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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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Monday, 23 March 15
CFR SOUTH CHINA COAL SWAP: Q3 DELIVERY HAS FALLEN 7.93% MONTH-ON-MONTH
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery declined US$ 4.09 (-7.06%) per MT month over month and US$ 2.00 (-3 ...
Monday, 23 March 15
SEABORNE WORLD COAL TRADE: GROWTH +5% - GERMAN COAL IMPORTER ASSOCIATION
Hard Coal Market 2014: Despite The Energy Turnaround, Hard Coal Imports To Germany Rise By More Than 6%, Although Hard Coal-Fired Power Generation ...
Sunday, 22 March 15
DRY BULK RATES CONTINUED TO RISE THIS WEEK
COALspot.com: The freight market was steady this week as all the segments increased after many weeks of weak trend.
The Baltic Dry Index (BDI) ...
Friday, 20 March 15
HARD COAL MARKET 2014: DESPITE THE ENERGY TURNAROUND, HARD COAL IMPORTS TO GERMANY RISE BY MORE THAN 6% (PART 1)
Hard Coal Market 2014: Despite The Energy Turnaround, Hard Coal Imports To Germany Rise By More Than 6%, Although Hard Coal-Fired Power Generation ...
Friday, 20 March 15
U.S. WEEKLY COAL PRODUCTION SHOWS 5.9% INCREASE WEEK OVER WEEK - EIA
COALspot.com – United States the world's one of the largest coal producers, produced approximately 18.5 million short tons (mmst) of coal ...
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- Indogreen Group - Indonesia
- Jindal Steel & Power Ltd - India
- Videocon Industries ltd - India
- White Energy Company Limited
- Salva Resources Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Global Business Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Electricity Authority, New Zealand
- Coal and Oil Company - UAE
- Ministry of Transport, Egypt
- South Luzon Thermal Energy Corporation
- Petrochimia International Co. Ltd.- Taiwan
- The Treasury - Australian Government
- Medco Energi Mining Internasional
- Timah Investasi Mineral - Indoneisa
- GVK Power & Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Kideco Jaya Agung - Indonesia
- Straits Asia Resources Limited - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Electricity Generating Authority of Thailand
- Barasentosa Lestari - Indonesia
- Carbofer General Trading SA - India
- Africa Commodities Group - South Africa
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- Bharathi Cement Corporation - India
- Ministry of Mines - Canada
- Maharashtra Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Binh Thuan Hamico - Vietnam
- CIMB Investment Bank - Malaysia
- IHS Mccloskey Coal Group - USA
- Anglo American - United Kingdom
- Antam Resourcindo - Indonesia
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- Indonesian Coal Mining Association
- Samtan Co., Ltd - South Korea
- Leighton Contractors Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Bayan Resources Tbk. - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Asia Pacific Energy Resources Ventures Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Bulk Trading Sa - Switzerland
- Therma Luzon, Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Kohat Cement Company Ltd. - Pakistan
- Jaiprakash Power Ventures ltd
- Kaltim Prima Coal - Indonesia
- Minerals Council of Australia
- Ministry of Finance - Indonesia
- Gujarat Sidhee Cement - India
- Chamber of Mines of South Africa
- Wood Mackenzie - Singapore
- Makarim & Taira - Indonesia
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- Toyota Tsusho Corporation, Japan
- Global Coal Blending Company Limited - Australia
- Alfred C Toepfer International GmbH - Germany
- Sical Logistics Limited - India
- Interocean Group of Companies - India
- Star Paper Mills Limited - India
- Krishnapatnam Port Company Ltd. - India
- Kepco SPC Power Corporation, Philippines
- Heidelberg Cement - Germany
- Kobexindo Tractors - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Xindia Steels Limited - India
- Economic Council, Georgia
- Global Green Power PLC Corporation, Philippines
- London Commodity Brokers - England
- India Bulls Power Limited - India
- Lanco Infratech Ltd - India
- San Jose City I Power Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Sojitz Corporation - Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- PNOC Exploration Corporation - Philippines
- Rio Tinto Coal - Australia
- Semirara Mining and Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Globalindo Alam Lestari - Indonesia
- Australian Coal Association
- Iligan Light & Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Sindya Power Generating Company Private Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Bhatia International Limited - India
- Coastal Gujarat Power Limited - India
- Ambuja Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Coalindo Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dalmia Cement Bharat India
- Indika Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- ASAPP Information Group - India
- Banpu Public Company Limited - Thailand
- SMG Consultants - Indonesia
- OPG Power Generation Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Standard Chartered Bank - UAE
- Marubeni Corporation - India
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- European Bulk Services B.V. - Netherlands
- PTC India Limited - India
- Orica Mining Services - Indonesia
- Bangladesh Power Developement Board
- Maheswari Brothers Coal Limited - India
- Indian Energy Exchange, India
- Thai Mozambique Logistica
- SMC Global Power, Philippines
- Parry Sugars Refinery, India
- ICICI Bank Limited - India
- Commonwealth Bank - Australia
- Tamil Nadu electricity Board
- New Zealand Coal & Carbon
- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
- Australian Commodity Traders Exchange
- Neyveli Lignite Corporation Ltd, - India
- Power Finance Corporation Ltd., India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Goldman Sachs - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Madhucon Powers Ltd - India
- Indo Tambangraya Megah - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Cement Manufacturers Association - India
- Kalimantan Lumbung Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Larsen & Toubro Limited - India
- GMR Energy Limited - India
- International Coal Ventures Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Central Java Power - Indonesia
- Pendopo Energi Batubara - Indonesia
- Posco Energy - South Korea
- Simpson Spence & Young - Indonesia
- Grasim Industreis Ltd - India
- Singapore Mercantile Exchange
- Georgia Ports Authority, United States
- Indian Oil Corporation Limited
- Bhushan Steel Limited - India
- Renaissance Capital - South Africa
- Wilmar Investment Holdings
- IEA Clean Coal Centre - UK
- Mercuria Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Vedanta Resources Plc - India
- Tata Chemicals Ltd - India
- Directorate Of Revenue Intelligence - India
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Price Waterhouse Coopers - Russia
- VISA Power Limited - India
- Port Waratah Coal Services - Australia
- Romanian Commodities Exchange
- Kartika Selabumi Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Trasteel International SA, Italy
- Attock Cement Pakistan Limited
- Latin American Coal - Colombia
- Bhoruka Overseas - Indonesia
- Independent Power Producers Association of India
- Formosa Plastics Group - Taiwan
- Sarangani Energy Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PowerSource Philippines DevCo
- Intertek Mineral Services - Indonesia
- CNBM International Corporation - China
- MS Steel International - UAE
- Borneo Indobara - Indonesia
- Eastern Coal Council - USA
- Malabar Cements Ltd - India
- Central Electricity Authority - India
- TeaM Sual Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- SN Aboitiz Power Inc, Philippines
- Planning Commission, India
- Mjunction Services Limited - India
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Thiess Contractors Indonesia
- Parliament of New Zealand
- Vizag Seaport Private Limited - India
- Energy Development Corp, Philippines
- Petron Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Uttam Galva Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- The University of Queensland
- Eastern Energy - Thailand
- Kumho Petrochemical, South Korea
- Meenaskhi Energy Private Limited - India
- McConnell Dowell - Australia
- Energy Link Ltd, New Zealand
- Siam City Cement PLC, Thailand
- Rashtriya Ispat Nigam Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Agrawal Coal Company - India
- Orica Australia Pty. Ltd.
- Mintek Dendrill Indonesia
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