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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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Monday, 23 February 15
Q2' CFR SOUTH CHINA COAL SWAP FOR Q2 ROSE 3.39% M-O-M
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery rose US$ 1.90 (+3.39%) per MT month over month and declined US$ 0.08 ...
Monday, 23 February 15
Q2' API 5 FOB NEWCASTLE COAL SWAP CLOSED $1 HIGHER THAN Q3
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery rose US$ 3.12 per MT (+6.44%) month over month and fall US$ 0.43 (-0.83%) w ...
Sunday, 22 February 15
THE BALTIC DRY INDEX LOST ALMOST 3.2% OR 17 POINTS WEEK ON WEEK
COALspot.com: The Baltic Dry Index, one of the economic indicators that monitors the health of the world's economy by tracking the price of shi ...
Friday, 20 February 15
GOVT SET TO INCREASE COAL OUTPUT TARGET THIS YEAR - JAKARTA POST
The Energy and Mineral Resources Ministry is planning to increase its coal output target this year as the government seeks to offset the ongoing de ...
Friday, 20 February 15
U.S. PRODUCED AROUND 19.2 MILLION SHORT TONS OF COAL WEEK ON WEEK
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.2 million short tons (mmst) of coal ...
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- GAC Shipping (India) Pvt Ltd
- Bulk Trading Sa - Switzerland
- Samtan Co., Ltd - South Korea
- Bhoruka Overseas - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Singapore Mercantile Exchange
- Aditya Birla Group - India
- Pendopo Energi Batubara - Indonesia
- Maheswari Brothers Coal Limited - India
- Videocon Industries ltd - India
- Energy Development Corp, Philippines
- Rio Tinto Coal - Australia
- IHS Mccloskey Coal Group - USA
- Kideco Jaya Agung - Indonesia
- Kaltim Prima Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Manunggal Multi Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Savvy Resources Ltd - HongKong
- Dalmia Cement Bharat India
- Bhatia International Limited - India
- Coal and Oil Company - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- South Luzon Thermal Energy Corporation
- European Bulk Services B.V. - Netherlands
- Coalindo Energy - Indonesia
- Malabar Cements Ltd - India
- Siam City Cement PLC, Thailand
- Sindya Power Generating Company Private Ltd
- PetroVietnam Power Coal Import and Supply Company
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rashtriya Ispat Nigam Limited - India
- SN Aboitiz Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Neyveli Lignite Corporation Ltd, - India
- Bharathi Cement Corporation - India
- Minerals Council of Australia
- Indonesian Coal Mining Association
- Semirara Mining and Power Corporation, Philippines
- Thai Mozambique Logistica
- Globalindo Alam Lestari - Indonesia
- Indian Energy Exchange, India
- Metalloyd Limited - United Kingdom
- Riau Bara Harum - Indonesia
- San Jose City I Power Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Gujarat Sidhee Cement - India
- Antam Resourcindo - Indonesia
- Bayan Resources Tbk. - Indonesia
- TeaM Sual Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- PTC India Limited - India
- Banpu Public Company Limited - Thailand
- Borneo Indobara - Indonesia
- Trasteel International SA, Italy
- Krishnapatnam Port Company Ltd. - India
- Madhucon Powers Ltd - India
- Vizag Seaport Private Limited - India
- Renaissance Capital - South Africa
- Ministry of Mines - Canada
- VISA Power Limited - India
- Standard Chartered Bank - UAE
- Kalimantan Lumbung Energi - Indonesia
- Sojitz Corporation - Japan
- Carbofer General Trading SA - India
- Orica Australia Pty. Ltd.
- Indogreen Group - Indonesia
- Interocean Group of Companies - India
- Indo Tambangraya Megah - Indonesia
- Orica Mining Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- Bangladesh Power Developement Board
- CIMB Investment Bank - Malaysia
- White Energy Company Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Timah Investasi Mineral - Indoneisa
- Central Electricity Authority - India
- Holcim Trading Pte Ltd - Singapore
- Anglo American - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Karaikal Port Pvt Ltd - India
- McConnell Dowell - Australia
- Mjunction Services Limited - India
- Kartika Selabumi Mining - Indonesia
- Deloitte Consulting - India
- Global Green Power PLC Corporation, Philippines
- Attock Cement Pakistan Limited
- Makarim & Taira - Indonesia
- Medco Energi Mining Internasional
- Aboitiz Power Corporation - Philippines
- India Bulls Power Limited - India
- Cement Manufacturers Association - India
- Salva Resources Pvt Ltd - India
- CNBM International Corporation - China
- Grasim Industreis Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Agrawal Coal Company - India
- Miang Besar Coal Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Chamber of Mines of South Africa
- GN Power Mariveles Coal Plant, Philippines
- Marubeni Corporation - India
- Africa Commodities Group - South Africa
- Georgia Ports Authority, United States
- Kumho Petrochemical, South Korea
- Sinarmas Energy and Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Energy Link Ltd, New Zealand
- ICICI Bank Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Posco Energy - South Korea
- Star Paper Mills Limited - India
- Ministry of Finance - Indonesia
- Eastern Coal Council - USA
- Kohat Cement Company Ltd. - Pakistan
- Kobexindo Tractors - Indoneisa
- Larsen & Toubro Limited - India
- Indian Oil Corporation Limited
- Asmin Koalindo Tuhup - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- PowerSource Philippines DevCo
- Mercator Lines Limited - India
- Independent Power Producers Association of India
- The University of Queensland
- Electricity Authority, New Zealand
- Sakthi Sugars Limited - India
- Alfred C Toepfer International GmbH - Germany
- Wood Mackenzie - Singapore
- Romanian Commodities Exchange
- Therma Luzon, Inc, Philippines
- Altura Mining Limited, Indonesia
- Vedanta Resources Plc - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- New Zealand Coal & Carbon
- The State Trading Corporation of India Ltd
- Thiess Contractors Indonesia
- Economic Council, Georgia
- Bahari Cakrawala Sebuku - Indonesia
- ASAPP Information Group - India
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- SMC Global Power, Philippines
- Australian Coal Association
- SMG Consultants - Indonesia
- Ind-Barath Power Infra Limited - India
- Mintek Dendrill Indonesia
- Sical Logistics Limited - India
- Lanco Infratech Ltd - India
- Central Java Power - Indonesia
- Formosa Plastics Group - Taiwan
- Uttam Galva Steels Limited - India
- Ministry of Transport, Egypt
- Bukit Asam (Persero) Tbk - Indonesia
- Mercuria Energy - Indonesia
- Tamil Nadu electricity Board
- Simpson Spence & Young - Indonesia
- Semirara Mining Corp, Philippines
- Jindal Steel & Power Ltd - India
- Latin American Coal - Colombia
- Tata Chemicals Ltd - India
- Bhushan Steel Limited - India
- Leighton Contractors Pty Ltd - Australia
- Parliament of New Zealand
- Meralco Power Generation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Petron Corporation, Philippines
- IEA Clean Coal Centre - UK
- Iligan Light & Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- Goldman Sachs - Singapore
- Edison Trading Spa - Italy
- Bukit Makmur.PT - Indonesia
- GVK Power & Infra Limited - India
- Indika Energy - Indonesia
- London Commodity Brokers - England
- Essar Steel Hazira Ltd - India
- GMR Energy Limited - India
- International Coal Ventures Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Wilmar Investment Holdings
- Baramulti Group, Indonesia
- The Treasury - Australian Government
- Straits Asia Resources Limited - Singapore
- Global Business Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Intertek Mineral Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Commonwealth Bank - Australia
- Price Waterhouse Coopers - Russia
- Meenaskhi Energy Private Limited - India
- Merrill Lynch Commodities Europe
- Power Finance Corporation Ltd., India
- Siam City Cement - Thailand
- Sree Jayajothi Cements Limited - India
- Ambuja Cements Ltd - India
- Parry Sugars Refinery, India
- Xindia Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Electricity Generating Authority of Thailand
- Planning Commission, India
- Oldendorff Carriers - Singapore
- MS Steel International - UAE
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