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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, 28 April 15
Q2' 15 FOB RICHARDS BAY COAL SWAP CLOSED 4.18% HIGHER FROM MONTH AGO
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q2' 2015 increased month over month and slightly week over week.
The Q2 swap ha ...
Monday, 27 April 15
U.S. COAL PRODUCTION FELL BELOW ONE BILLION SHORT TONS IN 2013 - EIA
COALspot.com: For the first time in two decades, U.S. coal production fell below one billion short tons to 984.8 million short tons in 2013 from 1, ...
Monday, 27 April 15
Q3' 2015 FOB NEWCASTLE COAL SWAP CLOSED 3.69% LOWER THAN Q2' 2015 PRICE OF $46.36
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery gained US$ 0.19 per MT (0.41%) month over month and US$ 0.78 week on week. ...
Monday, 27 April 15
CFR SOUTH CHINA COAL SWAP SLOWLY IMPROVED THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery declined US$ 0.74 (-1.41%) per MT month over month and increased US$ 0.43 ...
Sunday, 26 April 15
DRY BULK MARKET KEPT IMPROVING THIS WEEK; CAPES AND PANAMAXES SHOW A SLIGHT PICKUP IN RATES
COALspot.com: The freight market was stable this week as BDI closed at 600 points after improving 0.50 percent week over week.
The cape ...
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- Miang Besar Coal Terminal - Indonesia
- Malabar Cements Ltd - India
- Parry Sugars Refinery, India
- Standard Chartered Bank - UAE
- Jaiprakash Power Ventures ltd
- Dalmia Cement Bharat India
- Anglo American - United Kingdom
- Edison Trading Spa - Italy
- OPG Power Generation Pvt Ltd - India
- Mjunction Services Limited - India
- Indika Energy - Indonesia
- Mintek Dendrill Indonesia
- Sree Jayajothi Cements Limited - India
- San Jose City I Power Corp, Philippines
- McConnell Dowell - Australia
- Bukit Makmur.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sarangani Energy Corporation, Philippines
- Central Electricity Authority - India
- Minerals Council of Australia
- Indo Tambangraya Megah - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Goldman Sachs - Singapore
- Manunggal Multi Energi - Indonesia
- Coal and Oil Company - UAE
- Renaissance Capital - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Posco Energy - South Korea
- Borneo Indobara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Orica Australia Pty. Ltd.
- Iligan Light & Power Inc, Philippines
- Vedanta Resources Plc - India
- Carbofer General Trading SA - India
- Larsen & Toubro Limited - India
- Binh Thuan Hamico - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Globalindo Alam Lestari - Indonesia
- Indian Energy Exchange, India
- GAC Shipping (India) Pvt Ltd
- Singapore Mercantile Exchange
- Indian Oil Corporation Limited
- Thiess Contractors Indonesia
- Riau Bara Harum - Indonesia
- Kumho Petrochemical, South Korea
- Maharashtra Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Gujarat Sidhee Cement - India
- Bayan Resources Tbk. - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Alfred C Toepfer International GmbH - Germany
- GVK Power & Infra Limited - India
- Coalindo Energy - Indonesia
- Indogreen Group - Indonesia
- Parliament of New Zealand
- Mercuria Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Attock Cement Pakistan Limited
- Barasentosa Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Bhushan Steel Limited - India
- South Luzon Thermal Energy Corporation
- Bank of Tokyo Mitsubishi UFJ Ltd
- Agrawal Coal Company - India
- MS Steel International - UAE
- Aboitiz Power Corporation - Philippines
- Electricity Authority, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Makarim & Taira - Indonesia
- PowerSource Philippines DevCo
- Orica Mining Services - Indonesia
- Vizag Seaport Private Limited - India
- Deloitte Consulting - India
- Lanco Infratech Ltd - India
- Directorate Of Revenue Intelligence - India
- Heidelberg Cement - Germany
- New Zealand Coal & Carbon
- Georgia Ports Authority, United States
- Madhucon Powers Ltd - India
- Baramulti Group, Indonesia
- Interocean Group of Companies - India
- Siam City Cement PLC, Thailand
- AsiaOL BioFuels Corp., Philippines
- Coastal Gujarat Power Limited - India
- The State Trading Corporation of India Ltd
- Toyota Tsusho Corporation, Japan
- VISA Power Limited - India
- Meralco Power Generation, Philippines
- Sical Logistics Limited - India
- Wilmar Investment Holdings
- International Coal Ventures Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- The University of Queensland
- Tata Chemicals Ltd - India
- London Commodity Brokers - England
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Coal Association
- CIMB Investment Bank - Malaysia
- Bangladesh Power Developement Board
- Medco Energi Mining Internasional
- ICICI Bank Limited - India
- Gujarat Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Latin American Coal - Colombia
- Chamber of Mines of South Africa
- ASAPP Information Group - India
- Ministry of Mines - Canada
- Chettinad Cement Corporation Ltd - India
- Meenaskhi Energy Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Thai Mozambique Logistica
- Africa Commodities Group - South Africa
- Australian Commodity Traders Exchange
- Commonwealth Bank - Australia
- Pendopo Energi Batubara - Indonesia
- Metalloyd Limited - United Kingdom
- Port Waratah Coal Services - Australia
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- India Bulls Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Sindya Power Generating Company Private Ltd
- SN Aboitiz Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Development Corp, Philippines
- Bulk Trading Sa - Switzerland
- Rio Tinto Coal - Australia
- Holcim Trading Pte Ltd - Singapore
- Timah Investasi Mineral - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- SMC Global Power, Philippines
- Jindal Steel & Power Ltd - India
- Bhoruka Overseas - Indonesia
- IEA Clean Coal Centre - UK
- Bukit Baiduri Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Oldendorff Carriers - Singapore
- Bhatia International Limited - India
- Salva Resources Pvt Ltd - India
- Xindia Steels Limited - India
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- Banpu Public Company Limited - Thailand
- Formosa Plastics Group - Taiwan
- Sojitz Corporation - Japan
- Karbindo Abesyapradhi - Indoneisa
- LBH Netherlands Bv - Netherlands
- The Treasury - Australian Government
- Samtan Co., Ltd - South Korea
- Price Waterhouse Coopers - Russia
- Eastern Energy - Thailand
- Rashtriya Ispat Nigam Limited - India
- Mercator Lines Limited - India
- PNOC Exploration Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Planning Commission, India
- Kaltim Prima Coal - Indonesia
- Altura Mining Limited, Indonesia
- Kartika Selabumi Mining - Indonesia
- Ambuja Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Ind-Barath Power Infra Limited - India
- Indonesian Coal Mining Association
- Ministry of Finance - Indonesia
- Power Finance Corporation Ltd., India
- Siam City Cement - Thailand
- Antam Resourcindo - Indonesia
- Independent Power Producers Association of India
- Aditya Birla Group - India
- SMG Consultants - Indonesia
- Simpson Spence & Young - Indonesia
- IHS Mccloskey Coal Group - USA
- White Energy Company Limited
- Therma Luzon, Inc, Philippines
- Semirara Mining Corp, Philippines
- PTC India Limited - India
- Trasteel International SA, Italy
- Energy Link Ltd, New Zealand
- Cement Manufacturers Association - India
- Kepco SPC Power Corporation, Philippines
- Eastern Coal Council - USA
- Asmin Koalindo Tuhup - Indonesia
- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Transport, Egypt
- Kobexindo Tractors - Indoneisa
- Global Business Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Tamil Nadu electricity Board
- Marubeni Corporation - India
- Electricity Generating Authority of Thailand
- Krishnapatnam Port Company Ltd. - India
- Economic Council, Georgia
- Merrill Lynch Commodities Europe
- GMR Energy Limited - India
- CNBM International Corporation - China
- Jorong Barutama Greston.PT - Indonesia
- Star Paper Mills Limited - India
- Petron Corporation, Philippines
- Videocon Industries ltd - India
- Grasim Industreis Ltd - India
- Central Java Power - Indonesia
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