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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, 11 May 15
API 5 FOB NEWCASTLE COAL SWAP; INCREASED M-O-M; DECLINED W-O-W
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery gained US$ 0.62 per MT (1.41%) month over month and lost US$ 0.88 week on w ...
Monday, 11 May 15
CFR SOUTH CHINA COAL SWAP: DECLINED MOM AND WOW
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery declined US$ 0.46 (-0.90%) per MT month over month and US$ 0.28 (0. ...
Monday, 11 May 15
KOREA MIDLAND POWER INVITES BIDS FOR 140K MT OF 4600 NAR COAL
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued a new tender to buy total 140,000 Metric Tons (MT) of Sub-bitumi ...
Sunday, 10 May 15
FREIGHT RATES TO REMAIN SOFT NEXT WEEK
COALspot.com: The freight market was flat to soft week over week except for the Cape Index which was up 7.32%. Cape index was closed at 616 p ...
Friday, 08 May 15
BUSIEST CAPESIZE DEMOLITION MARKET EVER - BIMCO
The activity on the demolition market is off to a good start in 2015 when looking at dry bulk tonnage.
The dry bulk market has long suffered f ...
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- Carbofer General Trading SA - India
- Ministry of Transport, Egypt
- London Commodity Brokers - England
- Agrawal Coal Company - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ambuja Cements Ltd - India
- Standard Chartered Bank - UAE
- Uttam Galva Steels Limited - India
- Barasentosa Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kepco SPC Power Corporation, Philippines
- Chamber of Mines of South Africa
- GN Power Mariveles Coal Plant, Philippines
- Coastal Gujarat Power Limited - India
- New Zealand Coal & Carbon
- Meralco Power Generation, Philippines
- Sakthi Sugars Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Thiess Contractors Indonesia
- Semirara Mining and Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Therma Luzon, Inc, Philippines
- Dalmia Cement Bharat India
- ASAPP Information Group - India
- Ceylon Electricity Board - Sri Lanka
- Coalindo Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Iligan Light & Power Inc, Philippines
- Indonesian Coal Mining Association
- Bhatia International Limited - India
- Wilmar Investment Holdings
- Mjunction Services Limited - India
- Bhoruka Overseas - Indonesia
- Aboitiz Power Corporation - Philippines
- Grasim Industreis Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Renaissance Capital - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Vijayanagar Sugar Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Miang Besar Coal Terminal - Indonesia
- Orica Mining Services - Indonesia
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- Attock Cement Pakistan Limited
- Global Business Power Corporation, Philippines
- SMG Consultants - Indonesia
- Semirara Mining Corp, Philippines
- PowerSource Philippines DevCo
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cement Manufacturers Association - India
- Bulk Trading Sa - Switzerland
- Kobexindo Tractors - Indoneisa
- Bangladesh Power Developement Board
- PTC India Limited - India
- Straits Asia Resources Limited - Singapore
- IHS Mccloskey Coal Group - USA
- Indika Energy - Indonesia
- Salva Resources Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- The University of Queensland
- Ind-Barath Power Infra Limited - India
- Deloitte Consulting - India
- Global Green Power PLC Corporation, Philippines
- Eastern Energy - Thailand
- CIMB Investment Bank - Malaysia
- Vedanta Resources Plc - India
- Siam City Cement - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Electricity Authority - India
- Jindal Steel & Power Ltd - India
- Tata Chemicals Ltd - India
- Latin American Coal - Colombia
- Billiton Holdings Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Tamil Nadu electricity Board
- Singapore Mercantile Exchange
- Romanian Commodities Exchange
- Metalloyd Limited - United Kingdom
- Bhushan Steel Limited - India
- Port Waratah Coal Services - Australia
- Sical Logistics Limited - India
- Directorate Of Revenue Intelligence - India
- Malabar Cements Ltd - India
- Indogreen Group - Indonesia
- Indian Energy Exchange, India
- Rashtriya Ispat Nigam Limited - India
- Essar Steel Hazira Ltd - India
- Xindia Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Makmur.PT - Indonesia
- ICICI Bank Limited - India
- Interocean Group of Companies - India
- European Bulk Services B.V. - Netherlands
- Karaikal Port Pvt Ltd - India
- Indian Oil Corporation Limited
- Aditya Birla Group - India
- Bukit Baiduri Energy - Indonesia
- Star Paper Mills Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Riau Bara Harum - Indonesia
- Intertek Mineral Services - Indonesia
- Electricity Authority, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Banpu Public Company Limited - Thailand
- Cigading International Bulk Terminal - Indonesia
- Anglo American - United Kingdom
- Antam Resourcindo - Indonesia
- Sarangani Energy Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Kohat Cement Company Ltd. - Pakistan
- Mercuria Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Borneo Indobara - Indonesia
- Merrill Lynch Commodities Europe
- Altura Mining Limited, Indonesia
- Gujarat Sidhee Cement - India
- Sojitz Corporation - Japan
- Manunggal Multi Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Economic Council, Georgia
- Vizag Seaport Private Limited - India
- Videocon Industries ltd - India
- International Coal Ventures Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Parliament of New Zealand
- Central Java Power - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Australian Commodity Traders Exchange
- Kumho Petrochemical, South Korea
- Pendopo Energi Batubara - Indonesia
- Ministry of Finance - Indonesia
- Minerals Council of Australia
- Mercator Lines Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- India Bulls Power Limited - India
- Petron Corporation, Philippines
- Trasteel International SA, Italy
- Meenaskhi Energy Private Limited - India
- GVK Power & Infra Limited - India
- Orica Australia Pty. Ltd.
- Africa Commodities Group - South Africa
- Lanco Infratech Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Goldman Sachs - Singapore
- Toyota Tsusho Corporation, Japan
- The Treasury - Australian Government
- Georgia Ports Authority, United States
- SMC Global Power, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Bayan Resources Tbk. - Indonesia
- Heidelberg Cement - Germany
- Australian Coal Association
- Power Finance Corporation Ltd., India
- Formosa Plastics Group - Taiwan
- Coal and Oil Company - UAE
- Global Coal Blending Company Limited - Australia
- Posco Energy - South Korea
- The State Trading Corporation of India Ltd
- IEA Clean Coal Centre - UK
- Sindya Power Generating Company Private Ltd
- Directorate General of MIneral and Coal - Indonesia
- Larsen & Toubro Limited - India
- Electricity Generating Authority of Thailand
- San Jose City I Power Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Kapuas Tunggal Persada - Indonesia
- SN Aboitiz Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Madhucon Powers Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Rio Tinto Coal - Australia
- Samtan Co., Ltd - South Korea
- CNBM International Corporation - China
- VISA Power Limited - India
- Wood Mackenzie - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Makarim & Taira - Indonesia
- White Energy Company Limited
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Mines - Canada
- Bharathi Cement Corporation - India
- Sree Jayajothi Cements Limited - India
- Simpson Spence & Young - Indonesia
- Commonwealth Bank - Australia
- Parry Sugars Refinery, India
- Planning Commission, India
- Price Waterhouse Coopers - Russia
- Eastern Coal Council - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- McConnell Dowell - Australia
- Baramulti Group, Indonesia
- Binh Thuan Hamico - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- MS Steel International - UAE
- Medco Energi Mining Internasional
- GMR Energy Limited - India
- Indo Tambangraya Megah - Indonesia
- Siam City Cement PLC, Thailand
- Marubeni Corporation - India
- Oldendorff Carriers - Singapore
- Edison Trading Spa - Italy
- Maheswari Brothers Coal Limited - India
- Kartika Selabumi Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jorong Barutama Greston.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Independent Power Producers Association of India
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