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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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Wednesday, 22 April 15
TANKER MARKET INSIGHT - STRATOS TINIAKOS
The current environment we experience as a result of low crude oil prices is characterized by the increased demand for petroleum products in OECD c ...
Tuesday, 21 April 15
SUB-BIT FOB INDONESIA COAL SWAP: GAINED W-O-W; DECLINED M-O-M
COALspot.com: Indonesian coal swap for delivery Q2 2015 gained week over week and declined month on month.
The Q2 swap was declined US$ 1.75 ( ...
Tuesday, 21 April 15
FOB RICHARDS BAY COAL SWAP MOVE UP SLIGHTLY
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q2' 2015 increased slightly month over month.
The Q2 swap has increased US$ 0.2 ...
Monday, 20 April 15
BUKIT ASAM TAKES OVER STAKE IN JV FROM RAJAWALI - JP
State-owned coal miner PT Bukit Asam (PTBA) announced Friday that it had taken over almost the entire stake in a joint venture (JV) that it created ...
Monday, 20 April 15
FOB NEWCASTLE COAL SWAP GAINED WEEK ON WEEK
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery declined US$ 3.54 per MT (-7.21%) month over month and gained US$ 0.30 week ...
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- Essar Steel Hazira Ltd - India
- Simpson Spence & Young - Indonesia
- Romanian Commodities Exchange
- International Coal Ventures Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Sindya Power Generating Company Private Ltd
- ICICI Bank Limited - India
- Kumho Petrochemical, South Korea
- Neyveli Lignite Corporation Ltd, - India
- Africa Commodities Group - South Africa
- Bangladesh Power Developement Board
- India Bulls Power Limited - India
- IEA Clean Coal Centre - UK
- Mercuria Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- SMG Consultants - Indonesia
- Meralco Power Generation, Philippines
- Manunggal Multi Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Vedanta Resources Plc - India
- Thai Mozambique Logistica
- Trasteel International SA, Italy
- Antam Resourcindo - Indonesia
- Toyota Tsusho Corporation, Japan
- The State Trading Corporation of India Ltd
- Marubeni Corporation - India
- Grasim Industreis Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhatia International Limited - India
- Holcim Trading Pte Ltd - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Port Waratah Coal Services - Australia
- Medco Energi Mining Internasional
- CIMB Investment Bank - Malaysia
- Ministry of Transport, Egypt
- Ind-Barath Power Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Economic Council, Georgia
- Standard Chartered Bank - UAE
- Mjunction Services Limited - India
- Sinarmas Energy and Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Larsen & Toubro Limited - India
- Central Java Power - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Rio Tinto Coal - Australia
- Straits Asia Resources Limited - Singapore
- Planning Commission, India
- Global Coal Blending Company Limited - Australia
- MS Steel International - UAE
- Energy Development Corp, Philippines
- Intertek Mineral Services - Indonesia
- Merrill Lynch Commodities Europe
- Posco Energy - South Korea
- The University of Queensland
- Savvy Resources Ltd - HongKong
- Orica Mining Services - Indonesia
- Mintek Dendrill Indonesia
- Interocean Group of Companies - India
- Latin American Coal - Colombia
- Sojitz Corporation - Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Ambuja Cements Ltd - India
- Baramulti Group, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Commonwealth Bank - Australia
- Anglo American - United Kingdom
- Deloitte Consulting - India
- Iligan Light & Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Australian Commodity Traders Exchange
- Videocon Industries ltd - India
- VISA Power Limited - India
- Lanco Infratech Ltd - India
- Malabar Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Electricity Generating Authority of Thailand
- Sical Logistics Limited - India
- Global Green Power PLC Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Uttam Galva Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- London Commodity Brokers - England
- GVK Power & Infra Limited - India
- Metalloyd Limited - United Kingdom
- Therma Luzon, Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Wood Mackenzie - Singapore
- PTC India Limited - India
- Ministry of Finance - Indonesia
- Formosa Plastics Group - Taiwan
- Cement Manufacturers Association - India
- Borneo Indobara - Indonesia
- Kaltim Prima Coal - Indonesia
- Orica Australia Pty. Ltd.
- Jorong Barutama Greston.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- PowerSource Philippines DevCo
- Krishnapatnam Port Company Ltd. - India
- McConnell Dowell - Australia
- Minerals Council of Australia
- Heidelberg Cement - Germany
- Madhucon Powers Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Agrawal Coal Company - India
- Riau Bara Harum - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Thiess Contractors Indonesia
- Bhushan Steel Limited - India
- Eastern Coal Council - USA
- Makarim & Taira - Indonesia
- Semirara Mining Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Pendopo Energi Batubara - Indonesia
- Siam City Cement - Thailand
- Price Waterhouse Coopers - Russia
- Directorate Of Revenue Intelligence - India
- Kartika Selabumi Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Siam City Cement PLC, Thailand
- OPG Power Generation Pvt Ltd - India
- New Zealand Coal & Carbon
- Vizag Seaport Private Limited - India
- Altura Mining Limited, Indonesia
- Coastal Gujarat Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- White Energy Company Limited
- Indian Energy Exchange, India
- South Luzon Thermal Energy Corporation
- GMR Energy Limited - India
- SMC Global Power, Philippines
- European Bulk Services B.V. - Netherlands
- Carbofer General Trading SA - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indika Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Mercator Lines Limited - India
- Xindia Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Eastern Energy - Thailand
- Banpu Public Company Limited - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Oil Corporation Limited
- Renaissance Capital - South Africa
- Kideco Jaya Agung - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sarangani Energy Corporation, Philippines
- Central Electricity Authority - India
- Parry Sugars Refinery, India
- Sakthi Sugars Limited - India
- Electricity Authority, New Zealand
- Maheswari Brothers Coal Limited - India
- Dalmia Cement Bharat India
- Global Business Power Corporation, Philippines
- CNBM International Corporation - China
- Wilmar Investment Holdings
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Makmur.PT - Indonesia
- Independent Power Producers Association of India
- Globalindo Alam Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Bulk Trading Sa - Switzerland
- Kepco SPC Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Georgia Ports Authority, United States
- Gujarat Mineral Development Corp Ltd - India
- Bharathi Cement Corporation - India
- IHS Mccloskey Coal Group - USA
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- ASAPP Information Group - India
- Power Finance Corporation Ltd., India
- Goldman Sachs - Singapore
- Ministry of Mines - Canada
- Aditya Birla Group - India
- Chamber of Mines of South Africa
- LBH Netherlands Bv - Netherlands
- Coal and Oil Company - UAE
- Binh Thuan Hamico - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Star Paper Mills Limited - India
- Australian Coal Association
- Attock Cement Pakistan Limited
- Miang Besar Coal Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Coalindo Energy - Indonesia
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- Parliament of New Zealand
- Energy Link Ltd, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Sidhee Cement - India
- Bhoruka Overseas - Indonesia
- AsiaOL BioFuels Corp., Philippines
- TeaM Sual Corporation - Philippines
- Edison Trading Spa - Italy
- Jindal Steel & Power Ltd - India
- Indonesian Coal Mining Association
- The Treasury - Australian Government
- GAC Shipping (India) Pvt Ltd
- Tamil Nadu electricity Board
- Tata Chemicals Ltd - India
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