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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, 19 February 15
PANAMAX: NOPAC AND AUSSIE ROUNDS ARE DONE IN LOW/MID $ 4000; TRIPS VIA INDONESIA TO INDIA CLOSER TO THE $5000 MARK - FEARNLEYS
Handy
The handy and supra market has not seen any firming rates in front of the Chinese New Year and still suffering on low activity in both hemi ...
Wednesday, 18 February 15
DRY BULK SHIPPING TO RECOVER IN LATE 2015 - DREWRY MARITIME RESEARCH
Strong trade growth, moderating fleet development and deployment of new fuel efficient vessels are expected to lead to a recovery in dry bulk shipp ...
Tuesday, 17 February 15
WHO PAYS THE SUEZ CANAL FEES? - INCE & CO
KNOWLEDGE TO ELEVATE
This was an appeal from an arbitration award on a point of construction in relation to the wording of an addendum to a ch ...
Tuesday, 17 February 15
BUOYANT WAVES IN RECENT YEARS: GLOBAL SHIP INVESTMENT SINCE THE CRASH - HELLENIC SHIPPING NEWS
Anxiety about fleet expansion is a recurring feature of world shipping markets. Within the global maritime community, worries about the vast amount ...
Tuesday, 17 February 15
FOB SUB-BIT INDONESIA COAL SWAP UP 8% MONTH OVER MONTH
COALspot.com: Indonesian coal swaps for delivery Q2' 2015 rose week over week and month on month.
The Q2 swap up US$ 3.58 (+8.00%) month o ...
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- Sindya Power Generating Company Private Ltd
- Central Electricity Authority - India
- Antam Resourcindo - Indonesia
- Coal and Oil Company - UAE
- Electricity Generating Authority of Thailand
- Bhushan Steel Limited - India
- Simpson Spence & Young - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- The Treasury - Australian Government
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Krishnapatnam Port Company Ltd. - India
- India Bulls Power Limited - India
- New Zealand Coal & Carbon
- GVK Power & Infra Limited - India
- Intertek Mineral Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Banpu Public Company Limited - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Uttam Galva Steels Limited - India
- Sojitz Corporation - Japan
- Minerals Council of Australia
- Gujarat Mineral Development Corp Ltd - India
- Electricity Authority, New Zealand
- Kideco Jaya Agung - Indonesia
- Australian Coal Association
- Trasteel International SA, Italy
- Gujarat Sidhee Cement - India
- Vijayanagar Sugar Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Grasim Industreis Ltd - India
- Iligan Light & Power Inc, Philippines
- Deloitte Consulting - India
- Miang Besar Coal Terminal - Indonesia
- Standard Chartered Bank - UAE
- MS Steel International - UAE
- Ambuja Cements Ltd - India
- Indian Oil Corporation Limited
- Cement Manufacturers Association - India
- Kalimantan Lumbung Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Posco Energy - South Korea
- Toyota Tsusho Corporation, Japan
- Indo Tambangraya Megah - Indonesia
- Orica Mining Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Interocean Group of Companies - India
- SMC Global Power, Philippines
- ICICI Bank Limited - India
- Independent Power Producers Association of India
- Salva Resources Pvt Ltd - India
- PowerSource Philippines DevCo
- Savvy Resources Ltd - HongKong
- Baramulti Group, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Petrochimia International Co. Ltd.- Taiwan
- European Bulk Services B.V. - Netherlands
- Meralco Power Generation, Philippines
- Larsen & Toubro Limited - India
- Global Green Power PLC Corporation, Philippines
- Agrawal Coal Company - India
- GAC Shipping (India) Pvt Ltd
- Thai Mozambique Logistica
- Sinarmas Energy and Mining - Indonesia
- Dalmia Cement Bharat India
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- CIMB Investment Bank - Malaysia
- GMR Energy Limited - India
- San Jose City I Power Corp, Philippines
- Economic Council, Georgia
- Bukit Asam (Persero) Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Bahari Cakrawala Sebuku - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bukit Makmur.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Sree Jayajothi Cements Limited - India
- Merrill Lynch Commodities Europe
- Petron Corporation, Philippines
- CNBM International Corporation - China
- Anglo American - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Leighton Contractors Pty Ltd - Australia
- Planning Commission, India
- Wood Mackenzie - Singapore
- Directorate Of Revenue Intelligence - India
- Africa Commodities Group - South Africa
- Mintek Dendrill Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Essar Steel Hazira Ltd - India
- Altura Mining Limited, Indonesia
- PNOC Exploration Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- IEA Clean Coal Centre - UK
- Star Paper Mills Limited - India
- Jindal Steel & Power Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Bhatia International Limited - India
- Xindia Steels Limited - India
- Wilmar Investment Holdings
- Port Waratah Coal Services - Australia
- Vedanta Resources Plc - India
- London Commodity Brokers - England
- Commonwealth Bank - Australia
- Latin American Coal - Colombia
- Sarangani Energy Corporation, Philippines
- Australian Commodity Traders Exchange
- SMG Consultants - Indonesia
- Mercuria Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Java Power - Indonesia
- Maheswari Brothers Coal Limited - India
- IHS Mccloskey Coal Group - USA
- Metalloyd Limited - United Kingdom
- Medco Energi Mining Internasional
- Georgia Ports Authority, United States
- Ministry of Finance - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aditya Birla Group - India
- Goldman Sachs - Singapore
- Jaiprakash Power Ventures ltd
- Singapore Mercantile Exchange
- Straits Asia Resources Limited - Singapore
- Samtan Co., Ltd - South Korea
- Vizag Seaport Private Limited - India
- Karaikal Port Pvt Ltd - India
- ASAPP Information Group - India
- McConnell Dowell - Australia
- Energy Link Ltd, New Zealand
- Mjunction Services Limited - India
- Holcim Trading Pte Ltd - Singapore
- Coastal Gujarat Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- PTC India Limited - India
- Bukit Baiduri Energy - Indonesia
- Madhucon Powers Ltd - India
- Tamil Nadu electricity Board
- Barasentosa Lestari - Indonesia
- Lanco Infratech Ltd - India
- Thiess Contractors Indonesia
- Formosa Plastics Group - Taiwan
- Sical Logistics Limited - India
- Rashtriya Ispat Nigam Limited - India
- Bayan Resources Tbk. - Indonesia
- TeaM Sual Corporation - Philippines
- Bangladesh Power Developement Board
- Energy Development Corp, Philippines
- Indonesian Coal Mining Association
- Globalindo Alam Lestari - Indonesia
- Parliament of New Zealand
- Orica Australia Pty. Ltd.
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement - Thailand
- Maharashtra Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- White Energy Company Limited
- Bharathi Cement Corporation - India
- Renaissance Capital - South Africa
- Semirara Mining and Power Corporation, Philippines
- Indogreen Group - Indonesia
- Kaltim Prima Coal - Indonesia
- Tata Chemicals Ltd - India
- OPG Power Generation Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- The University of Queensland
- Rio Tinto Coal - Australia
- Siam City Cement PLC, Thailand
- Global Coal Blending Company Limited - Australia
- International Coal Ventures Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Indika Energy - Indonesia
- Riau Bara Harum - Indonesia
- Romanian Commodities Exchange
- Eastern Energy - Thailand
- Edison Trading Spa - Italy
- Parry Sugars Refinery, India
- Marubeni Corporation - India
- Kartika Selabumi Mining - Indonesia
- VISA Power Limited - India
- Kumho Petrochemical, South Korea
- Sakthi Sugars Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Mines - Canada
- Videocon Industries ltd - India
- Therma Luzon, Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Power Finance Corporation Ltd., India
- Chettinad Cement Corporation Ltd - India
- Makarim & Taira - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
- Indian Energy Exchange, India
- Ind-Barath Power Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Bulk Trading Sa - Switzerland
- Chamber of Mines of South Africa
- Borneo Indobara - Indonesia
- Carbofer General Trading SA - India
- Manunggal Multi Energi - Indonesia
- Malabar Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Oldendorff Carriers - Singapore
- Price Waterhouse Coopers - Russia
- Ministry of Transport, Egypt
- Attock Cement Pakistan Limited
- Binh Thuan Hamico - Vietnam
- Mercator Lines Limited - India
- Coalindo Energy - Indonesia
- Eastern Coal Council - USA
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