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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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Thursday, 30 April 15
IRON ORE EXPORTS: A DANGEROUS RACE? - CLARKSONS
The surge in iron ore exports in recent years has resulted in a significant decrease in iron ore spot prices, which dipped to a ten year low of bel ...
Thursday, 30 April 15
IRON ORE PLAYS EXPECTED TO SHAPE UP MAY DRY BULK SCHEDULE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Market plays in the iron ore commodities’ markets, are expected to carve out the future demand for the shipping industry as well, said Allied ...
Wednesday, 29 April 15
MARKET INSIGHT - INTERMODAL
The figures of China’s slowing down imports of coking coal for the first quarter of the year are coming to confirm what everybody was expecti ...
Wednesday, 29 April 15
SHIPBUILDERS START OFFERING DISCOUNTS FOR DRY BULK NEWBUILDINGS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
It took a while, but now it appears that some shipbuilders are beginning to adjust their price lists to the new grim reality of the dry bulk market ...
Tuesday, 28 April 15
FOB INDONESIA COAL SWAP DECLINED M-O-M; INCREASED W-O-W
COALspot.com: Indonesian coal swap for delivery Q2 2015 gained week over week but declined month on month.
The Q2 swap was declined US$ 0.15 ( ...
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- International Coal Ventures Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Grasim Industreis Ltd - India
- Sojitz Corporation - Japan
- SMC Global Power, Philippines
- Bayan Resources Tbk. - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Mintek Dendrill Indonesia
- Maheswari Brothers Coal Limited - India
- Chettinad Cement Corporation Ltd - India
- Mercuria Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Chamber of Mines of South Africa
- San Jose City I Power Corp, Philippines
- Vedanta Resources Plc - India
- ASAPP Information Group - India
- Parliament of New Zealand
- Jaiprakash Power Ventures ltd
- Simpson Spence & Young - Indonesia
- Metalloyd Limited - United Kingdom
- Meralco Power Generation, Philippines
- Kobexindo Tractors - Indoneisa
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- Oldendorff Carriers - Singapore
- Sinarmas Energy and Mining - Indonesia
- Goldman Sachs - Singapore
- Planning Commission, India
- Interocean Group of Companies - India
- Medco Energi Mining Internasional
- India Bulls Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Central Java Power - Indonesia
- Energy Link Ltd, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- TeaM Sual Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- London Commodity Brokers - England
- Kideco Jaya Agung - Indonesia
- Ministry of Mines - Canada
- Dalmia Cement Bharat India
- Maharashtra Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Malabar Cements Ltd - India
- Altura Mining Limited, Indonesia
- OPG Power Generation Pvt Ltd - India
- Australian Coal Association
- Ambuja Cements Ltd - India
- Videocon Industries ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The University of Queensland
- Samtan Co., Ltd - South Korea
- Sakthi Sugars Limited - India
- Vizag Seaport Private Limited - India
- Global Business Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Carbofer General Trading SA - India
- Romanian Commodities Exchange
- Kohat Cement Company Ltd. - Pakistan
- Rashtriya Ispat Nigam Limited - India
- Ministry of Transport, Egypt
- GAC Shipping (India) Pvt Ltd
- IHS Mccloskey Coal Group - USA
- Globalindo Alam Lestari - Indonesia
- Bharathi Cement Corporation - India
- Eastern Coal Council - USA
- Uttam Galva Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Siam City Cement - Thailand
- Iligan Light & Power Inc, Philippines
- Minerals Council of Australia
- Aboitiz Power Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tata Chemicals Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Kumho Petrochemical, South Korea
- Rio Tinto Coal - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Sree Jayajothi Cements Limited - India
- Orica Mining Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- SMG Consultants - Indonesia
- ICICI Bank Limited - India
- Petron Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Africa Commodities Group - South Africa
- Trasteel International SA, Italy
- IEA Clean Coal Centre - UK
- Australian Commodity Traders Exchange
- MS Steel International - UAE
- Mjunction Services Limited - India
- Barasentosa Lestari - Indonesia
- Electricity Generating Authority of Thailand
- PowerSource Philippines DevCo
- McConnell Dowell - Australia
- GVK Power & Infra Limited - India
- GMR Energy Limited - India
- Bukit Baiduri Energy - Indonesia
- Wood Mackenzie - Singapore
- Indonesian Coal Mining Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- CIMB Investment Bank - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Sidhee Cement - India
- Eastern Energy - Thailand
- Central Electricity Authority - India
- Merrill Lynch Commodities Europe
- Price Waterhouse Coopers - Russia
- Manunggal Multi Energi - Indonesia
- Economic Council, Georgia
- Bukit Asam (Persero) Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Coastal Gujarat Power Limited - India
- Singapore Mercantile Exchange
- Holcim Trading Pte Ltd - Singapore
- Ind-Barath Power Infra Limited - India
- Jindal Steel & Power Ltd - India
- Georgia Ports Authority, United States
- Bhatia International Limited - India
- Sical Logistics Limited - India
- Indo Tambangraya Megah - Indonesia
- Semirara Mining Corp, Philippines
- Renaissance Capital - South Africa
- Coalindo Energy - Indonesia
- Lanco Infratech Ltd - India
- PTC India Limited - India
- Riau Bara Harum - Indonesia
- Parry Sugars Refinery, India
- Makarim & Taira - Indonesia
- South Luzon Thermal Energy Corporation
- Intertek Mineral Services - Indonesia
- Baramulti Group, Indonesia
- Electricity Authority, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Antam Resourcindo - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sindya Power Generating Company Private Ltd
- Toyota Tsusho Corporation, Japan
- Independent Power Producers Association of India
- Agrawal Coal Company - India
- Marubeni Corporation - India
- Borneo Indobara - Indonesia
- Bangladesh Power Developement Board
- Billiton Holdings Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Bulk Trading Sa - Switzerland
- Standard Chartered Bank - UAE
- Star Paper Mills Limited - India
- Formosa Plastics Group - Taiwan
- Commonwealth Bank - Australia
- Indian Energy Exchange, India
- Tamil Nadu electricity Board
- The Treasury - Australian Government
- Kalimantan Lumbung Energi - Indonesia
- White Energy Company Limited
- Xindia Steels Limited - India
- Therma Luzon, Inc, Philippines
- Banpu Public Company Limited - Thailand
- Leighton Contractors Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- European Bulk Services B.V. - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Siam City Cement PLC, Thailand
- PetroVietnam Power Coal Import and Supply Company
- Edison Trading Spa - Italy
- Energy Development Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Indika Energy - Indonesia
- Deloitte Consulting - India
- Bahari Cakrawala Sebuku - Indonesia
- Attock Cement Pakistan Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhushan Steel Limited - India
- Savvy Resources Ltd - HongKong
- Coal and Oil Company - UAE
- Power Finance Corporation Ltd., India
- Vijayanagar Sugar Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- The State Trading Corporation of India Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Aditya Birla Group - India
- AsiaOL BioFuels Corp., Philippines
- Mercator Lines Limited - India
- Thiess Contractors Indonesia
- Indogreen Group - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kapuas Tunggal Persada - Indonesia
- Cement Manufacturers Association - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Anglo American - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Thai Mozambique Logistica
- Pipit Mutiara Jaya. PT, Indonesia
- Posco Energy - South Korea
- Ministry of Finance - Indonesia
- LBH Netherlands Bv - Netherlands
- New Zealand Coal & Carbon
- Heidelberg Cement - Germany
- CNBM International Corporation - China
- Latin American Coal - Colombia
- GN Power Mariveles Coal Plant, Philippines
- Pendopo Energi Batubara - Indonesia
- SN Aboitiz Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Larsen & Toubro Limited - India
- Wilmar Investment Holdings
- VISA Power Limited - India
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