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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, 29 May 15
COAL PRODUCTION IN THE U.S. ALMOST FLAT THIS PAST WEEK
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 16.1 million short ...
Friday, 29 May 15
SOUTH KOREAN STATE-OWNED UTILITY KOREA MIDLAND POWER INVITES BIDS FOR 780K MT OF COAL FOR H2' 15
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender to buy total 780K Metric Tons (MT) of HCV and LCV ...
Thursday, 28 May 15
TIMEBAR FOR DEMURRAGE CLAIMS - SKULD
KNOWLEDGE TO ELEVATE
English law has traditionally had a strict approach to contractually agreed time bars between commercial parties as well ...
Wednesday, 27 May 15
MARKET INSIGHT - TIMOS PAPADIMITRIOU
Earlier in the year I looked at how the market was reacting to the prolonged fall of the price of oil. Back then it was still unclear if the fallin ...
Tuesday, 26 May 15
HOW HAS THE DROP IN OIL PRICES AFFECTED OTHER COMMODITIES? - CLYDE & CO
KNOWLEDGE TO ELEVATE
The effects of the dramatic drop in the price of both Ice March Brent, the international oil marker, and its US counterpa ...
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- TNB Fuel Sdn Bhd - Malaysia
- Tata Chemicals Ltd - India
- Bayan Resources Tbk. - Indonesia
- Posco Energy - South Korea
- Medco Energi Mining Internasional
- Global Coal Blending Company Limited - Australia
- International Coal Ventures Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Eastern Coal Council - USA
- Australian Commodity Traders Exchange
- Latin American Coal - Colombia
- MS Steel International - UAE
- Central Electricity Authority - India
- LBH Netherlands Bv - Netherlands
- Bhatia International Limited - India
- Georgia Ports Authority, United States
- White Energy Company Limited
- Riau Bara Harum - Indonesia
- Agrawal Coal Company - India
- Salva Resources Pvt Ltd - India
- Indika Energy - Indonesia
- Chamber of Mines of South Africa
- Straits Asia Resources Limited - Singapore
- Eastern Energy - Thailand
- Energy Link Ltd, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Renaissance Capital - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- India Bulls Power Limited - India
- Makarim & Taira - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Semirara Mining Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Transport, Egypt
- Trasteel International SA, Italy
- Simpson Spence & Young - Indonesia
- Jaiprakash Power Ventures ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The State Trading Corporation of India Ltd
- The Treasury - Australian Government
- Oldendorff Carriers - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Vedanta Resources Plc - India
- Sakthi Sugars Limited - India
- Sree Jayajothi Cements Limited - India
- Energy Development Corp, Philippines
- Indian Energy Exchange, India
- Essar Steel Hazira Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bharathi Cement Corporation - India
- Sical Logistics Limited - India
- Africa Commodities Group - South Africa
- TeaM Sual Corporation - Philippines
- SMG Consultants - Indonesia
- GAC Shipping (India) Pvt Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Carbofer General Trading SA - India
- Sarangani Energy Corporation, Philippines
- Indian Oil Corporation Limited
- Thiess Contractors Indonesia
- Mjunction Services Limited - India
- Singapore Mercantile Exchange
- Kumho Petrochemical, South Korea
- Lanco Infratech Ltd - India
- Aboitiz Power Corporation - Philippines
- Tamil Nadu electricity Board
- Videocon Industries ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Vizag Seaport Private Limited - India
- Kideco Jaya Agung - Indonesia
- Australian Coal Association
- Madhucon Powers Ltd - India
- Globalindo Alam Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Iligan Light & Power Inc, Philippines
- ICICI Bank Limited - India
- Siam City Cement - Thailand
- Savvy Resources Ltd - HongKong
- Jindal Steel & Power Ltd - India
- Orica Australia Pty. Ltd.
- South Luzon Thermal Energy Corporation
- Mercator Lines Limited - India
- Electricity Authority, New Zealand
- Deloitte Consulting - India
- Gujarat Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- GMR Energy Limited - India
- Economic Council, Georgia
- Minerals Council of Australia
- New Zealand Coal & Carbon
- Indonesian Coal Mining Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Mining Services - Indonesia
- Planning Commission, India
- Banpu Public Company Limited - Thailand
- Star Paper Mills Limited - India
- Dalmia Cement Bharat India
- Pendopo Energi Batubara - Indonesia
- Edison Trading Spa - Italy
- Global Green Power PLC Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Therma Luzon, Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Directorate Of Revenue Intelligence - India
- Metalloyd Limited - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- Grasim Industreis Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Samtan Co., Ltd - South Korea
- Merrill Lynch Commodities Europe
- SMC Global Power, Philippines
- Price Waterhouse Coopers - Russia
- Karaikal Port Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Formosa Plastics Group - Taiwan
- Binh Thuan Hamico - Vietnam
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- GVK Power & Infra Limited - India
- Intertek Mineral Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- OPG Power Generation Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- London Commodity Brokers - England
- Kapuas Tunggal Persada - Indonesia
- Bhoruka Overseas - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Xindia Steels Limited - India
- Coastal Gujarat Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Ambuja Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Cement Manufacturers Association - India
- Ministry of Finance - Indonesia
- Parliament of New Zealand
- Holcim Trading Pte Ltd - Singapore
- Barasentosa Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Bukit Makmur.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Interocean Group of Companies - India
- Sojitz Corporation - Japan
- Standard Chartered Bank - UAE
- Kartika Selabumi Mining - Indonesia
- Petron Corporation, Philippines
- Mercuria Energy - Indonesia
- Aditya Birla Group - India
- Borneo Indobara - Indonesia
- Toyota Tsusho Corporation, Japan
- Coal and Oil Company - UAE
- SN Aboitiz Power Inc, Philippines
- Parry Sugars Refinery, India
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
- McConnell Dowell - Australia
- CNBM International Corporation - China
- Wilmar Investment Holdings
- Timah Investasi Mineral - Indoneisa
- Ind-Barath Power Infra Limited - India
- PNOC Exploration Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Commonwealth Bank - Australia
- Rashtriya Ispat Nigam Limited - India
- ASAPP Information Group - India
- Coalindo Energy - Indonesia
- Anglo American - United Kingdom
- IEA Clean Coal Centre - UK
- Electricity Generating Authority of Thailand
- VISA Power Limited - India
- Malabar Cements Ltd - India
- Antam Resourcindo - Indonesia
- Bhushan Steel Limited - India
- Ministry of Mines - Canada
- Karbindo Abesyapradhi - Indoneisa
- Romanian Commodities Exchange
- Mintek Dendrill Indonesia
- Marubeni Corporation - India
- Attock Cement Pakistan Limited
- IHS Mccloskey Coal Group - USA
- Central Java Power - Indonesia
- Goldman Sachs - Singapore
- Power Finance Corporation Ltd., India
- Siam City Cement PLC, Thailand
- PowerSource Philippines DevCo
- Altura Mining Limited, Indonesia
- The University of Queensland
- San Jose City I Power Corp, Philippines
- Baramulti Group, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Uttam Galva Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Global Business Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- PTC India Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Krishnapatnam Port Company Ltd. - India
- Maheswari Brothers Coal Limited - India
- Maharashtra Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Heidelberg Cement - Germany
- Indogreen Group - Indonesia
- Rio Tinto Coal - Australia
- Independent Power Producers Association of India
- Meralco Power Generation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Kepco SPC Power Corporation, Philippines
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