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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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Tuesday, 24 March 15
A WEAK WEEK FOR FOB INDONESIA COAL SWAP
COALspot.com: Indonesian coal swaps for delivery Q2' 2015 drop month on month and week over week.
The Q2 swap fell US$ 2.48 (5.12%) month ...
Tuesday, 24 March 15
RICHARDS BAY COAL SWAP FOR DELIVERY Q2 CLOSED $ 1.87 HIGHER COMPARED TO Q3 CLOSING PRICE
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q2' 2015 declined month over month and week on week.
The Q2 swap has dropped U ...
Tuesday, 24 March 15
ARGUS MEDITERRANEAN SOLID FUELS 2015 CONFERENCE | 2-3 JUNE, ISTANBUL
Press Release: Argus Media is proud to announce Argus Mediterranean Solid Fuels, which will be held in Istanbul,on 2-3February.
Argus produces ...
Monday, 23 March 15
IS OIL GETTING READY TO PLUNGE BELOW $40? - FORBES
KNOWLEDGE TO ELEVATE
In my last crude oil market update in late-February, I expressed my skepticism toward the oil price rebound. Since then, ...
Monday, 23 March 15
Q4' 2015 FOB NEWCASTLE COAL SWAPS DECLINED 6.79% M-O-M; 2.55% W-O-W
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery declined US$ 3.42 per MT (-6.33%) month over month and US$ 1.37 (-2.77%) we ...
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- Kaltim Prima Coal - Indonesia
- The University of Queensland
- Chettinad Cement Corporation Ltd - India
- SN Aboitiz Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Interocean Group of Companies - India
- Globalindo Alam Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Ministry of Transport, Egypt
- South Luzon Thermal Energy Corporation
- Sical Logistics Limited - India
- Rashtriya Ispat Nigam Limited - India
- Petron Corporation, Philippines
- Rio Tinto Coal - Australia
- Australian Coal Association
- Independent Power Producers Association of India
- Samtan Co., Ltd - South Korea
- Indogreen Group - Indonesia
- Kumho Petrochemical, South Korea
- Barasentosa Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- Vijayanagar Sugar Pvt Ltd - India
- Madhucon Powers Ltd - India
- Dalmia Cement Bharat India
- Bhoruka Overseas - Indonesia
- Marubeni Corporation - India
- Bhatia International Limited - India
- PowerSource Philippines DevCo
- Sarangani Energy Corporation, Philippines
- Minerals Council of Australia
- Simpson Spence & Young - Indonesia
- Indian Oil Corporation Limited
- Neyveli Lignite Corporation Ltd, - India
- Coalindo Energy - Indonesia
- Trasteel International SA, Italy
- Petrochimia International Co. Ltd.- Taiwan
- Sree Jayajothi Cements Limited - India
- Coal and Oil Company - UAE
- Attock Cement Pakistan Limited
- Binh Thuan Hamico - Vietnam
- Bangladesh Power Developement Board
- CIMB Investment Bank - Malaysia
- Iligan Light & Power Inc, Philippines
- CNBM International Corporation - China
- Malabar Cements Ltd - India
- Romanian Commodities Exchange
- Bayan Resources Tbk. - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Manunggal Multi Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Power Finance Corporation Ltd., India
- Merrill Lynch Commodities Europe
- The Treasury - Australian Government
- Bhushan Steel Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Larsen & Toubro Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pendopo Energi Batubara - Indonesia
- Jaiprakash Power Ventures ltd
- Lanco Infratech Ltd - India
- Borneo Indobara - Indonesia
- SMC Global Power, Philippines
- Riau Bara Harum - Indonesia
- Commonwealth Bank - Australia
- Posco Energy - South Korea
- Sindya Power Generating Company Private Ltd
- Ind-Barath Power Infra Limited - India
- Mintek Dendrill Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Eastern Energy - Thailand
- GVK Power & Infra Limited - India
- Jindal Steel & Power Ltd - India
- Global Business Power Corporation, Philippines
- Mjunction Services Limited - India
- Planning Commission, India
- Vizag Seaport Private Limited - India
- Eastern Coal Council - USA
- Wilmar Investment Holdings
- Thiess Contractors Indonesia
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Metalloyd Limited - United Kingdom
- New Zealand Coal & Carbon
- Carbofer General Trading SA - India
- Parry Sugars Refinery, India
- Asmin Koalindo Tuhup - Indonesia
- Indian Energy Exchange, India
- Africa Commodities Group - South Africa
- Mercator Lines Limited - India
- Electricity Authority, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Billiton Holdings Pty Ltd - Australia
- Heidelberg Cement - Germany
- Ministry of Finance - Indonesia
- Energy Development Corp, Philippines
- Electricity Generating Authority of Thailand
- Georgia Ports Authority, United States
- Aditya Birla Group - India
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Makarim & Taira - Indonesia
- Oldendorff Carriers - Singapore
- Sojitz Corporation - Japan
- Bharathi Cement Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Salva Resources Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- LBH Netherlands Bv - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- TeaM Sual Corporation - Philippines
- Semirara Mining Corp, Philippines
- SMG Consultants - Indonesia
- Altura Mining Limited, Indonesia
- Edison Trading Spa - Italy
- Miang Besar Coal Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Tata Chemicals Ltd - India
- Siam City Cement PLC, Thailand
- PNOC Exploration Corporation - Philippines
- Wood Mackenzie - Singapore
- ICICI Bank Limited - India
- Bulk Trading Sa - Switzerland
- Chamber of Mines of South Africa
- GMR Energy Limited - India
- IHS Mccloskey Coal Group - USA
- Meralco Power Generation, Philippines
- Therma Luzon, Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Star Paper Mills Limited - India
- Baramulti Group, Indonesia
- Latin American Coal - Colombia
- Australian Commodity Traders Exchange
- GAC Shipping (India) Pvt Ltd
- Kepco SPC Power Corporation, Philippines
- Ministry of Mines - Canada
- Deloitte Consulting - India
- PTC India Limited - India
- Semirara Mining and Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- MS Steel International - UAE
- Ambuja Cements Ltd - India
- Siam City Cement - Thailand
- Cement Manufacturers Association - India
- Sakthi Sugars Limited - India
- Toyota Tsusho Corporation, Japan
- Economic Council, Georgia
- ASAPP Information Group - India
- Gujarat Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Agrawal Coal Company - India
- San Jose City I Power Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- India Bulls Power Limited - India
- Anglo American - United Kingdom
- Indika Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Timah Investasi Mineral - Indoneisa
- White Energy Company Limited
- Central Electricity Authority - India
- Global Coal Blending Company Limited - Australia
- Indonesian Coal Mining Association
- Standard Chartered Bank - UAE
- Holcim Trading Pte Ltd - Singapore
- VISA Power Limited - India
- Orica Australia Pty. Ltd.
- Singapore Mercantile Exchange
- Tamil Nadu electricity Board
- Gujarat Mineral Development Corp Ltd - India
- McConnell Dowell - Australia
- AsiaOL BioFuels Corp., Philippines
- London Commodity Brokers - England
- Ceylon Electricity Board - Sri Lanka
- Orica Mining Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Renaissance Capital - South Africa
- Xindia Steels Limited - India
- Price Waterhouse Coopers - Russia
- Kobexindo Tractors - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- OPG Power Generation Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Meenaskhi Energy Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Central Java Power - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indo Tambangraya Megah - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Sidhee Cement - India
- Goldman Sachs - Singapore
- Essar Steel Hazira Ltd - India
- Mercuria Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Parliament of New Zealand
- Antam Resourcindo - Indonesia
- Kideco Jaya Agung - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Videocon Industries ltd - India
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- Vedanta Resources Plc - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Energy Link Ltd, New Zealand
- GN Power Mariveles Coal Plant, Philippines
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