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