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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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Monday, 01 June 15
35,000 MW POWER PLANTS TO BOOST COAL CONSUMPTION - JP
The government’s program to develop 35,000 megawatt (MW) power plants will increase domestic coal consumption, which currently stands at arou ...
Monday, 01 June 15
API 5 FOB NEWCASTLE COAL SWAP; Q1'16 CLOSED LOWER COMPARED TO Q3'15
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery gained US$ 0.36 per MT (0.80%) month over month. The swap was closed at US$ ...
Monday, 01 June 15
CFR SOUTH CHINA COAL SWAP: GAINED W-W, M-M; Q1'16 CLOSED HIGHER THAN Q3'15
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery up US$ 1.15 (2.26%) per MT month over month.
A commodity swap is a f ...
Sunday, 31 May 15
CAPE AND PANAMAX SEGMENTS SLIDE CONTINUES
COALspot.com: The BDI was up about 0.5 pct week on week and closed at 589 points while the cape index was fell 0.73 pct and closed at 810 po ...
Friday, 29 May 15
DRY BULK MARKET IS THE VICTIM OF A SHIFT IN DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The fall in dry bulk freight rates is attributed, in large part, to the substantial decrease of China’s thermal coal imports, a major commodi ...
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- Madhucon Powers Ltd - India
- Electricity Generating Authority of Thailand
- Global Business Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- White Energy Company Limited
- Price Waterhouse Coopers - Russia
- Kaltim Prima Coal - Indonesia
- GMR Energy Limited - India
- Bulk Trading Sa - Switzerland
- Borneo Indobara - Indonesia
- Deloitte Consulting - India
- The Treasury - Australian Government
- Energy Development Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Power Finance Corporation Ltd., India
- Cement Manufacturers Association - India
- Economic Council, Georgia
- Central Electricity Authority - India
- Cigading International Bulk Terminal - Indonesia
- Indika Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- San Jose City I Power Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Baramulti Group, Indonesia
- Xindia Steels Limited - India
- Altura Mining Limited, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bharathi Cement Corporation - India
- New Zealand Coal & Carbon
- International Coal Ventures Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Kumho Petrochemical, South Korea
- Malabar Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- PTC India Limited - India
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- Ambuja Cements Ltd - India
- Trasteel International SA, Italy
- Therma Luzon, Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Indogreen Group - Indonesia
- Star Paper Mills Limited - India
- AsiaOL BioFuels Corp., Philippines
- Vizag Seaport Private Limited - India
- Thiess Contractors Indonesia
- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Thai Mozambique Logistica
- Ministry of Transport, Egypt
- Chamber of Mines of South Africa
- Kapuas Tunggal Persada - Indonesia
- Indian Energy Exchange, India
- ASAPP Information Group - India
- Energy Link Ltd, New Zealand
- Global Green Power PLC Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Planning Commission, India
- Jindal Steel & Power Ltd - India
- South Luzon Thermal Energy Corporation
- Sakthi Sugars Limited - India
- Samtan Co., Ltd - South Korea
- Coal and Oil Company - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- MS Steel International - UAE
- Metalloyd Limited - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Independent Power Producers Association of India
- Romanian Commodities Exchange
- The University of Queensland
- Ind-Barath Power Infra Limited - India
- Anglo American - United Kingdom
- SN Aboitiz Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Straits Asia Resources Limited - Singapore
- Formosa Plastics Group - Taiwan
- Tamil Nadu electricity Board
- Indonesian Coal Mining Association
- Sree Jayajothi Cements Limited - India
- Chettinad Cement Corporation Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- Pendopo Energi Batubara - Indonesia
- Sical Logistics Limited - India
- PowerSource Philippines DevCo
- GN Power Mariveles Coal Plant, Philippines
- The State Trading Corporation of India Ltd
- Bukit Baiduri Energy - Indonesia
- Wilmar Investment Holdings
- Renaissance Capital - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Eastern Coal Council - USA
- Videocon Industries ltd - India
- Global Coal Blending Company Limited - Australia
- Mjunction Services Limited - India
- Bhatia International Limited - India
- Agrawal Coal Company - India
- Orica Australia Pty. Ltd.
- Ceylon Electricity Board - Sri Lanka
- Kartika Selabumi Mining - Indonesia
- SMC Global Power, Philippines
- Tata Chemicals Ltd - India
- Goldman Sachs - Singapore
- Parliament of New Zealand
- McConnell Dowell - Australia
- Directorate Of Revenue Intelligence - India
- Mercuria Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Wood Mackenzie - Singapore
- Banpu Public Company Limited - Thailand
- Aboitiz Power Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Sojitz Corporation - Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ICICI Bank Limited - India
- Miang Besar Coal Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Marubeni Corporation - India
- Standard Chartered Bank - UAE
- GAC Shipping (India) Pvt Ltd
- Heidelberg Cement - Germany
- Grasim Industreis Ltd - India
- Indian Oil Corporation Limited
- IEA Clean Coal Centre - UK
- Bangladesh Power Developement Board
- Alfred C Toepfer International GmbH - Germany
- Sindya Power Generating Company Private Ltd
- Parry Sugars Refinery, India
- Maharashtra Electricity Regulatory Commission - India
- London Commodity Brokers - England
- PNOC Exploration Corporation - Philippines
- Medco Energi Mining Internasional
- Makarim & Taira - Indonesia
- Latin American Coal - Colombia
- Gujarat Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Interocean Group of Companies - India
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- Riau Bara Harum - Indonesia
- Sarangani Energy Corporation, Philippines
- Africa Commodities Group - South Africa
- Billiton Holdings Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- VISA Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Intertek Mineral Services - Indonesia
- Central Java Power - Indonesia
- Edison Trading Spa - Italy
- Singapore Mercantile Exchange
- Posco Energy - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Kepco SPC Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining Corp, Philippines
- Essar Steel Hazira Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Authority, New Zealand
- Siam City Cement PLC, Thailand
- Meralco Power Generation, Philippines
- Antam Resourcindo - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Merrill Lynch Commodities Europe
- Eastern Energy - Thailand
- Vedanta Resources Plc - India
- Oldendorff Carriers - Singapore
- Orica Mining Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coastal Gujarat Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Bhoruka Overseas - Indonesia
- Timah Investasi Mineral - Indoneisa
- Mercator Lines Limited - India
- Lanco Infratech Ltd - India
- CNBM International Corporation - China
- Salva Resources Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement - Thailand
- Mintek Dendrill Indonesia
- Coalindo Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Dalmia Cement Bharat India
- Larsen & Toubro Limited - India
- Australian Coal Association
- Minerals Council of Australia
- Attock Cement Pakistan Limited
- Commonwealth Bank - Australia
- Australian Commodity Traders Exchange
- Jaiprakash Power Ventures ltd
- Gujarat Sidhee Cement - India
- Ministry of Mines - Canada
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Barasentosa Lestari - Indonesia
- Carbofer General Trading SA - India
- Kalimantan Lumbung Energi - Indonesia
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- Port Waratah Coal Services - Australia
- Sinarmas Energy and Mining - Indonesia
- Aditya Birla Group - India
- Maheswari Brothers Coal Limited - India
- India Bulls Power Limited - India
- Savvy Resources Ltd - HongKong
- Bhushan Steel Limited - India
- Ministry of Finance - Indonesia
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