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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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Sunday, 21 June 15
SPOT RATE AVERAGES FOR FREIGHT FROM INDONESIA TO INDIA REMAIN STRONG THIS WEEK
COALspot.com: The freight market was quite firm this week compared to last week. The BDI was up 21% week on week and closed at 779 points. The cape ...
Friday, 19 June 15
U.S. WEEKLY COAL PRODUCTION UP SLIGHTLY COMPARED TO LAST WEEK; CONTINUES TO BE DOWN FROM LAST YEAR
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 15.4 million short ...
Friday, 19 June 15
INDONESIA'S COAL-TRAFFICKING PROBLEM REQUIRES IMPARTIAL INQUIRY - JAKARTA GLOBE
Indonesia, the leading supplier to the seaborne thermal coal market, produces 420 million tons of coal per year, according to its official tally.
...
Thursday, 18 June 15
DRY BULK SHIPPING: LOWEST FLEET GROWTH IN 10 YEARS MAY NOT PROVE ENOUGH AS DEMAND IS NOT KEEPING PACE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The demand side of things in the dry bulk market seems unable to keep pace with even the slightest fleet growth, a sign of the demise that the indu ...
Thursday, 18 June 15
THE FAR EAST HANDYSIZE, HANDYMAX, SUPRAMAX MARKET REMAINED STEADY LAST WEEK - INTERMODAL
COALspot.com: The Dry Bulk market closed off on Friday (last week) noting small gains on the back of stronger performance in the Panamax segment, w ...
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- Kalimantan Lumbung Energi - Indonesia
- Merrill Lynch Commodities Europe
- TeaM Sual Corporation - Philippines
- Indian Oil Corporation Limited
- PowerSource Philippines DevCo
- Maharashtra Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Economic Council, Georgia
- AsiaOL BioFuels Corp., Philippines
- Price Waterhouse Coopers - Russia
- Bhoruka Overseas - Indonesia
- Samtan Co., Ltd - South Korea
- Coastal Gujarat Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Central Electricity Authority - India
- Bukit Makmur.PT - Indonesia
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- SMG Consultants - Indonesia
- Indian Energy Exchange, India
- Mercator Lines Limited - India
- Coal and Oil Company - UAE
- Madhucon Powers Ltd - India
- Tata Chemicals Ltd - India
- Toyota Tsusho Corporation, Japan
- Sakthi Sugars Limited - India
- Planning Commission, India
- Pendopo Energi Batubara - Indonesia
- Kideco Jaya Agung - Indonesia
- Sinarmas Energy and Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Australian Coal Association
- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- Kepco SPC Power Corporation, Philippines
- Parliament of New Zealand
- Kobexindo Tractors - Indoneisa
- Formosa Plastics Group - Taiwan
- New Zealand Coal & Carbon
- Krishnapatnam Port Company Ltd. - India
- Directorate General of MIneral and Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Singapore Mercantile Exchange
- Parry Sugars Refinery, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Green Power PLC Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Alfred C Toepfer International GmbH - Germany
- GN Power Mariveles Coal Plant, Philippines
- Posco Energy - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Mintek Dendrill Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Java Power - Indonesia
- Medco Energi Mining Internasional
- Videocon Industries ltd - India
- Port Waratah Coal Services - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Heidelberg Cement - Germany
- Eastern Energy - Thailand
- International Coal Ventures Pvt Ltd - India
- Romanian Commodities Exchange
- MS Steel International - UAE
- Indogreen Group - Indonesia
- Karaikal Port Pvt Ltd - India
- Standard Chartered Bank - UAE
- Cigading International Bulk Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Ministry of Mines - Canada
- Offshore Bulk Terminal Pte Ltd, Singapore
- Binh Thuan Hamico - Vietnam
- Vizag Seaport Private Limited - India
- Agrawal Coal Company - India
- Jorong Barutama Greston.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Indika Energy - Indonesia
- Star Paper Mills Limited - India
- Africa Commodities Group - South Africa
- SMC Global Power, Philippines
- Australian Commodity Traders Exchange
- OPG Power Generation Pvt Ltd - India
- Ministry of Transport, Egypt
- Sarangani Energy Corporation, Philippines
- Xindia Steels Limited - India
- Electricity Authority, New Zealand
- Timah Investasi Mineral - Indoneisa
- PTC India Limited - India
- Intertek Mineral Services - Indonesia
- Malabar Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Salva Resources Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- GAC Shipping (India) Pvt Ltd
- PetroVietnam Power Coal Import and Supply Company
- Tamil Nadu electricity Board
- IHS Mccloskey Coal Group - USA
- Power Finance Corporation Ltd., India
- Oldendorff Carriers - Singapore
- Indonesian Coal Mining Association
- Interocean Group of Companies - India
- Bulk Trading Sa - Switzerland
- Larsen & Toubro Limited - India
- Bukit Baiduri Energy - Indonesia
- Energy Development Corp, Philippines
- The University of Queensland
- Essar Steel Hazira Ltd - India
- Aditya Birla Group - India
- Bangladesh Power Developement Board
- Lanco Infratech Ltd - India
- Renaissance Capital - South Africa
- Kaltim Prima Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bharathi Cement Corporation - India
- The State Trading Corporation of India Ltd
- Bhatia International Limited - India
- Iligan Light & Power Inc, Philippines
- White Energy Company Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Australia Pty. Ltd.
- Deloitte Consulting - India
- Siam City Cement PLC, Thailand
- Simpson Spence & Young - Indonesia
- Indo Tambangraya Megah - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Trasteel International SA, Italy
- Globalindo Alam Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Sindya Power Generating Company Private Ltd
- Global Business Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Bahari Cakrawala Sebuku - Indonesia
- Edison Trading Spa - Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Meralco Power Generation, Philippines
- SN Aboitiz Power Inc, Philippines
- Ambuja Cements Ltd - India
- Minerals Council of Australia
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Eastern Coal Council - USA
- Chamber of Mines of South Africa
- Borneo Indobara - Indonesia
- Wilmar Investment Holdings
- Semirara Mining and Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercuria Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Electricity Generating Authority of Thailand
- Baramulti Group, Indonesia
- Orica Mining Services - Indonesia
- Riau Bara Harum - Indonesia
- Anglo American - United Kingdom
- Altura Mining Limited, Indonesia
- Bhushan Steel Limited - India
- Sojitz Corporation - Japan
- Sree Jayajothi Cements Limited - India
- Thai Mozambique Logistica
- Banpu Public Company Limited - Thailand
- Petron Corporation, Philippines
- GMR Energy Limited - India
- CIMB Investment Bank - Malaysia
- Commonwealth Bank - Australia
- Karbindo Abesyapradhi - Indoneisa
- Dalmia Cement Bharat India
- PNOC Exploration Corporation - Philippines
- Gujarat Sidhee Cement - India
- Goldman Sachs - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Antam Resourcindo - Indonesia
- ASAPP Information Group - India
- London Commodity Brokers - England
- McConnell Dowell - Australia
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- IEA Clean Coal Centre - UK
- Metalloyd Limited - United Kingdom
- Energy Link Ltd, New Zealand
- India Bulls Power Limited - India
- Maheswari Brothers Coal Limited - India
- Kumho Petrochemical, South Korea
- VISA Power Limited - India
- Vedanta Resources Plc - India
- Grasim Industreis Ltd - India
- Ind-Barath Power Infra Limited - India
- Jindal Steel & Power Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Cement Manufacturers Association - India
- Carbofer General Trading SA - India
- Kartika Selabumi Mining - Indonesia
- Marubeni Corporation - India
- Sical Logistics Limited - India
- CNBM International Corporation - China
- Aboitiz Power Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Wood Mackenzie - Singapore
- Therma Luzon, Inc, Philippines
- Independent Power Producers Association of India
- Rio Tinto Coal - Australia
- Uttam Galva Steels Limited - India
- Jaiprakash Power Ventures ltd
- The Treasury - Australian Government
- Makarim & Taira - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement - Thailand
- Meenaskhi Energy Private Limited - India
- Savvy Resources Ltd - HongKong
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