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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, 10 March 15
FOB NEWCASTLE COAL SWAPS HEADING SOUTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery declined US$ 0.24 per MT (-0.47%) month over month and US$ 1.52 (-2.93%) we ...
Tuesday, 10 March 15
CFR SOUTH CHINA POWER-STATION COAL SWAPS DECLINE
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery fell US$ 0.42 (-0.74%) per MT month over month and declined US$ 1.00 &nbs ...
Monday, 09 March 15
INDONESIA GREETS INDIA RATE CUT AS GOOD FOR EXPORTS - GLOBEASIA
Indonesian commodity producers and economists have hailed the Indian central bank’s rate cut as good for boosting exports from Southeast Asia ...
Monday, 09 March 15
CHINA'S SUPREME COURT ISSUES NEW JUDICIAL INTERPRETATION ON SHIP ARREST AND JUDICIAL SALE OF SHIPS - GARD
KNOWLEDGE TO ELEVATE
China is not traditionally a popular jurisdiction for ship arrest. However, Members and clients with ships calling at por ...
Monday, 09 March 15
CHINA'S IMPORTS - NEVER MORE IMPORTANT TO SHIPPING? - CLARKSONS
Over the last 15 years China has led maritime forecasters a right old dance. In 2002, rumours that Chinese iron ore imports were about to take off ...
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- Dalmia Cement Bharat India
- Grasim Industreis Ltd - India
- Chamber of Mines of South Africa
- Samtan Co., Ltd - South Korea
- Singapore Mercantile Exchange
- Merrill Lynch Commodities Europe
- Orica Australia Pty. Ltd.
- Timah Investasi Mineral - Indoneisa
- The State Trading Corporation of India Ltd
- Billiton Holdings Pty Ltd - Australia
- Renaissance Capital - South Africa
- Rashtriya Ispat Nigam Limited - India
- Antam Resourcindo - Indonesia
- Siam City Cement - Thailand
- Electricity Generating Authority of Thailand
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- Indian Energy Exchange, India
- Ministry of Transport, Egypt
- Semirara Mining Corp, Philippines
- Meenaskhi Energy Private Limited - India
- The University of Queensland
- Coalindo Energy - Indonesia
- Anglo American - United Kingdom
- Thai Mozambique Logistica
- Commonwealth Bank - Australia
- Manunggal Multi Energi - Indonesia
- Planning Commission, India
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Eastern Energy - Thailand
- Ministry of Finance - Indonesia
- Simpson Spence & Young - Indonesia
- PowerSource Philippines DevCo
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ICICI Bank Limited - India
- Kepco SPC Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Mjunction Services Limited - India
- Oldendorff Carriers - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Cement Manufacturers Association - India
- Ceylon Electricity Board - Sri Lanka
- Independent Power Producers Association of India
- Latin American Coal - Colombia
- Global Coal Blending Company Limited - Australia
- Global Business Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Australian Commodity Traders Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Attock Cement Pakistan Limited
- Sinarmas Energy and Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Meralco Power Generation, Philippines
- New Zealand Coal & Carbon
- Toyota Tsusho Corporation, Japan
- TNB Fuel Sdn Bhd - Malaysia
- Binh Thuan Hamico - Vietnam
- Tamil Nadu electricity Board
- Miang Besar Coal Terminal - Indonesia
- Africa Commodities Group - South Africa
- Bhoruka Overseas - Indonesia
- Mercator Lines Limited - India
- Jindal Steel & Power Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Mines - Canada
- Edison Trading Spa - Italy
- Central Electricity Authority - India
- European Bulk Services B.V. - Netherlands
- Medco Energi Mining Internasional
- Bulk Trading Sa - Switzerland
- Karbindo Abesyapradhi - Indoneisa
- MS Steel International - UAE
- Pendopo Energi Batubara - Indonesia
- IHS Mccloskey Coal Group - USA
- Aditya Birla Group - India
- McConnell Dowell - Australia
- Bangladesh Power Developement Board
- Central Java Power - Indonesia
- Xindia Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Indika Energy - Indonesia
- Interocean Group of Companies - India
- Borneo Indobara - Indonesia
- Indian Oil Corporation Limited
- SMG Consultants - Indonesia
- GAC Shipping (India) Pvt Ltd
- Posco Energy - South Korea
- IEA Clean Coal Centre - UK
- Australian Coal Association
- London Commodity Brokers - England
- Chettinad Cement Corporation Ltd - India
- Parry Sugars Refinery, India
- Globalindo Alam Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sical Logistics Limited - India
- Semirara Mining and Power Corporation, Philippines
- Eastern Coal Council - USA
- ASAPP Information Group - India
- Sree Jayajothi Cements Limited - India
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- Agrawal Coal Company - India
- Leighton Contractors Pty Ltd - Australia
- Marubeni Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sakthi Sugars Limited - India
- Economic Council, Georgia
- Wood Mackenzie - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Intertek Mineral Services - Indonesia
- Coal and Oil Company - UAE
- Bayan Resources Tbk. - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Romanian Commodities Exchange
- Kideco Jaya Agung - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Price Waterhouse Coopers - Russia
- GN Power Mariveles Coal Plant, Philippines
- Bukit Makmur.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sojitz Corporation - Japan
- Petrochimia International Co. Ltd.- Taiwan
- Krishnapatnam Port Company Ltd. - India
- Iligan Light & Power Inc, Philippines
- Energy Development Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Mercuria Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Uttam Galva Steels Limited - India
- Georgia Ports Authority, United States
- Indonesian Coal Mining Association
- Baramulti Group, Indonesia
- Thiess Contractors Indonesia
- Bharathi Cement Corporation - India
- Orica Mining Services - Indonesia
- Larsen & Toubro Limited - India
- Bhatia International Limited - India
- Indo Tambangraya Megah - Indonesia
- Indogreen Group - Indonesia
- South Luzon Thermal Energy Corporation
- Therma Luzon, Inc, Philippines
- LBH Netherlands Bv - Netherlands
- PNOC Exploration Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Rio Tinto Coal - Australia
- Carbofer General Trading SA - India
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Jaiprakash Power Ventures ltd
- Standard Chartered Bank - UAE
- Port Waratah Coal Services - Australia
- Kaltim Prima Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Electricity Authority, New Zealand
- Vedanta Resources Plc - India
- GVK Power & Infra Limited - India
- India Bulls Power Limited - India
- Bhushan Steel Limited - India
- Riau Bara Harum - Indonesia
- Energy Link Ltd, New Zealand
- Malabar Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kumho Petrochemical, South Korea
- White Energy Company Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Trasteel International SA, Italy
- International Coal Ventures Pvt Ltd - India
- Makarim & Taira - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Goldman Sachs - Singapore
- Tata Chemicals Ltd - India
- Formosa Plastics Group - Taiwan
- Wilmar Investment Holdings
- Star Paper Mills Limited - India
- Heidelberg Cement - Germany
- Banpu Public Company Limited - Thailand
- Lanco Infratech Ltd - India
- CNBM International Corporation - China
- Mintek Dendrill Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Deloitte Consulting - India
- TeaM Sual Corporation - Philippines
- VISA Power Limited - India
- The Treasury - Australian Government
- Parliament of New Zealand
- Madhucon Powers Ltd - India
- Metalloyd Limited - United Kingdom
- Power Finance Corporation Ltd., India
- Vizag Seaport Private Limited - India
- Siam City Cement PLC, Thailand
- Gujarat Sidhee Cement - India
- Minerals Council of Australia
- Petron Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Straits Asia Resources Limited - Singapore
- CIMB Investment Bank - Malaysia
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