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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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Friday, 13 March 15
ADARO RECORDED A 7% INCREASE IN EBITDA OF $877 MILLION IN 2014
“Coal market continues to be difficult and challenging” – Adaro Energy
The world’s Top 5 thermal coal exporter, ...
Thursday, 12 March 15
CAPESIZE : ACTIVITY IS LOW; PANAMAX: BIT MORE ACTIVITY; HANDY: A FIRMING WEEK
Handy
It has been a firming week in both hemispheres this week and especially in the Pacific, says Fearnleys AS in its week's week report.
...
Thursday, 12 March 15
COAL MINERS REMAIN UNDER PRESSURE AS GLUT CONTINUES - THE JAKARTA POST
Indonesia’s major coal miners reported a significant drop in their earnings last year as the sharp drop in the global demand, mainly from Chi ...
Thursday, 12 March 15
FOB INDONESIA COAL SWAP DROP TO $47.33 A TON IN THE WEEK ENDED MAR.6
COALspot.com: Indonesian coal swaps for delivery Q2' 2015 drop month on month and week over week.
The Q2 swap fell US$ 0.37 (0.78%) month ...
Wednesday, 11 March 15
RICHARDS BAY COAL SWAPS DROP $ 3.65 - 4.0/T W-O-W
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q2' 2015 declined month over month and week on week.
The Q2 swap has fell US$ ...
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- Straits Asia Resources Limited - Singapore
- Heidelberg Cement - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Miang Besar Coal Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Thai Mozambique Logistica
- Globalindo Alam Lestari - Indonesia
- Grasim Industreis Ltd - India
- New Zealand Coal & Carbon
- SMC Global Power, Philippines
- CIMB Investment Bank - Malaysia
- Africa Commodities Group - South Africa
- Rio Tinto Coal - Australia
- ICICI Bank Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Posco Energy - South Korea
- Vizag Seaport Private Limited - India
- Eastern Coal Council - USA
- Indonesian Coal Mining Association
- Banpu Public Company Limited - Thailand
- Ambuja Cements Ltd - India
- Uttam Galva Steels Limited - India
- Indogreen Group - Indonesia
- Global Green Power PLC Corporation, Philippines
- Deloitte Consulting - India
- Bukit Makmur.PT - Indonesia
- PTC India Limited - India
- Directorate Of Revenue Intelligence - India
- Independent Power Producers Association of India
- Sree Jayajothi Cements Limited - India
- European Bulk Services B.V. - Netherlands
- Anglo American - United Kingdom
- Savvy Resources Ltd - HongKong
- Kaltim Prima Coal - Indonesia
- Minerals Council of Australia
- Orica Australia Pty. Ltd.
- Indo Tambangraya Megah - Indonesia
- Coal and Oil Company - UAE
- Directorate General of MIneral and Coal - Indonesia
- SMG Consultants - Indonesia
- Chamber of Mines of South Africa
- Coalindo Energy - Indonesia
- Videocon Industries ltd - India
- Semirara Mining Corp, Philippines
- Electricity Generating Authority of Thailand
- PetroVietnam Power Coal Import and Supply Company
- South Luzon Thermal Energy Corporation
- Renaissance Capital - South Africa
- Coastal Gujarat Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Xindia Steels Limited - India
- Bulk Trading Sa - Switzerland
- Karaikal Port Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PowerSource Philippines DevCo
- Bharathi Cement Corporation - India
- Singapore Mercantile Exchange
- The University of Queensland
- Iligan Light & Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- TeaM Sual Corporation - Philippines
- Romanian Commodities Exchange
- Jaiprakash Power Ventures ltd
- Interocean Group of Companies - India
- Sinarmas Energy and Mining - Indonesia
- Indian Oil Corporation Limited
- LBH Netherlands Bv - Netherlands
- Global Coal Blending Company Limited - Australia
- SN Aboitiz Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Economic Council, Georgia
- Marubeni Corporation - India
- CNBM International Corporation - China
- Latin American Coal - Colombia
- Dalmia Cement Bharat India
- Binh Thuan Hamico - Vietnam
- Standard Chartered Bank - UAE
- The State Trading Corporation of India Ltd
- Central Java Power - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- GMR Energy Limited - India
- GAC Shipping (India) Pvt Ltd
- Manunggal Multi Energi - Indonesia
- Commonwealth Bank - Australia
- Simpson Spence & Young - Indonesia
- Mintek Dendrill Indonesia
- Sindya Power Generating Company Private Ltd
- Power Finance Corporation Ltd., India
- Mjunction Services Limited - India
- Cement Manufacturers Association - India
- Gujarat Sidhee Cement - India
- Kartika Selabumi Mining - Indonesia
- Star Paper Mills Limited - India
- IHS Mccloskey Coal Group - USA
- Ceylon Electricity Board - Sri Lanka
- Kepco SPC Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Baramulti Group, Indonesia
- Therma Luzon, Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Kumho Petrochemical, South Korea
- Salva Resources Pvt Ltd - India
- ASAPP Information Group - India
- GN Power Mariveles Coal Plant, Philippines
- Port Waratah Coal Services - Australia
- Maharashtra Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Altura Mining Limited, Indonesia
- GVK Power & Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Vedanta Resources Plc - India
- Malabar Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- India Bulls Power Limited - India
- Wood Mackenzie - Singapore
- Medco Energi Mining Internasional
- Attock Cement Pakistan Limited
- Madhucon Powers Ltd - India
- Wilmar Investment Holdings
- Bukit Asam (Persero) Tbk - Indonesia
- VISA Power Limited - India
- Riau Bara Harum - Indonesia
- Trasteel International SA, Italy
- PNOC Exploration Corporation - Philippines
- Jindal Steel & Power Ltd - India
- White Energy Company Limited
- Eastern Energy - Thailand
- Electricity Authority, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Kideco Jaya Agung - Indonesia
- Petron Corporation, Philippines
- Edison Trading Spa - Italy
- Neyveli Lignite Corporation Ltd, - India
- The Treasury - Australian Government
- Parry Sugars Refinery, India
- Indian Energy Exchange, India
- MS Steel International - UAE
- Energy Development Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- McConnell Dowell - Australia
- Australian Commodity Traders Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Toyota Tsusho Corporation, Japan
- Sarangani Energy Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Antam Resourcindo - Indonesia
- Ministry of Mines - Canada
- Siam City Cement PLC, Thailand
- Siam City Cement - Thailand
- Timah Investasi Mineral - Indoneisa
- Kobexindo Tractors - Indoneisa
- Australian Coal Association
- Ministry of Transport, Egypt
- Bukit Baiduri Energy - Indonesia
- Sojitz Corporation - Japan
- Planning Commission, India
- Georgia Ports Authority, United States
- Aditya Birla Group - India
- Maheswari Brothers Coal Limited - India
- Aboitiz Power Corporation - Philippines
- Bhushan Steel Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Essar Steel Hazira Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Agrawal Coal Company - India
- Holcim Trading Pte Ltd - Singapore
- Larsen & Toubro Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meralco Power Generation, Philippines
- London Commodity Brokers - England
- Meenaskhi Energy Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Bangladesh Power Developement Board
- Formosa Plastics Group - Taiwan
- Mercuria Energy - Indonesia
- Borneo Indobara - Indonesia
- Tamil Nadu electricity Board
- Central Electricity Authority - India
- Goldman Sachs - Singapore
- Parliament of New Zealand
- Global Business Power Corporation, Philippines
- Indika Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Tata Chemicals Ltd - India
- Pendopo Energi Batubara - Indonesia
- IEA Clean Coal Centre - UK
- Sical Logistics Limited - India
- Samtan Co., Ltd - South Korea
- Bhoruka Overseas - Indonesia
- Metalloyd Limited - United Kingdom
- Merrill Lynch Commodities Europe
- Bhatia International Limited - India
- Orica Mining Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Leighton Contractors Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Thiess Contractors Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Energy Link Ltd, New Zealand
- Carbofer General Trading SA - India
- Ministry of Finance - Indonesia
- Sakthi Sugars Limited - India
- Oldendorff Carriers - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Lanco Infratech Ltd - India
- Barasentosa Lestari - Indonesia
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