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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, 24 April 15
CHINA IRON ORE MINE CLOSURES TO SLOW ON GOVERNMENT SUPPORT - FITCH
Fitch Ratings expects fewer Chinese iron ore mine closures in 2015 as the government takes steps to support the industry, which has been struggling ...
Friday, 24 April 15
IS INDIA THE 'NEW CHINA' WHEN IT COMES TO THE DRY BULK MARKET? - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has been feeling the “heat” of China’s slowdown and together with the industry’s own failings, with ove ...
Friday, 24 April 15
GLOBAL STEEL PRODUCTION OUTSIDE OF CHINA CONTINUES TO FARE VERY POORLY - JEFFREY LANDSBERG
COALspot.com: Data released this week showed that global crude steel production totaled approximately 138.05 million tons in March.
Wha ...
Friday, 24 April 15
WEEKLY U.S. COAL PRODUCTION ESTIMATE FALLS 5.7% FROM LAST WEEK
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 17.0 million short ...
Wednesday, 22 April 15
PANAMAX : ATLANTIC HOLDING ON TO THE GAINS OF THE PREVIOUS WEEK; PACIFIC BUSINESS SLID QUIETLY
COALspot.com: The Dry Bulk market managed to close off the week on a positive note last Friday, while as opposed to what we have been used to, it w ...
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- Manunggal Multi Energi - Indonesia
- Gujarat Sidhee Cement - India
- Kumho Petrochemical, South Korea
- Wilmar Investment Holdings
- Cement Manufacturers Association - India
- Jorong Barutama Greston.PT - Indonesia
- SMC Global Power, Philippines
- Formosa Plastics Group - Taiwan
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- Salva Resources Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Romanian Commodities Exchange
- Asmin Koalindo Tuhup - Indonesia
- Rio Tinto Coal - Australia
- Simpson Spence & Young - Indonesia
- Electricity Generating Authority of Thailand
- Lanco Infratech Ltd - India
- Bulk Trading Sa - Switzerland
- Aditya Birla Group - India
- Bukit Baiduri Energy - Indonesia
- London Commodity Brokers - England
- Karbindo Abesyapradhi - Indoneisa
- Heidelberg Cement - Germany
- McConnell Dowell - Australia
- International Coal Ventures Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sakthi Sugars Limited - India
- Tata Chemicals Ltd - India
- Ambuja Cements Ltd - India
- Borneo Indobara - Indonesia
- Carbofer General Trading SA - India
- CIMB Investment Bank - Malaysia
- Eastern Coal Council - USA
- Eastern Energy - Thailand
- Kapuas Tunggal Persada - Indonesia
- Minerals Council of Australia
- Agrawal Coal Company - India
- Gujarat Mineral Development Corp Ltd - India
- Goldman Sachs - Singapore
- Independent Power Producers Association of India
- Indika Energy - Indonesia
- Bhushan Steel Limited - India
- Latin American Coal - Colombia
- Directorate Of Revenue Intelligence - India
- Bukit Makmur.PT - Indonesia
- Medco Energi Mining Internasional
- Semirara Mining and Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Leighton Contractors Pty Ltd - Australia
- Trasteel International SA, Italy
- Port Waratah Coal Services - Australia
- Indonesian Coal Mining Association
- IHS Mccloskey Coal Group - USA
- Power Finance Corporation Ltd., India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CNBM International Corporation - China
- Chamber of Mines of South Africa
- Timah Investasi Mineral - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- Gujarat Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Renaissance Capital - South Africa
- Energy Development Corp, Philippines
- Metalloyd Limited - United Kingdom
- Coalindo Energy - Indonesia
- Siam City Cement PLC, Thailand
- Global Green Power PLC Corporation, Philippines
- Edison Trading Spa - Italy
- Maheswari Brothers Coal Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Madhucon Powers Ltd - India
- India Bulls Power Limited - India
- Thiess Contractors Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Coal Association
- The Treasury - Australian Government
- TNB Fuel Sdn Bhd - Malaysia
- PowerSource Philippines DevCo
- The University of Queensland
- GAC Shipping (India) Pvt Ltd
- Holcim Trading Pte Ltd - Singapore
- Bhoruka Overseas - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Electricity Authority, New Zealand
- Mercuria Energy - Indonesia
- Mercator Lines Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Oldendorff Carriers - Singapore
- Petron Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Orica Australia Pty. Ltd.
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Videocon Industries ltd - India
- Indian Energy Exchange, India
- Therma Luzon, Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Sical Logistics Limited - India
- Kepco SPC Power Corporation, Philippines
- Tamil Nadu electricity Board
- Miang Besar Coal Terminal - Indonesia
- Indogreen Group - Indonesia
- Indian Oil Corporation Limited
- Kohat Cement Company Ltd. - Pakistan
- The State Trading Corporation of India Ltd
- PNOC Exploration Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Singapore Mercantile Exchange
- ASAPP Information Group - India
- Baramulti Group, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Bayan Resources Tbk. - Indonesia
- Central Electricity Authority - India
- Economic Council, Georgia
- Straits Asia Resources Limited - Singapore
- Krishnapatnam Port Company Ltd. - India
- Attock Cement Pakistan Limited
- Bhatia International Limited - India
- Thai Mozambique Logistica
- Vijayanagar Sugar Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- New Zealand Coal & Carbon
- Riau Bara Harum - Indonesia
- Australian Commodity Traders Exchange
- Pendopo Energi Batubara - Indonesia
- IEA Clean Coal Centre - UK
- San Jose City I Power Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Interocean Group of Companies - India
- MS Steel International - UAE
- LBH Netherlands Bv - Netherlands
- Vizag Seaport Private Limited - India
- Antam Resourcindo - Indonesia
- Planning Commission, India
- TeaM Sual Corporation - Philippines
- Marubeni Corporation - India
- Orica Mining Services - Indonesia
- Anglo American - United Kingdom
- Ministry of Transport, Egypt
- Ministry of Mines - Canada
- SN Aboitiz Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Sarangani Energy Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Parliament of New Zealand
- Siam City Cement - Thailand
- Alfred C Toepfer International GmbH - Germany
- Merrill Lynch Commodities Europe
- Georgia Ports Authority, United States
- Semirara Mining Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Makarim & Taira - Indonesia
- Central Java Power - Indonesia
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vedanta Resources Plc - India
- Dalmia Cement Bharat India
- Binh Thuan Hamico - Vietnam
- VISA Power Limited - India
- Malabar Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Kobexindo Tractors - Indoneisa
- Bharathi Cement Corporation - India
- Uttam Galva Steels Limited - India
- Star Paper Mills Limited - India
- PTC India Limited - India
- Globalindo Alam Lestari - Indonesia
- Commonwealth Bank - Australia
- Global Coal Blending Company Limited - Australia
- Standard Chartered Bank - UAE
- GVK Power & Infra Limited - India
- Parry Sugars Refinery, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jaiprakash Power Ventures ltd
- European Bulk Services B.V. - Netherlands
- Kartika Selabumi Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Mjunction Services Limited - India
- Iligan Light & Power Inc, Philippines
- Altura Mining Limited, Indonesia
- GMR Energy Limited - India
- Global Business Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Link Ltd, New Zealand
- Toyota Tsusho Corporation, Japan
- Karaikal Port Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Grasim Industreis Ltd - India
- Chettinad Cement Corporation Ltd - India
- Intertek Mineral Services - Indonesia
- Mintek Dendrill Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Xindia Steels Limited - India
- Posco Energy - South Korea
- Wood Mackenzie - Singapore
- Jindal Steel & Power Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Larsen & Toubro Limited - India
- White Energy Company Limited
- ICICI Bank Limited - India
- Savvy Resources Ltd - HongKong
- SMG Consultants - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Coal and Oil Company - UAE
- Indo Tambangraya Megah - Indonesia
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