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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, 16 March 15
API 5 FOB NEWCASTLE COAL SWAPS: DECLINED
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery declined US$ 2.48 per MT (-4.77%) month over month and US$ 0.93 (-1.84%) we ...
Monday, 16 March 15
CFR SOUTH CHINA THERMAL COAL SWAP DECLINED 3.74% M-O-M
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery declined US$ 2.17 (-3.74%) per MT month over month and US$ 0.67 (-1 ...
Sunday, 15 March 15
BDI DECLINED LESSER THAN 1% WEEK OVER WEEK; INDO-INDIA FIRM
COALspot.com: The most of indices, including bulk dry index were falling this week. The BDI has been down by just 0.53 points and closing at 562 po ...
Saturday, 14 March 15
CAPESIZE DRY BULKERS TO AVERAGE BETWEEN $3,000 AND $9,000/DAY IN THE COMING WEEKS SAYS BIMCO
BIMCO issued its latest short-term estimates for the dry bulk market. For March/May: BIMCO assesses that the Capesize time charter (T/C) average ra ...
Friday, 13 March 15
U.S. COAL PRODUCTION UP 2.3% WEEK OVER WEEK
COALspot.com – United States the world's one of the largest coal producers, produced approximately 17.5 million short tons (mmst) of coal ...
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- Wilmar Investment Holdings
- Indian Energy Exchange, India
- Star Paper Mills Limited - India
- Gujarat Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Australian Coal Association
- Altura Mining Limited, Indonesia
- Indika Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Attock Cement Pakistan Limited
- Georgia Ports Authority, United States
- Grasim Industreis Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Samtan Co., Ltd - South Korea
- Port Waratah Coal Services - Australia
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Central Electricity Authority - India
- Tamil Nadu electricity Board
- Oldendorff Carriers - Singapore
- Mintek Dendrill Indonesia
- Sakthi Sugars Limited - India
- Borneo Indobara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Riau Bara Harum - Indonesia
- Bhoruka Overseas - Indonesia
- Mercator Lines Limited - India
- Cement Manufacturers Association - India
- Price Waterhouse Coopers - Russia
- Maheswari Brothers Coal Limited - India
- Chettinad Cement Corporation Ltd - India
- Directorate Of Revenue Intelligence - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Energy Development Corp, Philippines
- Tata Chemicals Ltd - India
- CNBM International Corporation - China
- India Bulls Power Limited - India
- Ministry of Transport, Egypt
- Petron Corporation, Philippines
- Sical Logistics Limited - India
- Kapuas Tunggal Persada - Indonesia
- Wood Mackenzie - Singapore
- Interocean Group of Companies - India
- Therma Luzon, Inc, Philippines
- Economic Council, Georgia
- Parry Sugars Refinery, India
- The Treasury - Australian Government
- Kalimantan Lumbung Energi - Indonesia
- GVK Power & Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Kumho Petrochemical, South Korea
- IHS Mccloskey Coal Group - USA
- Intertek Mineral Services - Indonesia
- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Goldman Sachs - Singapore
- AsiaOL BioFuels Corp., Philippines
- Commonwealth Bank - Australia
- Power Finance Corporation Ltd., India
- Bharathi Cement Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Minerals Council of Australia
- Renaissance Capital - South Africa
- Trasteel International SA, Italy
- Independent Power Producers Association of India
- Pendopo Energi Batubara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Baiduri Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- New Zealand Coal & Carbon
- Salva Resources Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- The University of Queensland
- Kaltim Prima Coal - Indonesia
- Standard Chartered Bank - UAE
- Semirara Mining and Power Corporation, Philippines
- White Energy Company Limited
- Siam City Cement - Thailand
- Posco Energy - South Korea
- Ministry of Mines - Canada
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GN Power Mariveles Coal Plant, Philippines
- VISA Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining Corp, Philippines
- Xindia Steels Limited - India
- Eastern Coal Council - USA
- Eastern Energy - Thailand
- Vedanta Resources Plc - India
- International Coal Ventures Pvt Ltd - India
- PowerSource Philippines DevCo
- European Bulk Services B.V. - Netherlands
- Vizag Seaport Private Limited - India
- Thiess Contractors Indonesia
- Latin American Coal - Colombia
- Kartika Selabumi Mining - Indonesia
- Carbofer General Trading SA - India
- Siam City Cement PLC, Thailand
- Bulk Trading Sa - Switzerland
- Bahari Cakrawala Sebuku - Indonesia
- PTC India Limited - India
- Miang Besar Coal Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Aditya Birla Group - India
- Madhucon Powers Ltd - India
- CIMB Investment Bank - Malaysia
- MS Steel International - UAE
- Planning Commission, India
- PetroVietnam Power Coal Import and Supply Company
- Videocon Industries ltd - India
- London Commodity Brokers - England
- Indian Oil Corporation Limited
- Indo Tambangraya Megah - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- SN Aboitiz Power Inc, Philippines
- GMR Energy Limited - India
- Uttam Galva Steels Limited - India
- Global Business Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- TeaM Sual Corporation - Philippines
- McConnell Dowell - Australia
- Bhatia International Limited - India
- Larsen & Toubro Limited - India
- Indonesian Coal Mining Association
- SMG Consultants - Indonesia
- Toyota Tsusho Corporation, Japan
- Makarim & Taira - Indonesia
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- Mercuria Energy - Indonesia
- Indogreen Group - Indonesia
- Essar Steel Hazira Ltd - India
- Orica Mining Services - Indonesia
- Africa Commodities Group - South Africa
- Meenaskhi Energy Private Limited - India
- Medco Energi Mining Internasional
- Anglo American - United Kingdom
- Formosa Plastics Group - Taiwan
- Rio Tinto Coal - Australia
- Heidelberg Cement - Germany
- Gujarat Sidhee Cement - India
- Barasentosa Lestari - Indonesia
- Bangladesh Power Developement Board
- Ministry of Finance - Indonesia
- Thai Mozambique Logistica
- South Luzon Thermal Energy Corporation
- Singapore Mercantile Exchange
- Deloitte Consulting - India
- Orica Australia Pty. Ltd.
- Dalmia Cement Bharat India
- Electricity Generating Authority of Thailand
- ICICI Bank Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Authority, New Zealand
- Agrawal Coal Company - India
- Aboitiz Power Corporation - Philippines
- ASAPP Information Group - India
- Malabar Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Coastal Gujarat Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Mjunction Services Limited - India
- Holcim Trading Pte Ltd - Singapore
- SMC Global Power, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ambuja Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Simpson Spence & Young - Indonesia
- Banpu Public Company Limited - Thailand
- The State Trading Corporation of India Ltd
- Ceylon Electricity Board - Sri Lanka
- Jaiprakash Power Ventures ltd
- Sinarmas Energy and Mining - Indonesia
- Energy Link Ltd, New Zealand
- Timah Investasi Mineral - Indoneisa
- Bhushan Steel Limited - India
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Chamber of Mines of South Africa
- TNB Fuel Sdn Bhd - Malaysia
- IEA Clean Coal Centre - UK
- Merrill Lynch Commodities Europe
- Coal and Oil Company - UAE
- Sree Jayajothi Cements Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Edison Trading Spa - Italy
- Meralco Power Generation, Philippines
- Global Coal Blending Company Limited - Australia
- Romanian Commodities Exchange
- Karaikal Port Pvt Ltd - India
- Marubeni Corporation - India
- Jindal Steel & Power Ltd - India
- Global Green Power PLC Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Java Power - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Antam Resourcindo - Indonesia
- Kohat Cement Company Ltd. - Pakistan
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