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