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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, 07 April 15
SUB-BIT FOB INDONESIA COAL SWAP KEEPS DROPPING; DROPPED 2% W-W
COALspot.com: Indonesian coal swap for delivery Q2 2015 declined month on month and week over week.
The Q2 swap was declined US$ 2.44 (5.14%) ...
Tuesday, 07 April 15
Q3 FOB RICHARDS BAY COAL SWAP CLOSED AT $ 55.96 PMT; DOWN 8.40% M-M
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q2' 2015 declined month over month and week on week.
The Q2 swap has declined U ...
Monday, 06 April 15
INDONESIA'S HBA FIXED AT US$ 64.48 PMT FOR APRIL DELIVERY; DOWN 4.84% M-M
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down Indonesian coal benchmark prices to US$ 64.48 per MT in Apr ...
Monday, 06 April 15
FOB NEWCASTLE COAL SWAP DECLINED 12% MONTH OVER MONTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery declined US$ 6.23 per MT (-12%) month over month and US$ 0.86 (-1.85%) week ...
Monday, 06 April 15
CFR SOUTH CHINA COAL SWAP FALL CONTINUES
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery declined US$ 5.96 (-10.37%) per MT month over month and US$ 0.98 (- ...
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Toyota Tsusho Corporation, Japan
- Manunggal Multi Energi - Indonesia
- White Energy Company Limited
- Marubeni Corporation - India
- European Bulk Services B.V. - Netherlands
- The Treasury - Australian Government
- Bulk Trading Sa - Switzerland
- Karbindo Abesyapradhi - Indoneisa
- Renaissance Capital - South Africa
- Samtan Co., Ltd - South Korea
- Grasim Industreis Ltd - India
- Anglo American - United Kingdom
- Karaikal Port Pvt Ltd - India
- Bhushan Steel Limited - India
- Miang Besar Coal Terminal - Indonesia
- Ambuja Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Indian Oil Corporation Limited
- Vijayanagar Sugar Pvt Ltd - India
- Larsen & Toubro Limited - India
- Barasentosa Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Iligan Light & Power Inc, Philippines
- Posco Energy - South Korea
- Metalloyd Limited - United Kingdom
- Power Finance Corporation Ltd., India
- Meralco Power Generation, Philippines
- Star Paper Mills Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- SMC Global Power, Philippines
- Rashtriya Ispat Nigam Limited - India
- Africa Commodities Group - South Africa
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- Standard Chartered Bank - UAE
- Edison Trading Spa - Italy
- Ceylon Electricity Board - Sri Lanka
- The State Trading Corporation of India Ltd
- Tamil Nadu electricity Board
- Eastern Coal Council - USA
- Latin American Coal - Colombia
- Leighton Contractors Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- SMG Consultants - Indonesia
- Parliament of New Zealand
- Kaltim Prima Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Timah Investasi Mineral - Indoneisa
- Vizag Seaport Private Limited - India
- Indian Energy Exchange, India
- PowerSource Philippines DevCo
- Gujarat Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Alfred C Toepfer International GmbH - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parry Sugars Refinery, India
- Sakthi Sugars Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Altura Mining Limited, Indonesia
- Uttam Galva Steels Limited - India
- Coastal Gujarat Power Limited - India
- Makarim & Taira - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bharathi Cement Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Indogreen Group - Indonesia
- Wilmar Investment Holdings
- Trasteel International SA, Italy
- India Bulls Power Limited - India
- TeaM Sual Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Central Electricity Authority - India
- Kumho Petrochemical, South Korea
- CIMB Investment Bank - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- MS Steel International - UAE
- Formosa Plastics Group - Taiwan
- Asmin Koalindo Tuhup - Indonesia
- London Commodity Brokers - England
- Petrochimia International Co. Ltd.- Taiwan
- Directorate Of Revenue Intelligence - India
- Electricity Authority, New Zealand
- Ind-Barath Power Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Videocon Industries ltd - India
- Riau Bara Harum - Indonesia
- Petron Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Xindia Steels Limited - India
- Minerals Council of Australia
- Aditya Birla Group - India
- Sical Logistics Limited - India
- Cigading International Bulk Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Carbofer General Trading SA - India
- Mercator Lines Limited - India
- Commonwealth Bank - Australia
- OPG Power Generation Pvt Ltd - India
- Medco Energi Mining Internasional
- Antam Resourcindo - Indonesia
- Malabar Cements Ltd - India
- Georgia Ports Authority, United States
- Ministry of Transport, Egypt
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- VISA Power Limited - India
- Salva Resources Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Agrawal Coal Company - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Economic Council, Georgia
- Wood Mackenzie - Singapore
- Sinarmas Energy and Mining - Indonesia
- Orica Mining Services - Indonesia
- Siam City Cement - Thailand
- Romanian Commodities Exchange
- Energy Development Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Mintek Dendrill Indonesia
- Sojitz Corporation - Japan
- Global Coal Blending Company Limited - Australia
- Bukit Baiduri Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Oldendorff Carriers - Singapore
- Orica Australia Pty. Ltd.
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
- Sindya Power Generating Company Private Ltd
- Bangladesh Power Developement Board
- South Luzon Thermal Energy Corporation
- Independent Power Producers Association of India
- Maharashtra Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- PTC India Limited - India
- Deloitte Consulting - India
- Central Java Power - Indonesia
- Indonesian Coal Mining Association
- Global Green Power PLC Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Coalindo Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Thai Mozambique Logistica
- Tata Chemicals Ltd - India
- Kideco Jaya Agung - Indonesia
- Planning Commission, India
- IEA Clean Coal Centre - UK
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Kapuas Tunggal Persada - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bhoruka Overseas - Indonesia
- Borneo Indobara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Cement Manufacturers Association - India
- Aboitiz Power Corporation - Philippines
- The University of Queensland
- Attock Cement Pakistan Limited
- Kalimantan Lumbung Energi - Indonesia
- Chamber of Mines of South Africa
- Indika Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Semirara Mining Corp, Philippines
- Jaiprakash Power Ventures ltd
- Madhucon Powers Ltd - India
- Baramulti Group, Indonesia
- Vedanta Resources Plc - India
- Mercuria Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Sarangani Energy Corporation, Philippines
- Ministry of Mines - Canada
- Gujarat Sidhee Cement - India
- SN Aboitiz Power Inc, Philippines
- Ministry of Finance - Indonesia
- McConnell Dowell - Australia
- San Jose City I Power Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Binh Thuan Hamico - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining and Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- LBH Netherlands Bv - Netherlands
- Banpu Public Company Limited - Thailand
- ASAPP Information Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Australian Coal Association
- Australian Commodity Traders Exchange
- GVK Power & Infra Limited - India
- Electricity Generating Authority of Thailand
- Merrill Lynch Commodities Europe
- Jindal Steel & Power Ltd - India
- Bhatia International Limited - India
- Intertek Mineral Services - Indonesia
- Rio Tinto Coal - Australia
- Mjunction Services Limited - India
- Goldman Sachs - Singapore
- ICICI Bank Limited - India
- GMR Energy Limited - India
- CNBM International Corporation - China
- Singapore Mercantile Exchange
- Thiess Contractors Indonesia
- Interocean Group of Companies - India
- New Zealand Coal & Carbon
- Heidelberg Cement - Germany
- Dalmia Cement Bharat India
- Maheswari Brothers Coal Limited - India
- Kartika Selabumi Mining - Indonesia
- Port Waratah Coal Services - Australia
- Siam City Cement PLC, Thailand
- Energy Link Ltd, New Zealand
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