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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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Monday, 20 April 15
Q4' 2015 API 8 CFR SOUTH CHINA COAL SWAP CLOSED US$ 50.28 PMT
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery declined US$ 4.03 (-7.28%) per MT month over month and US$ 0.05 (-0 ...
Sunday, 19 April 15
THE OCEAN FREIGHT MARKET SHOWED STEADY THIS WEEK
COALspot.com: The freight market was fairly steady this week. The BDI was up 2.93% to 597 points week over week. The cape index was also increased ...
Friday, 17 April 15
IHS ENERGY EUROPEAN COAL OUTLOOK CONFERENCE
Attend the IHS Energy European Coal Outlook Conference 19-20 May in Nice, France and learn about timely concerns in today’s coal industry.
...
Friday, 17 April 15
COAL PRODUCTION IN THE U.S. UP THIS PAST WEEK - EIA
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 18.0 million short ...
Thursday, 16 April 15
NEW COMMODITY SUPERHIGHWAY WILL EMERGE IN CHINA, ALTERING ENERGY TRADE FLOWS - WOOD MACKENZIE
Wood Mackenzie says that China’s Go West strategy – encouraging coastal to inland flow of capital and people - will result in the forma ...
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- Kumho Petrochemical, South Korea
- Meralco Power Generation, Philippines
- Mercator Lines Limited - India
- Therma Luzon, Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Sinarmas Energy and Mining - Indonesia
- Indonesian Coal Mining Association
- CNBM International Corporation - China
- Commonwealth Bank - Australia
- Gujarat Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Ambuja Cements Ltd - India
- Edison Trading Spa - Italy
- Merrill Lynch Commodities Europe
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sakthi Sugars Limited - India
- Bhoruka Overseas - Indonesia
- Aditya Birla Group - India
- Makarim & Taira - Indonesia
- Minerals Council of Australia
- Siam City Cement - Thailand
- Coastal Gujarat Power Limited - India
- Ministry of Mines - Canada
- Bulk Trading Sa - Switzerland
- The Treasury - Australian Government
- Global Coal Blending Company Limited - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The University of Queensland
- LBH Netherlands Bv - Netherlands
- Rashtriya Ispat Nigam Limited - India
- PTC India Limited - India
- IHS Mccloskey Coal Group - USA
- Leighton Contractors Pty Ltd - Australia
- ASAPP Information Group - India
- Bangladesh Power Developement Board
- Ministry of Finance - Indonesia
- Tata Chemicals Ltd - India
- Toyota Tsusho Corporation, Japan
- McConnell Dowell - Australia
- Sarangani Energy Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Carbofer General Trading SA - India
- Tamil Nadu electricity Board
- Africa Commodities Group - South Africa
- Pendopo Energi Batubara - Indonesia
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- India Bulls Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Link Ltd, New Zealand
- Mercuria Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Savvy Resources Ltd - HongKong
- Singapore Mercantile Exchange
- Karaikal Port Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Deloitte Consulting - India
- Cigading International Bulk Terminal - Indonesia
- Xindia Steels Limited - India
- Indian Oil Corporation Limited
- Standard Chartered Bank - UAE
- Alfred C Toepfer International GmbH - Germany
- Bayan Resources Tbk. - Indonesia
- Baramulti Group, Indonesia
- Directorate Of Revenue Intelligence - India
- Parliament of New Zealand
- Georgia Ports Authority, United States
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- London Commodity Brokers - England
- Ind-Barath Power Infra Limited - India
- Vedanta Resources Plc - India
- Global Business Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Intertek Mineral Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Interocean Group of Companies - India
- Central Electricity Authority - India
- ICICI Bank Limited - India
- Directorate General of MIneral and Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Timah Investasi Mineral - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Trasteel International SA, Italy
- Latin American Coal - Colombia
- Formosa Plastics Group - Taiwan
- AsiaOL BioFuels Corp., Philippines
- Goldman Sachs - Singapore
- Lanco Infratech Ltd - India
- Indogreen Group - Indonesia
- Oldendorff Carriers - Singapore
- South Luzon Thermal Energy Corporation
- Salva Resources Pvt Ltd - India
- Mintek Dendrill Indonesia
- Chettinad Cement Corporation Ltd - India
- Barasentosa Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Thai Mozambique Logistica
- Globalindo Alam Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- Larsen & Toubro Limited - India
- Planning Commission, India
- Krishnapatnam Port Company Ltd. - India
- Meenaskhi Energy Private Limited - India
- Thiess Contractors Indonesia
- Port Waratah Coal Services - Australia
- Chamber of Mines of South Africa
- Kartika Selabumi Mining - Indonesia
- Orica Mining Services - Indonesia
- Gujarat Sidhee Cement - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Authority, New Zealand
- Indika Energy - Indonesia
- Indian Energy Exchange, India
- Malabar Cements Ltd - India
- Antam Resourcindo - Indonesia
- Wilmar Investment Holdings
- VISA Power Limited - India
- Kideco Jaya Agung - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Vizag Seaport Private Limited - India
- Coal and Oil Company - UAE
- Kepco SPC Power Corporation, Philippines
- Renaissance Capital - South Africa
- Manunggal Multi Energi - Indonesia
- Economic Council, Georgia
- GMR Energy Limited - India
- White Energy Company Limited
- Energy Development Corp, Philippines
- Bharathi Cement Corporation - India
- Banpu Public Company Limited - Thailand
- Medco Energi Mining Internasional
- GVK Power & Infra Limited - India
- Romanian Commodities Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Posco Energy - South Korea
- Ministry of Transport, Egypt
- Kapuas Tunggal Persada - Indonesia
- Kaltim Prima Coal - Indonesia
- MS Steel International - UAE
- Samtan Co., Ltd - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Sical Logistics Limited - India
- Sree Jayajothi Cements Limited - India
- European Bulk Services B.V. - Netherlands
- Jindal Steel & Power Ltd - India
- Australian Commodity Traders Exchange
- Coalindo Energy - Indonesia
- Cement Manufacturers Association - India
- Riau Bara Harum - Indonesia
- Videocon Industries ltd - India
- Kobexindo Tractors - Indoneisa
- Price Waterhouse Coopers - Russia
- Semirara Mining and Power Corporation, Philippines
- Agrawal Coal Company - India
- Metalloyd Limited - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Siam City Cement PLC, Thailand
- New Zealand Coal & Carbon
- Parry Sugars Refinery, India
- PowerSource Philippines DevCo
- Central Java Power - Indonesia
- GAC Shipping (India) Pvt Ltd
- Rio Tinto Coal - Australia
- Sojitz Corporation - Japan
- Bhatia International Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Holcim Trading Pte Ltd - Singapore
- Eastern Coal Council - USA
- Electricity Generating Authority of Thailand
- SMC Global Power, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Wood Mackenzie - Singapore
- Ceylon Electricity Board - Sri Lanka
- Independent Power Producers Association of India
- SMG Consultants - Indonesia
- Aboitiz Power Corporation - Philippines
- Mjunction Services Limited - India
- Altura Mining Limited, Indonesia
- Iligan Light & Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Eastern Energy - Thailand
- IEA Clean Coal Centre - UK
- Global Green Power PLC Corporation, Philippines
- Marubeni Corporation - India
- Binh Thuan Hamico - Vietnam
- Bhushan Steel Limited - India
- Maheswari Brothers Coal Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Heidelberg Cement - Germany
- Asmin Koalindo Tuhup - Indonesia
- Australian Coal Association
- International Coal Ventures Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Petron Corporation, Philippines
- Uttam Galva Steels Limited - India
- Grasim Industreis Ltd - India
- Jaiprakash Power Ventures ltd
- Dalmia Cement Bharat India
- Orica Australia Pty. Ltd.
- The State Trading Corporation of India Ltd
- CIMB Investment Bank - Malaysia
- Star Paper Mills Limited - India
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