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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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Sunday, 05 April 15
FREIGHT RATES UNDER PRESSURE WEEK OVER WEEK
COALspot.com: The Indices fell on all segments and the market seemed to soften this week.
The BDI was almost lost 1.34% week over week and clo ...
Saturday, 04 April 15
BORYEONG POWER OF KOMIPO TO BUY TOTALED 695K MT OF HIGH AND LCV COAL
COALspot.com - Korea Midland Power Co. Ltd. (KOMIPO) is inviting bids from coal producers, marketing companies, or traders to supply of 500000 Metr ...
Friday, 03 April 15
U.S WEEKLY COAL PRODUCTION STAYS FLAT
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 18.3 million short ...
Friday, 03 April 15
TOBA BARA'S PANDU SJAHRIR ELECTED AS NEW CHAIRMAN OF THE INDONESIAN COAL MINING ASSOCIATION
COALspot.com: Pandu Sjahrir, the Vice President Director & CFO of the Jakarta-listed PT Toba Bara Sejahtra — a subsidiary of PT Toba Seja ...
Thursday, 02 April 15
GOVERNMENT MUST WORK WITH MINING, NOT AGAINST IT - PANDU SJAHRIR
The Coal Face: The coal price has hit its lowest point in recent memory
My father used to say to me that his children are his biggest inv ...
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- Carbofer General Trading SA - India
- White Energy Company Limited
- Electricity Generating Authority of Thailand
- Toyota Tsusho Corporation, Japan
- PetroVietnam Power Coal Import and Supply Company
- Mercuria Energy - Indonesia
- Lanco Infratech Ltd - India
- Petron Corporation, Philippines
- Tata Chemicals Ltd - India
- Renaissance Capital - South Africa
- Madhucon Powers Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Binh Thuan Hamico - Vietnam
- Chamber of Mines of South Africa
- Neyveli Lignite Corporation Ltd, - India
- Jindal Steel & Power Ltd - India
- Eastern Coal Council - USA
- Gujarat Mineral Development Corp Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indonesian Coal Mining Association
- Indian Oil Corporation Limited
- The University of Queensland
- SMG Consultants - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Ambuja Cements Ltd - India
- Australian Commodity Traders Exchange
- IHS Mccloskey Coal Group - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maharashtra Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- New Zealand Coal & Carbon
- Deloitte Consulting - India
- South Luzon Thermal Energy Corporation
- Directorate Of Revenue Intelligence - India
- Commonwealth Bank - Australia
- Gujarat Sidhee Cement - India
- SMC Global Power, Philippines
- Wilmar Investment Holdings
- Videocon Industries ltd - India
- Iligan Light & Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Singapore Mercantile Exchange
- Antam Resourcindo - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Star Paper Mills Limited - India
- Tamil Nadu electricity Board
- Kideco Jaya Agung - Indonesia
- Indogreen Group - Indonesia
- Metalloyd Limited - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Intertek Mineral Services - Indonesia
- Savvy Resources Ltd - HongKong
- GMR Energy Limited - India
- Bulk Trading Sa - Switzerland
- Merrill Lynch Commodities Europe
- IEA Clean Coal Centre - UK
- Economic Council, Georgia
- Thiess Contractors Indonesia
- Ministry of Mines - Canada
- MS Steel International - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pendopo Energi Batubara - Indonesia
- Global Coal Blending Company Limited - Australia
- Rashtriya Ispat Nigam Limited - India
- Cement Manufacturers Association - India
- Sindya Power Generating Company Private Ltd
- PowerSource Philippines DevCo
- Eastern Energy - Thailand
- Coalindo Energy - Indonesia
- Coastal Gujarat Power Limited - India
- San Jose City I Power Corp, Philippines
- Siam City Cement PLC, Thailand
- Bukit Makmur.PT - Indonesia
- Thai Mozambique Logistica
- Heidelberg Cement - Germany
- Vizag Seaport Private Limited - India
- Kaltim Prima Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Java Power - Indonesia
- Edison Trading Spa - Italy
- Kepco SPC Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- VISA Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Uttam Galva Steels Limited - India
- Formosa Plastics Group - Taiwan
- Kobexindo Tractors - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Mintek Dendrill Indonesia
- Standard Chartered Bank - UAE
- Independent Power Producers Association of India
- Aditya Birla Group - India
- Africa Commodities Group - South Africa
- PNOC Exploration Corporation - Philippines
- Grasim Industreis Ltd - India
- Ministry of Transport, Egypt
- Dalmia Cement Bharat India
- Bhoruka Overseas - Indonesia
- Indian Energy Exchange, India
- Pipit Mutiara Jaya. PT, Indonesia
- Vedanta Resources Plc - India
- Anglo American - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sical Logistics Limited - India
- Jaiprakash Power Ventures ltd
- Sarangani Energy Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Manunggal Multi Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- GN Power Mariveles Coal Plant, Philippines
- Parliament of New Zealand
- Simpson Spence & Young - Indonesia
- OPG Power Generation Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- GVK Power & Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Indika Energy - Indonesia
- London Commodity Brokers - England
- Kapuas Tunggal Persada - Indonesia
- Australian Coal Association
- PTC India Limited - India
- Trasteel International SA, Italy
- Marubeni Corporation - India
- The State Trading Corporation of India Ltd
- Attock Cement Pakistan Limited
- Aboitiz Power Corporation - Philippines
- Barasentosa Lestari - Indonesia
- The Treasury - Australian Government
- Malabar Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Meralco Power Generation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Mercator Lines Limited - India
- Port Waratah Coal Services - Australia
- Wood Mackenzie - Singapore
- Sinarmas Energy and Mining - Indonesia
- CNBM International Corporation - China
- Kartika Selabumi Mining - Indonesia
- Semirara Mining Corp, Philippines
- Sakthi Sugars Limited - India
- Rio Tinto Coal - Australia
- Bukit Baiduri Energy - Indonesia
- Altura Mining Limited, Indonesia
- Orica Australia Pty. Ltd.
- Medco Energi Mining Internasional
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Mjunction Services Limited - India
- Karaikal Port Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Parry Sugars Refinery, India
- Romanian Commodities Exchange
- Coal and Oil Company - UAE
- Global Business Power Corporation, Philippines
- Electricity Authority, New Zealand
- Georgia Ports Authority, United States
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Baramulti Group, Indonesia
- Latin American Coal - Colombia
- Makarim & Taira - Indonesia
- Orica Mining Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Ministry of Finance - Indonesia
- Kumho Petrochemical, South Korea
- Riau Bara Harum - Indonesia
- Interocean Group of Companies - India
- Cigading International Bulk Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Energy Development Corp, Philippines
- McConnell Dowell - Australia
- Bhushan Steel Limited - India
- Bhatia International Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Power Finance Corporation Ltd., India
- ASAPP Information Group - India
- Samtan Co., Ltd - South Korea
- Energy Link Ltd, New Zealand
- Globalindo Alam Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bangladesh Power Developement Board
- Bharathi Cement Corporation - India
- Ind-Barath Power Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Agrawal Coal Company - India
- Xindia Steels Limited - India
- TeaM Sual Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sree Jayajothi Cements Limited - India
- Posco Energy - South Korea
- Ceylon Electricity Board - Sri Lanka
- Asmin Koalindo Tuhup - Indonesia
- Sojitz Corporation - Japan
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement - Thailand
- Minerals Council of Australia
- Oldendorff Carriers - Singapore
- Chettinad Cement Corporation Ltd - India
- CIMB Investment Bank - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Therma Luzon, Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Planning Commission, India
- ICICI Bank Limited - India
- LBH Netherlands Bv - Netherlands
- Goldman Sachs - Singapore
- India Bulls Power Limited - India
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