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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, 17 March 15
GAS TO CHALLENGE COAL IN THE ASIAN POWER GENERATION MIX - WOOD MACKENZIE
KNOWLEDGE TO ELEVATE
Wood Mackenzie says that coal is facing increasing competition from gas in the power sector. Coal has dominated as the fu ...
Tuesday, 17 March 15
RIO TINTO PAID US$ 7.1 BILLION IN TAXES IN 2014
COALspot.com: Rio Tinto has published its latest Taxes paid report, detailing the US$7.1 billion in taxes paid by the company around the world in 2 ...
Tuesday, 17 March 15
NEARLY 17% OF US COAL PRODUCTION UNECONOMIC AT CURRENT MARKET PRICING - WOOD MACKENZIE
COALspot.com: Close to 17% of forecast 2015 US coal production is at risk of idling or closure, totalling 162 million short tons (Mst), as these mi ...
Tuesday, 17 March 15
Q3' SA COAL SWAP CLOSED $57.30 PMT W/E 13 MARCH
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q2' 2015 declined month over month and gained week on week.
The Q2 swap has fe ...
Monday, 16 March 15
MAKING THE WORLD GO ROUND - SEABORNE TRADE! - CLARKSONS
Money, or even love if you prefer, are claimed to make the world go round. For the shipping world, however, it’s trade that sets things spinn ...
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- TNB Fuel Sdn Bhd - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Bharathi Cement Corporation - India
- Vedanta Resources Plc - India
- Petron Corporation, Philippines
- Port Waratah Coal Services - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
- Indika Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Carbofer General Trading SA - India
- Thai Mozambique Logistica
- Kumho Petrochemical, South Korea
- Minerals Council of Australia
- Economic Council, Georgia
- Cigading International Bulk Terminal - Indonesia
- Dalmia Cement Bharat India
- Indogreen Group - Indonesia
- Indian Oil Corporation Limited
- Indian Energy Exchange, India
- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- Sojitz Corporation - Japan
- Baramulti Group, Indonesia
- Sree Jayajothi Cements Limited - India
- Sarangani Energy Corporation, Philippines
- Gujarat Sidhee Cement - India
- GN Power Mariveles Coal Plant, Philippines
- Leighton Contractors Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining Corp, Philippines
- Cement Manufacturers Association - India
- Trasteel International SA, Italy
- White Energy Company Limited
- Bukit Baiduri Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Videocon Industries ltd - India
- Aboitiz Power Corporation - Philippines
- India Bulls Power Limited - India
- Ministry of Transport, Egypt
- The Treasury - Australian Government
- Global Green Power PLC Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indonesian Coal Mining Association
- Kartika Selabumi Mining - Indonesia
- Lanco Infratech Ltd - India
- Orica Mining Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mintek Dendrill Indonesia
- Directorate Of Revenue Intelligence - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Standard Chartered Bank - UAE
- Africa Commodities Group - South Africa
- Bukit Makmur.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Orica Australia Pty. Ltd.
- OPG Power Generation Pvt Ltd - India
- PowerSource Philippines DevCo
- Madhucon Powers Ltd - India
- Independent Power Producers Association of India
- Semirara Mining and Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Pendopo Energi Batubara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Deloitte Consulting - India
- Heidelberg Cement - Germany
- Commonwealth Bank - Australia
- Barasentosa Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Jindal Steel & Power Ltd - India
- Edison Trading Spa - Italy
- Antam Resourcindo - Indonesia
- Xindia Steels Limited - India
- Bhushan Steel Limited - India
- Ministry of Finance - Indonesia
- Jaiprakash Power Ventures ltd
- Wilmar Investment Holdings
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Mercuria Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Timah Investasi Mineral - Indoneisa
- Sical Logistics Limited - India
- Bhatia International Limited - India
- Power Finance Corporation Ltd., India
- Kideco Jaya Agung - Indonesia
- Globalindo Alam Lestari - Indonesia
- SMG Consultants - Indonesia
- European Bulk Services B.V. - Netherlands
- Romanian Commodities Exchange
- Agrawal Coal Company - India
- Ambuja Cements Ltd - India
- ICICI Bank Limited - India
- Wood Mackenzie - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Attock Cement Pakistan Limited
- Ind-Barath Power Infra Limited - India
- Global Business Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- Bulk Trading Sa - Switzerland
- Maheswari Brothers Coal Limited - India
- Interocean Group of Companies - India
- Global Coal Blending Company Limited - Australia
- Jorong Barutama Greston.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Electricity Authority, New Zealand
- Bangladesh Power Developement Board
- Merrill Lynch Commodities Europe
- Goldman Sachs - Singapore
- Parliament of New Zealand
- MS Steel International - UAE
- Kalimantan Lumbung Energi - Indonesia
- Aditya Birla Group - India
- Marubeni Corporation - India
- International Coal Ventures Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Parry Sugars Refinery, India
- Australian Coal Association
- South Luzon Thermal Energy Corporation
- Samtan Co., Ltd - South Korea
- Miang Besar Coal Terminal - Indonesia
- Central Java Power - Indonesia
- Uttam Galva Steels Limited - India
- Altura Mining Limited, Indonesia
- Mjunction Services Limited - India
- Manunggal Multi Energi - Indonesia
- Energy Link Ltd, New Zealand
- Thiess Contractors Indonesia
- Siam City Cement PLC, Thailand
- Maharashtra Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Singapore Mercantile Exchange
- Georgia Ports Authority, United States
- CIMB Investment Bank - Malaysia
- Sakthi Sugars Limited - India
- Planning Commission, India
- Kapuas Tunggal Persada - Indonesia
- Therma Luzon, Inc, Philippines
- Tamil Nadu electricity Board
- Karbindo Abesyapradhi - Indoneisa
- Toyota Tsusho Corporation, Japan
- Kepco SPC Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Holcim Trading Pte Ltd - Singapore
- McConnell Dowell - Australia
- Meenaskhi Energy Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Karaikal Port Pvt Ltd - India
- GVK Power & Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Mercator Lines Limited - India
- AsiaOL BioFuels Corp., Philippines
- Gujarat Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Petrochimia International Co. Ltd.- Taiwan
- IEA Clean Coal Centre - UK
- Ministry of Mines - Canada
- Malabar Cements Ltd - India
- Coalindo Energy - Indonesia
- Chamber of Mines of South Africa
- Intertek Mineral Services - Indonesia
- Renaissance Capital - South Africa
- GAC Shipping (India) Pvt Ltd
- Latin American Coal - Colombia
- Posco Energy - South Korea
- Medco Energi Mining Internasional
- Gujarat Mineral Development Corp Ltd - India
- PTC India Limited - India
- GMR Energy Limited - India
- Star Paper Mills Limited - India
- Chettinad Cement Corporation Ltd - India
- Siam City Cement - Thailand
- Makarim & Taira - Indonesia
- Formosa Plastics Group - Taiwan
- SMC Global Power, Philippines
- Meralco Power Generation, Philippines
- Kaltim Prima Coal - Indonesia
- Tata Chemicals Ltd - India
- Eastern Coal Council - USA
- Anglo American - United Kingdom
- Bhoruka Overseas - Indonesia
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- Australian Commodity Traders Exchange
- VISA Power Limited - India
- CNBM International Corporation - China
- The State Trading Corporation of India Ltd
- Larsen & Toubro Limited - India
- Salva Resources Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Directorate General of MIneral and Coal - Indonesia
- Rio Tinto Coal - Australia
- New Zealand Coal & Carbon
- Ceylon Electricity Board - Sri Lanka
- Energy Development Corp, Philippines
- Metalloyd Limited - United Kingdom
- ASAPP Information Group - India
- Vizag Seaport Private Limited - India
- Central Electricity Authority - India
- LBH Netherlands Bv - Netherlands
- Kobexindo Tractors - Indoneisa
- TeaM Sual Corporation - Philippines
- Oldendorff Carriers - Singapore
- Eastern Energy - Thailand
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