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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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Thursday, 18 June 15
MERCATOR'S KAMSARMAX FIXED WITH CLEARLAKE
COALspot.com: Mercator Lines (Singapore) Limited, a leading Indian-owned international dry bulk shipping company focused on markets such as India, ...
Wednesday, 17 June 15
PANAMAX RATE AVERAGED $22.82 PMT IN THE FIRST 10 DAYS OF JUNE FOR THE GRAIN ROUTE FROM SANTOS, BRAZIL, TO QINGDAO, CHINA - INTERMODAL
This year, Brazil will be exporting a record 96 million tons of soybean crop and starting in August the country will begin shipping a second corn c ...
Tuesday, 16 June 15
MERS: POTENTIAL CHARTERPARTY IMPLICATIONS - CLYDE & CO
KNOWLEDGE TO ELEVATE
South Korea's current outbreak of Middle East Respiratory Syndrome (MERS) has been the focus of much international at ...
Tuesday, 16 June 15
Q3 FOB INDONESIA COAL SWAP PRICE DOWN 50 CENTS OVER PAST WEEK
COALspot.com: Indonesian coal swap for delivery Q3 2015 gains month on month but declined week over week, this past week.
The Q3 swap was clim ...
Tuesday, 16 June 15
FOB RICHARDS BAY COAL SWAPS: PRICES MOVED UP ON THE WEEK
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 rose month over month and week over week.
The Q3 swap was up US$ 1.70 ...
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- Coalindo Energy - Indonesia
- Agrawal Coal Company - India
- Cigading International Bulk Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Sidhee Cement - India
- Gujarat Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kohat Cement Company Ltd. - Pakistan
- Vizag Seaport Private Limited - India
- Australian Commodity Traders Exchange
- Coal and Oil Company - UAE
- Bhushan Steel Limited - India
- Power Finance Corporation Ltd., India
- Bukit Asam (Persero) Tbk - Indonesia
- Planning Commission, India
- Malabar Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Vedanta Resources Plc - India
- Xindia Steels Limited - India
- Attock Cement Pakistan Limited
- Parliament of New Zealand
- Ministry of Finance - Indonesia
- Iligan Light & Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Savvy Resources Ltd - HongKong
- Aboitiz Power Corporation - Philippines
- MS Steel International - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Thiess Contractors Indonesia
- Electricity Generating Authority of Thailand
- VISA Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Edison Trading Spa - Italy
- Bangladesh Power Developement Board
- European Bulk Services B.V. - Netherlands
- Bulk Trading Sa - Switzerland
- Larsen & Toubro Limited - India
- Cement Manufacturers Association - India
- Carbofer General Trading SA - India
- The State Trading Corporation of India Ltd
- Timah Investasi Mineral - Indoneisa
- South Luzon Thermal Energy Corporation
- Central Electricity Authority - India
- Aditya Birla Group - India
- Sarangani Energy Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Renaissance Capital - South Africa
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Mintek Dendrill Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Borneo Indobara - Indonesia
- Meenaskhi Energy Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Madhucon Powers Ltd - India
- Karaikal Port Pvt Ltd - India
- Heidelberg Cement - Germany
- PNOC Exploration Corporation - Philippines
- Oldendorff Carriers - Singapore
- Antam Resourcindo - Indonesia
- Kartika Selabumi Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Star Paper Mills Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chamber of Mines of South Africa
- Pendopo Energi Batubara - Indonesia
- Ambuja Cements Ltd - India
- Romanian Commodities Exchange
- Goldman Sachs - Singapore
- Riau Bara Harum - Indonesia
- Minerals Council of Australia
- London Commodity Brokers - England
- Orica Australia Pty. Ltd.
- Petron Corporation, Philippines
- Deloitte Consulting - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ceylon Electricity Board - Sri Lanka
- Grasim Industreis Ltd - India
- Binh Thuan Hamico - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Commonwealth Bank - Australia
- Neyveli Lignite Corporation Ltd, - India
- Sical Logistics Limited - India
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- Latin American Coal - Colombia
- SMG Consultants - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wood Mackenzie - Singapore
- McConnell Dowell - Australia
- Miang Besar Coal Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- CIMB Investment Bank - Malaysia
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Baramulti Group, Indonesia
- Indian Oil Corporation Limited
- Kideco Jaya Agung - Indonesia
- Interocean Group of Companies - India
- Asmin Koalindo Tuhup - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Essar Steel Hazira Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Holcim Trading Pte Ltd - Singapore
- IHS Mccloskey Coal Group - USA
- Makarim & Taira - Indonesia
- Meralco Power Generation, Philippines
- Bhoruka Overseas - Indonesia
- Banpu Public Company Limited - Thailand
- GVK Power & Infra Limited - India
- Kumho Petrochemical, South Korea
- Coastal Gujarat Power Limited - India
- The University of Queensland
- Chettinad Cement Corporation Ltd - India
- White Energy Company Limited
- Metalloyd Limited - United Kingdom
- SN Aboitiz Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Bukit Makmur.PT - Indonesia
- Mjunction Services Limited - India
- Siam City Cement PLC, Thailand
- Eastern Coal Council - USA
- ASAPP Information Group - India
- Lanco Infratech Ltd - India
- Therma Luzon, Inc, Philippines
- Bharathi Cement Corporation - India
- Medco Energi Mining Internasional
- Merrill Lynch Commodities Europe
- Sree Jayajothi Cements Limited - India
- SMC Global Power, Philippines
- GAC Shipping (India) Pvt Ltd
- Ind-Barath Power Infra Limited - India
- Jaiprakash Power Ventures ltd
- Standard Chartered Bank - UAE
- Jindal Steel & Power Ltd - India
- Bayan Resources Tbk. - Indonesia
- International Coal Ventures Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- India Bulls Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- ICICI Bank Limited - India
- Indika Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Energy Development Corp, Philippines
- Simpson Spence & Young - Indonesia
- Siam City Cement - Thailand
- Thai Mozambique Logistica
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CNBM International Corporation - China
- Economic Council, Georgia
- Orica Mining Services - Indonesia
- Global Business Power Corporation, Philippines
- Indian Energy Exchange, India
- Vijayanagar Sugar Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Ministry of Transport, Egypt
- Australian Coal Association
- Kobexindo Tractors - Indoneisa
- Tata Chemicals Ltd - India
- Tamil Nadu electricity Board
- PowerSource Philippines DevCo
- Posco Energy - South Korea
- Directorate Of Revenue Intelligence - India
- Independent Power Producers Association of India
- Formosa Plastics Group - Taiwan
- Semirara Mining and Power Corporation, Philippines
- PTC India Limited - India
- Sindya Power Generating Company Private Ltd
- Sakthi Sugars Limited - India
- Parry Sugars Refinery, India
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Mineral Development Corp Ltd - India
- Indogreen Group - Indonesia
- Maheswari Brothers Coal Limited - India
- Kaltim Prima Coal - Indonesia
- Trasteel International SA, Italy
- Barasentosa Lestari - Indonesia
- Wilmar Investment Holdings
- Bhatia International Limited - India
- Samtan Co., Ltd - South Korea
- Bukit Baiduri Energy - Indonesia
- IEA Clean Coal Centre - UK
- Videocon Industries ltd - India
- Salva Resources Pvt Ltd - India
- Central Java Power - Indonesia
- Mercuria Energy - Indonesia
- Port Waratah Coal Services - Australia
- The Treasury - Australian Government
- New Zealand Coal & Carbon
- TeaM Sual Corporation - Philippines
- Anglo American - United Kingdom
- Altura Mining Limited, Indonesia
- Africa Commodities Group - South Africa
- Rio Tinto Coal - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Mercator Lines Limited - India
- Manunggal Multi Energi - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Indonesian Coal Mining Association
- Dalmia Cement Bharat India
- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
- Sojitz Corporation - Japan
- Ministry of Mines - Canada
- Electricity Authority, New Zealand
- San Jose City I Power Corp, Philippines
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