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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, 10 February 15
SUB-BIT FOB INDONESIA COAL SWAP ADVANCES 3.79% WEEK ON WEEK
COALspot.com: Indonesian coal swaps for delivery Q2' 2015 rose week over week and month on month.
The Q2 swap up US$ 0.85 (+1.81%) month o ...
Tuesday, 10 February 15
FOB NEWCASTLE COAL SWAPS SURGE WEEK OVER WEEK, RAISING HOPES?
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery rose US$ 0.95 per MT (+1.91%) week over week and declined US$ 0.06 (-0.12%) ...
Monday, 09 February 15
AUSTRALIAN COAL PRODUCERS BEST POSITIONED IN OVERSUPPLIED MARKET; US MINES MOST AT RISK - WOOD MACKENZIE
In a 2015 global coal outlook report, Wood Mackenzie says that Australia and Indonesian coal suppliers will see some upside in the difficult months ...
Monday, 09 February 15
FOB RICHARDS BAY COAL SWAP GAINS 3.65% TO ONE-MONTH HIGH
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q2' 2015 surge month over month and day on day.
The Q2 swap has soared US$ 2.1 ...
Monday, 09 February 15
Q2' CFR SOUTH CHINA COAL SWAP DECLINED 3.28% TO $ 56.92 W-O-W
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery declined US$ 1.93 (-3.28%) per MT month over month and US$ 0.10 (-0 ...
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- Eastern Energy - Thailand
- Barasentosa Lestari - Indonesia
- Xindia Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- McConnell Dowell - Australia
- Parliament of New Zealand
- Tamil Nadu electricity Board
- Billiton Holdings Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- SN Aboitiz Power Inc, Philippines
- SMG Consultants - Indonesia
- Trasteel International SA, Italy
- Simpson Spence & Young - Indonesia
- Latin American Coal - Colombia
- Kobexindo Tractors - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- Salva Resources Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Straits Asia Resources Limited - Singapore
- Ministry of Finance - Indonesia
- Sojitz Corporation - Japan
- Asmin Koalindo Tuhup - Indonesia
- Kumho Petrochemical, South Korea
- GMR Energy Limited - India
- Ambuja Cements Ltd - India
- Therma Luzon, Inc, Philippines
- PowerSource Philippines DevCo
- Marubeni Corporation - India
- Toyota Tsusho Corporation, Japan
- Cigading International Bulk Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Pendopo Energi Batubara - Indonesia
- Sindya Power Generating Company Private Ltd
- Sakthi Sugars Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Bhoruka Overseas - Indonesia
- Riau Bara Harum - Indonesia
- Kaltim Prima Coal - Indonesia
- Metalloyd Limited - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Samtan Co., Ltd - South Korea
- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
- Binh Thuan Hamico - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Commonwealth Bank - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Timah Investasi Mineral - Indoneisa
- Bharathi Cement Corporation - India
- The Treasury - Australian Government
- New Zealand Coal & Carbon
- Global Business Power Corporation, Philippines
- Bhushan Steel Limited - India
- Australian Commodity Traders Exchange
- Indian Oil Corporation Limited
- Meralco Power Generation, Philippines
- European Bulk Services B.V. - Netherlands
- Medco Energi Mining Internasional
- Georgia Ports Authority, United States
- Interocean Group of Companies - India
- GVK Power & Infra Limited - India
- Merrill Lynch Commodities Europe
- Kartika Selabumi Mining - Indonesia
- India Bulls Power Limited - India
- MS Steel International - UAE
- TeaM Sual Corporation - Philippines
- Energy Development Corp, Philippines
- Global Coal Blending Company Limited - Australia
- IEA Clean Coal Centre - UK
- Heidelberg Cement - Germany
- Jindal Steel & Power Ltd - India
- Wilmar Investment Holdings
- Minerals Council of Australia
- Thiess Contractors Indonesia
- Coalindo Energy - Indonesia
- Orica Mining Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Electricity Authority - India
- Standard Chartered Bank - UAE
- Leighton Contractors Pty Ltd - Australia
- Coal and Oil Company - UAE
- Uttam Galva Steels Limited - India
- Cement Manufacturers Association - India
- Jaiprakash Power Ventures ltd
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- Indogreen Group - Indonesia
- Orica Australia Pty. Ltd.
- Aditya Birla Group - India
- Kapuas Tunggal Persada - Indonesia
- Renaissance Capital - South Africa
- Coastal Gujarat Power Limited - India
- Deloitte Consulting - India
- Economic Council, Georgia
- Mjunction Services Limited - India
- Romanian Commodities Exchange
- Bukit Baiduri Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Oldendorff Carriers - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Link Ltd, New Zealand
- SMC Global Power, Philippines
- Bayan Resources Tbk. - Indonesia
- Altura Mining Limited, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Intertek Mineral Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Attock Cement Pakistan Limited
- San Jose City I Power Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- PTC India Limited - India
- Petron Corporation, Philippines
- Malabar Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Bukit Makmur.PT - Indonesia
- Thai Mozambique Logistica
- Larsen & Toubro Limited - India
- Kideco Jaya Agung - Indonesia
- Krishnapatnam Port Company Ltd. - India
- London Commodity Brokers - England
- Ministry of Mines - Canada
- Bhatia International Limited - India
- Savvy Resources Ltd - HongKong
- Goldman Sachs - Singapore
- Semirara Mining and Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Mercator Lines Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- GAC Shipping (India) Pvt Ltd
- Rashtriya Ispat Nigam Limited - India
- White Energy Company Limited
- Ceylon Electricity Board - Sri Lanka
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- Sinarmas Energy and Mining - Indonesia
- CIMB Investment Bank - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Aboitiz Power Corporation - Philippines
- Dalmia Cement Bharat India
- Star Paper Mills Limited - India
- Edison Trading Spa - Italy
- Carbofer General Trading SA - India
- Antam Resourcindo - Indonesia
- ICICI Bank Limited - India
- Rio Tinto Coal - Australia
- Grasim Industreis Ltd - India
- Lanco Infratech Ltd - India
- Parry Sugars Refinery, India
- Borneo Indobara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indika Energy - Indonesia
- CNBM International Corporation - China
- Bahari Cakrawala Sebuku - Indonesia
- Power Finance Corporation Ltd., India
- Posco Energy - South Korea
- VISA Power Limited - India
- Agrawal Coal Company - India
- Gujarat Sidhee Cement - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mintek Dendrill Indonesia
- South Luzon Thermal Energy Corporation
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Coal Council - USA
- Makarim & Taira - Indonesia
- Maheswari Brothers Coal Limited - India
- Bangladesh Power Developement Board
- Sical Logistics Limited - India
- Semirara Mining Corp, Philippines
- ASAPP Information Group - India
- Jorong Barutama Greston.PT - Indonesia
- Electricity Authority, New Zealand
- The University of Queensland
- LBH Netherlands Bv - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Banpu Public Company Limited - Thailand
- Chamber of Mines of South Africa
- Siam City Cement PLC, Thailand
- Iligan Light & Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Australian Coal Association
- Kalimantan Lumbung Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- The State Trading Corporation of India Ltd
- Essar Steel Hazira Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Indo Tambangraya Megah - Indonesia
- Planning Commission, India
- Alfred C Toepfer International GmbH - Germany
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Formosa Plastics Group - Taiwan
- Ind-Barath Power Infra Limited - India
- Wood Mackenzie - Singapore
- Baramulti Group, Indonesia
- Directorate Of Revenue Intelligence - India
- Siam City Cement - Thailand
- Sree Jayajothi Cements Limited - India
- Central Java Power - Indonesia
- Indonesian Coal Mining Association
- Independent Power Producers Association of India
- AsiaOL BioFuels Corp., Philippines
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