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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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Wednesday, 25 February 15
PORT OF NEWCASTLE SHIPPED 13.16MT OF COAL IN JANUARY; DECLINED 16.70% FROM A MONTH AGO
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1.15 billio ...
Wednesday, 25 February 15
BDI SLIPPING ONCE MORE TO FRESH HISTORICAL LOWS
COALspot.com: With the BDI slipping once more to fresh historical lows and the Chinese holidays underway, signs for a positive reversal in the Dry ...
Tuesday, 24 February 15
FOB INDONESIA COAL SWAP SET TO RALLY
COALspot.com: Indonesian coal swaps for delivery Q2' 2015 rose week over week and month on month.
The Q2 swap increased US$ 3.30 (+7.30%) ...
Tuesday, 24 February 15
Q3' FOB RICHARDS BAY COAL SWAP CLOSED $59.80 W/E 20 FEB
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q2' 2015 surge month over month and decline week on week.
The Q2 swap has soar ...
Tuesday, 24 February 15
IHS ENERGY COAL CONFERENCE OF THE AMERICAS
Attend the IHS Energy Coal Conference of the Americas 17-19 March in Cartagena, Colombia and learn about timely concerns in today's coal indust ...
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- Sical Logistics Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Energy Link Ltd, New Zealand
- Chamber of Mines of South Africa
- Star Paper Mills Limited - India
- Samtan Co., Ltd - South Korea
- IHS Mccloskey Coal Group - USA
- Parry Sugars Refinery, India
- Singapore Mercantile Exchange
- Pendopo Energi Batubara - Indonesia
- Bharathi Cement Corporation - India
- Power Finance Corporation Ltd., India
- PetroVietnam Power Coal Import and Supply Company
- Renaissance Capital - South Africa
- Mintek Dendrill Indonesia
- Romanian Commodities Exchange
- Heidelberg Cement - Germany
- Coalindo Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Larsen & Toubro Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Miang Besar Coal Terminal - Indonesia
- White Energy Company Limited
- Banpu Public Company Limited - Thailand
- Georgia Ports Authority, United States
- Interocean Group of Companies - India
- GAC Shipping (India) Pvt Ltd
- Aditya Birla Group - India
- Wood Mackenzie - Singapore
- Kaltim Prima Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Altura Mining Limited, Indonesia
- Deloitte Consulting - India
- Edison Trading Spa - Italy
- Economic Council, Georgia
- Indonesian Coal Mining Association
- Eastern Energy - Thailand
- Savvy Resources Ltd - HongKong
- Asmin Koalindo Tuhup - Indonesia
- Antam Resourcindo - Indonesia
- Australian Coal Association
- Straits Asia Resources Limited - Singapore
- Africa Commodities Group - South Africa
- Sakthi Sugars Limited - India
- Global Green Power PLC Corporation, Philippines
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- Lanco Infratech Ltd - India
- Indika Energy - Indonesia
- Indian Oil Corporation Limited
- Gujarat Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Bayan Resources Tbk. - Indonesia
- Electricity Generating Authority of Thailand
- PTC India Limited - India
- Manunggal Multi Energi - Indonesia
- London Commodity Brokers - England
- Indogreen Group - Indonesia
- Karaikal Port Pvt Ltd - India
- Standard Chartered Bank - UAE
- Ministry of Mines - Canada
- McConnell Dowell - Australia
- Metalloyd Limited - United Kingdom
- Tamil Nadu electricity Board
- Alfred C Toepfer International GmbH - Germany
- Central Electricity Authority - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sinarmas Energy and Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Medco Energi Mining Internasional
- GN Power Mariveles Coal Plant, Philippines
- Mjunction Services Limited - India
- International Coal Ventures Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Globalindo Alam Lestari - Indonesia
- Ministry of Transport, Egypt
- Cement Manufacturers Association - India
- Xindia Steels Limited - India
- Parliament of New Zealand
- Semirara Mining and Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Central Java Power - Indonesia
- GMR Energy Limited - India
- Kideco Jaya Agung - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- GVK Power & Infra Limited - India
- Commonwealth Bank - Australia
- SN Aboitiz Power Inc, Philippines
- India Bulls Power Limited - India
- Siam City Cement PLC, Thailand
- Malabar Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- CIMB Investment Bank - Malaysia
- South Luzon Thermal Energy Corporation
- Chettinad Cement Corporation Ltd - India
- Latin American Coal - Colombia
- Attock Cement Pakistan Limited
- Indo Tambangraya Megah - Indonesia
- Binh Thuan Hamico - Vietnam
- Leighton Contractors Pty Ltd - Australia
- CNBM International Corporation - China
- Jindal Steel & Power Ltd - India
- Global Coal Blending Company Limited - Australia
- OPG Power Generation Pvt Ltd - India
- Baramulti Group, Indonesia
- IEA Clean Coal Centre - UK
- MS Steel International - UAE
- Timah Investasi Mineral - Indoneisa
- Indian Energy Exchange, India
- Kapuas Tunggal Persada - Indonesia
- Videocon Industries ltd - India
- ASAPP Information Group - India
- Vijayanagar Sugar Pvt Ltd - India
- New Zealand Coal & Carbon
- Madhucon Powers Ltd - India
- Jaiprakash Power Ventures ltd
- Port Waratah Coal Services - Australia
- Planning Commission, India
- Petron Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Ministry of Finance - Indonesia
- Bhoruka Overseas - Indonesia
- Aboitiz Power Corporation - Philippines
- Energy Development Corp, Philippines
- Grasim Industreis Ltd - India
- Tata Chemicals Ltd - India
- Gujarat Sidhee Cement - India
- Krishnapatnam Port Company Ltd. - India
- Minerals Council of Australia
- Petrochimia International Co. Ltd.- Taiwan
- Independent Power Producers Association of India
- Mercator Lines Limited - India
- Siam City Cement - Thailand
- Agrawal Coal Company - India
- Kobexindo Tractors - Indoneisa
- Orica Mining Services - Indonesia
- PowerSource Philippines DevCo
- Vedanta Resources Plc - India
- VISA Power Limited - India
- European Bulk Services B.V. - Netherlands
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- Thai Mozambique Logistica
- Ind-Barath Power Infra Limited - India
- Barasentosa Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Goldman Sachs - Singapore
- Therma Luzon, Inc, Philippines
- Marubeni Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Toyota Tsusho Corporation, Japan
- Bhatia International Limited - India
- LBH Netherlands Bv - Netherlands
- Kumho Petrochemical, South Korea
- Bhushan Steel Limited - India
- Borneo Indobara - Indonesia
- Rio Tinto Coal - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Authority, New Zealand
- Riau Bara Harum - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Iligan Light & Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
- ICICI Bank Limited - India
- The University of Queensland
- PNOC Exploration Corporation - Philippines
- Sojitz Corporation - Japan
- Global Business Power Corporation, Philippines
- Wilmar Investment Holdings
- Vizag Seaport Private Limited - India
- Bulk Trading Sa - Switzerland
- Rashtriya Ispat Nigam Limited - India
- Meenaskhi Energy Private Limited - India
- Formosa Plastics Group - Taiwan
- Thiess Contractors Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Oldendorff Carriers - Singapore
- Meralco Power Generation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Gujarat Mineral Development Corp Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Salva Resources Pvt Ltd - India
- Dalmia Cement Bharat India
- Essar Steel Hazira Ltd - India
- Sree Jayajothi Cements Limited - India
- Bukit Makmur.PT - Indonesia
- Eastern Coal Council - USA
- Carbofer General Trading SA - India
- The State Trading Corporation of India Ltd
- Posco Energy - South Korea
- Makarim & Taira - Indonesia
- TeaM Sual Corporation - Philippines
- Anglo American - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Directorate Of Revenue Intelligence - India
- Bahari Cakrawala Sebuku - Indonesia
- SMG Consultants - Indonesia
- Uttam Galva Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Orica Australia Pty. Ltd.
- Sindya Power Generating Company Private Ltd
- The Treasury - Australian Government
- Simpson Spence & Young - Indonesia
- Intertek Mineral Services - Indonesia
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