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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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Thursday, 05 March 15
BUKIT ASAM BOOKED US$ 1 BILLION REVENUE IN 2014
COALspot.com: Indonesian publicly listed and state owned coal miner PT. Bukit Asam, has announced that, the revenue of the company for the period J ...
Wednesday, 04 March 15
AN AGENDA FOR CHANGE - FITCH INDONESIA CONFERENCE
Fitch Indonesia Conference - 5 March 2015
Fitch Ratings will host its annual Indonesia conference on 5 March 2015.
The theme of this year ...
Wednesday, 04 March 15
KEEP CALM AND INVEST IN DRY - THEODORE NTALAKOS
Keep Calm and Carry On was originally a motivational poster, intended to raise the morale of the British public, produced by the British government ...
Tuesday, 03 March 15
INDONESIAN COAL EXPORT VOLUME TO DECLINE 50% BY 2019
COALspot.com: The Indonesian government is planning to reduce coal export volume by 50% within the next five years while keeping its coal productio ...
Tuesday, 03 March 15
INDIAN THERMAL COAL IMPORTS: STEAMING FORWARD - CLARKSONS
Coal-fired power stations comprise around 60% of India’s power output, and with domestic supply issues and favourable international coal pric ...
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- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- Meralco Power Generation, Philippines
- Mjunction Services Limited - India
- Petron Corporation, Philippines
- The University of Queensland
- GAC Shipping (India) Pvt Ltd
- Ceylon Electricity Board - Sri Lanka
- Bulk Trading Sa - Switzerland
- Metalloyd Limited - United Kingdom
- Power Finance Corporation Ltd., India
- PetroVietnam Power Coal Import and Supply Company
- Larsen & Toubro Limited - India
- Coal and Oil Company - UAE
- GMR Energy Limited - India
- Eastern Coal Council - USA
- VISA Power Limited - India
- London Commodity Brokers - England
- Gujarat Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- Straits Asia Resources Limited - Singapore
- Anglo American - United Kingdom
- Electricity Generating Authority of Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maheswari Brothers Coal Limited - India
- Siam City Cement - Thailand
- Manunggal Multi Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Wilmar Investment Holdings
- Kalimantan Lumbung Energi - Indonesia
- Tamil Nadu electricity Board
- Antam Resourcindo - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Minerals Council of Australia
- Riau Bara Harum - Indonesia
- Kideco Jaya Agung - Indonesia
- Romanian Commodities Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Georgia Ports Authority, United States
- PowerSource Philippines DevCo
- Indika Energy - Indonesia
- White Energy Company Limited
- Chamber of Mines of South Africa
- ICICI Bank Limited - India
- South Luzon Thermal Energy Corporation
- Siam City Cement PLC, Thailand
- Bhushan Steel Limited - India
- Chettinad Cement Corporation Ltd - India
- Merrill Lynch Commodities Europe
- TNB Fuel Sdn Bhd - Malaysia
- Kapuas Tunggal Persada - Indonesia
- GVK Power & Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jindal Steel & Power Ltd - India
- Energy Development Corp, Philippines
- Bangladesh Power Developement Board
- Ministry of Transport, Egypt
- SMG Consultants - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Indogreen Group - Indonesia
- CIMB Investment Bank - Malaysia
- Madhucon Powers Ltd - India
- Barasentosa Lestari - Indonesia
- Standard Chartered Bank - UAE
- Parry Sugars Refinery, India
- Formosa Plastics Group - Taiwan
- Meenaskhi Energy Private Limited - India
- Gujarat Sidhee Cement - India
- Indonesian Coal Mining Association
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Finance - Indonesia
- Bukit Makmur.PT - Indonesia
- Heidelberg Cement - Germany
- Vedanta Resources Plc - India
- Sree Jayajothi Cements Limited - India
- Indo Tambangraya Megah - Indonesia
- PNOC Exploration Corporation - Philippines
- Australian Coal Association
- Bharathi Cement Corporation - India
- Makarim & Taira - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Rio Tinto Coal - Australia
- Energy Link Ltd, New Zealand
- Agrawal Coal Company - India
- Posco Energy - South Korea
- AsiaOL BioFuels Corp., Philippines
- Maharashtra Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Bhatia International Limited - India
- Singapore Mercantile Exchange
- CNBM International Corporation - China
- IEA Clean Coal Centre - UK
- Karbindo Abesyapradhi - Indoneisa
- Wood Mackenzie - Singapore
- Goldman Sachs - Singapore
- Karaikal Port Pvt Ltd - India
- Cement Manufacturers Association - India
- Deloitte Consulting - India
- SMC Global Power, Philippines
- Binh Thuan Hamico - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Carbofer General Trading SA - India
- Samtan Co., Ltd - South Korea
- Salva Resources Pvt Ltd - India
- Orica Mining Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Coalindo Energy - Indonesia
- TeaM Sual Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Attock Cement Pakistan Limited
- Sakthi Sugars Limited - India
- Simpson Spence & Young - Indonesia
- Mintek Dendrill Indonesia
- Indian Energy Exchange, India
- Lanco Infratech Ltd - India
- Central Electricity Authority - India
- Directorate Of Revenue Intelligence - India
- Grasim Industreis Ltd - India
- Malabar Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Aditya Birla Group - India
- Aboitiz Power Corporation - Philippines
- Banpu Public Company Limited - Thailand
- India Bulls Power Limited - India
- Bukit Baiduri Energy - Indonesia
- The Treasury - Australian Government
- OPG Power Generation Pvt Ltd - India
- McConnell Dowell - Australia
- Xindia Steels Limited - India
- Marubeni Corporation - India
- Trasteel International SA, Italy
- Intertek Mineral Services - Indonesia
- Dalmia Cement Bharat India
- Cigading International Bulk Terminal - Indonesia
- Economic Council, Georgia
- Semirara Mining Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Edison Trading Spa - Italy
- Kobexindo Tractors - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Latin American Coal - Colombia
- Indian Oil Corporation Limited
- Parliament of New Zealand
- European Bulk Services B.V. - Netherlands
- Toyota Tsusho Corporation, Japan
- Oldendorff Carriers - Singapore
- Jaiprakash Power Ventures ltd
- Sinarmas Energy and Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Interocean Group of Companies - India
- Port Waratah Coal Services - Australia
- New Zealand Coal & Carbon
- The State Trading Corporation of India Ltd
- Billiton Holdings Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Borneo Indobara - Indonesia
- LBH Netherlands Bv - Netherlands
- Global Coal Blending Company Limited - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Commodity Traders Exchange
- Tata Chemicals Ltd - India
- Commonwealth Bank - Australia
- MS Steel International - UAE
- Kartika Selabumi Mining - Indonesia
- Eastern Energy - Thailand
- Miang Besar Coal Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sical Logistics Limited - India
- Electricity Authority, New Zealand
- Ind-Barath Power Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Business Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Renaissance Capital - South Africa
- Krishnapatnam Port Company Ltd. - India
- Jorong Barutama Greston.PT - Indonesia
- Sojitz Corporation - Japan
- Videocon Industries ltd - India
- Rashtriya Ispat Nigam Limited - India
- San Jose City I Power Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Therma Luzon, Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Mines - Canada
- International Coal Ventures Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Bhoruka Overseas - Indonesia
- Kumho Petrochemical, South Korea
- Kepco SPC Power Corporation, Philippines
- PTC India Limited - India
- ASAPP Information Group - India
- Independent Power Producers Association of India
- Planning Commission, India
- Holcim Trading Pte Ltd - Singapore
- Kaltim Prima Coal - Indonesia
- Mercator Lines Limited - India
- Semirara Mining and Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Medco Energi Mining Internasional
- Vizag Seaport Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Globalindo Alam Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Sarangani Energy Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Uttam Galva Steels Limited - India
- Essar Steel Hazira Ltd - India
- Thai Mozambique Logistica
- Thiess Contractors Indonesia
- Star Paper Mills Limited - India
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