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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, 02 April 15
NEWBUILDING ORDERS FOR DRY BULK CARRIERS "DRY" UP
Newbuilding ordering activity remained subdued over the course of the past week, as ship owners are wary of adding further tonnage to an already pr ...
Wednesday, 01 April 15
SUPRAMAX & HANDY: RATES HELD STEADY TOWARDS THE WEEKEND
“Despite the fact that the Dry Bulk market closed off on the green last week, sentiment didn't improve by any means, not only because of ...
Wednesday, 01 April 15
WEEKLY SHIPPING MARKET UPDATE - INTERMODAL
There is no doubt that we are still witnessing a very challenging and at the same time very uncertain market, both with respect to dry chartering a ...
Wednesday, 01 April 15
Q4' 15 INDONESIA COAL SWAP CLOSED AT $45.15 W/E 27 MARCH 2015
COALspot.com: Indonesian coal swap for delivery Q2' 2015 drops month on month and week over week.
The Q2 swap declined US$ 1.54 (3.24%) mo ...
Tuesday, 31 March 15
RICHARDS BAY COAL SWAPS GAIN WEEK OVER WEEK
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q2' 2015 declined month over month but increased week on week.
The Q2 swap has ...
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- Power Finance Corporation Ltd., India
- Ceylon Electricity Board - Sri Lanka
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Makmur.PT - Indonesia
- GMR Energy Limited - India
- Electricity Generating Authority of Thailand
- Energy Link Ltd, New Zealand
- Intertek Mineral Services - Indonesia
- Africa Commodities Group - South Africa
- Bhatia International Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Thai Mozambique Logistica
- Australian Commodity Traders Exchange
- Altura Mining Limited, Indonesia
- Manunggal Multi Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Coal and Oil Company - UAE
- Kobexindo Tractors - Indoneisa
- Sojitz Corporation - Japan
- Carbofer General Trading SA - India
- AsiaOL BioFuels Corp., Philippines
- Formosa Plastics Group - Taiwan
- Grasim Industreis Ltd - India
- Thiess Contractors Indonesia
- Oldendorff Carriers - Singapore
- Mjunction Services Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Ministry of Mines - Canada
- Maheswari Brothers Coal Limited - India
- Posco Energy - South Korea
- Aboitiz Power Corporation - Philippines
- Ministry of Finance - Indonesia
- SN Aboitiz Power Inc, Philippines
- Larsen & Toubro Limited - India
- Orica Australia Pty. Ltd.
- PTC India Limited - India
- India Bulls Power Limited - India
- Trasteel International SA, Italy
- Kartika Selabumi Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- PowerSource Philippines DevCo
- Petron Corporation, Philippines
- Indian Oil Corporation Limited
- Aditya Birla Group - India
- Planning Commission, India
- Riau Bara Harum - Indonesia
- Rio Tinto Coal - Australia
- Chettinad Cement Corporation Ltd - India
- Bhushan Steel Limited - India
- Krishnapatnam Port Company Ltd. - India
- CNBM International Corporation - China
- Chamber of Mines of South Africa
- LBH Netherlands Bv - Netherlands
- OPG Power Generation Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sakthi Sugars Limited - India
- Bayan Resources Tbk. - Indonesia
- White Energy Company Limited
- McConnell Dowell - Australia
- Neyveli Lignite Corporation Ltd, - India
- Latin American Coal - Colombia
- Ind-Barath Power Infra Limited - India
- Global Business Power Corporation, Philippines
- Australian Coal Association
- Ministry of Transport, Egypt
- Coalindo Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- MS Steel International - UAE
- Minerals Council of Australia
- Meralco Power Generation, Philippines
- Commonwealth Bank - Australia
- Wood Mackenzie - Singapore
- Anglo American - United Kingdom
- Price Waterhouse Coopers - Russia
- Gujarat Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Salva Resources Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Parry Sugars Refinery, India
- Eastern Energy - Thailand
- Uttam Galva Steels Limited - India
- Independent Power Producers Association of India
- Orica Mining Services - Indonesia
- Borneo Indobara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indika Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Lanco Infratech Ltd - India
- Eastern Coal Council - USA
- Tata Chemicals Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- GVK Power & Infra Limited - India
- South Luzon Thermal Energy Corporation
- Asmin Koalindo Tuhup - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Deloitte Consulting - India
- Xindia Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Kalimantan Lumbung Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Agrawal Coal Company - India
- ASAPP Information Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Bangladesh Power Developement Board
- The State Trading Corporation of India Ltd
- Videocon Industries ltd - India
- Siam City Cement - Thailand
- Standard Chartered Bank - UAE
- SMG Consultants - Indonesia
- Heidelberg Cement - Germany
- Metalloyd Limited - United Kingdom
- Kideco Jaya Agung - Indonesia
- Mintek Dendrill Indonesia
- Renaissance Capital - South Africa
- Toyota Tsusho Corporation, Japan
- Binh Thuan Hamico - Vietnam
- Indo Tambangraya Megah - Indonesia
- Indonesian Coal Mining Association
- Samtan Co., Ltd - South Korea
- Jaiprakash Power Ventures ltd
- Port Waratah Coal Services - Australia
- Merrill Lynch Commodities Europe
- New Zealand Coal & Carbon
- Electricity Authority, New Zealand
- Ambuja Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Kaltim Prima Coal - Indonesia
- Kumho Petrochemical, South Korea
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Marubeni Corporation - India
- The Treasury - Australian Government
- Billiton Holdings Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Mercator Lines Limited - India
- Georgia Ports Authority, United States
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wilmar Investment Holdings
- Attock Cement Pakistan Limited
- Star Paper Mills Limited - India
- Economic Council, Georgia
- Sarangani Energy Corporation, Philippines
- Sical Logistics Limited - India
- Global Coal Blending Company Limited - Australia
- Dalmia Cement Bharat India
- Central Electricity Authority - India
- Mercuria Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Indogreen Group - Indonesia
- IEA Clean Coal Centre - UK
- Maharashtra Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Bharathi Cement Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Pendopo Energi Batubara - Indonesia
- ICICI Bank Limited - India
- Madhucon Powers Ltd - India
- Vizag Seaport Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Parliament of New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Meenaskhi Energy Private Limited - India
- Gujarat Sidhee Cement - India
- Baramulti Group, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Edison Trading Spa - Italy
- Central Java Power - Indonesia
- The University of Queensland
- Bukit Asam (Persero) Tbk - Indonesia
- Tamil Nadu electricity Board
- Karaikal Port Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Jorong Barutama Greston.PT - Indonesia
- Bhoruka Overseas - Indonesia
- SMC Global Power, Philippines
- Goldman Sachs - Singapore
- Coastal Gujarat Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Romanian Commodities Exchange
- Straits Asia Resources Limited - Singapore
- VISA Power Limited - India
- Energy Development Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Singapore Mercantile Exchange
- Siam City Cement PLC, Thailand
- Vijayanagar Sugar Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Medco Energi Mining Internasional
- PNOC Exploration Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Interocean Group of Companies - India
- Semirara Mining Corp, Philippines
- Cement Manufacturers Association - India
- Karbindo Abesyapradhi - Indoneisa
- Bulk Trading Sa - Switzerland
- Simpson Spence & Young - Indonesia
- CIMB Investment Bank - Malaysia
- Malabar Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- London Commodity Brokers - England
- Savvy Resources Ltd - HongKong
- Sree Jayajothi Cements Limited - India
- Vedanta Resources Plc - India
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