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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, 01 March 15
BDI INDEX SLIGHTLY UP CAUSED AN INCREASE IN THE PANAMAX, SUPARAMAX AND HANDY SIZE INDICES
COALspot.com: The freight market saw some gains this week and BDI was up 5.26 pct closed at 540 points. However the Cape index failed to follow BDI ...
Friday, 27 February 15
WEEKLY US COAL PRODUCTION DOWN AN ESTIMATED 14.0% FROM LAST WEEK - EIA
COALspot.com – United States the world's one of the largest coal producers, produced approximately 16.5 million short tons (mmst) of coal ...
Thursday, 26 February 15
DRY BULK MARKET COULD REBOUND FROM HISTORICAL LOWS IN THE COMING WEEKS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market could exit from its historical lows in the coming weeks, as Chinese buyers reenter the market after the holiday celebrations. T ...
Thursday, 26 February 15
COAL POLICY RISK: HIGHER ROYALTIES FOR IUP HOLDERS - BAHANA SECURITIES | JAKARTA POST
The Energy and Mineral Resources Ministry plans to raise coal royalties charged to mining operation permit (IUP) holders by the end of the first qu ...
Thursday, 26 February 15
DRY BULK MARKET LOOKING FOR POSITIVE MOMENTUM, BUT PROSPECTS REMAIN DIM - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
As the Baltic Dry Index (BDI) inched a bit higher over the past couple of sessions and the Chinese are returning to the market after a week long hi ...
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- Renaissance Capital - South Africa
- Semirara Mining Corp, Philippines
- Indika Energy - Indonesia
- Eastern Energy - Thailand
- Bayan Resources Tbk. - Indonesia
- OPG Power Generation Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Trasteel International SA, Italy
- Energy Link Ltd, New Zealand
- Kumho Petrochemical, South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Georgia Ports Authority, United States
- Cigading International Bulk Terminal - Indonesia
- Electricity Authority, New Zealand
- Petron Corporation, Philippines
- McConnell Dowell - Australia
- PNOC Exploration Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Carbofer General Trading SA - India
- Directorate General of MIneral and Coal - Indonesia
- Vedanta Resources Plc - India
- Karbindo Abesyapradhi - Indoneisa
- India Bulls Power Limited - India
- Sakthi Sugars Limited - India
- Dalmia Cement Bharat India
- Pendopo Energi Batubara - Indonesia
- Lanco Infratech Ltd - India
- Minerals Council of Australia
- Larsen & Toubro Limited - India
- Kapuas Tunggal Persada - Indonesia
- Bharathi Cement Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Metalloyd Limited - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Xindia Steels Limited - India
- Samtan Co., Ltd - South Korea
- Goldman Sachs - Singapore
- Billiton Holdings Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Eastern Coal Council - USA
- Savvy Resources Ltd - HongKong
- Meenaskhi Energy Private Limited - India
- Grasim Industreis Ltd - India
- Standard Chartered Bank - UAE
- Sojitz Corporation - Japan
- Globalindo Alam Lestari - Indonesia
- Ministry of Mines - Canada
- Vijayanagar Sugar Pvt Ltd - India
- Coalindo Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- SMC Global Power, Philippines
- Sical Logistics Limited - India
- New Zealand Coal & Carbon
- GVK Power & Infra Limited - India
- Indogreen Group - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indo Tambangraya Megah - Indonesia
- ASAPP Information Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Independent Power Producers Association of India
- Holcim Trading Pte Ltd - Singapore
- Mintek Dendrill Indonesia
- SMG Consultants - Indonesia
- SN Aboitiz Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Bangladesh Power Developement Board
- Posco Energy - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Iligan Light & Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Ministry of Transport, Egypt
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Interocean Group of Companies - India
- Wood Mackenzie - Singapore
- Attock Cement Pakistan Limited
- TNB Fuel Sdn Bhd - Malaysia
- San Jose City I Power Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Timah Investasi Mineral - Indoneisa
- White Energy Company Limited
- Kohat Cement Company Ltd. - Pakistan
- Kalimantan Lumbung Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Simpson Spence & Young - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Africa Commodities Group - South Africa
- Heidelberg Cement - Germany
- Siam City Cement PLC, Thailand
- Coal and Oil Company - UAE
- Star Paper Mills Limited - India
- Sree Jayajothi Cements Limited - India
- London Commodity Brokers - England
- European Bulk Services B.V. - Netherlands
- Coastal Gujarat Power Limited - India
- Planning Commission, India
- Indonesian Coal Mining Association
- Ind-Barath Power Infra Limited - India
- Central Java Power - Indonesia
- Kaltim Prima Coal - Indonesia
- Singapore Mercantile Exchange
- Ceylon Electricity Board - Sri Lanka
- Straits Asia Resources Limited - Singapore
- Rio Tinto Coal - Australia
- Gujarat Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Gujarat Mineral Development Corp Ltd - India
- Marubeni Corporation - India
- Jindal Steel & Power Ltd - India
- Edison Trading Spa - Italy
- Central Electricity Authority - India
- Bahari Cakrawala Sebuku - Indonesia
- Intertek Mineral Services - Indonesia
- Indian Energy Exchange, India
- MS Steel International - UAE
- Australian Coal Association
- Global Coal Blending Company Limited - Australia
- Bhoruka Overseas - Indonesia
- Medco Energi Mining Internasional
- Jaiprakash Power Ventures ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Agrawal Coal Company - India
- Kartika Selabumi Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Commonwealth Bank - Australia
- Port Waratah Coal Services - Australia
- Malabar Cements Ltd - India
- Energy Development Corp, Philippines
- Siam City Cement - Thailand
- Merrill Lynch Commodities Europe
- The University of Queensland
- Bukit Makmur.PT - Indonesia
- Global Business Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Anglo American - United Kingdom
- VISA Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Altura Mining Limited, Indonesia
- Kobexindo Tractors - Indoneisa
- Latin American Coal - Colombia
- Asmin Koalindo Tuhup - Indonesia
- The State Trading Corporation of India Ltd
- Baramulti Group, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Manunggal Multi Energi - Indonesia
- Borneo Indobara - Indonesia
- Directorate Of Revenue Intelligence - India
- Power Finance Corporation Ltd., India
- Ambuja Cements Ltd - India
- Tamil Nadu electricity Board
- Toyota Tsusho Corporation, Japan
- Meralco Power Generation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Cement Manufacturers Association - India
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- Madhucon Powers Ltd - India
- Aboitiz Power Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- The Treasury - Australian Government
- Wilmar Investment Holdings
- Global Green Power PLC Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Mercator Lines Limited - India
- Indian Oil Corporation Limited
- Petrochimia International Co. Ltd.- Taiwan
- Bhushan Steel Limited - India
- Krishnapatnam Port Company Ltd. - India
- Oldendorff Carriers - Singapore
- Therma Luzon, Inc, Philippines
- TeaM Sual Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Deloitte Consulting - India
- Orica Australia Pty. Ltd.
- Kideco Jaya Agung - Indonesia
- Parry Sugars Refinery, India
- Economic Council, Georgia
- Mjunction Services Limited - India
- Uttam Galva Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bulk Trading Sa - Switzerland
- Electricity Generating Authority of Thailand
- PTC India Limited - India
- International Coal Ventures Pvt Ltd - India
- Thiess Contractors Indonesia
- CNBM International Corporation - China
- Thai Mozambique Logistica
- Kepco SPC Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Parliament of New Zealand
- CIMB Investment Bank - Malaysia
- PowerSource Philippines DevCo
- Gujarat Sidhee Cement - India
- South Luzon Thermal Energy Corporation
- Ministry of Finance - Indonesia
- Banpu Public Company Limited - Thailand
- ICICI Bank Limited - India
- Antam Resourcindo - Indonesia
- Australian Commodity Traders Exchange
- IEA Clean Coal Centre - UK
- Sarangani Energy Corporation, Philippines
- Romanian Commodities Exchange
- Barasentosa Lestari - Indonesia
- Orica Mining Services - Indonesia
- Mercuria Energy - Indonesia
- Makarim & Taira - Indonesia
- Formosa Plastics Group - Taiwan
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- Videocon Industries ltd - India
- Essar Steel Hazira Ltd - India
- Bhatia International Limited - India
- GN Power Mariveles Coal Plant, Philippines
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