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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, 26 March 15
KYUSHU ELECTRIC POWER OF JAPAN HAS JOINED GLOBALCOAL ONLINE COAL TRADING PLATFORM
globalCOAL® announced today that Kyushu Electric Power, one of Japan’s largest utility companies, has joined its online coal trading plat ...
Wednesday, 25 March 15
MARKET INSIGHT: TANKER CHARTERING - KATERINA RESTIS
The 1st of January 2015, as broadly reported, denoted the beginning date of new and progressive emission regulations for vessels operating within t ...
Wednesday, 25 March 15
AUSTRALIA SET TO ONCE AGAIN BE THE WORLD'S LARGEST COAL EXPORTER - COAL, MINERALS COUNCIL OF AUSTRALIA
Greg Evans, Executive Director - Coal, Minerals Council of Australia
Media Release: The latest Resources and Energy Quarterly published by the ...
Wednesday, 25 March 15
AUSTRALIA UPSTREAM ENERGY FIRMS FACE RISING OIL PRICE EXPOSURE - FITCH
Fitch Ratings says the Australian oil and gas companies involved in exploration and production face higher exposure to oil price-linked revenues, w ...
Wednesday, 25 March 15
2014 : UK COAL IMPORTS DECLINED 17%; GERMANY COAL IMPORTS UP 6%
Hard Coal Market 2014: Despite The Energy Turnaround, Hard Coal Imports To Germany Rise By More Than 6%, Although Hard Coal-Fired Power Generation ...
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- South Luzon Thermal Energy Corporation
- Sinarmas Energy and Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Straits Asia Resources Limited - Singapore
- TeaM Sual Corporation - Philippines
- Xindia Steels Limited - India
- Independent Power Producers Association of India
- Lanco Infratech Ltd - India
- The University of Queensland
- PetroVietnam Power Coal Import and Supply Company
- Sindya Power Generating Company Private Ltd
- Bulk Trading Sa - Switzerland
- CNBM International Corporation - China
- Asmin Koalindo Tuhup - Indonesia
- Central Java Power - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Antam Resourcindo - Indonesia
- Riau Bara Harum - Indonesia
- Simpson Spence & Young - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Posco Energy - South Korea
- Bangladesh Power Developement Board
- IEA Clean Coal Centre - UK
- Therma Luzon, Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Aboitiz Power Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Georgia Ports Authority, United States
- Indika Energy - Indonesia
- Interocean Group of Companies - India
- Power Finance Corporation Ltd., India
- Wilmar Investment Holdings
- Coalindo Energy - Indonesia
- Star Paper Mills Limited - India
- Mercator Lines Limited - India
- Global Coal Blending Company Limited - Australia
- SMG Consultants - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Madhucon Powers Ltd - India
- Anglo American - United Kingdom
- Sree Jayajothi Cements Limited - India
- Parliament of New Zealand
- Kaltim Prima Coal - Indonesia
- Eastern Coal Council - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Uttam Galva Steels Limited - India
- Vizag Seaport Private Limited - India
- Global Business Power Corporation, Philippines
- Minerals Council of Australia
- India Bulls Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Maharashtra Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Chamber of Mines of South Africa
- Bhushan Steel Limited - India
- Standard Chartered Bank - UAE
- Siam City Cement PLC, Thailand
- Attock Cement Pakistan Limited
- Miang Besar Coal Terminal - Indonesia
- PowerSource Philippines DevCo
- Central Electricity Authority - India
- Chettinad Cement Corporation Ltd - India
- Orica Mining Services - Indonesia
- Borneo Indobara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Trasteel International SA, Italy
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- Binh Thuan Hamico - Vietnam
- Sakthi Sugars Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Meralco Power Generation, Philippines
- Agrawal Coal Company - India
- Australian Commodity Traders Exchange
- PTC India Limited - India
- GVK Power & Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Sical Logistics Limited - India
- Ceylon Electricity Board - Sri Lanka
- Bhoruka Overseas - Indonesia
- Altura Mining Limited, Indonesia
- Planning Commission, India
- Wood Mackenzie - Singapore
- IHS Mccloskey Coal Group - USA
- Salva Resources Pvt Ltd - India
- Marubeni Corporation - India
- Ministry of Finance - Indonesia
- Ministry of Transport, Egypt
- Meenaskhi Energy Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Tata Chemicals Ltd - India
- Medco Energi Mining Internasional
- Indian Energy Exchange, India
- Jaiprakash Power Ventures ltd
- Mercuria Energy - Indonesia
- Mintek Dendrill Indonesia
- Maheswari Brothers Coal Limited - India
- Ind-Barath Power Infra Limited - India
- Vedanta Resources Plc - India
- Indogreen Group - Indonesia
- LBH Netherlands Bv - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- London Commodity Brokers - England
- Orica Australia Pty. Ltd.
- Essar Steel Hazira Ltd - India
- Electricity Authority, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Pendopo Energi Batubara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Coal and Oil Company - UAE
- Coastal Gujarat Power Limited - India
- Intertek Mineral Services - Indonesia
- Rio Tinto Coal - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Holcim Trading Pte Ltd - Singapore
- International Coal Ventures Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- European Bulk Services B.V. - Netherlands
- Banpu Public Company Limited - Thailand
- Sarangani Energy Corporation, Philippines
- Bhatia International Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- AsiaOL BioFuels Corp., Philippines
- The Treasury - Australian Government
- Port Waratah Coal Services - Australia
- Renaissance Capital - South Africa
- CIMB Investment Bank - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- McConnell Dowell - Australia
- Samtan Co., Ltd - South Korea
- Edison Trading Spa - Italy
- Siam City Cement - Thailand
- Kapuas Tunggal Persada - Indonesia
- White Energy Company Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Baramulti Group, Indonesia
- Romanian Commodities Exchange
- Kepco SPC Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karaikal Port Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Energy Link Ltd, New Zealand
- Kartika Selabumi Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Gujarat Sidhee Cement - India
- Carbofer General Trading SA - India
- SMC Global Power, Philippines
- MS Steel International - UAE
- GMR Energy Limited - India
- Oldendorff Carriers - Singapore
- PNOC Exploration Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- ASAPP Information Group - India
- Indo Tambangraya Megah - Indonesia
- The State Trading Corporation of India Ltd
- Sojitz Corporation - Japan
- Latin American Coal - Colombia
- Aditya Birla Group - India
- Bukit Makmur.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Timah Investasi Mineral - Indoneisa
- Ministry of Mines - Canada
- Kalimantan Lumbung Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Goldman Sachs - Singapore
- Semirara Mining Corp, Philippines
- Thiess Contractors Indonesia
- Mjunction Services Limited - India
- Ambuja Cements Ltd - India
- Indian Oil Corporation Limited
- Price Waterhouse Coopers - Russia
- Neyveli Lignite Corporation Ltd, - India
- Bukit Baiduri Energy - Indonesia
- Australian Coal Association
- Eastern Energy - Thailand
- Grasim Industreis Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Iligan Light & Power Inc, Philippines
- Heidelberg Cement - Germany
- Commonwealth Bank - Australia
- Bayan Resources Tbk. - Indonesia
- Energy Development Corp, Philippines
- Dalmia Cement Bharat India
- Petron Corporation, Philippines
- Cement Manufacturers Association - India
- Makarim & Taira - Indonesia
- Videocon Industries ltd - India
- Singapore Mercantile Exchange
- Thai Mozambique Logistica
- Larsen & Toubro Limited - India
- Tamil Nadu electricity Board
- Economic Council, Georgia
- Parry Sugars Refinery, India
- Formosa Plastics Group - Taiwan
- San Jose City I Power Corp, Philippines
- Electricity Generating Authority of Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Indonesian Coal Mining Association
- Deloitte Consulting - India
- Merrill Lynch Commodities Europe
- Kobexindo Tractors - Indoneisa
- Savvy Resources Ltd - HongKong
- Global Green Power PLC Corporation, Philippines
- VISA Power Limited - India
- Malabar Cements Ltd - India
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