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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, 18 May 15
FOB NEWCASTLE COAL SWAPS SCORE MONTHLY GAINS
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery gained US$ 0.87 per MT (1.99%) month over month and lost US$ 0.03 week on w ...
Monday, 18 May 15
Q1' 16 API 8 CFR SOUTH CHINA COAL SWAP CLOSED HIGHER THAN Q3' 15 CLOSING PRICE
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery up US$ 1.05 (2.10%) per MT month over month and US$ 0.53 (1.05%) pe ...
Sunday, 17 May 15
INDONESIA - INDIA FREIGHTS RATES EXPECTED TO FLAT TO SOFT NEXT WEEK
COALspot.com: The BDI was up by 10.45% and closed at 634 points week on week, while the Cape index saws big jump or up almost 55% for the same peri ...
Friday, 15 May 15
DRY BULK AND CONTAINER SHIPPING TO REMAIN WEAK, OUTLOOK FOR PORTS AND TANKERS POSITIVE - DREWRY MARITIME EQUITY RESEARCH
Global economy is in a gradual recovery mode, sending mixed signals to investors. Chinese economic data continues to remain weak as economy transit ...
Friday, 15 May 15
COAL PRODUCTION IN U.S DOWN 1.4 MILLION TONS FOR THE WEEK ENDING MAY 8
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 16.0 million short ...
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- Jaiprakash Power Ventures ltd
- Barasentosa Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Medco Energi Mining Internasional
- Bulk Trading Sa - Switzerland
- London Commodity Brokers - England
- Rashtriya Ispat Nigam Limited - India
- GMR Energy Limited - India
- Bhushan Steel Limited - India
- Global Green Power PLC Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Africa Commodities Group - South Africa
- PowerSource Philippines DevCo
- Ministry of Transport, Egypt
- Kartika Selabumi Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Electricity Authority, New Zealand
- Latin American Coal - Colombia
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- Savvy Resources Ltd - HongKong
- CIMB Investment Bank - Malaysia
- Port Waratah Coal Services - Australia
- Baramulti Group, Indonesia
- Dalmia Cement Bharat India
- Gujarat Sidhee Cement - India
- Georgia Ports Authority, United States
- Bhoruka Overseas - Indonesia
- Vedanta Resources Plc - India
- Mjunction Services Limited - India
- Pendopo Energi Batubara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- CNBM International Corporation - China
- Wood Mackenzie - Singapore
- Marubeni Corporation - India
- Thai Mozambique Logistica
- Lanco Infratech Ltd - India
- SMG Consultants - Indonesia
- Bhatia International Limited - India
- Independent Power Producers Association of India
- MS Steel International - UAE
- Kapuas Tunggal Persada - Indonesia
- Kideco Jaya Agung - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ICICI Bank Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Indogreen Group - Indonesia
- Sarangani Energy Corporation, Philippines
- Carbofer General Trading SA - India
- Mintek Dendrill Indonesia
- Planning Commission, India
- Aditya Birla Group - India
- Toyota Tsusho Corporation, Japan
- PTC India Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Riau Bara Harum - Indonesia
- Economic Council, Georgia
- Maharashtra Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Minerals Council of Australia
- Siam City Cement PLC, Thailand
- Global Coal Blending Company Limited - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Vizag Seaport Private Limited - India
- Madhucon Powers Ltd - India
- Mercator Lines Limited - India
- Anglo American - United Kingdom
- Standard Chartered Bank - UAE
- IEA Clean Coal Centre - UK
- Indika Energy - Indonesia
- Energy Link Ltd, New Zealand
- Bukit Makmur.PT - Indonesia
- Price Waterhouse Coopers - Russia
- GVK Power & Infra Limited - India
- TeaM Sual Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Thiess Contractors Indonesia
- Mercuria Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- McConnell Dowell - Australia
- Kumho Petrochemical, South Korea
- Eastern Coal Council - USA
- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Rio Tinto Coal - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Iligan Light & Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- White Energy Company Limited
- Orica Australia Pty. Ltd.
- Larsen & Toubro Limited - India
- Metalloyd Limited - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- ASAPP Information Group - India
- Jorong Barutama Greston.PT - Indonesia
- Eastern Energy - Thailand
- Maheswari Brothers Coal Limited - India
- Makarim & Taira - Indonesia
- Parliament of New Zealand
- Wilmar Investment Holdings
- The State Trading Corporation of India Ltd
- Essar Steel Hazira Ltd - India
- LBH Netherlands Bv - Netherlands
- Chamber of Mines of South Africa
- Antam Resourcindo - Indonesia
- Manunggal Multi Energi - Indonesia
- Ministry of Finance - Indonesia
- Tata Chemicals Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Deloitte Consulting - India
- Central Electricity Authority - India
- Jindal Steel & Power Ltd - India
- Salva Resources Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- VISA Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Energy Exchange, India
- Xindia Steels Limited - India
- Therma Luzon, Inc, Philippines
- SMC Global Power, Philippines
- Global Business Power Corporation, Philippines
- New Zealand Coal & Carbon
- Parry Sugars Refinery, India
- Sojitz Corporation - Japan
- Meenaskhi Energy Private Limited - India
- Agrawal Coal Company - India
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement - Thailand
- Renaissance Capital - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Commonwealth Bank - Australia
- Trasteel International SA, Italy
- Energy Development Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Interocean Group of Companies - India
- Romanian Commodities Exchange
- Electricity Generating Authority of Thailand
- SN Aboitiz Power Inc, Philippines
- Cement Manufacturers Association - India
- Indonesian Coal Mining Association
- Globalindo Alam Lestari - Indonesia
- Coalindo Energy - Indonesia
- Formosa Plastics Group - Taiwan
- San Jose City I Power Corp, Philippines
- Bangladesh Power Developement Board
- Posco Energy - South Korea
- Sinarmas Energy and Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sree Jayajothi Cements Limited - India
- Ambuja Cements Ltd - India
- Star Paper Mills Limited - India
- Meralco Power Generation, Philippines
- Sakthi Sugars Limited - India
- Holcim Trading Pte Ltd - Singapore
- Central Java Power - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Krishnapatnam Port Company Ltd. - India
- Videocon Industries ltd - India
- Simpson Spence & Young - Indonesia
- Coal and Oil Company - UAE
- Ministry of Mines - Canada
- Straits Asia Resources Limited - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Merrill Lynch Commodities Europe
- Banpu Public Company Limited - Thailand
- Australian Coal Association
- Altura Mining Limited, Indonesia
- Attock Cement Pakistan Limited
- Tamil Nadu electricity Board
- Heidelberg Cement - Germany
- Gujarat Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Directorate Of Revenue Intelligence - India
- GAC Shipping (India) Pvt Ltd
- European Bulk Services B.V. - Netherlands
- Samtan Co., Ltd - South Korea
- Petron Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Malabar Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- OPG Power Generation Pvt Ltd - India
- Singapore Mercantile Exchange
- The University of Queensland
- Ind-Barath Power Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Sical Logistics Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Bharathi Cement Corporation - India
- Chettinad Cement Corporation Ltd - India
- Uttam Galva Steels Limited - India
- Power Finance Corporation Ltd., India
- Australian Commodity Traders Exchange
- Bukit Baiduri Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- Vijayanagar Sugar Pvt Ltd - India
- India Bulls Power Limited - India
- Sindya Power Generating Company Private Ltd
- Kaltim Prima Coal - Indonesia
- Borneo Indobara - Indonesia
- The Treasury - Australian Government
- Oldendorff Carriers - Singapore
- Grasim Industreis Ltd - India
- Orica Mining Services - Indonesia
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