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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, 14 April 15
COAL OUTPUT FALLS AS PRICES CONTINUE TO LAG - JP
Coal output dropped by 21 percent in the first three months of the year as low prices for the commodity forced mining companies to reduce activitie ...
Tuesday, 14 April 15
SUB-BIT FOB INDONESIA COAL SWAPS FOR Q4 DELIVERY CRASHES THROUGH $44
COALspot.com: Indonesian coal swap for delivery Q2 2015 declined month on month and week over week.
The Q2 swap was declined US$ 2.25 (4.77%) ...
Monday, 13 April 15
Q2 FOB NEWCASTLE COAL SWAP CLOSED AT $45.28 PMT; DECLINED 7.50% M-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery declined US$ 3.67 per MT (-7.50%) month over month and US$ 0.39 week on wee ...
Monday, 13 April 15
Q4 CFR SOUTH CHINA COAL SWAP CLOSED AT US$ 50.97
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery declined US$ 4.50 (-8.05%) per MT month over month and US$ 0.12 (-0 ...
Sunday, 12 April 15
INDONESIA TO INDIA FREIGHT RATE IS EXPECTED TO BE SOFT
COALspot.com: The freight market was steady, however the BDI was declined slightly week over week.
BDI dropped 1.36 pct and closed at 580 poin ...
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- Sindya Power Generating Company Private Ltd
- Aboitiz Power Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Orica Australia Pty. Ltd.
- Heidelberg Cement - Germany
- Ministry of Transport, Egypt
- Star Paper Mills Limited - India
- Wilmar Investment Holdings
- McConnell Dowell - Australia
- Indian Oil Corporation Limited
- Renaissance Capital - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Standard Chartered Bank - UAE
- Madhucon Powers Ltd - India
- Parliament of New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Australian Commodity Traders Exchange
- CNBM International Corporation - China
- ASAPP Information Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Uttam Galva Steels Limited - India
- Thiess Contractors Indonesia
- Agrawal Coal Company - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sakthi Sugars Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Indogreen Group - Indonesia
- Trasteel International SA, Italy
- Thai Mozambique Logistica
- Kapuas Tunggal Persada - Indonesia
- Australian Coal Association
- Directorate General of MIneral and Coal - Indonesia
- Borneo Indobara - Indonesia
- Coalindo Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bharathi Cement Corporation - India
- Kideco Jaya Agung - Indonesia
- London Commodity Brokers - England
- Baramulti Group, Indonesia
- The State Trading Corporation of India Ltd
- Mintek Dendrill Indonesia
- Electricity Authority, New Zealand
- Latin American Coal - Colombia
- Iligan Light & Power Inc, Philippines
- Xindia Steels Limited - India
- The University of Queensland
- Samtan Co., Ltd - South Korea
- Global Business Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Interocean Group of Companies - India
- Tamil Nadu electricity Board
- Attock Cement Pakistan Limited
- PetroVietnam Power Coal Import and Supply Company
- Simpson Spence & Young - Indonesia
- Chamber of Mines of South Africa
- PowerSource Philippines DevCo
- PTC India Limited - India
- Siam City Cement - Thailand
- Goldman Sachs - Singapore
- New Zealand Coal & Carbon
- Bhushan Steel Limited - India
- The Treasury - Australian Government
- Bukit Baiduri Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- IHS Mccloskey Coal Group - USA
- Posco Energy - South Korea
- Central Electricity Authority - India
- ICICI Bank Limited - India
- Siam City Cement PLC, Thailand
- Kohat Cement Company Ltd. - Pakistan
- Economic Council, Georgia
- Riau Bara Harum - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Mineral Development Corp Ltd - India
- GMR Energy Limited - India
- International Coal Ventures Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Central Java Power - Indonesia
- Mercuria Energy - Indonesia
- Medco Energi Mining Internasional
- Asmin Koalindo Tuhup - Indonesia
- Bulk Trading Sa - Switzerland
- Romanian Commodities Exchange
- Gujarat Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Metalloyd Limited - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Merrill Lynch Commodities Europe
- Therma Luzon, Inc, Philippines
- Mjunction Services Limited - India
- Kumho Petrochemical, South Korea
- Maheswari Brothers Coal Limited - India
- Ceylon Electricity Board - Sri Lanka
- Independent Power Producers Association of India
- Banpu Public Company Limited - Thailand
- Coal and Oil Company - UAE
- Eastern Coal Council - USA
- Grasim Industreis Ltd - India
- Semirara Mining Corp, Philippines
- Aditya Birla Group - India
- Altura Mining Limited, Indonesia
- Savvy Resources Ltd - HongKong
- Pipit Mutiara Jaya. PT, Indonesia
- Power Finance Corporation Ltd., India
- Ind-Barath Power Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Wood Mackenzie - Singapore
- Sarangani Energy Corporation, Philippines
- Malabar Cements Ltd - India
- Ministry of Mines - Canada
- SMG Consultants - Indonesia
- VISA Power Limited - India
- Mercator Lines Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Indo Tambangraya Megah - Indonesia
- Gujarat Sidhee Cement - India
- Anglo American - United Kingdom
- SMC Global Power, Philippines
- Pendopo Energi Batubara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Larsen & Toubro Limited - India
- Alfred C Toepfer International GmbH - Germany
- Vedanta Resources Plc - India
- Edison Trading Spa - Italy
- Cement Manufacturers Association - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Minerals Council of Australia
- Port Waratah Coal Services - Australia
- Billiton Holdings Pty Ltd - Australia
- Dalmia Cement Bharat India
- Price Waterhouse Coopers - Russia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- South Luzon Thermal Energy Corporation
- Videocon Industries ltd - India
- European Bulk Services B.V. - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Formosa Plastics Group - Taiwan
- Indika Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Parry Sugars Refinery, India
- Lanco Infratech Ltd - India
- Ministry of Finance - Indonesia
- Bhatia International Limited - India
- Marubeni Corporation - India
- LBH Netherlands Bv - Netherlands
- Karaikal Port Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Planning Commission, India
- Sojitz Corporation - Japan
- Kepco SPC Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- White Energy Company Limited
- MS Steel International - UAE
- Indian Energy Exchange, India
- Globalindo Alam Lestari - Indonesia
- Ambuja Cements Ltd - India
- Petron Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Manunggal Multi Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Energy Development Corp, Philippines
- Eastern Energy - Thailand
- Deloitte Consulting - India
- Krishnapatnam Port Company Ltd. - India
- Sree Jayajothi Cements Limited - India
- Directorate Of Revenue Intelligence - India
- PNOC Exploration Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Bangladesh Power Developement Board
- Rio Tinto Coal - Australia
- OPG Power Generation Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Bukit Makmur.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Leighton Contractors Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Timah Investasi Mineral - Indoneisa
- Energy Link Ltd, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- Tata Chemicals Ltd - India
- Meenaskhi Energy Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Miang Besar Coal Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Electricity Generating Authority of Thailand
- Intertek Mineral Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Makarim & Taira - Indonesia
- TeaM Sual Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Singapore Mercantile Exchange
- Indonesian Coal Mining Association
- Straits Asia Resources Limited - Singapore
- Orica Mining Services - Indonesia
- Meralco Power Generation, Philippines
- Carbofer General Trading SA - India
- Georgia Ports Authority, United States
- Commonwealth Bank - Australia
- Holcim Trading Pte Ltd - Singapore
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