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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, 17 February 15
Q2' FOB RICHARDS BAY COAL SWAP CLOSED AT $63.45; $ 1.85 HIGHER COMPARED TO Q4 CLOSING
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q2' 2015 surge month over month, week on week and day on day.
The Q2 swap has ...
Monday, 16 February 15
COAL MINING SLUMP A BLESSING IN DISGUISE - THE JAKARTA POST
The growth of the coal-mining industry, which has diminished in the last two years, is expected to slump even further this year following weakening ...
Monday, 16 February 15
FOB NEWCASTLE COAL SWAPS SURGE WEEK ON WEEK
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery rose US$ 1.31 per MT (+2.59%) week over week and US$ 4.35 (+9.13%) month on ...
Monday, 16 February 15
Q2' 15 - CFR SOUTH CHINA COAL SWAP ROSE 5.22% M-O-M
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery rose US$ 2.88 (+5.22%) per MT month over month and US$ 1.08 (+1.90% ...
Sunday, 15 February 15
BALTIC DRY INDEX CONTINUALLY DIPPED IN RED
COALspot.com: The Baltic Dry Index continues its decline and fell 5.18 pct to 530 points week on week due to falling commodity prices and declining ...
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- Miang Besar Coal Terminal - Indonesia
- PowerSource Philippines DevCo
- New Zealand Coal & Carbon
- VISA Power Limited - India
- Salva Resources Pvt Ltd - India
- Indian Energy Exchange, India
- Altura Mining Limited, Indonesia
- Madhucon Powers Ltd - India
- Vizag Seaport Private Limited - India
- Bukit Makmur.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Thiess Contractors Indonesia
- Makarim & Taira - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Bhoruka Overseas - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Posco Energy - South Korea
- Aditya Birla Group - India
- Edison Trading Spa - Italy
- Borneo Indobara - Indonesia
- IHS Mccloskey Coal Group - USA
- Indian Oil Corporation Limited
- London Commodity Brokers - England
- Global Green Power PLC Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Eastern Coal Council - USA
- Jorong Barutama Greston.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Renaissance Capital - South Africa
- LBH Netherlands Bv - Netherlands
- Chamber of Mines of South Africa
- Riau Bara Harum - Indonesia
- PTC India Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Mines - Canada
- Deloitte Consulting - India
- Simpson Spence & Young - Indonesia
- Ambuja Cements Ltd - India
- Latin American Coal - Colombia
- Medco Energi Mining Internasional
- Ministry of Transport, Egypt
- Sical Logistics Limited - India
- Antam Resourcindo - Indonesia
- Georgia Ports Authority, United States
- Neyveli Lignite Corporation Ltd, - India
- Iligan Light & Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- MS Steel International - UAE
- ASAPP Information Group - India
- Toyota Tsusho Corporation, Japan
- Vijayanagar Sugar Pvt Ltd - India
- Baramulti Group, Indonesia
- Merrill Lynch Commodities Europe
- SMG Consultants - Indonesia
- Planning Commission, India
- South Luzon Thermal Energy Corporation
- Vedanta Resources Plc - India
- Independent Power Producers Association of India
- Directorate General of MIneral and Coal - Indonesia
- Lanco Infratech Ltd - India
- Global Coal Blending Company Limited - Australia
- Romanian Commodities Exchange
- India Bulls Power Limited - India
- Uttam Galva Steels Limited - India
- Parliament of New Zealand
- McConnell Dowell - Australia
- Kumho Petrochemical, South Korea
- CIMB Investment Bank - Malaysia
- Rio Tinto Coal - Australia
- SMC Global Power, Philippines
- Trasteel International SA, Italy
- Orica Mining Services - Indonesia
- Ministry of Finance - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bulk Trading Sa - Switzerland
- European Bulk Services B.V. - Netherlands
- Central Java Power - Indonesia
- Sree Jayajothi Cements Limited - India
- Marubeni Corporation - India
- Videocon Industries ltd - India
- Central Electricity Authority - India
- Australian Commodity Traders Exchange
- GVK Power & Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Mercuria Energy - Indonesia
- Larsen & Toubro Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Global Business Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Bayan Resources Tbk. - Indonesia
- Therma Luzon, Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Sidhee Cement - India
- Billiton Holdings Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Africa Commodities Group - South Africa
- Mintek Dendrill Indonesia
- San Jose City I Power Corp, Philippines
- Petron Corporation, Philippines
- Semirara Mining Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Parry Sugars Refinery, India
- Attock Cement Pakistan Limited
- Eastern Energy - Thailand
- SN Aboitiz Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Wilmar Investment Holdings
- Meralco Power Generation, Philippines
- Coastal Gujarat Power Limited - India
- Star Paper Mills Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Orica Australia Pty. Ltd.
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Indika Energy - Indonesia
- Mercator Lines Limited - India
- Minerals Council of Australia
- Power Finance Corporation Ltd., India
- OPG Power Generation Pvt Ltd - India
- Heidelberg Cement - Germany
- Electricity Authority, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Jaiprakash Power Ventures ltd
- Directorate Of Revenue Intelligence - India
- Metalloyd Limited - United Kingdom
- Kepco SPC Power Corporation, Philippines
- CNBM International Corporation - China
- Kalimantan Lumbung Energi - Indonesia
- Manunggal Multi Energi - Indonesia
- Interocean Group of Companies - India
- Bhushan Steel Limited - India
- Sindya Power Generating Company Private Ltd
- Essar Steel Hazira Ltd - India
- Energy Link Ltd, New Zealand
- Rashtriya Ispat Nigam Limited - India
- GAC Shipping (India) Pvt Ltd
- Siam City Cement PLC, Thailand
- GMR Energy Limited - India
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meenaskhi Energy Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Binh Thuan Hamico - Vietnam
- IEA Clean Coal Centre - UK
- AsiaOL BioFuels Corp., Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Indo Tambangraya Megah - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ind-Barath Power Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Bangladesh Power Developement Board
- Jindal Steel & Power Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Sojitz Corporation - Japan
- Grasim Industreis Ltd - India
- ICICI Bank Limited - India
- Cement Manufacturers Association - India
- Alfred C Toepfer International GmbH - Germany
- Kapuas Tunggal Persada - Indonesia
- TeaM Sual Corporation - Philippines
- Dalmia Cement Bharat India
- Coal and Oil Company - UAE
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Thai Mozambique Logistica
- Energy Development Corp, Philippines
- Economic Council, Georgia
- Cigading International Bulk Terminal - Indonesia
- Coalindo Energy - Indonesia
- Commonwealth Bank - Australia
- Xindia Steels Limited - India
- Bharathi Cement Corporation - India
- Maheswari Brothers Coal Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Indonesian Coal Mining Association
- Malabar Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Goldman Sachs - Singapore
- Straits Asia Resources Limited - Singapore
- Gujarat Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- The State Trading Corporation of India Ltd
- Australian Coal Association
- Sakthi Sugars Limited - India
- Banpu Public Company Limited - Thailand
- The University of Queensland
- Agrawal Coal Company - India
- Bukit Baiduri Energy - Indonesia
- Tata Chemicals Ltd - India
- Kideco Jaya Agung - Indonesia
- The Treasury - Australian Government
- Bhatia International Limited - India
- Chettinad Cement Corporation Ltd - India
- Kaltim Prima Coal - Indonesia
- Siam City Cement - Thailand
- White Energy Company Limited
- Electricity Generating Authority of Thailand
- Intertek Mineral Services - Indonesia
- Standard Chartered Bank - UAE
- International Coal Ventures Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Tamil Nadu electricity Board
- Singapore Mercantile Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Carbofer General Trading SA - India
- Indogreen Group - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PNOC Exploration Corporation - Philippines
- Anglo American - United Kingdom
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