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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, 10 April 15
US COAL PRODUCTION FELL 4.7% W-O-W : EIA
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 17.4 million short ...
Friday, 10 April 15
DRY BULK MARKET'S DOWNFALL ALSO OFFER INVESTMENT BARGAINS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Dry bulk market rates have fallen to historical lows over the past few weeks, with no clear path of recovery, at least in the near term. As such, m ...
Thursday, 09 April 15
CAPESIZE: RATES ARE STILL DISAPPOINTING - FEARNLEYS
Handy
The handy market had a stronger sentiment before the Easter holidays, but have as the bigger panamaxes seen a softening tendency this week. ...
Wednesday, 08 April 15
DRY BULK MARKET SEEMS UNABLE TO CATCH A BREAK - INTERMODAL
COALspot.com: The Dry Bulk market seems unable to catch a break these days.
According to Intermodal, following the market stabilization that p ...
Wednesday, 08 April 15
CHINA BURNS HALF OF THE WORLD'S COAL - CHRISTOPHER T. WHITTY
Intermodal Weekly Market Update
China is the world's largest consumer of coal, using more coal each year than the United States, the Europ ...
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- Jaiprakash Power Ventures ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- PetroVietnam Power Coal Import and Supply Company
- Directorate Of Revenue Intelligence - India
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Vizag Seaport Private Limited - India
- Aboitiz Power Corporation - Philippines
- Mercator Lines Limited - India
- Riau Bara Harum - Indonesia
- Trasteel International SA, Italy
- Orica Australia Pty. Ltd.
- Bhoruka Overseas - Indonesia
- Krishnapatnam Port Company Ltd. - India
- SMG Consultants - Indonesia
- Marubeni Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
- Antam Resourcindo - Indonesia
- Power Finance Corporation Ltd., India
- Chettinad Cement Corporation Ltd - India
- Kobexindo Tractors - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Videocon Industries ltd - India
- The University of Queensland
- Karaikal Port Pvt Ltd - India
- Eastern Coal Council - USA
- PTC India Limited - India
- Tata Chemicals Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Coal Association
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement PLC, Thailand
- Kapuas Tunggal Persada - Indonesia
- Kideco Jaya Agung - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Dalmia Cement Bharat India
- Posco Energy - South Korea
- Singapore Mercantile Exchange
- GN Power Mariveles Coal Plant, Philippines
- Planning Commission, India
- LBH Netherlands Bv - Netherlands
- Siam City Cement - Thailand
- Holcim Trading Pte Ltd - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Metalloyd Limited - United Kingdom
- Straits Asia Resources Limited - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Agrawal Coal Company - India
- Salva Resources Pvt Ltd - India
- Interocean Group of Companies - India
- Sindya Power Generating Company Private Ltd
- Kumho Petrochemical, South Korea
- Ceylon Electricity Board - Sri Lanka
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Savvy Resources Ltd - HongKong
- Pendopo Energi Batubara - Indonesia
- Georgia Ports Authority, United States
- Altura Mining Limited, Indonesia
- IHS Mccloskey Coal Group - USA
- Deloitte Consulting - India
- New Zealand Coal & Carbon
- South Luzon Thermal Energy Corporation
- OPG Power Generation Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Aditya Birla Group - India
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- Essar Steel Hazira Ltd - India
- Thiess Contractors Indonesia
- Global Green Power PLC Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Kohat Cement Company Ltd. - Pakistan
- Vijayanagar Sugar Pvt Ltd - India
- Orica Mining Services - Indonesia
- ASAPP Information Group - India
- White Energy Company Limited
- Central Java Power - Indonesia
- Indogreen Group - Indonesia
- SN Aboitiz Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Lanco Infratech Ltd - India
- Bayan Resources Tbk. - Indonesia
- Malabar Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- MS Steel International - UAE
- Semirara Mining Corp, Philippines
- Parry Sugars Refinery, India
- Gujarat Mineral Development Corp Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Xindia Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Bhushan Steel Limited - India
- Petron Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Grasim Industreis Ltd - India
- ICICI Bank Limited - India
- Heidelberg Cement - Germany
- Australian Commodity Traders Exchange
- PowerSource Philippines DevCo
- Global Business Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Renaissance Capital - South Africa
- Larsen & Toubro Limited - India
- VISA Power Limited - India
- The Treasury - Australian Government
- Mintek Dendrill Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Attock Cement Pakistan Limited
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Ind-Barath Power Infra Limited - India
- Indian Energy Exchange, India
- Tamil Nadu electricity Board
- GMR Energy Limited - India
- Carbofer General Trading SA - India
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- London Commodity Brokers - England
- Indian Oil Corporation Limited
- GAC Shipping (India) Pvt Ltd
- Electricity Authority, New Zealand
- Eastern Energy - Thailand
- Samtan Co., Ltd - South Korea
- Energy Link Ltd, New Zealand
- Wood Mackenzie - Singapore
- Bukit Baiduri Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Kaltim Prima Coal - Indonesia
- SMC Global Power, Philippines
- Simpson Spence & Young - Indonesia
- TeaM Sual Corporation - Philippines
- Mjunction Services Limited - India
- Chamber of Mines of South Africa
- Iligan Light & Power Inc, Philippines
- Ministry of Finance - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sojitz Corporation - Japan
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Bhatia International Limited - India
- Maheswari Brothers Coal Limited - India
- Sical Logistics Limited - India
- Bulk Trading Sa - Switzerland
- Coal and Oil Company - UAE
- Makarim & Taira - Indonesia
- Price Waterhouse Coopers - Russia
- Cigading International Bulk Terminal - Indonesia
- Ambuja Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- PNOC Exploration Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Timah Investasi Mineral - Indoneisa
- Madhucon Powers Ltd - India
- McConnell Dowell - Australia
- Bharathi Cement Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Energy Development Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Neyveli Lignite Corporation Ltd, - India
- Vedanta Resources Plc - India
- Medco Energi Mining Internasional
- Wilmar Investment Holdings
- Sinarmas Energy and Mining - Indonesia
- Kartika Selabumi Mining - Indonesia
- India Bulls Power Limited - India
- Intertek Mineral Services - Indonesia
- Coastal Gujarat Power Limited - India
- Sarangani Energy Corporation, Philippines
- Baramulti Group, Indonesia
- Star Paper Mills Limited - India
- Gujarat Sidhee Cement - India
- Ministry of Transport, Egypt
- Rio Tinto Coal - Australia
- San Jose City I Power Corp, Philippines
- Commonwealth Bank - Australia
- Indonesian Coal Mining Association
- Africa Commodities Group - South Africa
- Thai Mozambique Logistica
- Borneo Indobara - Indonesia
- Independent Power Producers Association of India
- Bahari Cakrawala Sebuku - Indonesia
- Merrill Lynch Commodities Europe
- Oldendorff Carriers - Singapore
- Globalindo Alam Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Latin American Coal - Colombia
- Parliament of New Zealand
- Toyota Tsusho Corporation, Japan
- Indika Energy - Indonesia
- Anglo American - United Kingdom
- CNBM International Corporation - China
- Economic Council, Georgia
- Banpu Public Company Limited - Thailand
- Ministry of Mines - Canada
- Coalindo Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Standard Chartered Bank - UAE
- Kepco SPC Power Corporation, Philippines
- Cement Manufacturers Association - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Minerals Council of Australia
- Goldman Sachs - Singapore
- IEA Clean Coal Centre - UK
- Rashtriya Ispat Nigam Limited - India
- Bangladesh Power Developement Board
- Meralco Power Generation, Philippines
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