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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, 19 March 15
HANDY: INDO COAL CARGOS DESTINED FOR INDIA BEING FIXED IN REGION OF $ 7-8K - FEARNLEYS
Handy
The Handy and Supra market has had a week with mixed signals. Although we see more activity in both hemispheres the rates are only up about ...
Thursday, 19 March 15
INDONESIAN COAL BENCHMARK SOAR 7.69% IN MARCH....!!!
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised up Indonesian coal benchmark prices to US$ 67.76 per MT in March ...
Wednesday, 18 March 15
AVERAGE RATE FOR CAPES MOVED TO BELOW $ 4K/DAY LAST WEEK - INTERMODAL
COALspot.com: The even heavier losses noted in the Capesize segment last week, denied the Dry Bulk market a third weekly positive, while the smalle ...
Wednesday, 18 March 15
CHINA-OWNED SHIPS: A RAPID RISE TO BECOME ONE OF THE WORLD'S LARGEST FLEETS - RICHARD SCOTT
Ships operated by owners based in China have become increasingly prominent on the world’s sea routes. China-owned container ships, bulk carri ...
Wednesday, 18 March 15
Q2 INDONESIAN COAL SWAP DROP 1.45% M-O-M; GAIN 0.63% W-O-W
COALspot.com: Indonesian coal swaps for delivery Q2' 2015 drop month on month and gained week over week.
The Q2 swap fell US$ 0.70 (1.45%) ...
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- Ministry of Finance - Indonesia
- Indika Energy - Indonesia
- Standard Chartered Bank - UAE
- South Luzon Thermal Energy Corporation
- PNOC Exploration Corporation - Philippines
- Commonwealth Bank - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Independent Power Producers Association of India
- Kalimantan Lumbung Energi - Indonesia
- ICICI Bank Limited - India
- Merrill Lynch Commodities Europe
- Miang Besar Coal Terminal - Indonesia
- Electricity Authority, New Zealand
- Tamil Nadu electricity Board
- PowerSource Philippines DevCo
- Timah Investasi Mineral - Indoneisa
- Bhatia International Limited - India
- Savvy Resources Ltd - HongKong
- Sical Logistics Limited - India
- Thai Mozambique Logistica
- Sakthi Sugars Limited - India
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Banpu Public Company Limited - Thailand
- Altura Mining Limited, Indonesia
- Central Electricity Authority - India
- Kobexindo Tractors - Indoneisa
- SMG Consultants - Indonesia
- Meenaskhi Energy Private Limited - India
- Parliament of New Zealand
- Meralco Power Generation, Philippines
- Coalindo Energy - Indonesia
- Economic Council, Georgia
- Romanian Commodities Exchange
- Eastern Coal Council - USA
- Parry Sugars Refinery, India
- San Jose City I Power Corp, Philippines
- Coal and Oil Company - UAE
- Edison Trading Spa - Italy
- Singapore Mercantile Exchange
- Siam City Cement PLC, Thailand
- Uttam Galva Steels Limited - India
- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Orica Mining Services - Indonesia
- Energy Link Ltd, New Zealand
- Georgia Ports Authority, United States
- Neyveli Lignite Corporation Ltd, - India
- Globalindo Alam Lestari - Indonesia
- Lanco Infratech Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bulk Trading Sa - Switzerland
- The Treasury - Australian Government
- Posco Energy - South Korea
- Kartika Selabumi Mining - Indonesia
- Simpson Spence & Young - Indonesia
- SN Aboitiz Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Krishnapatnam Port Company Ltd. - India
- PetroVietnam Power Coal Import and Supply Company
- Karaikal Port Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Indonesian Coal Mining Association
- Billiton Holdings Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Borneo Indobara - Indonesia
- Videocon Industries ltd - India
- CIMB Investment Bank - Malaysia
- Holcim Trading Pte Ltd - Singapore
- The University of Queensland
- Sree Jayajothi Cements Limited - India
- Chamber of Mines of South Africa
- Star Paper Mills Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Deloitte Consulting - India
- Latin American Coal - Colombia
- Vedanta Resources Plc - India
- Barasentosa Lestari - Indonesia
- Tata Chemicals Ltd - India
- Electricity Generating Authority of Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercuria Energy - Indonesia
- ASAPP Information Group - India
- TeaM Sual Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Energy Development Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Binh Thuan Hamico - Vietnam
- SMC Global Power, Philippines
- Ministry of Transport, Egypt
- McConnell Dowell - Australia
- Global Green Power PLC Corporation, Philippines
- White Energy Company Limited
- Africa Commodities Group - South Africa
- London Commodity Brokers - England
- Trasteel International SA, Italy
- Grasim Industreis Ltd - India
- Bukit Makmur.PT - Indonesia
- Central Java Power - Indonesia
- PTC India Limited - India
- Antam Resourcindo - Indonesia
- Price Waterhouse Coopers - Russia
- Maheswari Brothers Coal Limited - India
- Indian Oil Corporation Limited
- VISA Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Renaissance Capital - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Ambuja Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- GMR Energy Limited - India
- Planning Commission, India
- Iligan Light & Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Metalloyd Limited - United Kingdom
- IHS Mccloskey Coal Group - USA
- Gujarat Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Bharathi Cement Corporation - India
- Bangladesh Power Developement Board
- Ministry of Mines - Canada
- Bhoruka Overseas - Indonesia
- International Coal Ventures Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Toyota Tsusho Corporation, Japan
- Vizag Seaport Private Limited - India
- Baramulti Group, Indonesia
- Therma Luzon, Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Rashtriya Ispat Nigam Limited - India
- LBH Netherlands Bv - Netherlands
- Xindia Steels Limited - India
- Anglo American - United Kingdom
- Salva Resources Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Jaiprakash Power Ventures ltd
- Thiess Contractors Indonesia
- Larsen & Toubro Limited - India
- Madhucon Powers Ltd - India
- Global Coal Blending Company Limited - Australia
- Petron Corporation, Philippines
- Mercator Lines Limited - India
- Port Waratah Coal Services - Australia
- Medco Energi Mining Internasional
- Bayan Resources Tbk. - Indonesia
- Cement Manufacturers Association - India
- Power Finance Corporation Ltd., India
- Heidelberg Cement - Germany
- Kapuas Tunggal Persada - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GN Power Mariveles Coal Plant, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Goldman Sachs - Singapore
- Australian Coal Association
- Carbofer General Trading SA - India
- Malabar Cements Ltd - India
- IEA Clean Coal Centre - UK
- Bahari Cakrawala Sebuku - Indonesia
- Mintek Dendrill Indonesia
- Formosa Plastics Group - Taiwan
- Siam City Cement - Thailand
- Kaltim Prima Coal - Indonesia
- CNBM International Corporation - China
- Kideco Jaya Agung - Indonesia
- The State Trading Corporation of India Ltd
- Agrawal Coal Company - India
- Marubeni Corporation - India
- Indian Energy Exchange, India
- Kumho Petrochemical, South Korea
- Wilmar Investment Holdings
- Jindal Steel & Power Ltd - India
- Manunggal Multi Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Indogreen Group - Indonesia
- Rio Tinto Coal - Australia
- Alfred C Toepfer International GmbH - Germany
- Sindya Power Generating Company Private Ltd
- Makarim & Taira - Indonesia
- Dalmia Cement Bharat India
- Orica Australia Pty. Ltd.
- Straits Asia Resources Limited - Singapore
- Coastal Gujarat Power Limited - India
- Interocean Group of Companies - India
- Sojitz Corporation - Japan
- Kohat Cement Company Ltd. - Pakistan
- AsiaOL BioFuels Corp., Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Indo Tambangraya Megah - Indonesia
- Australian Commodity Traders Exchange
- Aditya Birla Group - India
- Bhushan Steel Limited - India
- GVK Power & Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Gujarat Sidhee Cement - India
- Attock Cement Pakistan Limited
- GAC Shipping (India) Pvt Ltd
- Mjunction Services Limited - India
- Wood Mackenzie - Singapore
- Sarangani Energy Corporation, Philippines
- MS Steel International - UAE
- Ind-Barath Power Infra Limited - India
- Samtan Co., Ltd - South Korea
- India Bulls Power Limited - India
- New Zealand Coal & Carbon
- Eastern Energy - Thailand
- Ceylon Electricity Board - Sri Lanka
- Vijayanagar Sugar Pvt Ltd - India
- Minerals Council of Australia
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