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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, 09 June 15
FOB RICHARDS BAY COAL SWAPS DECLINED M-O-M, W-O-W
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 declined month over month and week over week.
The Q3 swap was fell US$ ...
Monday, 08 June 15
SHIPPING FLEET GROWTH HAS STARTED TO SLOW DOWN, AS NEWBUILDINGS AMOUNT TO JUST 329 SHIPS OF ALL TYPES SINCE THE START OF 2015 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Challenging market conditions have led to the inevitable reconsideration of ship owners’ priorities. Uncertainty has been the norm over the p ...
Monday, 08 June 15
API 5 FOB NEWCASTLE COAL SWAPS ADVANCED M-O-M AND W-O-W
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery increased US$ 0.65 per MT (1.44%) month over month to US$ 45.65 per mt. The ...
Monday, 08 June 15
Q3'15 CFR SOUTH CHINA COAL SWAP ADVANCED 3.51% TO $52.48 PMT THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery rose US$ 1.78 (3.51%) per MT month over month.
A commodity swap is a ...
Sunday, 07 June 15
PANAMAX INDEX ROSE OVER 13% THIS WEEK
COALspot.com: The freight market was up on all segments this past week. The BDI was advanced 3.56% and closed at 610 points. The Cape Index was cli ...
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- Bukit Asam (Persero) Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Independent Power Producers Association of India
- Carbofer General Trading SA - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indika Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Rashtriya Ispat Nigam Limited - India
- Banpu Public Company Limited - Thailand
- Timah Investasi Mineral - Indoneisa
- Bulk Trading Sa - Switzerland
- Kaltim Prima Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Commonwealth Bank - Australia
- Energy Development Corp, Philippines
- Toyota Tsusho Corporation, Japan
- PNOC Exploration Corporation - Philippines
- VISA Power Limited - India
- Mjunction Services Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Essar Steel Hazira Ltd - India
- Renaissance Capital - South Africa
- Gujarat Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- White Energy Company Limited
- Borneo Indobara - Indonesia
- Pendopo Energi Batubara - Indonesia
- GMR Energy Limited - India
- Dalmia Cement Bharat India
- Bhushan Steel Limited - India
- ASAPP Information Group - India
- Meenaskhi Energy Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Mercator Lines Limited - India
- Binh Thuan Hamico - Vietnam
- Simpson Spence & Young - Indonesia
- Marubeni Corporation - India
- Orica Mining Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Africa Commodities Group - South Africa
- Australian Commodity Traders Exchange
- Riau Bara Harum - Indonesia
- PTC India Limited - India
- Indo Tambangraya Megah - Indonesia
- Coalindo Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Barasentosa Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- LBH Netherlands Bv - Netherlands
- Coal and Oil Company - UAE
- Standard Chartered Bank - UAE
- AsiaOL BioFuels Corp., Philippines
- South Luzon Thermal Energy Corporation
- Vijayanagar Sugar Pvt Ltd - India
- Singapore Mercantile Exchange
- The State Trading Corporation of India Ltd
- Directorate General of MIneral and Coal - Indonesia
- Bangladesh Power Developement Board
- Minerals Council of Australia
- The Treasury - Australian Government
- Economic Council, Georgia
- Merrill Lynch Commodities Europe
- Bahari Cakrawala Sebuku - Indonesia
- MS Steel International - UAE
- Port Waratah Coal Services - Australia
- Tata Chemicals Ltd - India
- Semirara Mining Corp, Philippines
- Mintek Dendrill Indonesia
- Samtan Co., Ltd - South Korea
- Ministry of Mines - Canada
- Grasim Industreis Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Kumho Petrochemical, South Korea
- Ambuja Cements Ltd - India
- Antam Resourcindo - Indonesia
- Malabar Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Thiess Contractors Indonesia
- Manunggal Multi Energi - Indonesia
- IEA Clean Coal Centre - UK
- Petrochimia International Co. Ltd.- Taiwan
- Lanco Infratech Ltd - India
- Madhucon Powers Ltd - India
- New Zealand Coal & Carbon
- Bukit Baiduri Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Edison Trading Spa - Italy
- Price Waterhouse Coopers - Russia
- SN Aboitiz Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Trasteel International SA, Italy
- Interocean Group of Companies - India
- Siam City Cement PLC, Thailand
- Bhatia International Limited - India
- Bharathi Cement Corporation - India
- Posco Energy - South Korea
- San Jose City I Power Corp, Philippines
- Wilmar Investment Holdings
- Krishnapatnam Port Company Ltd. - India
- Ministry of Finance - Indonesia
- Latin American Coal - Colombia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sree Jayajothi Cements Limited - India
- GVK Power & Infra Limited - India
- Parry Sugars Refinery, India
- Australian Coal Association
- Georgia Ports Authority, United States
- SMC Global Power, Philippines
- Orica Australia Pty. Ltd.
- Aboitiz Power Corporation - Philippines
- Sojitz Corporation - Japan
- Uttam Galva Steels Limited - India
- Parliament of New Zealand
- Attock Cement Pakistan Limited
- Vizag Seaport Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Oldendorff Carriers - Singapore
- Kohat Cement Company Ltd. - Pakistan
- PowerSource Philippines DevCo
- Iligan Light & Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Cement Manufacturers Association - India
- Indonesian Coal Mining Association
- Intertek Mineral Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Therma Luzon, Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Central Electricity Authority - India
- European Bulk Services B.V. - Netherlands
- Videocon Industries ltd - India
- Ceylon Electricity Board - Sri Lanka
- Karaikal Port Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Energy Link Ltd, New Zealand
- Global Business Power Corporation, Philippines
- Thai Mozambique Logistica
- Straits Asia Resources Limited - Singapore
- Metalloyd Limited - United Kingdom
- Eastern Energy - Thailand
- Formosa Plastics Group - Taiwan
- Deloitte Consulting - India
- Kepco SPC Power Corporation, Philippines
- Vedanta Resources Plc - India
- Aditya Birla Group - India
- Heidelberg Cement - Germany
- Planning Commission, India
- Wood Mackenzie - Singapore
- Indogreen Group - Indonesia
- GAC Shipping (India) Pvt Ltd
- Star Paper Mills Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Baramulti Group, Indonesia
- Salva Resources Pvt Ltd - India
- Larsen & Toubro Limited - India
- ICICI Bank Limited - India
- Central Java Power - Indonesia
- Makarim & Taira - Indonesia
- Goldman Sachs - Singapore
- Globalindo Alam Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Transport, Egypt
- Maheswari Brothers Coal Limited - India
- Alfred C Toepfer International GmbH - Germany
- Mercuria Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Rio Tinto Coal - Australia
- Ind-Barath Power Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Tamil Nadu electricity Board
- Kideco Jaya Agung - Indonesia
- SMG Consultants - Indonesia
- India Bulls Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Petron Corporation, Philippines
- CIMB Investment Bank - Malaysia
- International Coal Ventures Pvt Ltd - India
- McConnell Dowell - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Sidhee Cement - India
- Global Green Power PLC Corporation, Philippines
- Romanian Commodities Exchange
- Indian Energy Exchange, India
- Coastal Gujarat Power Limited - India
- Bhoruka Overseas - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Eastern Coal Council - USA
- Sindya Power Generating Company Private Ltd
- Jaiprakash Power Ventures ltd
- Anglo American - United Kingdom
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Xindia Steels Limited - India
- London Commodity Brokers - England
- CNBM International Corporation - China
- Electricity Generating Authority of Thailand
- Kapuas Tunggal Persada - Indonesia
- Sakthi Sugars Limited - India
- Chamber of Mines of South Africa
- Medco Energi Mining Internasional
- The University of Queensland
- Altura Mining Limited, Indonesia
- Agrawal Coal Company - India
- Sical Logistics Limited - India
- Electricity Authority, New Zealand
- Bukit Makmur.PT - Indonesia
- Meralco Power Generation, Philippines
- Bayan Resources Tbk. - Indonesia
- TeaM Sual Corporation - Philippines
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