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