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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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Wednesday, 20 May 15
TANKER MARKET INSIGHT - JOHN N. COTZIAS
Since Early October 2014 the tanker market has been experiencing a very positive momentum and has continued its strong performance so far in 2015. ...
Wednesday, 20 May 15
FOB RICHARDS BAY COAL SWAPS GAINED M-O-M, W-O-W
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 increased month over month and week over week.
The Q3 swap has increas ...
Wednesday, 20 May 15
BUKIT ASAM'S AVERAGE EXPORT PRICE WAS UNDER PRESSURE DURING Q1
COALspot.com: Indonesia’s state owned coal producer saw their profits fall in the first quarter of the year compared to the same period last ...
Wednesday, 20 May 15
IRON ORE PRICES TO REMAIN WEAK ON LOW DEMAND, HIGH OUTPUT - FITCH
Iron ore prices will stay low for several years due to increasing supply, weak demand growth in China and the slower-than-expected closure of high- ...
Tuesday, 19 May 15
KOMIPO IS SEEKING TOTAL 2.34 MMT OF HCV AND LCV COAL FOR 2015 - 2017
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender to buy total 2.34 million Metric Tons (MT) of HCV ...
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- Jaiprakash Power Ventures ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Australian Coal Association
- Salva Resources Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Mjunction Services Limited - India
- IHS Mccloskey Coal Group - USA
- Electricity Authority, New Zealand
- Mintek Dendrill Indonesia
- Ministry of Transport, Egypt
- Deloitte Consulting - India
- McConnell Dowell - Australia
- Heidelberg Cement - Germany
- IEA Clean Coal Centre - UK
- Alfred C Toepfer International GmbH - Germany
- Samtan Co., Ltd - South Korea
- Kobexindo Tractors - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dalmia Cement Bharat India
- Rio Tinto Coal - Australia
- TNB Fuel Sdn Bhd - Malaysia
- The University of Queensland
- Bhoruka Overseas - Indonesia
- GAC Shipping (India) Pvt Ltd
- GN Power Mariveles Coal Plant, Philippines
- Georgia Ports Authority, United States
- Parry Sugars Refinery, India
- TeaM Sual Corporation - Philippines
- Petron Corporation, Philippines
- Cement Manufacturers Association - India
- Xindia Steels Limited - India
- Simpson Spence & Young - Indonesia
- Manunggal Multi Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kalimantan Lumbung Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Central Java Power - Indonesia
- Independent Power Producers Association of India
- Australian Commodity Traders Exchange
- Iligan Light & Power Inc, Philippines
- SMG Consultants - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Oldendorff Carriers - Singapore
- Intertek Mineral Services - Indonesia
- White Energy Company Limited
- Mercator Lines Limited - India
- Kapuas Tunggal Persada - Indonesia
- Kumho Petrochemical, South Korea
- Leighton Contractors Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Attock Cement Pakistan Limited
- Gujarat Mineral Development Corp Ltd - India
- The State Trading Corporation of India Ltd
- Standard Chartered Bank - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Indian Energy Exchange, India
- Orica Mining Services - Indonesia
- Videocon Industries ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Thai Mozambique Logistica
- Baramulti Group, Indonesia
- Bangladesh Power Developement Board
- Sree Jayajothi Cements Limited - India
- Pendopo Energi Batubara - Indonesia
- Karaikal Port Pvt Ltd - India
- Madhucon Powers Ltd - India
- Lanco Infratech Ltd - India
- CNBM International Corporation - China
- Coalindo Energy - Indonesia
- New Zealand Coal & Carbon
- Siam City Cement - Thailand
- Parliament of New Zealand
- Holcim Trading Pte Ltd - Singapore
- Indian Oil Corporation Limited
- Africa Commodities Group - South Africa
- Altura Mining Limited, Indonesia
- Bulk Trading Sa - Switzerland
- Rashtriya Ispat Nigam Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aditya Birla Group - India
- Kepco SPC Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Wilmar Investment Holdings
- Banpu Public Company Limited - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- SN Aboitiz Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Power Finance Corporation Ltd., India
- PetroVietnam Power Coal Import and Supply Company
- Central Electricity Authority - India
- Medco Energi Mining Internasional
- Ambuja Cements Ltd - India
- Energy Link Ltd, New Zealand
- Indonesian Coal Mining Association
- Chettinad Cement Corporation Ltd - India
- Wood Mackenzie - Singapore
- ICICI Bank Limited - India
- Vedanta Resources Plc - India
- India Bulls Power Limited - India
- Bharathi Cement Corporation - India
- Ministry of Finance - Indonesia
- Energy Development Corp, Philippines
- Essar Steel Hazira Ltd - India
- Tata Chemicals Ltd - India
- Therma Luzon, Inc, Philippines
- Gujarat Sidhee Cement - India
- Edison Trading Spa - Italy
- Globalindo Alam Lestari - Indonesia
- Tamil Nadu electricity Board
- San Jose City I Power Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Global Coal Blending Company Limited - Australia
- Marubeni Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Metalloyd Limited - United Kingdom
- Meralco Power Generation, Philippines
- Merrill Lynch Commodities Europe
- Planning Commission, India
- Sojitz Corporation - Japan
- Global Green Power PLC Corporation, Philippines
- GMR Energy Limited - India
- Coastal Gujarat Power Limited - India
- Straits Asia Resources Limited - Singapore
- Borneo Indobara - Indonesia
- Grasim Industreis Ltd - India
- Eastern Energy - Thailand
- Maheswari Brothers Coal Limited - India
- Trasteel International SA, Italy
- Jindal Steel & Power Ltd - India
- Price Waterhouse Coopers - Russia
- Mercuria Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Bank of Tokyo Mitsubishi UFJ Ltd
- Barasentosa Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Malabar Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Star Paper Mills Limited - India
- Interocean Group of Companies - India
- Antam Resourcindo - Indonesia
- Larsen & Toubro Limited - India
- Chamber of Mines of South Africa
- Sinarmas Energy and Mining - Indonesia
- PTC India Limited - India
- Minerals Council of Australia
- International Coal Ventures Pvt Ltd - India
- Agrawal Coal Company - India
- Electricity Generating Authority of Thailand
- Bukit Baiduri Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Ministry of Mines - Canada
- Uttam Galva Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Timah Investasi Mineral - Indoneisa
- Meenaskhi Energy Private Limited - India
- Siam City Cement PLC, Thailand
- Kartika Selabumi Mining - Indonesia
- Indogreen Group - Indonesia
- Sarangani Energy Corporation, Philippines
- Carbofer General Trading SA - India
- GVK Power & Infra Limited - India
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Semirara Mining and Power Corporation, Philippines
- London Commodity Brokers - England
- The Treasury - Australian Government
- Orica Australia Pty. Ltd.
- Port Waratah Coal Services - Australia
- Aboitiz Power Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Global Business Power Corporation, Philippines
- Eastern Coal Council - USA
- Sical Logistics Limited - India
- Posco Energy - South Korea
- Vizag Seaport Private Limited - India
- Toyota Tsusho Corporation, Japan
- Latin American Coal - Colombia
- Bhushan Steel Limited - India
- OPG Power Generation Pvt Ltd - India
- MS Steel International - UAE
- PowerSource Philippines DevCo
- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
- Makarim & Taira - Indonesia
- Renaissance Capital - South Africa
- Thiess Contractors Indonesia
- Goldman Sachs - Singapore
- Bukit Makmur.PT - Indonesia
- Economic Council, Georgia
- Ind-Barath Power Infra Limited - India
- Bhatia International Limited - India
- Anglo American - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Coal and Oil Company - UAE
- Kaltim Prima Coal - Indonesia
- Singapore Mercantile Exchange
- Karbindo Abesyapradhi - Indoneisa
- VISA Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- ASAPP Information Group - India
- Semirara Mining Corp, Philippines
- Romanian Commodities Exchange
- Bayan Resources Tbk. - Indonesia
- SMC Global Power, Philippines
- Formosa Plastics Group - Taiwan
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