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