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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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Friday, 05 June 15
U.S PRODUCED 15.1 MMST OF COAL THIS PAST WEEK; LESS 20.7% COMPARED TO SAME PERIOD IN 2014
COALspot.com – United States the second largest coal producer in the world has produced approximately totalled an estimated 15.1 million shor ...
Thursday, 04 June 15
DRY BULK MARKET FAILED TO OFFER ANY POSITIVE SURPRISES - INTERMODAL
COALspot.com: This has been another week that the Dry Bulk market failed to offer any positive surprises, while the BDI, which is still faring belo ...
Wednesday, 03 June 15
SHIPPING MARKET INSIGHT - VASSILIS LOGOTHETIS
For some time now the Dry Bulk market has been severely affected by China’s slowing GDP growth rate that occurs in the background of increase ...
Tuesday, 02 June 15
FOB INDONESIA COAL Q3 SWAP ADVANCED 1.73% MONTH OVER MONTH
COALspot.com: Indonesian coal swap for delivery Q3 2015 gains month on month and lost week over week, this past week.
The Q3 swap was climbed ...
Tuesday, 02 June 15
FOB RICHARDS BAY COAL SWAPS; Q3'15 CLOSED HIGHER THAN Q1'16
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 up month over month and week over week.
The Q3 swap was up US$ 0.80 (1 ...
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- Coal and Oil Company - UAE
- Latin American Coal - Colombia
- Edison Trading Spa - Italy
- Global Green Power PLC Corporation, Philippines
- Chamber of Mines of South Africa
- IHS Mccloskey Coal Group - USA
- Standard Chartered Bank - UAE
- Kobexindo Tractors - Indoneisa
- Bhatia International Limited - India
- ASAPP Information Group - India
- IEA Clean Coal Centre - UK
- VISA Power Limited - India
- Indian Oil Corporation Limited
- Economic Council, Georgia
- MS Steel International - UAE
- Directorate General of MIneral and Coal - Indonesia
- Meralco Power Generation, Philippines
- Africa Commodities Group - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sakthi Sugars Limited - India
- Barasentosa Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Sree Jayajothi Cements Limited - India
- Baramulti Group, Indonesia
- South Luzon Thermal Energy Corporation
- Offshore Bulk Terminal Pte Ltd, Singapore
- Simpson Spence & Young - Indonesia
- Jaiprakash Power Ventures ltd
- Gujarat Mineral Development Corp Ltd - India
- Manunggal Multi Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Bharathi Cement Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Wood Mackenzie - Singapore
- Medco Energi Mining Internasional
- Leighton Contractors Pty Ltd - Australia
- Bhushan Steel Limited - India
- Bulk Trading Sa - Switzerland
- London Commodity Brokers - England
- Interocean Group of Companies - India
- TeaM Sual Corporation - Philippines
- Agrawal Coal Company - India
- Karbindo Abesyapradhi - Indoneisa
- Lanco Infratech Ltd - India
- European Bulk Services B.V. - Netherlands
- Cement Manufacturers Association - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Merrill Lynch Commodities Europe
- Toyota Tsusho Corporation, Japan
- Mjunction Services Limited - India
- Larsen & Toubro Limited - India
- SN Aboitiz Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Renaissance Capital - South Africa
- Carbofer General Trading SA - India
- Neyveli Lignite Corporation Ltd, - India
- GMR Energy Limited - India
- Rio Tinto Coal - Australia
- Orica Australia Pty. Ltd.
- Sical Logistics Limited - India
- Australian Commodity Traders Exchange
- Electricity Generating Authority of Thailand
- Jorong Barutama Greston.PT - Indonesia
- SMC Global Power, Philippines
- Parliament of New Zealand
- Malabar Cements Ltd - India
- Australian Coal Association
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- Binh Thuan Hamico - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Ind-Barath Power Infra Limited - India
- Mintek Dendrill Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Dalmia Cement Bharat India
- White Energy Company Limited
- Uttam Galva Steels Limited - India
- Borneo Indobara - Indonesia
- Global Business Power Corporation, Philippines
- Makarim & Taira - Indonesia
- PNOC Exploration Corporation - Philippines
- Attock Cement Pakistan Limited
- Aboitiz Power Corporation - Philippines
- Grasim Industreis Ltd - India
- CIMB Investment Bank - Malaysia
- Therma Luzon, Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Altura Mining Limited, Indonesia
- Star Paper Mills Limited - India
- Iligan Light & Power Inc, Philippines
- PowerSource Philippines DevCo
- Mercator Lines Limited - India
- Salva Resources Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- Xindia Steels Limited - India
- CNBM International Corporation - China
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Price Waterhouse Coopers - Russia
- Intertek Mineral Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Tata Chemicals Ltd - India
- Sindya Power Generating Company Private Ltd
- Gujarat Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Ministry of Mines - Canada
- Singapore Mercantile Exchange
- Georgia Ports Authority, United States
- Energy Development Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Mercuria Energy - Indonesia
- The State Trading Corporation of India Ltd
- Samtan Co., Ltd - South Korea
- Port Waratah Coal Services - Australia
- Alfred C Toepfer International GmbH - Germany
- The University of Queensland
- Krishnapatnam Port Company Ltd. - India
- Karaikal Port Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Jindal Steel & Power Ltd - India
- Kartika Selabumi Mining - Indonesia
- Marubeni Corporation - India
- Energy Link Ltd, New Zealand
- Posco Energy - South Korea
- International Coal Ventures Pvt Ltd - India
- Coalindo Energy - Indonesia
- New Zealand Coal & Carbon
- Kohat Cement Company Ltd. - Pakistan
- GAC Shipping (India) Pvt Ltd
- Thai Mozambique Logistica
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Baiduri Energy - Indonesia
- Indika Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Wilmar Investment Holdings
- Kepco SPC Power Corporation, Philippines
- PTC India Limited - India
- Electricity Authority, New Zealand
- Indonesian Coal Mining Association
- Gujarat Sidhee Cement - India
- ICICI Bank Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Central Electricity Authority - India
- Ministry of Transport, Egypt
- India Bulls Power Limited - India
- Madhucon Powers Ltd - India
- Anglo American - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Formosa Plastics Group - Taiwan
- Miang Besar Coal Terminal - Indonesia
- Aditya Birla Group - India
- Oldendorff Carriers - Singapore
- Directorate Of Revenue Intelligence - India
- Cigading International Bulk Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Coastal Gujarat Power Limited - India
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
- Siam City Cement PLC, Thailand
- Timah Investasi Mineral - Indoneisa
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- Heidelberg Cement - Germany
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- San Jose City I Power Corp, Philippines
- Power Finance Corporation Ltd., India
- Indogreen Group - Indonesia
- Banpu Public Company Limited - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Trasteel International SA, Italy
- Vedanta Resources Plc - India
- Bangladesh Power Developement Board
- Planning Commission, India
- Kumho Petrochemical, South Korea
- Thiess Contractors Indonesia
- Petron Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- SMG Consultants - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Straits Asia Resources Limited - Singapore
- Ambuja Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Deloitte Consulting - India
- Romanian Commodities Exchange
- Indian Energy Exchange, India
- Savvy Resources Ltd - HongKong
- Goldman Sachs - Singapore
- Sojitz Corporation - Japan
- Parry Sugars Refinery, India
- Vizag Seaport Private Limited - India
- Kideco Jaya Agung - Indonesia
- Eastern Coal Council - USA
- The Treasury - Australian Government
- Global Coal Blending Company Limited - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Finance - Indonesia
- Bayan Resources Tbk. - Indonesia
- Minerals Council of Australia
- Metalloyd Limited - United Kingdom
- Central Java Power - Indonesia
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