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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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Wednesday, 04 February 15
MARKET INSIGHT - LINOS KOGEVINAS
It has been just about over 2 months since, in a move that surprised many and caused widespread apprehension, OPEC decided to maintain its producti ...
Tuesday, 03 February 15
Q1'15 FOB INDONESIA COAL SWAP CLOSED $ 3.29 HIGHER COMPARED TO Q4'15 DELIVERY PRICE
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 rose week over week and month on month.
The Q1 swap up US$ 0.68 (+1.41%) month o ...
Tuesday, 03 February 15
FOB NEWCASTLE COAL SWAP FOR Q4 DELIVERY CLOSED 5.86% LOWER THAN Q1 PRICE
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery rose US$ 0.26 per MT (+0.51%) week over week and declined US$ 0.02 (-0.04%) ...
Monday, 02 February 15
API 4 FOB RICHARDS BAY COAL SWAP ROSE WEEK OVER WEEK
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q1' 2015 declined month over month and day on day.
The Q1 swap has decli ...
Monday, 02 February 15
INDONESIA'S ADARO ENERGY PRODUCED 56.21 MILLION TONNES OF COAL IN 2014; UP 8% Y-O-Y
COALspot.com: PT. Adaro Energy, Indonesia’s largest coal producer, has increased coal production by 8% to 56.21 million tonnes (Mt) from both ...
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- Sical Logistics Limited - India
- Power Finance Corporation Ltd., India
- Kideco Jaya Agung - Indonesia
- Coastal Gujarat Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Mercator Lines Limited - India
- Global Green Power PLC Corporation, Philippines
- Edison Trading Spa - Italy
- Anglo American - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Antam Resourcindo - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Eastern Energy - Thailand
- Parry Sugars Refinery, India
- Bahari Cakrawala Sebuku - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Sojitz Corporation - Japan
- Carbofer General Trading SA - India
- Manunggal Multi Energi - Indonesia
- Posco Energy - South Korea
- San Jose City I Power Corp, Philippines
- Economic Council, Georgia
- Central Java Power - Indonesia
- Thai Mozambique Logistica
- Wood Mackenzie - Singapore
- Alfred C Toepfer International GmbH - Germany
- PowerSource Philippines DevCo
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Sidhee Cement - India
- Kepco SPC Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Ministry of Finance - Indonesia
- Singapore Mercantile Exchange
- Borneo Indobara - Indonesia
- CIMB Investment Bank - Malaysia
- PNOC Exploration Corporation - Philippines
- Orica Mining Services - Indonesia
- Merrill Lynch Commodities Europe
- PetroVietnam Power Coal Import and Supply Company
- VISA Power Limited - India
- Indogreen Group - Indonesia
- Iligan Light & Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Independent Power Producers Association of India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Attock Cement Pakistan Limited
- IHS Mccloskey Coal Group - USA
- Riau Bara Harum - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Trasteel International SA, Italy
- Cement Manufacturers Association - India
- Kapuas Tunggal Persada - Indonesia
- Oldendorff Carriers - Singapore
- GVK Power & Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Ambuja Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Bhatia International Limited - India
- Port Waratah Coal Services - Australia
- Bangladesh Power Developement Board
- Jindal Steel & Power Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- London Commodity Brokers - England
- Larsen & Toubro Limited - India
- Aboitiz Power Corporation - Philippines
- IEA Clean Coal Centre - UK
- OPG Power Generation Pvt Ltd - India
- Romanian Commodities Exchange
- Jaiprakash Power Ventures ltd
- Samtan Co., Ltd - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Xindia Steels Limited - India
- Simpson Spence & Young - Indonesia
- Savvy Resources Ltd - HongKong
- Ministry of Mines - Canada
- Rashtriya Ispat Nigam Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Grasim Industreis Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Wilmar Investment Holdings
- Indonesian Coal Mining Association
- Jorong Barutama Greston.PT - Indonesia
- Indian Oil Corporation Limited
- Therma Luzon, Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Sree Jayajothi Cements Limited - India
- Medco Energi Mining Internasional
- The Treasury - Australian Government
- Leighton Contractors Pty Ltd - Australia
- ICICI Bank Limited - India
- Agrawal Coal Company - India
- Kartika Selabumi Mining - Indonesia
- Altura Mining Limited, Indonesia
- Bayan Resources Tbk. - Indonesia
- Eastern Coal Council - USA
- Madhucon Powers Ltd - India
- Sindya Power Generating Company Private Ltd
- Ministry of Transport, Egypt
- Heidelberg Cement - Germany
- Maharashtra Electricity Regulatory Commission - India
- Minerals Council of Australia
- Global Business Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Uttam Galva Steels Limited - India
- Georgia Ports Authority, United States
- Kalimantan Lumbung Energi - Indonesia
- Star Paper Mills Limited - India
- Petron Corporation, Philippines
- Latin American Coal - Colombia
- New Zealand Coal & Carbon
- Timah Investasi Mineral - Indoneisa
- Barasentosa Lestari - Indonesia
- Kumho Petrochemical, South Korea
- White Energy Company Limited
- Kaltim Prima Coal - Indonesia
- Australian Commodity Traders Exchange
- Maheswari Brothers Coal Limited - India
- Metalloyd Limited - United Kingdom
- Meralco Power Generation, Philippines
- Sarangani Energy Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Intertek Mineral Services - Indonesia
- Goldman Sachs - Singapore
- The University of Queensland
- South Luzon Thermal Energy Corporation
- Tamil Nadu electricity Board
- Chettinad Cement Corporation Ltd - India
- Bukit Baiduri Energy - Indonesia
- Africa Commodities Group - South Africa
- Mintek Dendrill Indonesia
- Krishnapatnam Port Company Ltd. - India
- European Bulk Services B.V. - Netherlands
- Straits Asia Resources Limited - Singapore
- Energy Link Ltd, New Zealand
- CNBM International Corporation - China
- Indika Energy - Indonesia
- The State Trading Corporation of India Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMC Global Power, Philippines
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- ASAPP Information Group - India
- Formosa Plastics Group - Taiwan
- Bukit Makmur.PT - Indonesia
- Semirara Mining Corp, Philippines
- Commonwealth Bank - Australia
- India Bulls Power Limited - India
- Deloitte Consulting - India
- Videocon Industries ltd - India
- GMR Energy Limited - India
- Indian Energy Exchange, India
- Vizag Seaport Private Limited - India
- Banpu Public Company Limited - Thailand
- Binh Thuan Hamico - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Australian Coal Association
- Malabar Cements Ltd - India
- Lanco Infratech Ltd - India
- Toyota Tsusho Corporation, Japan
- Bulk Trading Sa - Switzerland
- Bukit Asam (Persero) Tbk - Indonesia
- Rio Tinto Coal - Australia
- MS Steel International - UAE
- Renaissance Capital - South Africa
- Coal and Oil Company - UAE
- SMG Consultants - Indonesia
- Vedanta Resources Plc - India
- Bharathi Cement Corporation - India
- Mercuria Energy - Indonesia
- Mjunction Services Limited - India
- Pendopo Energi Batubara - Indonesia
- Marubeni Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Siam City Cement - Thailand
- Semirara Mining and Power Corporation, Philippines
- Electricity Authority, New Zealand
- Tata Chemicals Ltd - India
- Siam City Cement PLC, Thailand
- Makarim & Taira - Indonesia
- Ind-Barath Power Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Thiess Contractors Indonesia
- Orica Australia Pty. Ltd.
- Interocean Group of Companies - India
- Aditya Birla Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Bhushan Steel Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indo Tambangraya Megah - Indonesia
- Parliament of New Zealand
- Baramulti Group, Indonesia
- Planning Commission, India
- Chamber of Mines of South Africa
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- Salva Resources Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Dalmia Cement Bharat India
- Central Electricity Authority - India
- Energy Development Corp, Philippines
- PTC India Limited - India
- Price Waterhouse Coopers - Russia
- AsiaOL BioFuels Corp., Philippines
- GAC Shipping (India) Pvt Ltd
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