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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, 12 February 15
INDONESIAN COAL PRICE REFERENCE INCHED DOWN 1.44% IN FEBRUARY
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down Indonesian coal bench mark price this month to US$ 62.92 pe ...
Thursday, 12 February 15
NEWBUILDING ORDERING ACTIVITY DRAGS ON, AS OWNERS ARE LOOKING FOR LOWER PRICES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Ship owners appear to be waiting for lower prices in their dealings with Asian shipyards, as the dry bulk market is at historical lows. According t ...
Wednesday, 11 February 15
DRY BULK MARKET REMAINED UNDER PRESSURE : STABILIZING CAPE MARKET HARDLY HELPED SENTIMENT
COALspot.com: The Dry Bulk market remained under pressure last week, while the stabilizing Cape market hardly helped sentiment.
Greece based s ...
Wednesday, 11 February 15
BDI HITTING THE ALL-TIME LOW; FFA MARKETS NOT SHOWING ANY POSITIVE SIGNS
With the BDI hitting the all-time low and with FFA markets not showing any positive signs for a possible recovery in the near future, pessimism is ...
Tuesday, 10 February 15
IRON ORE MARKET TO REMAIN OVERSUPPLIED IN 2015: PRICE FORECAST $70/T - WOOD MACKENZIE
COALspot.com: With January witnessing the price of iron ore falling to its lowest levels since May 2009, Roger Emslie, Principal Metals & ...
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- Heidelberg Cement - Germany
- Coalindo Energy - Indonesia
- Riau Bara Harum - Indonesia
- Uttam Galva Steels Limited - India
- Rio Tinto Coal - Australia
- Global Business Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- South Luzon Thermal Energy Corporation
- Mercator Lines Limited - India
- Orica Mining Services - Indonesia
- MS Steel International - UAE
- Lanco Infratech Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Attock Cement Pakistan Limited
- Larsen & Toubro Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Orica Australia Pty. Ltd.
- Bayan Resources Tbk. - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- San Jose City I Power Corp, Philippines
- Independent Power Producers Association of India
- Barasentosa Lestari - Indonesia
- Indogreen Group - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Makarim & Taira - Indonesia
- Globalindo Alam Lestari - Indonesia
- Georgia Ports Authority, United States
- Bukit Baiduri Energy - Indonesia
- Petron Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Anglo American - United Kingdom
- Indonesian Coal Mining Association
- Ministry of Mines - Canada
- Miang Besar Coal Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Indian Energy Exchange, India
- Power Finance Corporation Ltd., India
- Offshore Bulk Terminal Pte Ltd, Singapore
- LBH Netherlands Bv - Netherlands
- Sree Jayajothi Cements Limited - India
- Simpson Spence & Young - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- European Bulk Services B.V. - Netherlands
- Latin American Coal - Colombia
- ASAPP Information Group - India
- Chamber of Mines of South Africa
- Sindya Power Generating Company Private Ltd
- Intertek Mineral Services - Indonesia
- SMC Global Power, Philippines
- International Coal Ventures Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Planning Commission, India
- Kideco Jaya Agung - Indonesia
- Aboitiz Power Corporation - Philippines
- Siam City Cement - Thailand
- Posco Energy - South Korea
- Commonwealth Bank - Australia
- Sinarmas Energy and Mining - Indonesia
- Bhushan Steel Limited - India
- Borneo Indobara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Ministry of Finance - Indonesia
- Deloitte Consulting - India
- Vizag Seaport Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Chettinad Cement Corporation Ltd - India
- London Commodity Brokers - England
- PowerSource Philippines DevCo
- Energy Link Ltd, New Zealand
- Minerals Council of Australia
- PetroVietnam Power Coal Import and Supply Company
- Ceylon Electricity Board - Sri Lanka
- CNBM International Corporation - China
- Africa Commodities Group - South Africa
- Kaltim Prima Coal - Indonesia
- Star Paper Mills Limited - India
- Holcim Trading Pte Ltd - Singapore
- Renaissance Capital - South Africa
- AsiaOL BioFuels Corp., Philippines
- Wood Mackenzie - Singapore
- Kepco SPC Power Corporation, Philippines
- McConnell Dowell - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- Maheswari Brothers Coal Limited - India
- Price Waterhouse Coopers - Russia
- PNOC Exploration Corporation - Philippines
- Aditya Birla Group - India
- SN Aboitiz Power Inc, Philippines
- Energy Development Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Kumho Petrochemical, South Korea
- Electricity Generating Authority of Thailand
- PTC India Limited - India
- Electricity Authority, New Zealand
- The Treasury - Australian Government
- Bulk Trading Sa - Switzerland
- GMR Energy Limited - India
- Formosa Plastics Group - Taiwan
- Sakthi Sugars Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bharathi Cement Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Ministry of Transport, Egypt
- Baramulti Group, Indonesia
- Malabar Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Medco Energi Mining Internasional
- Sojitz Corporation - Japan
- Meenaskhi Energy Private Limited - India
- Manunggal Multi Energi - Indonesia
- Port Waratah Coal Services - Australia
- Tamil Nadu electricity Board
- Maharashtra Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- India Bulls Power Limited - India
- Mintek Dendrill Indonesia
- Agrawal Coal Company - India
- CIMB Investment Bank - Malaysia
- Meralco Power Generation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Mjunction Services Limited - India
- Wilmar Investment Holdings
- Thiess Contractors Indonesia
- Jaiprakash Power Ventures ltd
- Standard Chartered Bank - UAE
- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Indika Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Parliament of New Zealand
- SMG Consultants - Indonesia
- Oldendorff Carriers - Singapore
- Essar Steel Hazira Ltd - India
- Thai Mozambique Logistica
- Ambuja Cements Ltd - India
- Eastern Energy - Thailand
- Bangladesh Power Developement Board
- Goldman Sachs - Singapore
- Edison Trading Spa - Italy
- Australian Commodity Traders Exchange
- Australian Coal Association
- Indian Oil Corporation Limited
- ICICI Bank Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Karaikal Port Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- The State Trading Corporation of India Ltd
- Marubeni Corporation - India
- Merrill Lynch Commodities Europe
- Carbofer General Trading SA - India
- Semirara Mining and Power Corporation, Philippines
- Interocean Group of Companies - India
- Pendopo Energi Batubara - Indonesia
- Salva Resources Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Madhucon Powers Ltd - India
- Gujarat Sidhee Cement - India
- Central Electricity Authority - India
- Kohat Cement Company Ltd. - Pakistan
- Timah Investasi Mineral - Indoneisa
- Coal and Oil Company - UAE
- Bhoruka Overseas - Indonesia
- Coastal Gujarat Power Limited - India
- Mercuria Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Vedanta Resources Plc - India
- Dalmia Cement Bharat India
- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Economic Council, Georgia
- Toyota Tsusho Corporation, Japan
- Romanian Commodities Exchange
- Sical Logistics Limited - India
- Xindia Steels Limited - India
- Bhatia International Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Singapore Mercantile Exchange
- Parry Sugars Refinery, India
- The University of Queensland
- Central Java Power - Indonesia
- Metalloyd Limited - United Kingdom
- Global Coal Blending Company Limited - Australia
- Global Green Power PLC Corporation, Philippines
- Eastern Coal Council - USA
- Antam Resourcindo - Indonesia
- Videocon Industries ltd - India
- IHS Mccloskey Coal Group - USA
- Grasim Industreis Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- IEA Clean Coal Centre - UK
- Iligan Light & Power Inc, Philippines
- White Energy Company Limited
- Kartika Selabumi Mining - Indonesia
- Trasteel International SA, Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Cement Manufacturers Association - India
- Jindal Steel & Power Ltd - India
- VISA Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
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