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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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Monday, 02 February 15
API 8 CFR SOUTH CHINA COAL SWAP PICKS UP W-O-W
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery declined US$ 0.81 (-1.36%) per MT month over month and gained US$ 0.18&nb ...
Monday, 02 February 15
SOUTH KOREA'S KOMIPO INVITES BIDS FOR 280K MT OF SUB-BITUMINOUS COAL
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender to buy total 280,000 MT of Sub-bituminous coal coa ...
Sunday, 01 February 15
INDONESIA-TO-INDIA COAL FREIGHT RATES REMAIN WEAK NEXT WEEK
COALspot.com: The BDI continued its fall reached lowest levels since 1986 this week.
The BDI declined 15.55 pct to 608 points on Friday 30, Ja ...
Friday, 30 January 15
CONTANGO AND TANKERS - SKULD
KNOWLEDGE TO ELEVATE
Like an invitation to a dance, the word contango may have some people flustered, but for tanker owners this market phenome ...
Friday, 30 January 15
U.S. YEAR-TO-DATE COAL PRODUCTION REACHED 65.7 MMST
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.9 million short tons (mmst) of coal ...
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- Parry Sugars Refinery, India
- OPG Power Generation Pvt Ltd - India
- Baramulti Group, Indonesia
- Iligan Light & Power Inc, Philippines
- Anglo American - United Kingdom
- Tamil Nadu electricity Board
- Maheswari Brothers Coal Limited - India
- Deloitte Consulting - India
- GN Power Mariveles Coal Plant, Philippines
- Electricity Authority, New Zealand
- Essar Steel Hazira Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Coastal Gujarat Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- ASAPP Information Group - India
- Medco Energi Mining Internasional
- Sojitz Corporation - Japan
- The University of Queensland
- San Jose City I Power Corp, Philippines
- Altura Mining Limited, Indonesia
- Global Business Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Orica Australia Pty. Ltd.
- Kalimantan Lumbung Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Jaiprakash Power Ventures ltd
- Thai Mozambique Logistica
- CIMB Investment Bank - Malaysia
- Intertek Mineral Services - Indonesia
- Vizag Seaport Private Limited - India
- Bulk Trading Sa - Switzerland
- Indo Tambangraya Megah - Indonesia
- Siam City Cement PLC, Thailand
- Chamber of Mines of South Africa
- Ministry of Mines - Canada
- Price Waterhouse Coopers - Russia
- South Luzon Thermal Energy Corporation
- Ind-Barath Power Infra Limited - India
- Videocon Industries ltd - India
- The State Trading Corporation of India Ltd
- Grasim Industreis Ltd - India
- Commonwealth Bank - Australia
- Port Waratah Coal Services - Australia
- Mercator Lines Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Africa Commodities Group - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Indogreen Group - Indonesia
- European Bulk Services B.V. - Netherlands
- Savvy Resources Ltd - HongKong
- GAC Shipping (India) Pvt Ltd
- Kobexindo Tractors - Indoneisa
- Bhatia International Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Renaissance Capital - South Africa
- PTC India Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Interocean Group of Companies - India
- Sical Logistics Limited - India
- Karaikal Port Pvt Ltd - India
- Power Finance Corporation Ltd., India
- PNOC Exploration Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- GMR Energy Limited - India
- Banpu Public Company Limited - Thailand
- Borneo Indobara - Indonesia
- Samtan Co., Ltd - South Korea
- IEA Clean Coal Centre - UK
- Simpson Spence & Young - Indonesia
- Posco Energy - South Korea
- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- Semirara Mining and Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maharashtra Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Global Green Power PLC Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Finance - Indonesia
- Petron Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Madhucon Powers Ltd - India
- Energy Development Corp, Philippines
- Dalmia Cement Bharat India
- The Treasury - Australian Government
- Bhoruka Overseas - Indonesia
- Star Paper Mills Limited - India
- Barasentosa Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate Of Revenue Intelligence - India
- PowerSource Philippines DevCo
- Australian Coal Association
- Eastern Energy - Thailand
- Mintek Dendrill Indonesia
- Australian Commodity Traders Exchange
- Wilmar Investment Holdings
- Wood Mackenzie - Singapore
- Globalindo Alam Lestari - Indonesia
- Economic Council, Georgia
- Mjunction Services Limited - India
- GVK Power & Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Rashtriya Ispat Nigam Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Edison Trading Spa - Italy
- Goldman Sachs - Singapore
- Makarim & Taira - Indonesia
- India Bulls Power Limited - India
- Kideco Jaya Agung - Indonesia
- International Coal Ventures Pvt Ltd - India
- Larsen & Toubro Limited - India
- Independent Power Producers Association of India
- Karbindo Abesyapradhi - Indoneisa
- SMC Global Power, Philippines
- ICICI Bank Limited - India
- Agrawal Coal Company - India
- Central Electricity Authority - India
- London Commodity Brokers - England
- Sree Jayajothi Cements Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Oldendorff Carriers - Singapore
- Rio Tinto Coal - Australia
- Leighton Contractors Pty Ltd - Australia
- Billiton Holdings Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement - Thailand
- Tata Chemicals Ltd - India
- Sarangani Energy Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Antam Resourcindo - Indonesia
- Lanco Infratech Ltd - India
- Energy Link Ltd, New Zealand
- Therma Luzon, Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Chettinad Cement Corporation Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Attock Cement Pakistan Limited
- Gujarat Sidhee Cement - India
- Salva Resources Pvt Ltd - India
- Central Java Power - Indonesia
- Manunggal Multi Energi - Indonesia
- Indian Energy Exchange, India
- Ministry of Transport, Egypt
- Thiess Contractors Indonesia
- Miang Besar Coal Terminal - Indonesia
- Planning Commission, India
- CNBM International Corporation - China
- Indonesian Coal Mining Association
- Alfred C Toepfer International GmbH - Germany
- SMG Consultants - Indonesia
- Carbofer General Trading SA - India
- Aditya Birla Group - India
- Kepco SPC Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Bangladesh Power Developement Board
- Orica Mining Services - Indonesia
- Minerals Council of Australia
- Indian Oil Corporation Limited
- Malabar Cements Ltd - India
- Trasteel International SA, Italy
- Meenaskhi Energy Private Limited - India
- Mercuria Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Aboitiz Power Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Cement Manufacturers Association - India
- White Energy Company Limited
- Riau Bara Harum - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Kumho Petrochemical, South Korea
- Xindia Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indika Energy - Indonesia
- Heidelberg Cement - Germany
- Singapore Mercantile Exchange
- MS Steel International - UAE
- Kapuas Tunggal Persada - Indonesia
- Coal and Oil Company - UAE
- Standard Chartered Bank - UAE
- Uttam Galva Steels Limited - India
- VISA Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Sakthi Sugars Limited - India
- McConnell Dowell - Australia
- Krishnapatnam Port Company Ltd. - India
- Marubeni Corporation - India
- Global Coal Blending Company Limited - Australia
- Parliament of New Zealand
- Bharathi Cement Corporation - India
- Formosa Plastics Group - Taiwan
- New Zealand Coal & Carbon
- Bukit Baiduri Energy - Indonesia
- Georgia Ports Authority, United States
- Romanian Commodities Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Eastern Coal Council - USA
- Vedanta Resources Plc - India
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