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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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Sunday, 08 February 15
BDI FELL CONTINUOUSLY HIT A THREE DECADES LOW
COALspot.com: This week Baltic Exchange Dry Freight Index (BDI) fell continuously hit a three decades low.
The BDI continuously fell and was d ...
Friday, 06 February 15
WEEKLY U.S. COAL PRODUCTION UP AN ESTIMATED 1.1% FROM LAST WEEK - EIA
COALspot.com – United States the world's one of the largest coal producers, produced approximately 20.1 million short tons (mmst) of coal ...
Friday, 06 February 15
SHIP DAMAGED BY FIRE CAUSED BY PIRATES FOUND TO BE CONSTRUCTIVE TOTAL LOSS - TAYLOR WESSING
KNOWLEDGE TO ELEVATE
The High Court was asked to determine a number of preliminary issues, including whether a vessel was a constructive total ...
Thursday, 05 February 15
BDI HAS NOW FALLEN A LEVEL CLOSE TO THE INDEX'S HISTORIC LOW - INTERMODAL
They say a picture is worth a thousand words and in this instance just one look at the tables above is enough to understand the great pressure the ...
Thursday, 05 February 15
ULTRAMAX LEVELS FROM INDIA TO CHINA IN THE MID US$ 5000'S - FEARNLEYS AS
Handy
Despite the overall weak sentiment, there is a scent of optimism in the Atlantic market for ppt dates. Continent is still struggling with o ...
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- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Latin American Coal - Colombia
- White Energy Company Limited
- Goldman Sachs - Singapore
- Attock Cement Pakistan Limited
- Leighton Contractors Pty Ltd - Australia
- Minerals Council of Australia
- Manunggal Multi Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- Renaissance Capital - South Africa
- Riau Bara Harum - Indonesia
- Videocon Industries ltd - India
- ICICI Bank Limited - India
- Rashtriya Ispat Nigam Limited - India
- Kapuas Tunggal Persada - Indonesia
- Oldendorff Carriers - Singapore
- MS Steel International - UAE
- Standard Chartered Bank - UAE
- Bayan Resources Tbk. - Indonesia
- Banpu Public Company Limited - Thailand
- Madhucon Powers Ltd - India
- Rio Tinto Coal - Australia
- Independent Power Producers Association of India
- Indonesian Coal Mining Association
- Gujarat Sidhee Cement - India
- Directorate Of Revenue Intelligence - India
- Electricity Generating Authority of Thailand
- Baramulti Group, Indonesia
- IHS Mccloskey Coal Group - USA
- McConnell Dowell - Australia
- Georgia Ports Authority, United States
- Indo Tambangraya Megah - Indonesia
- Indika Energy - Indonesia
- South Luzon Thermal Energy Corporation
- AsiaOL BioFuels Corp., Philippines
- Bukit Makmur.PT - Indonesia
- Thiess Contractors Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Kobexindo Tractors - Indoneisa
- Bulk Trading Sa - Switzerland
- Grasim Industreis Ltd - India
- Straits Asia Resources Limited - Singapore
- Africa Commodities Group - South Africa
- Timah Investasi Mineral - Indoneisa
- Mercator Lines Limited - India
- Samtan Co., Ltd - South Korea
- Interocean Group of Companies - India
- Wilmar Investment Holdings
- Kepco SPC Power Corporation, Philippines
- Energy Development Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Semirara Mining and Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Chettinad Cement Corporation Ltd - India
- Bhushan Steel Limited - India
- Malabar Cements Ltd - India
- The Treasury - Australian Government
- Mercuria Energy - Indonesia
- Singapore Mercantile Exchange
- Chamber of Mines of South Africa
- Orica Australia Pty. Ltd.
- GAC Shipping (India) Pvt Ltd
- CNBM International Corporation - China
- Global Green Power PLC Corporation, Philippines
- Coastal Gujarat Power Limited - India
- PNOC Exploration Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Cement Manufacturers Association - India
- Commonwealth Bank - Australia
- Indian Energy Exchange, India
- Bhatia International Limited - India
- Tamil Nadu electricity Board
- Parliament of New Zealand
- GMR Energy Limited - India
- Orica Mining Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vizag Seaport Private Limited - India
- Toyota Tsusho Corporation, Japan
- Sarangani Energy Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Posco Energy - South Korea
- Planning Commission, India
- Therma Luzon, Inc, Philippines
- ASAPP Information Group - India
- Economic Council, Georgia
- Sree Jayajothi Cements Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Salva Resources Pvt Ltd - India
- Ministry of Finance - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Star Paper Mills Limited - India
- Eastern Coal Council - USA
- Ambuja Cements Ltd - India
- Energy Link Ltd, New Zealand
- OPG Power Generation Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- SMC Global Power, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vedanta Resources Plc - India
- Karbindo Abesyapradhi - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- PTC India Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- PowerSource Philippines DevCo
- Indian Oil Corporation Limited
- Port Waratah Coal Services - Australia
- Neyveli Lignite Corporation Ltd, - India
- Marubeni Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Edison Trading Spa - Italy
- Kartika Selabumi Mining - Indonesia
- Electricity Authority, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Australian Coal Association
- SMG Consultants - Indonesia
- Larsen & Toubro Limited - India
- New Zealand Coal & Carbon
- Bahari Cakrawala Sebuku - Indonesia
- Romanian Commodities Exchange
- Alfred C Toepfer International GmbH - Germany
- Jindal Steel & Power Ltd - India
- Thai Mozambique Logistica
- Altura Mining Limited, Indonesia
- Formosa Plastics Group - Taiwan
- Price Waterhouse Coopers - Russia
- Ind-Barath Power Infra Limited - India
- Dalmia Cement Bharat India
- Barasentosa Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Global Business Power Corporation, Philippines
- Central Java Power - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Metalloyd Limited - United Kingdom
- Power Finance Corporation Ltd., India
- Lanco Infratech Ltd - India
- The University of Queensland
- Bharathi Cement Corporation - India
- VISA Power Limited - India
- Meralco Power Generation, Philippines
- Sindya Power Generating Company Private Ltd
- Bukit Baiduri Energy - Indonesia
- Anglo American - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- TeaM Sual Corporation - Philippines
- Tata Chemicals Ltd - India
- Globalindo Alam Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
- India Bulls Power Limited - India
- Sakthi Sugars Limited - India
- Merrill Lynch Commodities Europe
- Coalindo Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coal and Oil Company - UAE
- Heidelberg Cement - Germany
- Wood Mackenzie - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Carbofer General Trading SA - India
- Savvy Resources Ltd - HongKong
- Agrawal Coal Company - India
- Global Coal Blending Company Limited - Australia
- Uttam Galva Steels Limited - India
- Jaiprakash Power Ventures ltd
- Aboitiz Power Corporation - Philippines
- Borneo Indobara - Indonesia
- Meenaskhi Energy Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Parry Sugars Refinery, India
- Deloitte Consulting - India
- Xindia Steels Limited - India
- Essar Steel Hazira Ltd - India
- The State Trading Corporation of India Ltd
- GN Power Mariveles Coal Plant, Philippines
- Intertek Mineral Services - Indonesia
- London Commodity Brokers - England
- Bangladesh Power Developement Board
- Ministry of Mines - Canada
- Jorong Barutama Greston.PT - Indonesia
- Medco Energi Mining Internasional
- Antam Resourcindo - Indonesia
- Mjunction Services Limited - India
- San Jose City I Power Corp, Philippines
- IEA Clean Coal Centre - UK
- Australian Commodity Traders Exchange
- Gujarat Mineral Development Corp Ltd - India
- Simpson Spence & Young - Indonesia
- Sojitz Corporation - Japan
- Holcim Trading Pte Ltd - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Trasteel International SA, Italy
- PetroVietnam Power Coal Import and Supply Company
- GVK Power & Infra Limited - India
- Mintek Dendrill Indonesia
- Central Electricity Authority - India
- CIMB Investment Bank - Malaysia
- Kaltim Prima Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Makarim & Taira - Indonesia
- Ministry of Transport, Egypt
- Eastern Energy - Thailand
- Semirara Mining Corp, Philippines
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