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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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Sunday, 08 March 15
FREIGHT RATES FROM INDONESIA TO INDIA IS TRENDING UP
COALspot.com: The freight market continued to see gains this week and all the indices were rose except for Cape index. The BDI was increased 4.62 p ...
Friday, 06 March 15
BALTIC DRY INDEX: IS THIS POWERFUL INDICATOR SIGNALING A GLOBAL RECESSION? - STREET AUTHORITY
Although memories of the Great Recession linger, a case can be made that better days lie ahead.
That’s because central banks around the ...
Friday, 06 March 15
U.S. WEEKLY COAL PRODUCTION ROSE 3.5% WEEK ON WEEK
COALspot.com – United States the world's one of the largest coal producers, produced approximately 17.1 million short tons (mmst) of coal ...
Thursday, 05 March 15
PANAMAX : THE ATLANTIC ROUND IS NOW PAYING AROUND US$ 5K PER DAY
COALspot.com: Handy - The activity in the handy/supra segment is back. “ We see more fresh cargo in the market for 2nd half March dates ...
Thursday, 05 March 15
INDIA WILL BE THE LARGEST DRIVER OF GLOBAL SEABORNE COKING COAL DEMAND GROWTH IN 2015 - WOOD MACKENZIE
Global demand growth will remain weak because of China’s negative demand growth.
COALspot.com: At Coaltrans India, Wood Mackenzie says I ...
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- Eastern Energy - Thailand
- Energy Development Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Bukit Makmur.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- GMR Energy Limited - India
- PTC India Limited - India
- Trasteel International SA, Italy
- Renaissance Capital - South Africa
- The Treasury - Australian Government
- Savvy Resources Ltd - HongKong
- Indonesian Coal Mining Association
- Parry Sugars Refinery, India
- Leighton Contractors Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Samtan Co., Ltd - South Korea
- European Bulk Services B.V. - Netherlands
- Intertek Mineral Services - Indonesia
- Central Electricity Authority - India
- Kumho Petrochemical, South Korea
- Lanco Infratech Ltd - India
- Thai Mozambique Logistica
- Ambuja Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Power Finance Corporation Ltd., India
- Mercuria Energy - Indonesia
- New Zealand Coal & Carbon
- Bhushan Steel Limited - India
- Meralco Power Generation, Philippines
- GVK Power & Infra Limited - India
- Interocean Group of Companies - India
- SMC Global Power, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ICICI Bank Limited - India
- Coalindo Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- IHS Mccloskey Coal Group - USA
- Electricity Authority, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Edison Trading Spa - Italy
- Planning Commission, India
- Price Waterhouse Coopers - Russia
- Neyveli Lignite Corporation Ltd, - India
- Antam Resourcindo - Indonesia
- Kideco Jaya Agung - Indonesia
- Karaikal Port Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Baramulti Group, Indonesia
- Manunggal Multi Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Bhatia International Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chamber of Mines of South Africa
- Bukit Baiduri Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- London Commodity Brokers - England
- Directorate General of MIneral and Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Wood Mackenzie - Singapore
- Kartika Selabumi Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Globalindo Alam Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Gujarat Sidhee Cement - India
- South Luzon Thermal Energy Corporation
- Standard Chartered Bank - UAE
- Indika Energy - Indonesia
- Petron Corporation, Philippines
- Eastern Coal Council - USA
- Economic Council, Georgia
- Commonwealth Bank - Australia
- Indo Tambangraya Megah - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bangladesh Power Developement Board
- Cigading International Bulk Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Vedanta Resources Plc - India
- Riau Bara Harum - Indonesia
- Latin American Coal - Colombia
- Indogreen Group - Indonesia
- Toyota Tsusho Corporation, Japan
- VISA Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Holcim Trading Pte Ltd - Singapore
- Indian Energy Exchange, India
- LBH Netherlands Bv - Netherlands
- Siam City Cement - Thailand
- PowerSource Philippines DevCo
- Tamil Nadu electricity Board
- Jaiprakash Power Ventures ltd
- Ind-Barath Power Infra Limited - India
- Thiess Contractors Indonesia
- Sical Logistics Limited - India
- The State Trading Corporation of India Ltd
- GAC Shipping (India) Pvt Ltd
- Africa Commodities Group - South Africa
- Pendopo Energi Batubara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Ministry of Transport, Egypt
- Kaltim Prima Coal - Indonesia
- Bulk Trading Sa - Switzerland
- CNBM International Corporation - China
- Kalimantan Lumbung Energi - Indonesia
- Bharathi Cement Corporation - India
- Parliament of New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Rio Tinto Coal - Australia
- The University of Queensland
- Alfred C Toepfer International GmbH - Germany
- Miang Besar Coal Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Coastal Gujarat Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Singapore Mercantile Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mjunction Services Limited - India
- Mintek Dendrill Indonesia
- Altura Mining Limited, Indonesia
- Energy Link Ltd, New Zealand
- Bhoruka Overseas - Indonesia
- Star Paper Mills Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Merrill Lynch Commodities Europe
- Georgia Ports Authority, United States
- San Jose City I Power Corp, Philippines
- Wilmar Investment Holdings
- Orica Australia Pty. Ltd.
- Indian Oil Corporation Limited
- International Coal Ventures Pvt Ltd - India
- Anglo American - United Kingdom
- Sakthi Sugars Limited - India
- Medco Energi Mining Internasional
- Semirara Mining Corp, Philippines
- Central Java Power - Indonesia
- Uttam Galva Steels Limited - India
- Ministry of Mines - Canada
- Directorate Of Revenue Intelligence - India
- Malabar Cements Ltd - India
- Videocon Industries ltd - India
- Siam City Cement PLC, Thailand
- India Bulls Power Limited - India
- Deloitte Consulting - India
- Borneo Indobara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Agrawal Coal Company - India
- Oldendorff Carriers - Singapore
- Vizag Seaport Private Limited - India
- Binh Thuan Hamico - Vietnam
- Essar Steel Hazira Ltd - India
- Carbofer General Trading SA - India
- Kobexindo Tractors - Indoneisa
- Australian Coal Association
- Semirara Mining and Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Electricity Generating Authority of Thailand
- White Energy Company Limited
- Grasim Industreis Ltd - India
- Ministry of Finance - Indonesia
- Goldman Sachs - Singapore
- Formosa Plastics Group - Taiwan
- ASAPP Information Group - India
- SMG Consultants - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Iligan Light & Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Minerals Council of Australia
- Barasentosa Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Meenaskhi Energy Private Limited - India
- Global Coal Blending Company Limited - Australia
- Coal and Oil Company - UAE
- Posco Energy - South Korea
- Timah Investasi Mineral - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Orica Mining Services - Indonesia
- McConnell Dowell - Australia
- Aditya Birla Group - India
- Sarangani Energy Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Marubeni Corporation - India
- Makarim & Taira - Indonesia
- Metalloyd Limited - United Kingdom
- Therma Luzon, Inc, Philippines
- Heidelberg Cement - Germany
- Madhucon Powers Ltd - India
- Cement Manufacturers Association - India
- Aboitiz Power Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Global Business Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Xindia Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- TeaM Sual Corporation - Philippines
- Larsen & Toubro Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Sojitz Corporation - Japan
- Kohat Cement Company Ltd. - Pakistan
- MS Steel International - UAE
- Straits Asia Resources Limited - Singapore
- Sree Jayajothi Cements Limited - India
- Attock Cement Pakistan Limited
- Sinarmas Energy and Mining - Indonesia
- Port Waratah Coal Services - Australia
- Jorong Barutama Greston.PT - Indonesia
- Independent Power Producers Association of India
- Dalmia Cement Bharat India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Mercator Lines Limited - India
- Kepco SPC Power Corporation, Philippines
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