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