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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, 08 May 15
COAL PRODUCTION IN U.S. UP 3.2% THIS PAST WEEK - EIA
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 17.4 million short ...
Wednesday, 06 May 15
COMBINATION OF HOLIDAYS AND A SHAKY MARKET PUT ADDITIONAL PRESSURE ON RATES
COALspot.com: The combination of holidays and a shaky market is always a recipe for additional pressure on rates and last week was no exception. Wi ...
Wednesday, 06 May 15
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS
The first four months of 2015 are now behind us and they make up for a decent amount of time to look back and assess how the year is evolving so fa ...
Tuesday, 05 May 15
MIFA BERSAUDARA UNIT OF ABM INVESTAMA STARTS OPERATING $200M COAL MINE IN ACEH
Reswara Minergi Hartama, a coal mining unit of coal miner ABM Investama known as known as Reswara, inaugurated a $200 million integrated coal minin ...
Tuesday, 05 May 15
FREIGHT DERIVATIVE VOLUMES REACHED TOTALED 14,154 CONTRACTS IN APRIL - SGX
COALspot.com: “Our unique suite of freight and bulk commodity products provides market participants with a wide range of trading strategies a ...
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- Chamber of Mines of South Africa
- VISA Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Uttam Galva Steels Limited - India
- Meralco Power Generation, Philippines
- Sakthi Sugars Limited - India
- Antam Resourcindo - Indonesia
- Coastal Gujarat Power Limited - India
- Cement Manufacturers Association - India
- Rashtriya Ispat Nigam Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cigading International Bulk Terminal - Indonesia
- Edison Trading Spa - Italy
- Pendopo Energi Batubara - Indonesia
- Central Electricity Authority - India
- Commonwealth Bank - Australia
- Indian Oil Corporation Limited
- Billiton Holdings Pty Ltd - Australia
- Australian Coal Association
- Deloitte Consulting - India
- Barasentosa Lestari - Indonesia
- Rio Tinto Coal - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Georgia Ports Authority, United States
- Marubeni Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Vedanta Resources Plc - India
- Indian Energy Exchange, India
- Indika Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Salva Resources Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Riau Bara Harum - Indonesia
- OPG Power Generation Pvt Ltd - India
- Indogreen Group - Indonesia
- Altura Mining Limited, Indonesia
- Central Java Power - Indonesia
- Sarangani Energy Corporation, Philippines
- The State Trading Corporation of India Ltd
- Africa Commodities Group - South Africa
- Economic Council, Georgia
- Intertek Mineral Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining Corp, Philippines
- Orica Australia Pty. Ltd.
- The University of Queensland
- Renaissance Capital - South Africa
- Straits Asia Resources Limited - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Singapore Mercantile Exchange
- The Treasury - Australian Government
- Electricity Generating Authority of Thailand
- Kohat Cement Company Ltd. - Pakistan
- London Commodity Brokers - England
- Sinarmas Energy and Mining - Indonesia
- IEA Clean Coal Centre - UK
- Ministry of Mines - Canada
- Manunggal Multi Energi - Indonesia
- Coalindo Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Port Waratah Coal Services - Australia
- Australian Commodity Traders Exchange
- Mercuria Energy - Indonesia
- GVK Power & Infra Limited - India
- Borneo Indobara - Indonesia
- CIMB Investment Bank - Malaysia
- Global Coal Blending Company Limited - Australia
- Sojitz Corporation - Japan
- Petron Corporation, Philippines
- GMR Energy Limited - India
- Ind-Barath Power Infra Limited - India
- CNBM International Corporation - China
- Indonesian Coal Mining Association
- Jindal Steel & Power Ltd - India
- Ambuja Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Electricity Authority, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Kideco Jaya Agung - Indonesia
- Bharathi Cement Corporation - India
- Globalindo Alam Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Maheswari Brothers Coal Limited - India
- Leighton Contractors Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Bhatia International Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Heidelberg Cement - Germany
- Gujarat Mineral Development Corp Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- TNB Fuel Sdn Bhd - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Wilmar Investment Holdings
- Videocon Industries ltd - India
- Star Paper Mills Limited - India
- Toyota Tsusho Corporation, Japan
- Bukit Makmur.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- AsiaOL BioFuels Corp., Philippines
- Tata Chemicals Ltd - India
- Therma Luzon, Inc, Philippines
- Thiess Contractors Indonesia
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- Karaikal Port Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Sindya Power Generating Company Private Ltd
- Xindia Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Directorate Of Revenue Intelligence - India
- Bangladesh Power Developement Board
- Parry Sugars Refinery, India
- Mercator Lines Limited - India
- PowerSource Philippines DevCo
- Eastern Energy - Thailand
- Trasteel International SA, Italy
- Anglo American - United Kingdom
- Jaiprakash Power Ventures ltd
- Agrawal Coal Company - India
- Mjunction Services Limited - India
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- Mintek Dendrill Indonesia
- Siam City Cement PLC, Thailand
- LBH Netherlands Bv - Netherlands
- GAC Shipping (India) Pvt Ltd
- Grasim Industreis Ltd - India
- Planning Commission, India
- Sical Logistics Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Malabar Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Vizag Seaport Private Limited - India
- Posco Energy - South Korea
- Formosa Plastics Group - Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- International Coal Ventures Pvt Ltd - India
- McConnell Dowell - Australia
- Interocean Group of Companies - India
- ASAPP Information Group - India
- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Binh Thuan Hamico - Vietnam
- Energy Development Corp, Philippines
- Orica Mining Services - Indonesia
- Tamil Nadu electricity Board
- Kapuas Tunggal Persada - Indonesia
- SMG Consultants - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bhushan Steel Limited - India
- Standard Chartered Bank - UAE
- Simpson Spence & Young - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- MS Steel International - UAE
- Bayan Resources Tbk. - Indonesia
- Sree Jayajothi Cements Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- SN Aboitiz Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Aditya Birla Group - India
- Savvy Resources Ltd - HongKong
- San Jose City I Power Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Medco Energi Mining Internasional
- Thai Mozambique Logistica
- Siam City Cement - Thailand
- Krishnapatnam Port Company Ltd. - India
- Madhucon Powers Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Coal and Oil Company - UAE
- Dalmia Cement Bharat India
- Parliament of New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Minerals Council of Australia
- Latin American Coal - Colombia
- Ministry of Transport, Egypt
- Goldman Sachs - Singapore
- New Zealand Coal & Carbon
- Larsen & Toubro Limited - India
- Baramulti Group, Indonesia
- Independent Power Producers Association of India
- PNOC Exploration Corporation - Philippines
- Ministry of Finance - Indonesia
- Global Business Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Eastern Coal Council - USA
- Merrill Lynch Commodities Europe
- Lanco Infratech Ltd - India
- Chettinad Cement Corporation Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wood Mackenzie - Singapore
- Iligan Light & Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- SMC Global Power, Philippines
- Romanian Commodities Exchange
- White Energy Company Limited
- Makarim & Taira - Indonesia
- ICICI Bank Limited - India
- PTC India Limited - India
- Timah Investasi Mineral - Indoneisa
- Kaltim Prima Coal - Indonesia
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