2015
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1.18 billio ...
Thursday, 25 June 15
CAPESIZE: PERIOD INTEREST REMAINED STRONG FOR A SECOND WEEK - INTERMODAL
COALspot.com: Following those depressive last six months, the BDI closed off on last Friday noting a substantial weekly increase, which pushed the ...
Wednesday, 24 June 15
PANAMAXES: THE OUTLOOK REMAINS NEGATIVE AS DEMAND FOR COAL IS DIMINISHING - YANNIS OLZIERSKY
As we get closer to the end of June, we can safely say that the 1st half of the year is leaving the dry bulk market with a bitter taste that we all ...
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- Lanco Infratech Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Kumho Petrochemical, South Korea
- PNOC Exploration Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Mjunction Services Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Medco Energi Mining Internasional
- Standard Chartered Bank - UAE
- Holcim Trading Pte Ltd - Singapore
- Meenaskhi Energy Private Limited - India
- Bhoruka Overseas - Indonesia
- CNBM International Corporation - China
- Mercuria Energy - Indonesia
- Gujarat Sidhee Cement - India
- Gujarat Mineral Development Corp Ltd - India
- Latin American Coal - Colombia
- Thai Mozambique Logistica
- Grasim Industreis Ltd - India
- Coal and Oil Company - UAE
- MS Steel International - UAE
- Karbindo Abesyapradhi - Indoneisa
- Dalmia Cement Bharat India
- Siam City Cement PLC, Thailand
- Sarangani Energy Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Semirara Mining Corp, Philippines
- Wood Mackenzie - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Georgia Ports Authority, United States
- Goldman Sachs - Singapore
- Xindia Steels Limited - India
- Sojitz Corporation - Japan
- Vedanta Resources Plc - India
- Tata Chemicals Ltd - India
- Global Business Power Corporation, Philippines
- SMC Global Power, Philippines
- Timah Investasi Mineral - Indoneisa
- Edison Trading Spa - Italy
- Sinarmas Energy and Mining - Indonesia
- Romanian Commodities Exchange
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Sakthi Sugars Limited - India
- The State Trading Corporation of India Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
- Bhushan Steel Limited - India
- London Commodity Brokers - England
- Essar Steel Hazira Ltd - India
- SMG Consultants - Indonesia
- Port Waratah Coal Services - Australia
- Oldendorff Carriers - Singapore
- Indonesian Coal Mining Association
- International Coal Ventures Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Parry Sugars Refinery, India
- Straits Asia Resources Limited - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Energy - Thailand
- Tamil Nadu electricity Board
- Jorong Barutama Greston.PT - Indonesia
- Banpu Public Company Limited - Thailand
- LBH Netherlands Bv - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Indian Oil Corporation Limited
- Mintek Dendrill Indonesia
- Indo Tambangraya Megah - Indonesia
- Rio Tinto Coal - Australia
- Ministry of Finance - Indonesia
- Siam City Cement - Thailand
- PTC India Limited - India
- Australian Commodity Traders Exchange
- Sindya Power Generating Company Private Ltd
- Kepco SPC Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Sree Jayajothi Cements Limited - India
- Australian Coal Association
- Thiess Contractors Indonesia
- Energy Development Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- White Energy Company Limited
- Orica Mining Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Uttam Galva Steels Limited - India
- Riau Bara Harum - Indonesia
- Minerals Council of Australia
- Deloitte Consulting - India
- Trasteel International SA, Italy
- PowerSource Philippines DevCo
- VISA Power Limited - India
- Bharathi Cement Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Energy Link Ltd, New Zealand
- Wilmar Investment Holdings
- Electricity Generating Authority of Thailand
- Merrill Lynch Commodities Europe
- Binh Thuan Hamico - Vietnam
- Independent Power Producers Association of India
- Economic Council, Georgia
- Globalindo Alam Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Salva Resources Pvt Ltd - India
- The Treasury - Australian Government
- Power Finance Corporation Ltd., India
- McConnell Dowell - Australia
- Kobexindo Tractors - Indoneisa
- Savvy Resources Ltd - HongKong
- Bukit Makmur.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Antam Resourcindo - Indonesia
- New Zealand Coal & Carbon
- Sical Logistics Limited - India
- Ambuja Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Marubeni Corporation - India
- Bayan Resources Tbk. - Indonesia
- Planning Commission, India
- Videocon Industries ltd - India
- Commonwealth Bank - Australia
- Vizag Seaport Private Limited - India
- GMR Energy Limited - India
- Mercator Lines Limited - India
- Meralco Power Generation, Philippines
- Ministry of Mines - Canada
- Larsen & Toubro Limited - India
- Anglo American - United Kingdom
- Renaissance Capital - South Africa
- Price Waterhouse Coopers - Russia
- Vijayanagar Sugar Pvt Ltd - India
- Cement Manufacturers Association - India
- Orica Australia Pty. Ltd.
- Aboitiz Power Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Carbofer General Trading SA - India
- Chamber of Mines of South Africa
- Kaltim Prima Coal - Indonesia
- Agrawal Coal Company - India
- Asmin Koalindo Tuhup - Indonesia
- Makarim & Taira - Indonesia
- Star Paper Mills Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhatia International Limited - India
- Therma Luzon, Inc, Philippines
- Heidelberg Cement - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GVK Power & Infra Limited - India
- Metalloyd Limited - United Kingdom
- Bangladesh Power Developement Board
- The University of Queensland
- Iligan Light & Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Formosa Plastics Group - Taiwan
- Baramulti Group, Indonesia
- Posco Energy - South Korea
- Central Electricity Authority - India
- Malabar Cements Ltd - India
- ASAPP Information Group - India
- Petron Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Coalindo Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Simpson Spence & Young - Indonesia
- IHS Mccloskey Coal Group - USA
- San Jose City I Power Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Parliament of New Zealand
- South Luzon Thermal Energy Corporation
- IEA Clean Coal Centre - UK
- Interocean Group of Companies - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Bulk Trading Sa - Switzerland
- Eastern Coal Council - USA
- Chettinad Cement Corporation Ltd - India
- Singapore Mercantile Exchange
- Leighton Contractors Pty Ltd - Australia
- Electricity Authority, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Attock Cement Pakistan Limited
- Directorate Of Revenue Intelligence - India
- SN Aboitiz Power Inc, Philippines
- Indian Energy Exchange, India
- ICICI Bank Limited - India
- Maheswari Brothers Coal Limited - India
- Altura Mining Limited, Indonesia
- Ministry of Transport, Egypt
- Kapuas Tunggal Persada - Indonesia
- OPG Power Generation Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- CIMB Investment Bank - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aditya Birla Group - India
- Toyota Tsusho Corporation, Japan
- Barasentosa Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Samtan Co., Ltd - South Korea
- Indika Energy - Indonesia
- Indogreen Group - Indonesia
- European Bulk Services B.V. - Netherlands
- Coastal Gujarat Power Limited - India
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