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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, 13 May 15
MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
The EU governments in an effort to face their economic crisis individually are facing lack of political cohesion. This reflects back to each econom ...
Tuesday, 12 May 15
FOB INDONESIA COAL SWAP; DECLINED M-O-M AND W-O-W
COALspot.com: Indonesian coal swap for delivery Q3 2015 lost week over week and month on month, this past week.
The Q3 swap was declined US$ 0 ...
Tuesday, 12 May 15
FOB RICHARDS BAY COAL SWAPS: LOST W-O-W; GAIN M-O-M
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 increased month over month and decreased week over week.
The Q3 swap h ...
Monday, 11 May 15
DRY BULK CARRIER ORDERS CRASH TO A TWENTY YEAR LOW - CLARKSONS
In the last four months dry bulk orders have fallen to 0.4m dwt per month, the lowest level since the 1990s. This is a massive 98% reduction from t ...
Monday, 11 May 15
HBA PRICE DIPS FURTHER; LOWEST RECORDED SINCE JANUARY 2009
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down Indonesian coal benchmark prices to US$ 61.08 per MT in May ...
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- Pipit Mutiara Jaya. PT, Indonesia
- Sical Logistics Limited - India
- Kaltim Prima Coal - Indonesia
- Coalindo Energy - Indonesia
- Energy Development Corp, Philippines
- Meralco Power Generation, Philippines
- Xindia Steels Limited - India
- Semirara Mining Corp, Philippines
- Goldman Sachs - Singapore
- Bulk Trading Sa - Switzerland
- Karbindo Abesyapradhi - Indoneisa
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Riau Bara Harum - Indonesia
- The Treasury - Australian Government
- Jorong Barutama Greston.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Energy Link Ltd, New Zealand
- Karaikal Port Pvt Ltd - India
- Bhatia International Limited - India
- Romanian Commodities Exchange
- Bharathi Cement Corporation - India
- Toyota Tsusho Corporation, Japan
- Borneo Indobara - Indonesia
- Australian Coal Association
- GN Power Mariveles Coal Plant, Philippines
- Deloitte Consulting - India
- Antam Resourcindo - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Electricity Generating Authority of Thailand
- Sojitz Corporation - Japan
- Standard Chartered Bank - UAE
- TeaM Sual Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- PTC India Limited - India
- Oldendorff Carriers - Singapore
- ASAPP Information Group - India
- MS Steel International - UAE
- Heidelberg Cement - Germany
- Bhoruka Overseas - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Parry Sugars Refinery, India
- LBH Netherlands Bv - Netherlands
- Malabar Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Agrawal Coal Company - India
- SMG Consultants - Indonesia
- The University of Queensland
- Tata Chemicals Ltd - India
- Indika Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Africa Commodities Group - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rio Tinto Coal - Australia
- GAC Shipping (India) Pvt Ltd
- Vedanta Resources Plc - India
- Lanco Infratech Ltd - India
- Maheswari Brothers Coal Limited - India
- Sindya Power Generating Company Private Ltd
- Metalloyd Limited - United Kingdom
- Global Coal Blending Company Limited - Australia
- Kobexindo Tractors - Indoneisa
- IHS Mccloskey Coal Group - USA
- Krishnapatnam Port Company Ltd. - India
- Central Java Power - Indonesia
- Essar Steel Hazira Ltd - India
- Savvy Resources Ltd - HongKong
- Ministry of Finance - Indonesia
- Minerals Council of Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Edison Trading Spa - Italy
- Orica Mining Services - Indonesia
- Baramulti Group, Indonesia
- Star Paper Mills Limited - India
- Coal and Oil Company - UAE
- Neyveli Lignite Corporation Ltd, - India
- ICICI Bank Limited - India
- Gujarat Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Tamil Nadu electricity Board
- Jaiprakash Power Ventures ltd
- Sinarmas Energy and Mining - Indonesia
- Ambuja Cements Ltd - India
- Power Finance Corporation Ltd., India
- San Jose City I Power Corp, Philippines
- Larsen & Toubro Limited - India
- Makarim & Taira - Indonesia
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- Interocean Group of Companies - India
- Vizag Seaport Private Limited - India
- Salva Resources Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CNBM International Corporation - China
- Chamber of Mines of South Africa
- Altura Mining Limited, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Carbofer General Trading SA - India
- Siam City Cement - Thailand
- Chettinad Cement Corporation Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Sidhee Cement - India
- Medco Energi Mining Internasional
- Sakthi Sugars Limited - India
- SN Aboitiz Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Mercator Lines Limited - India
- Directorate Of Revenue Intelligence - India
- Price Waterhouse Coopers - Russia
- Singapore Mercantile Exchange
- Merrill Lynch Commodities Europe
- Attock Cement Pakistan Limited
- Sarangani Energy Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- India Bulls Power Limited - India
- GVK Power & Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kumho Petrochemical, South Korea
- Bayan Resources Tbk. - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- McConnell Dowell - Australia
- Eastern Coal Council - USA
- Jindal Steel & Power Ltd - India
- Sree Jayajothi Cements Limited - India
- Bangladesh Power Developement Board
- IEA Clean Coal Centre - UK
- Bukit Baiduri Energy - Indonesia
- Thiess Contractors Indonesia
- Trasteel International SA, Italy
- Planning Commission, India
- Australian Commodity Traders Exchange
- Thai Mozambique Logistica
- The State Trading Corporation of India Ltd
- Wilmar Investment Holdings
- Petrochimia International Co. Ltd.- Taiwan
- Directorate General of MIneral and Coal - Indonesia
- London Commodity Brokers - England
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Authority, New Zealand
- Simpson Spence & Young - Indonesia
- Independent Power Producers Association of India
- Manunggal Multi Energi - Indonesia
- New Zealand Coal & Carbon
- Aditya Birla Group - India
- PetroVietnam Power Coal Import and Supply Company
- Central Electricity Authority - India
- Madhucon Powers Ltd - India
- Renaissance Capital - South Africa
- Ind-Barath Power Infra Limited - India
- Wood Mackenzie - Singapore
- Bhushan Steel Limited - India
- Orica Australia Pty. Ltd.
- Commonwealth Bank - Australia
- Iligan Light & Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Global Business Power Corporation, Philippines
- GMR Energy Limited - India
- Videocon Industries ltd - India
- AsiaOL BioFuels Corp., Philippines
- Kideco Jaya Agung - Indonesia
- Globalindo Alam Lestari - Indonesia
- Petron Corporation, Philippines
- Port Waratah Coal Services - Australia
- Ministry of Mines - Canada
- Mjunction Services Limited - India
- Cement Manufacturers Association - India
- European Bulk Services B.V. - Netherlands
- Intertek Mineral Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Siam City Cement PLC, Thailand
- Eastern Energy - Thailand
- Anglo American - United Kingdom
- Indian Oil Corporation Limited
- Grasim Industreis Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Indogreen Group - Indonesia
- South Luzon Thermal Energy Corporation
- Uttam Galva Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Barasentosa Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Posco Energy - South Korea
- Kartika Selabumi Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Parliament of New Zealand
- International Coal Ventures Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Ministry of Transport, Egypt
- Bukit Makmur.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- VISA Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Indian Energy Exchange, India
- Economic Council, Georgia
- Ceylon Electricity Board - Sri Lanka
- Marubeni Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- White Energy Company Limited
- Asmin Koalindo Tuhup - Indonesia
- Mintek Dendrill Indonesia
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Mercuria Energy - Indonesia
- PowerSource Philippines DevCo
- SMC Global Power, Philippines
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