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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, 16 April 15
SHIPPING DEMAND TO SUFFER AS CHINESE SLOWDOWN CONFIRMED SAYS BIMCO'S CHIEF SHIPPING ANALYST - BIMCO
The Chinese economy grew by 7.0% y-o-y in the first quarter of 2015, according to National Bureau of Statistics in China. This is the weakest overa ...
Thursday, 16 April 15
INDIA: COAL IMPORTS RISE BY 33 PC TO 240 MT IN FY'15 - PTI
India’s coal imports in the just concluded FY 2015 increased by 33 per cent to about 240 million tonnes.
“Coal import have gone up ...
Thursday, 16 April 15
CAPESIZE: THE SUPPLY AND DEMAND SIDE ARE NOW SUFFERING HEAVILY - FEARNLEYS
Handy
It seems to be some standoff between owners and charterers in both hemispheres this week. Owners are raising their rates while charterers a ...
Thursday, 16 April 15
Q3 FOB RICHARDS BAY COAL SWAP CLOSED AT $ 55.67 PMT
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q2' 2015 declined month over month.
The Q2 swap has declined US$ 1.90 (3.17%) m ...
Wednesday, 15 April 15
PORT OF NEWCASTLE SHIPPED 13.63 MMT OF COAL IN MARCH; UP 4.41% M-O-M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1.227 billi ...
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- Kobexindo Tractors - Indoneisa
- Banpu Public Company Limited - Thailand
- Thiess Contractors Indonesia
- Lanco Infratech Ltd - India
- Star Paper Mills Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Petron Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- CIMB Investment Bank - Malaysia
- Ind-Barath Power Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Trasteel International SA, Italy
- Agrawal Coal Company - India
- Uttam Galva Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Ministry of Mines - Canada
- European Bulk Services B.V. - Netherlands
- SMG Consultants - Indonesia
- Sakthi Sugars Limited - India
- New Zealand Coal & Carbon
- Siam City Cement PLC, Thailand
- Grasim Industreis Ltd - India
- White Energy Company Limited
- Gujarat Sidhee Cement - India
- Kideco Jaya Agung - Indonesia
- SN Aboitiz Power Inc, Philippines
- Georgia Ports Authority, United States
- Merrill Lynch Commodities Europe
- Energy Link Ltd, New Zealand
- Posco Energy - South Korea
- Coalindo Energy - Indonesia
- Oldendorff Carriers - Singapore
- Bharathi Cement Corporation - India
- GMR Energy Limited - India
- McConnell Dowell - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kaltim Prima Coal - Indonesia
- London Commodity Brokers - England
- Commonwealth Bank - Australia
- Orica Mining Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- LBH Netherlands Bv - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- India Bulls Power Limited - India
- Bangladesh Power Developement Board
- Cigading International Bulk Terminal - Indonesia
- Marubeni Corporation - India
- The State Trading Corporation of India Ltd
- Eastern Coal Council - USA
- Mjunction Services Limited - India
- Aditya Birla Group - India
- Kohat Cement Company Ltd. - Pakistan
- Bhatia International Limited - India
- Binh Thuan Hamico - Vietnam
- Price Waterhouse Coopers - Russia
- Jorong Barutama Greston.PT - Indonesia
- The University of Queensland
- Kepco SPC Power Corporation, Philippines
- Economic Council, Georgia
- Australian Commodity Traders Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Xindia Steels Limited - India
- PowerSource Philippines DevCo
- Antam Resourcindo - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bhushan Steel Limited - India
- Jindal Steel & Power Ltd - India
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- Indogreen Group - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Planning Commission, India
- Global Business Power Corporation, Philippines
- Independent Power Producers Association of India
- Cement Manufacturers Association - India
- MS Steel International - UAE
- Interocean Group of Companies - India
- Aboitiz Power Corporation - Philippines
- CNBM International Corporation - China
- Energy Development Corp, Philippines
- Minerals Council of Australia
- Standard Chartered Bank - UAE
- TeaM Sual Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Makarim & Taira - Indonesia
- Jaiprakash Power Ventures ltd
- Carbofer General Trading SA - India
- Kalimantan Lumbung Energi - Indonesia
- Ambuja Cements Ltd - India
- PTC India Limited - India
- Coal and Oil Company - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Malabar Cements Ltd - India
- Larsen & Toubro Limited - India
- Miang Besar Coal Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Heidelberg Cement - Germany
- Tata Chemicals Ltd - India
- Dalmia Cement Bharat India
- Australian Coal Association
- Coastal Gujarat Power Limited - India
- Sical Logistics Limited - India
- International Coal Ventures Pvt Ltd - India
- Thai Mozambique Logistica
- Bayan Resources Tbk. - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Singapore Mercantile Exchange
- Orica Australia Pty. Ltd.
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Electricity Authority - India
- Savvy Resources Ltd - HongKong
- Parliament of New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Attock Cement Pakistan Limited
- Central Java Power - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Anglo American - United Kingdom
- Indian Energy Exchange, India
- SMC Global Power, Philippines
- OPG Power Generation Pvt Ltd - India
- Indian Oil Corporation Limited
- Samtan Co., Ltd - South Korea
- Manunggal Multi Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bulk Trading Sa - Switzerland
- Indo Tambangraya Megah - Indonesia
- IHS Mccloskey Coal Group - USA
- Electricity Authority, New Zealand
- Altura Mining Limited, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Sarangani Energy Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Latin American Coal - Colombia
- Pipit Mutiara Jaya. PT, Indonesia
- Kumho Petrochemical, South Korea
- Madhucon Powers Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Barasentosa Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Meenaskhi Energy Private Limited - India
- ICICI Bank Limited - India
- Electricity Generating Authority of Thailand
- Therma Luzon, Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Simpson Spence & Young - Indonesia
- Eastern Energy - Thailand
- Ministry of Finance - Indonesia
- Mintek Dendrill Indonesia
- Billiton Holdings Pty Ltd - Australia
- Indonesian Coal Mining Association
- Global Green Power PLC Corporation, Philippines
- IEA Clean Coal Centre - UK
- Leighton Contractors Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Mercuria Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Vedanta Resources Plc - India
- Globalindo Alam Lestari - Indonesia
- GVK Power & Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Romanian Commodities Exchange
- Bhoruka Overseas - Indonesia
- Wood Mackenzie - Singapore
- Semirara Mining Corp, Philippines
- Renaissance Capital - South Africa
- Metalloyd Limited - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- VISA Power Limited - India
- ASAPP Information Group - India
- Ceylon Electricity Board - Sri Lanka
- Videocon Industries ltd - India
- The Treasury - Australian Government
- Borneo Indobara - Indonesia
- Pendopo Energi Batubara - Indonesia
- Deloitte Consulting - India
- Toyota Tsusho Corporation, Japan
- PNOC Exploration Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Riau Bara Harum - Indonesia
- Indika Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Chamber of Mines of South Africa
- Gujarat Mineral Development Corp Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Goldman Sachs - Singapore
- Karaikal Port Pvt Ltd - India
- Mercator Lines Limited - India
- Parry Sugars Refinery, India
- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- Baramulti Group, Indonesia
- Bukit Baiduri Energy - Indonesia
- Edison Trading Spa - Italy
- Essar Steel Hazira Ltd - India
- Siam City Cement - Thailand
- Wilmar Investment Holdings
- Neyveli Lignite Corporation Ltd, - India
- Africa Commodities Group - South Africa
- Holcim Trading Pte Ltd - Singapore
- Medco Energi Mining Internasional
- Rio Tinto Coal - Australia
- Port Waratah Coal Services - Australia
- Formosa Plastics Group - Taiwan
- Meralco Power Generation, Philippines
- Sree Jayajothi Cements Limited - India
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