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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, 03 March 15
Q4' FOB INDONESIA COAL SWAP CLOSED 2% LOWER COMPARED TO Q2 CLOSING PRICE OF $ 47.47
COALspot.com: Indonesian coal swaps for delivery Q2' 2015 rose month on month and declined week over week.
The Q2 swap increased US$ 2.24 ...
Tuesday, 03 March 15
FOB RICHARDS BAY COAL SWAPS: Q2 UP 9.60%; Q3 UP 9.75% W-O-W
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q2' 2015 surge month over month and week on week.
The Q2 swap has soared US$ 5 ...
Monday, 02 March 15
CFR SOUTH CHINA COAL SWAP FOR Q2 DELIVERY REACHED $ 57.50 PMT W/E 27 FEB 2015
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery rose US$ 1.37 (+2.44%) per MT month over month and declined US$ 0.42 ...
Monday, 02 March 15
BORYEONG POWER PLANT OF KOMIPO TO IMPORT 140K OF SUB-BITUMINOUS COAL FOR Q2
COALspot.com - Korea Midland Power Co. Ltd. (KOMIPO) is inviting bids from coal producers, marketing companies, or traders to supply of 140,000 (70 ...
Monday, 02 March 15
FOB NEWCASTLE COAL SWAP ROSE 6.89% MONTH OVER MONTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery rose US$ 3.35 per MT (+6.89%) month over month and US$ 0.40 (0.78%) week on ...
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- The University of Queensland
- Energy Development Corp, Philippines
- India Bulls Power Limited - India
- Sakthi Sugars Limited - India
- Holcim Trading Pte Ltd - Singapore
- Ind-Barath Power Infra Limited - India
- Barasentosa Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Thiess Contractors Indonesia
- Larsen & Toubro Limited - India
- Kartika Selabumi Mining - Indonesia
- Indika Energy - Indonesia
- Medco Energi Mining Internasional
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- PTC India Limited - India
- Cigading International Bulk Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Ministry of Finance - Indonesia
- Georgia Ports Authority, United States
- McConnell Dowell - Australia
- Central Electricity Authority - India
- Semirara Mining Corp, Philippines
- Economic Council, Georgia
- Wood Mackenzie - Singapore
- Attock Cement Pakistan Limited
- Altura Mining Limited, Indonesia
- South Luzon Thermal Energy Corporation
- ICICI Bank Limited - India
- Indian Oil Corporation Limited
- Grasim Industreis Ltd - India
- Cement Manufacturers Association - India
- Gujarat Mineral Development Corp Ltd - India
- Baramulti Group, Indonesia
- Essar Steel Hazira Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Chamber of Mines of South Africa
- Indian Energy Exchange, India
- Riau Bara Harum - Indonesia
- Jindal Steel & Power Ltd - India
- Siam City Cement - Thailand
- Parliament of New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Minerals Council of Australia
- Edison Trading Spa - Italy
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Lanco Infratech Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- PNOC Exploration Corporation - Philippines
- Meralco Power Generation, Philippines
- Africa Commodities Group - South Africa
- Bharathi Cement Corporation - India
- Orica Australia Pty. Ltd.
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Australian Coal Association
- TeaM Sual Corporation - Philippines
- Power Finance Corporation Ltd., India
- Global Business Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Gujarat Sidhee Cement - India
- Xindia Steels Limited - India
- Videocon Industries ltd - India
- Ministry of Transport, Egypt
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vedanta Resources Plc - India
- Port Waratah Coal Services - Australia
- Bhatia International Limited - India
- Singapore Mercantile Exchange
- Globalindo Alam Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Commonwealth Bank - Australia
- London Commodity Brokers - England
- Dalmia Cement Bharat India
- Parry Sugars Refinery, India
- Global Green Power PLC Corporation, Philippines
- Oldendorff Carriers - Singapore
- Global Coal Blending Company Limited - Australia
- Rio Tinto Coal - Australia
- Bayan Resources Tbk. - Indonesia
- Iligan Light & Power Inc, Philippines
- Deloitte Consulting - India
- IHS Mccloskey Coal Group - USA
- The State Trading Corporation of India Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- PowerSource Philippines DevCo
- Mercuria Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Merrill Lynch Commodities Europe
- Toyota Tsusho Corporation, Japan
- Planning Commission, India
- Uttam Galva Steels Limited - India
- Jaiprakash Power Ventures ltd
- Central Java Power - Indonesia
- Antam Resourcindo - Indonesia
- Coal and Oil Company - UAE
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement PLC, Thailand
- Wilmar Investment Holdings
- Heidelberg Cement - Germany
- Energy Link Ltd, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Sical Logistics Limited - India
- Bulk Trading Sa - Switzerland
- OPG Power Generation Pvt Ltd - India
- MS Steel International - UAE
- Agrawal Coal Company - India
- Carbofer General Trading SA - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Trasteel International SA, Italy
- Mercator Lines Limited - India
- Interocean Group of Companies - India
- GMR Energy Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Indogreen Group - Indonesia
- Sarangani Energy Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- VISA Power Limited - India
- Directorate Of Revenue Intelligence - India
- Anglo American - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Aboitiz Power Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Meenaskhi Energy Private Limited - India
- Aditya Birla Group - India
- Petron Corporation, Philippines
- Electricity Authority, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Energy - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- ASAPP Information Group - India
- CNBM International Corporation - China
- Ambuja Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Makarim & Taira - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Marubeni Corporation - India
- Kapuas Tunggal Persada - Indonesia
- San Jose City I Power Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Simpson Spence & Young - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- AsiaOL BioFuels Corp., Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kobexindo Tractors - Indoneisa
- Kumho Petrochemical, South Korea
- Indonesian Coal Mining Association
- Binh Thuan Hamico - Vietnam
- Malabar Cements Ltd - India
- Bangladesh Power Developement Board
- Sinarmas Energy and Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Latin American Coal - Colombia
- Salva Resources Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Kepco SPC Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- The Treasury - Australian Government
- Manunggal Multi Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Price Waterhouse Coopers - Russia
- Metalloyd Limited - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- New Zealand Coal & Carbon
- Bhushan Steel Limited - India
- Thai Mozambique Logistica
- Maheswari Brothers Coal Limited - India
- Leighton Contractors Pty Ltd - Australia
- Goldman Sachs - Singapore
- International Coal Ventures Pvt Ltd - India
- Sojitz Corporation - Japan
- Mjunction Services Limited - India
- Borneo Indobara - Indonesia
- Australian Commodity Traders Exchange
- Coalindo Energy - Indonesia
- Renaissance Capital - South Africa
- Formosa Plastics Group - Taiwan
- Sindya Power Generating Company Private Ltd
- Romanian Commodities Exchange
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Orica Mining Services - Indonesia
- Star Paper Mills Limited - India
- Mintek Dendrill Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tamil Nadu electricity Board
- White Energy Company Limited
- IEA Clean Coal Centre - UK
- SMC Global Power, Philippines
- Posco Energy - South Korea
- Savvy Resources Ltd - HongKong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tata Chemicals Ltd - India
- Bukit Makmur.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Indo Tambangraya Megah - Indonesia
- Sree Jayajothi Cements Limited - India
- Intertek Mineral Services - Indonesia
- SMG Consultants - Indonesia
- Eastern Coal Council - USA
- Vijayanagar Sugar Pvt Ltd - India
- Independent Power Producers Association of India
- Billiton Holdings Pty Ltd - Australia
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