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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, 23 June 15
Q3 FOB INDONESIA COAL SWAP FALL $1.12 IN ONE 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, 23 June 15
FOB RICHARDS BAY COAL SWAP HAS REMAINED STEADY OVER THE PAST WEEK
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 rose month over month and week over week.
The Q3 swap was up US$ 2.32 ...
Monday, 22 June 15
BORYEONG POWER PLANT TO IMPORT 140K MT OF LCV COAL FOR AUGUST - SEPTEMBER 2015
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender to purchase 140K Metric Tons (MT) of LCV coal for ...
Monday, 22 June 15
CFR SOUTH CHINA COAL SWAP: UP MONTH OVER MONTH; DOWN WEEK OVER WEEK
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery rose US$ 0.30 (0.58%) per MT month over month.
A commodity swap is a ...
Monday, 22 June 15
FOB NEWCASTLE COAL SWAP: UP WEEK OVER WEEK AND MONTH OVER MONTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery up $ 0.54 per MT (1.19%) month over month to US$ 45.87 per mt. The swap was ...
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Showing 2961 to 2965 news of total 6871 |
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- Energy Link Ltd, New Zealand
- Ministry of Transport, Egypt
- Savvy Resources Ltd - HongKong
- TNB Fuel Sdn Bhd - Malaysia
- San Jose City I Power Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Planning Commission, India
- Chamber of Mines of South Africa
- Economic Council, Georgia
- Sinarmas Energy and Mining - Indonesia
- Petron Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Medco Energi Mining Internasional
- Aditya Birla Group - India
- Goldman Sachs - Singapore
- Mjunction Services Limited - India
- GVK Power & Infra Limited - India
- Coal and Oil Company - UAE
- Bukit Baiduri Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Semirara Mining Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Madhucon Powers Ltd - India
- SN Aboitiz Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Makarim & Taira - Indonesia
- Bhushan Steel Limited - India
- Latin American Coal - Colombia
- Banpu Public Company Limited - Thailand
- Thai Mozambique Logistica
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Krishnapatnam Port Company Ltd. - India
- Manunggal Multi Energi - Indonesia
- Eastern Coal Council - USA
- Bhatia International Limited - India
- Thiess Contractors Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The State Trading Corporation of India Ltd
- Ceylon Electricity Board - Sri Lanka
- Wilmar Investment Holdings
- Kartika Selabumi Mining - Indonesia
- Borneo Indobara - Indonesia
- Power Finance Corporation Ltd., India
- PTC India Limited - India
- Electricity Generating Authority of Thailand
- Asmin Koalindo Tuhup - Indonesia
- SMC Global Power, Philippines
- Minerals Council of Australia
- Renaissance Capital - South Africa
- MS Steel International - UAE
- Parliament of New Zealand
- Gujarat Sidhee Cement - India
- Xindia Steels Limited - India
- Malabar Cements Ltd - India
- Grasim Industreis Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Coalindo Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Ministry of Finance - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sarangani Energy Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Deloitte Consulting - India
- Indika Energy - Indonesia
- Siam City Cement - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Rio Tinto Coal - Australia
- Sojitz Corporation - Japan
- Timah Investasi Mineral - Indoneisa
- IEA Clean Coal Centre - UK
- Central Electricity Authority - India
- Agrawal Coal Company - India
- ASAPP Information Group - India
- Romanian Commodities Exchange
- Antam Resourcindo - Indonesia
- Bhoruka Overseas - Indonesia
- Trasteel International SA, Italy
- Leighton Contractors Pty Ltd - Australia
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- Toyota Tsusho Corporation, Japan
- Posco Energy - South Korea
- Rashtriya Ispat Nigam Limited - India
- Lanco Infratech Ltd - India
- Jindal Steel & Power Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Sakthi Sugars Limited - India
- Kobexindo Tractors - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Australian Coal Association
- Kohat Cement Company Ltd. - Pakistan
- CNBM International Corporation - China
- Aboitiz Power Corporation - Philippines
- The Treasury - Australian Government
- Parry Sugars Refinery, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vedanta Resources Plc - India
- Essar Steel Hazira Ltd - India
- Chettinad Cement Corporation Ltd - India
- Bharathi Cement Corporation - India
- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
- London Commodity Brokers - England
- SMG Consultants - Indonesia
- Indonesian Coal Mining Association
- Pipit Mutiara Jaya. PT, Indonesia
- Global Green Power PLC Corporation, Philippines
- Meralco Power Generation, Philippines
- Mintek Dendrill Indonesia
- Kapuas Tunggal Persada - Indonesia
- Jaiprakash Power Ventures ltd
- Georgia Ports Authority, United States
- Tata Chemicals Ltd - India
- Kumho Petrochemical, South Korea
- Karaikal Port Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Tamil Nadu electricity Board
- Uttam Galva Steels Limited - India
- Ind-Barath Power Infra Limited - India
- PowerSource Philippines DevCo
- Bahari Cakrawala Sebuku - Indonesia
- Central Java Power - Indonesia
- Interocean Group of Companies - India
- India Bulls Power Limited - India
- Marubeni Corporation - India
- Global Business Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Bulk Trading Sa - Switzerland
- Videocon Industries ltd - India
- Metalloyd Limited - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Authority, New Zealand
- Siam City Cement PLC, Thailand
- Edison Trading Spa - Italy
- Sindya Power Generating Company Private Ltd
- Bangladesh Power Developement Board
- Energy Development Corp, Philippines
- Independent Power Producers Association of India
- Formosa Plastics Group - Taiwan
- Directorate General of MIneral and Coal - Indonesia
- GMR Energy Limited - India
- Meenaskhi Energy Private Limited - India
- Commonwealth Bank - Australia
- Attock Cement Pakistan Limited
- Altura Mining Limited, Indonesia
- Indian Oil Corporation Limited
- PetroVietnam Power Coal Import and Supply Company
- European Bulk Services B.V. - Netherlands
- LBH Netherlands Bv - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Price Waterhouse Coopers - Russia
- Sree Jayajothi Cements Limited - India
- Iligan Light & Power Inc, Philippines
- Star Paper Mills Limited - India
- Heidelberg Cement - Germany
- Ministry of Mines - Canada
- VISA Power Limited - India
- Larsen & Toubro Limited - India
- IHS Mccloskey Coal Group - USA
- Riau Bara Harum - Indonesia
- Orica Australia Pty. Ltd.
- Intertek Mineral Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pendopo Energi Batubara - Indonesia
- Mercator Lines Limited - India
- PNOC Exploration Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- New Zealand Coal & Carbon
- Cement Manufacturers Association - India
- Eastern Energy - Thailand
- White Energy Company Limited
- Port Waratah Coal Services - Australia
- Coastal Gujarat Power Limited - India
- Ambuja Cements Ltd - India
- Vizag Seaport Private Limited - India
- Mercuria Energy - Indonesia
- The University of Queensland
- Dalmia Cement Bharat India
- Baramulti Group, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Indogreen Group - Indonesia
- Carbofer General Trading SA - India
- Indian Energy Exchange, India
- Africa Commodities Group - South Africa
- Semirara Mining and Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Anglo American - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Directorate Of Revenue Intelligence - India
- ICICI Bank Limited - India
- McConnell Dowell - Australia
- Therma Luzon, Inc, Philippines
- Standard Chartered Bank - UAE
- Merrill Lynch Commodities Europe
- Barasentosa Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Australian Commodity Traders Exchange
- Straits Asia Resources Limited - Singapore
- Samtan Co., Ltd - South Korea
- Salva Resources Pvt Ltd - India
- Sical Logistics Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Binh Thuan Hamico - Vietnam
- Holcim Trading Pte Ltd - Singapore
- AsiaOL BioFuels Corp., Philippines
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