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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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Tuesday, 05 May 15
OVERSUPPLY PUTTING INDONESIAN COAL PRICES UNDER PRESSURE
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$ 1 ...
Tuesday, 05 May 15
FOB RICHARDS BAY COAL SWAPS MOVE NORTH THIS PAST WEEK
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 ...
Monday, 04 May 15
FOB NEWCASTLE COAL SWAP Q1'16 PRICES SLIGHTLY LOWER COMPARED TO Q3'15 PRICE
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery gained US$ 1.38 per MT (3.12%) month over month and US$ 0.93 week on week. ...
Monday, 04 May 15
Q1' 2016 CFR SOUTH CHINA THERMAL COAL SWAP CLOSED HIGH THAN 2015 DERIVATIVES
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery declined US$ 0.15 (-0.29%) per MT month over month and increased US$ 0.07 ...
Sunday, 03 May 15
DRY BULK INDICES WEAKEN SLIGHTLY THIS WEEK
COALspot.com: The freight market was flat to weak for the week starting from 27 April. The BDI was fell around 2.17% closed at 580 points.
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- SMC Global Power, Philippines
- Mercuria Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Marubeni Corporation - India
- Africa Commodities Group - South Africa
- Attock Cement Pakistan Limited
- Heidelberg Cement - Germany
- Neyveli Lignite Corporation Ltd, - India
- Agrawal Coal Company - India
- Salva Resources Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Kaltim Prima Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indogreen Group - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Energy - Thailand
- SMG Consultants - Indonesia
- The Treasury - Australian Government
- Jorong Barutama Greston.PT - Indonesia
- Energy Development Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Coastal Gujarat Power Limited - India
- Gujarat Sidhee Cement - India
- Siam City Cement - Thailand
- Malabar Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Thiess Contractors Indonesia
- Rashtriya Ispat Nigam Limited - India
- Thai Mozambique Logistica
- Uttam Galva Steels Limited - India
- Mercator Lines Limited - India
- Eastern Coal Council - USA
- GMR Energy Limited - India
- Borneo Indobara - Indonesia
- SN Aboitiz Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Deloitte Consulting - India
- Global Business Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Parliament of New Zealand
- Savvy Resources Ltd - HongKong
- Semirara Mining Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Ambuja Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- European Bulk Services B.V. - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Xindia Steels Limited - India
- Orica Mining Services - Indonesia
- Posco Energy - South Korea
- IEA Clean Coal Centre - UK
- Goldman Sachs - Singapore
- OPG Power Generation Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Jindal Steel & Power Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- London Commodity Brokers - England
- Orica Australia Pty. Ltd.
- Vizag Seaport Private Limited - India
- Sindya Power Generating Company Private Ltd
- Renaissance Capital - South Africa
- Toyota Tsusho Corporation, Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- LBH Netherlands Bv - Netherlands
- Aditya Birla Group - India
- Ministry of Finance - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Barasentosa Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Bhoruka Overseas - Indonesia
- Chamber of Mines of South Africa
- Straits Asia Resources Limited - Singapore
- Miang Besar Coal Terminal - Indonesia
- Indian Oil Corporation Limited
- PTC India Limited - India
- Kapuas Tunggal Persada - Indonesia
- Indo Tambangraya Megah - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Vedanta Resources Plc - India
- Dalmia Cement Bharat India
- Kepco SPC Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- India Bulls Power Limited - India
- Wood Mackenzie - Singapore
- Commonwealth Bank - Australia
- Planning Commission, India
- Sical Logistics Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Cement Manufacturers Association - India
- Kideco Jaya Agung - Indonesia
- CNBM International Corporation - China
- Ministry of Mines - Canada
- Parry Sugars Refinery, India
- Mintek Dendrill Indonesia
- Merrill Lynch Commodities Europe
- ASAPP Information Group - India
- GAC Shipping (India) Pvt Ltd
- Indonesian Coal Mining Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- Romanian Commodities Exchange
- Chettinad Cement Corporation Ltd - India
- Pendopo Energi Batubara - Indonesia
- The State Trading Corporation of India Ltd
- Rio Tinto Coal - Australia
- Georgia Ports Authority, United States
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Mineral Development Corp Ltd - India
- Latin American Coal - Colombia
- Directorate Of Revenue Intelligence - India
- Coalindo Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Makarim & Taira - Indonesia
- Australian Commodity Traders Exchange
- Australian Coal Association
- Bangladesh Power Developement Board
- Siam City Cement PLC, Thailand
- Maharashtra Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Videocon Industries ltd - India
- CIMB Investment Bank - Malaysia
- Interocean Group of Companies - India
- Alfred C Toepfer International GmbH - Germany
- Jaiprakash Power Ventures ltd
- Globalindo Alam Lestari - Indonesia
- Electricity Authority, New Zealand
- VISA Power Limited - India
- Coal and Oil Company - UAE
- Sarangani Energy Corporation, Philippines
- PowerSource Philippines DevCo
- Larsen & Toubro Limited - India
- Standard Chartered Bank - UAE
- Holcim Trading Pte Ltd - Singapore
- Mjunction Services Limited - India
- Petron Corporation, Philippines
- Electricity Generating Authority of Thailand
- Bukit Makmur.PT - Indonesia
- Indika Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Minerals Council of Australia
- Sakthi Sugars Limited - India
- Tata Chemicals Ltd - India
- San Jose City I Power Corp, Philippines
- Oldendorff Carriers - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Carbofer General Trading SA - India
- Sree Jayajothi Cements Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Binh Thuan Hamico - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Price Waterhouse Coopers - Russia
- TNB Fuel Sdn Bhd - Malaysia
- Tamil Nadu electricity Board
- GVK Power & Infra Limited - India
- Ministry of Transport, Egypt
- Global Green Power PLC Corporation, Philippines
- Independent Power Producers Association of India
- Anglo American - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- MS Steel International - UAE
- Sojitz Corporation - Japan
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Energy Link Ltd, New Zealand
- Indian Energy Exchange, India
- Baramulti Group, Indonesia
- Meenaskhi Energy Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kumho Petrochemical, South Korea
- Kobexindo Tractors - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- ICICI Bank Limited - India
- White Energy Company Limited
- The University of Queensland
- TeaM Sual Corporation - Philippines
- Antam Resourcindo - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Central Java Power - Indonesia
- Singapore Mercantile Exchange
- Manunggal Multi Energi - Indonesia
- Star Paper Mills Limited - India
- Karaikal Port Pvt Ltd - India
- Bhatia International Limited - India
- Therma Luzon, Inc, Philippines
- Edison Trading Spa - Italy
- Leighton Contractors Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Trasteel International SA, Italy
- Power Finance Corporation Ltd., India
- Maheswari Brothers Coal Limited - India
- Economic Council, Georgia
- Simpson Spence & Young - Indonesia
- Meralco Power Generation, Philippines
- Banpu Public Company Limited - Thailand
- Riau Bara Harum - Indonesia
- New Zealand Coal & Carbon
- Sinarmas Energy and Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Lanco Infratech Ltd - India
- Madhucon Powers Ltd - India
- McConnell Dowell - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Bharathi Cement Corporation - India
- Medco Energi Mining Internasional
- IHS Mccloskey Coal Group - USA
- Kalimantan Lumbung Energi - Indonesia
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