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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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Saturday, 14 February 15
SHALE GAS AND TIGHT OIL ARE COMMERCIALLY PRODUCED IN JUST FOUR COUNTRIES - EIA
KNOWLEDGE TO ELEVATE
The United States, Canada, China, and Argentina are currently the only four countries in the world that are producing com ...
Friday, 13 February 15
U.S. WEEKLY COAL PRODUCTION SHOWS 10% DECLINE
COALspot.com – United States the world's one of the largest coal producers, produced approximately 18.1 million short tons (mmst) of coal ...
Friday, 13 February 15
SMALL AND MEDIUM-SIZED SHIP OWNERS SQUEEZED OUT OF THE MARKET ON CRASHING DRY BULK MARKET AND EUROZONE CRISIS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Financing issues have started to tighten the noose in the throats of small and medium-size ship owners, who were already facing problems over the p ...
Thursday, 12 February 15
CAPESIZE: THE BEST DESCRIPTION FOR THE MARKET IS, FLAT - FEARNRESEARCH
Handy
The handy and supra market is also being affected by the marginal volume of activity in the commodity sales. We see a small upturn in the T ...
Thursday, 12 February 15
DRY BULK OWNERS SCRAP MORE VESSELS, AS MARKET REACHES HISTORICAL LOWS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has reached historical lows this week, with the Baltic Dry Index (BDI) now trading at levels below operating expense levels for ...
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- Agrawal Coal Company - India
- Bangladesh Power Developement Board
- Gujarat Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Georgia Ports Authority, United States
- Kobexindo Tractors - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement PLC, Thailand
- Jindal Steel & Power Ltd - India
- Central Electricity Authority - India
- SN Aboitiz Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Baramulti Group, Indonesia
- Energy Link Ltd, New Zealand
- Sical Logistics Limited - India
- LBH Netherlands Bv - Netherlands
- Xindia Steels Limited - India
- Bulk Trading Sa - Switzerland
- Sinarmas Energy and Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Binh Thuan Hamico - Vietnam
- Bukit Baiduri Energy - Indonesia
- Malabar Cements Ltd - India
- Indian Energy Exchange, India
- Salva Resources Pvt Ltd - India
- Lanco Infratech Ltd - India
- Deloitte Consulting - India
- Sree Jayajothi Cements Limited - India
- Carbofer General Trading SA - India
- Petron Corporation, Philippines
- Aditya Birla Group - India
- Coastal Gujarat Power Limited - India
- Merrill Lynch Commodities Europe
- PNOC Exploration Corporation - Philippines
- Mintek Dendrill Indonesia
- Rashtriya Ispat Nigam Limited - India
- Anglo American - United Kingdom
- Barasentosa Lestari - Indonesia
- McConnell Dowell - Australia
- GN Power Mariveles Coal Plant, Philippines
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
- Attock Cement Pakistan Limited
- GVK Power & Infra Limited - India
- Australian Commodity Traders Exchange
- Sindya Power Generating Company Private Ltd
- Jorong Barutama Greston.PT - Indonesia
- ICICI Bank Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- White Energy Company Limited
- Price Waterhouse Coopers - Russia
- Pipit Mutiara Jaya. PT, Indonesia
- Mercator Lines Limited - India
- OPG Power Generation Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Siam City Cement - Thailand
- Wilmar Investment Holdings
- Cigading International Bulk Terminal - Indonesia
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- Ministry of Transport, Egypt
- Sojitz Corporation - Japan
- Grasim Industreis Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining Corp, Philippines
- Tamil Nadu electricity Board
- Chamber of Mines of South Africa
- Power Finance Corporation Ltd., India
- India Bulls Power Limited - India
- Orica Australia Pty. Ltd.
- Globalindo Alam Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Minerals Council of Australia
- Chettinad Cement Corporation Ltd - India
- Global Green Power PLC Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Indika Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Makarim & Taira - Indonesia
- Parliament of New Zealand
- Thai Mozambique Logistica
- Ministry of Mines - Canada
- Alfred C Toepfer International GmbH - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Posco Energy - South Korea
- Trasteel International SA, Italy
- Karaikal Port Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Ind-Barath Power Infra Limited - India
- PTC India Limited - India
- GMR Energy Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meenaskhi Energy Private Limited - India
- Edison Trading Spa - Italy
- Holcim Trading Pte Ltd - Singapore
- International Coal Ventures Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Eastern Energy - Thailand
- Indonesian Coal Mining Association
- ASAPP Information Group - India
- Banpu Public Company Limited - Thailand
- Independent Power Producers Association of India
- Africa Commodities Group - South Africa
- Tata Chemicals Ltd - India
- London Commodity Brokers - England
- Bukit Asam (Persero) Tbk - Indonesia
- The University of Queensland
- Global Coal Blending Company Limited - Australia
- Formosa Plastics Group - Taiwan
- Sakthi Sugars Limited - India
- Ambuja Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Economic Council, Georgia
- VISA Power Limited - India
- Bhushan Steel Limited - India
- Cement Manufacturers Association - India
- AsiaOL BioFuels Corp., Philippines
- Riau Bara Harum - Indonesia
- IEA Clean Coal Centre - UK
- Bukit Makmur.PT - Indonesia
- Coalindo Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Goldman Sachs - Singapore
- San Jose City I Power Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Sidhee Cement - India
- Orica Mining Services - Indonesia
- Mercuria Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Vizag Seaport Private Limited - India
- Thiess Contractors Indonesia
- Borneo Indobara - Indonesia
- Parry Sugars Refinery, India
- TeaM Sual Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- SMG Consultants - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Electricity Generating Authority of Thailand
- Electricity Authority, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Romanian Commodities Exchange
- Samtan Co., Ltd - South Korea
- Central Java Power - Indonesia
- Oldendorff Carriers - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vedanta Resources Plc - India
- The State Trading Corporation of India Ltd
- PowerSource Philippines DevCo
- CNBM International Corporation - China
- Intertek Mineral Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jaiprakash Power Ventures ltd
- Latin American Coal - Colombia
- Kumho Petrochemical, South Korea
- Videocon Industries ltd - India
- Savvy Resources Ltd - HongKong
- South Luzon Thermal Energy Corporation
- Iligan Light & Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Kaltim Prima Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Toyota Tsusho Corporation, Japan
- Neyveli Lignite Corporation Ltd, - India
- Dalmia Cement Bharat India
- Leighton Contractors Pty Ltd - Australia
- Bhatia International Limited - India
- Marubeni Corporation - India
- Standard Chartered Bank - UAE
- Commonwealth Bank - Australia
- Singapore Mercantile Exchange
- Essar Steel Hazira Ltd - India
- Kartika Selabumi Mining - Indonesia
- Rio Tinto Coal - Australia
- Meralco Power Generation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Manunggal Multi Energi - Indonesia
- Coal and Oil Company - UAE
- Indo Tambangraya Megah - Indonesia
- Global Business Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Energy Development Corp, Philippines
- Wood Mackenzie - Singapore
- Semirara Mining and Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Indian Oil Corporation Limited
- Larsen & Toubro Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Gujarat Mineral Development Corp Ltd - India
- Kideco Jaya Agung - Indonesia
- Mjunction Services Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- MS Steel International - UAE
- Bharathi Cement Corporation - India
- Therma Luzon, Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Port Waratah Coal Services - Australia
- Kepco SPC Power Corporation, Philippines
- New Zealand Coal & Carbon
- Australian Coal Association
- Ministry of Finance - Indonesia
- Bhoruka Overseas - Indonesia
- SMC Global Power, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Star Paper Mills Limited - India
- Eastern Coal Council - USA
- Planning Commission, India
- Renaissance Capital - South Africa
- Antam Resourcindo - Indonesia
- Sarangani Energy Corporation, Philippines
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