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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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Saturday, 28 March 15
THE DRY BULK FLEET AT BREAKING POINT - CLARKSONS
The severe oversupply in the bulkcarrier fleet has contributed to the current trough in the dry bulk market, putting considerable financial pressur ...
Friday, 27 March 15
INDONESIA: NEW REGULATION REQUIRES LETTER OF CREDIT FOR EXPORT OF PRODUCTS FROM NATURAL RESOURCES
The Minister of Trade issued Ministerial Regulation No. 04/M-DAG/PER/1/2015 (“Regulation No. 4/2015”) on 5 January 2015. Regulati ...
Friday, 27 March 15
WEEKLY U.S COAL OUTPUT FALLS 1.7% W-W; 7.9% Y-Y
COALspot.com – United States the world's one of the largest coal producers, produced approximately totaled an estimated 18.2 million ...
Thursday, 26 March 15
CHINA IRON ORE IMPORT FOR THE FIRST 2 MONTHS DECLINED BY 1.2 % Y-O-Y; PANAMAX AUSSIE/CHINA ROUNDS BEING FIXED IN THE $4 -5K RANGE - FEARNLEYS
Handy
There has been more activity in both hemispheres this week. Especially the USG market has picked up with more cargoes for prompter dates en ...
Thursday, 26 March 15
RATES FOR THE SMALLER SIZE SEGMENT CONTINUED TO IMPROVE LAST WEEK - INTERMODAL
To see green across the board is a rare occurrence in the Dry Bulk market nowadays and while the upside in which last week closed off is not of the ...
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- Marubeni Corporation - India
- Coalindo Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- PTC India Limited - India
- Goldman Sachs - Singapore
- Eastern Energy - Thailand
- Australian Coal Association
- Semirara Mining Corp, Philippines
- Savvy Resources Ltd - HongKong
- OPG Power Generation Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Ind-Barath Power Infra Limited - India
- Mercuria Energy - Indonesia
- VISA Power Limited - India
- Xindia Steels Limited - India
- Interocean Group of Companies - India
- Krishnapatnam Port Company Ltd. - India
- San Jose City I Power Corp, Philippines
- Makarim & Taira - Indonesia
- Chettinad Cement Corporation Ltd - India
- Karaikal Port Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CNBM International Corporation - China
- Videocon Industries ltd - India
- Attock Cement Pakistan Limited
- Kapuas Tunggal Persada - Indonesia
- Borneo Indobara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- ASAPP Information Group - India
- Tata Chemicals Ltd - India
- Australian Commodity Traders Exchange
- The State Trading Corporation of India Ltd
- Asmin Koalindo Tuhup - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
- Vedanta Resources Plc - India
- Sojitz Corporation - Japan
- Altura Mining Limited, Indonesia
- Port Waratah Coal Services - Australia
- Thai Mozambique Logistica
- Uttam Galva Steels Limited - India
- IHS Mccloskey Coal Group - USA
- SMG Consultants - Indonesia
- Ambuja Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Agrawal Coal Company - India
- Standard Chartered Bank - UAE
- Siam City Cement PLC, Thailand
- Bhatia International Limited - India
- Gujarat Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Malabar Cements Ltd - India
- Minerals Council of Australia
- Independent Power Producers Association of India
- Meenaskhi Energy Private Limited - India
- Sindya Power Generating Company Private Ltd
- TeaM Sual Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bangladesh Power Developement Board
- Edison Trading Spa - Italy
- Power Finance Corporation Ltd., India
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Mines - Canada
- Grasim Industreis Ltd - India
- Kobexindo Tractors - Indoneisa
- Electricity Generating Authority of Thailand
- GN Power Mariveles Coal Plant, Philippines
- Tamil Nadu electricity Board
- Indogreen Group - Indonesia
- Trasteel International SA, Italy
- Energy Link Ltd, New Zealand
- Mintek Dendrill Indonesia
- GMR Energy Limited - India
- Medco Energi Mining Internasional
- Kartika Selabumi Mining - Indonesia
- Sakthi Sugars Limited - India
- Globalindo Alam Lestari - Indonesia
- London Commodity Brokers - England
- Anglo American - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Chamber of Mines of South Africa
- Bukit Baiduri Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Oldendorff Carriers - Singapore
- Sarangani Energy Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Metalloyd Limited - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Indo Tambangraya Megah - Indonesia
- Central Java Power - Indonesia
- Larsen & Toubro Limited - India
- Siam City Cement - Thailand
- Indonesian Coal Mining Association
- Rashtriya Ispat Nigam Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Vijayanagar Sugar Pvt Ltd - India
- Planning Commission, India
- Sinarmas Energy and Mining - Indonesia
- Parliament of New Zealand
- Kideco Jaya Agung - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Star Paper Mills Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Mjunction Services Limited - India
- Riau Bara Harum - Indonesia
- Deloitte Consulting - India
- Leighton Contractors Pty Ltd - Australia
- Latin American Coal - Colombia
- Directorate Of Revenue Intelligence - India
- SMC Global Power, Philippines
- The Treasury - Australian Government
- Economic Council, Georgia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sical Logistics Limited - India
- Antam Resourcindo - Indonesia
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- Simpson Spence & Young - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bhushan Steel Limited - India
- Heidelberg Cement - Germany
- Billiton Holdings Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Bulk Trading Sa - Switzerland
- Central Electricity Authority - India
- Indian Oil Corporation Limited
- CIMB Investment Bank - Malaysia
- Indian Energy Exchange, India
- Global Coal Blending Company Limited - Australia
- Timah Investasi Mineral - Indoneisa
- Bhoruka Overseas - Indonesia
- MS Steel International - UAE
- GAC Shipping (India) Pvt Ltd
- Petron Corporation, Philippines
- Parry Sugars Refinery, India
- Coastal Gujarat Power Limited - India
- India Bulls Power Limited - India
- Bukit Makmur.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Maheswari Brothers Coal Limited - India
- Directorate General of MIneral and Coal - Indonesia
- New Zealand Coal & Carbon
- Maharashtra Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Commonwealth Bank - Australia
- LBH Netherlands Bv - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Lanco Infratech Ltd - India
- Romanian Commodities Exchange
- Orica Mining Services - Indonesia
- Global Business Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Aditya Birla Group - India
- McConnell Dowell - Australia
- Therma Luzon, Inc, Philippines
- Thiess Contractors Indonesia
- Merrill Lynch Commodities Europe
- Bharathi Cement Corporation - India
- White Energy Company Limited
- Barasentosa Lestari - Indonesia
- Singapore Mercantile Exchange
- Mercator Lines Limited - India
- Georgia Ports Authority, United States
- Samtan Co., Ltd - South Korea
- GVK Power & Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Sree Jayajothi Cements Limited - India
- Ministry of Transport, Egypt
- Holcim Trading Pte Ltd - Singapore
- Miang Besar Coal Terminal - Indonesia
- Coal and Oil Company - UAE
- Posco Energy - South Korea
- Straits Asia Resources Limited - Singapore
- ICICI Bank Limited - India
- Rio Tinto Coal - Australia
- Semirara Mining and Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Indika Energy - Indonesia
- Kumho Petrochemical, South Korea
- PowerSource Philippines DevCo
- Jorong Barutama Greston.PT - Indonesia
- Jindal Steel & Power Ltd - India
- The University of Queensland
- Baramulti Group, Indonesia
- Energy Development Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Renaissance Capital - South Africa
- Cement Manufacturers Association - India
- Banpu Public Company Limited - Thailand
- Africa Commodities Group - South Africa
- Iligan Light & Power Inc, Philippines
- Wilmar Investment Holdings
- Eastern Coal Council - USA
- Meralco Power Generation, Philippines
- Carbofer General Trading SA - India
- Aboitiz Power Corporation - Philippines
- Dalmia Cement Bharat India
- Cigading International Bulk Terminal - Indonesia
- Ministry of Finance - Indonesia
- Gujarat Sidhee Cement - India
- Vizag Seaport Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- AsiaOL BioFuels Corp., Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Binh Thuan Hamico - Vietnam
- Global Green Power PLC Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Salva Resources Pvt Ltd - India
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