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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.
Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Monday, 15 June 15
API 5 FOB NEWCASTLE COAL SWAP: Q1'16 DELIVERY CLOSED 1.14% LOWER THAN Q4'15 DELIVERY PRICE
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery up $ 1.10 per MT (2.47%) month over month to US$ 45.67 per mt. The swap ...
Monday, 15 June 15
CFR SOUTH CHINA COAL SWAP: ROSE M-O-M; DECLINED W-O-W
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery rose US$ 1.43 (2.82%) per MT month over month.
A commodity swap is a ...
Sunday, 14 June 15
THE FREIGHT MARKET FINISHED THE WEEK UP COMPARED TO LAST WEEK
COALspot.com: The freight market finished the week up compared to last week. All the segments except for Cape index were up. Cape segment was ...
Friday, 12 June 15
EXPECTATIONS IN REGARDS TO THE SUMMER SEASON VARY ACROSS THE MARKET - INTERMODAL
The Dry Bulk market closed off last slightly up last week, with the BDI re-gaining the 600 points level, while the driving force behind the increas ...
Friday, 12 June 15
U.S. PRODUCED 15.1 MMST OF COAL THIS PAST WEEK - EIA
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 15.1 million short ...
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- Karaikal Port Pvt Ltd - India
- Borneo Indobara - Indonesia
- Orica Mining Services - Indonesia
- Chamber of Mines of South Africa
- Lanco Infratech Ltd - India
- Vizag Seaport Private Limited - India
- Carbofer General Trading SA - India
- Baramulti Group, Indonesia
- Independent Power Producers Association of India
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- Videocon Industries ltd - India
- Gujarat Sidhee Cement - India
- IEA Clean Coal Centre - UK
- European Bulk Services B.V. - Netherlands
- Singapore Mercantile Exchange
- GN Power Mariveles Coal Plant, Philippines
- Xindia Steels Limited - India
- Grasim Industreis Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Planning Commission, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- McConnell Dowell - Australia
- Semirara Mining and Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- New Zealand Coal & Carbon
- Maheswari Brothers Coal Limited - India
- Sojitz Corporation - Japan
- Vedanta Resources Plc - India
- Karbindo Abesyapradhi - Indoneisa
- Electricity Generating Authority of Thailand
- Makarim & Taira - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Ambuja Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Minerals Council of Australia
- Deloitte Consulting - India
- London Commodity Brokers - England
- Indogreen Group - Indonesia
- Altura Mining Limited, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Parliament of New Zealand
- Dalmia Cement Bharat India
- PTC India Limited - India
- GVK Power & Infra Limited - India
- Sical Logistics Limited - India
- AsiaOL BioFuels Corp., Philippines
- Economic Council, Georgia
- Sree Jayajothi Cements Limited - India
- Interocean Group of Companies - India
- Chettinad Cement Corporation Ltd - India
- Kaltim Prima Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- ICICI Bank Limited - India
- Pendopo Energi Batubara - Indonesia
- Intertek Mineral Services - Indonesia
- Wood Mackenzie - Singapore
- Gujarat Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Globalindo Alam Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Billiton Holdings Pty Ltd - Australia
- The University of Queensland
- Medco Energi Mining Internasional
- TNB Fuel Sdn Bhd - Malaysia
- Oldendorff Carriers - Singapore
- Sinarmas Energy and Mining - Indonesia
- Australian Coal Association
- Orica Australia Pty. Ltd.
- South Luzon Thermal Energy Corporation
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Standard Chartered Bank - UAE
- Power Finance Corporation Ltd., India
- Parry Sugars Refinery, India
- Petrochimia International Co. Ltd.- Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Goldman Sachs - Singapore
- Ind-Barath Power Infra Limited - India
- Jaiprakash Power Ventures ltd
- Coal and Oil Company - UAE
- Bhushan Steel Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Manunggal Multi Energi - Indonesia
- PowerSource Philippines DevCo
- Malabar Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Indo Tambangraya Megah - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- ASAPP Information Group - India
- Siam City Cement PLC, Thailand
- Romanian Commodities Exchange
- Edison Trading Spa - Italy
- Banpu Public Company Limited - Thailand
- Alfred C Toepfer International GmbH - Germany
- Central Java Power - Indonesia
- Savvy Resources Ltd - HongKong
- Rashtriya Ispat Nigam Limited - India
- CNBM International Corporation - China
- Tata Chemicals Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Kepco SPC Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Global Business Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- SMC Global Power, Philippines
- Heidelberg Cement - Germany
- Star Paper Mills Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- India Bulls Power Limited - India
- Antam Resourcindo - Indonesia
- Bukit Baiduri Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Indian Energy Exchange, India
- Bhatia International Limited - India
- LBH Netherlands Bv - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Indika Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Therma Luzon, Inc, Philippines
- Aditya Birla Group - India
- Semirara Mining Corp, Philippines
- Energy Link Ltd, New Zealand
- Madhucon Powers Ltd - India
- Bukit Makmur.PT - Indonesia
- White Energy Company Limited
- Aboitiz Power Corporation - Philippines
- Meralco Power Generation, Philippines
- Attock Cement Pakistan Limited
- Sarangani Energy Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sakthi Sugars Limited - India
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- Indonesian Coal Mining Association
- Essar Steel Hazira Ltd - India
- Anglo American - United Kingdom
- Salva Resources Pvt Ltd - India
- Tamil Nadu electricity Board
- Jindal Steel & Power Ltd - India
- Africa Commodities Group - South Africa
- OPG Power Generation Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Rio Tinto Coal - Australia
- GAC Shipping (India) Pvt Ltd
- Formosa Plastics Group - Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Marubeni Corporation - India
- Timah Investasi Mineral - Indoneisa
- Trasteel International SA, Italy
- Mintek Dendrill Indonesia
- Mercuria Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Posco Energy - South Korea
- Thiess Contractors Indonesia
- Merrill Lynch Commodities Europe
- MS Steel International - UAE
- The Treasury - Australian Government
- Price Waterhouse Coopers - Russia
- Directorate Of Revenue Intelligence - India
- Samtan Co., Ltd - South Korea
- SMG Consultants - Indonesia
- Ministry of Mines - Canada
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement - Thailand
- Electricity Authority, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Eastern Coal Council - USA
- Wilmar Investment Holdings
- Barasentosa Lestari - Indonesia
- Australian Commodity Traders Exchange
- Petron Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- Indian Oil Corporation Limited
- CIMB Investment Bank - Malaysia
- VISA Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- IHS Mccloskey Coal Group - USA
- Global Coal Blending Company Limited - Australia
- Mjunction Services Limited - India
- International Coal Ventures Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Cement Manufacturers Association - India
- Uttam Galva Steels Limited - India
- Central Electricity Authority - India
- Riau Bara Harum - Indonesia
- Simpson Spence & Young - Indonesia
- Latin American Coal - Colombia
- Thai Mozambique Logistica
- Coalindo Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Commonwealth Bank - Australia
- Bulk Trading Sa - Switzerland
- Larsen & Toubro Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Iligan Light & Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Renaissance Capital - South Africa
- Sindya Power Generating Company Private Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Mercator Lines Limited - India
- SN Aboitiz Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Ministry of Transport, Egypt
- Eastern Energy - Thailand
- Bharathi Cement Corporation - India
- Georgia Ports Authority, United States
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