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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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Friday, 30 January 15
CAN BULKER CONVERSIONS SPOIL THE TANKER MARKET'S PARTY? - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Oversupply of tonnage has always been in the back of the head of ship owners when it comes to taking advantage of favorable market conditions. As s ...
Thursday, 29 January 15
CHINA ENERGY DEMAND MUST BE REVIEWED DUE TO FUNDAMENTAL ECONOMIC CHANGES - WOOD MACKENZIE
New patterns emerging as energy demand growth decoupled significantly from GDP growth for the first time in 2014
Wood Mackenzie says 2014 was ...
Thursday, 29 January 15
CAPE MARKET IS STILL STRUGGLING WITH LOW DEMAND AND LOW COMMODITY PRICES
Handy
Supramax rates are heading south with slipping rates all across the block. USG activity is slow with mid-week levels in the mid 8.000s, Fea ...
Wednesday, 28 January 15
MARKET INSIGHT - STELIOS KOLLINTZAS
With most traders having returned to action from year end festivities, we have already seen signs of activity in the specialized product markets. L ...
Wednesday, 28 January 15
CAPES CONTINUED THEIR UPWARD MOVEMENT LAST WEEK - INTERMODAL
COALspot.com: The Dry Bulk market displayed a mirror performance of that of the week prior, with the Capesize market correcting further upwards and ...
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Therma Luzon, Inc, Philippines
- Standard Chartered Bank - UAE
- Indo Tambangraya Megah - Indonesia
- Renaissance Capital - South Africa
- Bangladesh Power Developement Board
- Holcim Trading Pte Ltd - Singapore
- Orica Mining Services - Indonesia
- Riau Bara Harum - Indonesia
- Pendopo Energi Batubara - Indonesia
- Interocean Group of Companies - India
- Orica Australia Pty. Ltd.
- Asmin Koalindo Tuhup - Indonesia
- Bukit Makmur.PT - Indonesia
- Indian Energy Exchange, India
- Indian Oil Corporation Limited
- Wilmar Investment Holdings
- Ministry of Transport, Egypt
- Semirara Mining Corp, Philippines
- London Commodity Brokers - England
- Karaikal Port Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Electricity Authority, New Zealand
- CNBM International Corporation - China
- PowerSource Philippines DevCo
- Parliament of New Zealand
- Wood Mackenzie - Singapore
- SN Aboitiz Power Inc, Philippines
- Goldman Sachs - Singapore
- Planning Commission, India
- Rio Tinto Coal - Australia
- Carbofer General Trading SA - India
- Semirara Mining and Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Star Paper Mills Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- GMR Energy Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Merrill Lynch Commodities Europe
- Larsen & Toubro Limited - India
- Cigading International Bulk Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Central Java Power - Indonesia
- SMC Global Power, Philippines
- Barasentosa Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Attock Cement Pakistan Limited
- Kideco Jaya Agung - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- The University of Queensland
- Madhucon Powers Ltd - India
- Gujarat Sidhee Cement - India
- Global Coal Blending Company Limited - Australia
- Energy Development Corp, Philippines
- Aditya Birla Group - India
- Ind-Barath Power Infra Limited - India
- Heidelberg Cement - Germany
- TeaM Sual Corporation - Philippines
- Meralco Power Generation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Neyveli Lignite Corporation Ltd, - India
- Sojitz Corporation - Japan
- New Zealand Coal & Carbon
- Miang Besar Coal Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Eastern Coal Council - USA
- Thai Mozambique Logistica
- Offshore Bulk Terminal Pte Ltd, Singapore
- PetroVietnam Power Coal Import and Supply Company
- Minerals Council of Australia
- Latin American Coal - Colombia
- Siam City Cement - Thailand
- Vizag Seaport Private Limited - India
- Agrawal Coal Company - India
- Metalloyd Limited - United Kingdom
- Ministry of Finance - Indonesia
- McConnell Dowell - Australia
- Power Finance Corporation Ltd., India
- Kobexindo Tractors - Indoneisa
- Port Waratah Coal Services - Australia
- Manunggal Multi Energi - Indonesia
- Sakthi Sugars Limited - India
- South Luzon Thermal Energy Corporation
- Mercator Lines Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Coastal Gujarat Power Limited - India
- Chettinad Cement Corporation Ltd - India
- LBH Netherlands Bv - Netherlands
- Independent Power Producers Association of India
- India Bulls Power Limited - India
- Bhoruka Overseas - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Aboitiz Power Corporation - Philippines
- Africa Commodities Group - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Uttam Galva Steels Limited - India
- Kumho Petrochemical, South Korea
- AsiaOL BioFuels Corp., Philippines
- Energy Link Ltd, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Mjunction Services Limited - India
- Bulk Trading Sa - Switzerland
- Bhatia International Limited - India
- Indonesian Coal Mining Association
- Jindal Steel & Power Ltd - India
- Xindia Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Ambuja Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- The Treasury - Australian Government
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- Indika Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Australian Coal Association
- Ceylon Electricity Board - Sri Lanka
- Directorate General of MIneral and Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Electricity Generating Authority of Thailand
- Simpson Spence & Young - Indonesia
- Siam City Cement PLC, Thailand
- GVK Power & Infra Limited - India
- Cement Manufacturers Association - India
- Formosa Plastics Group - Taiwan
- Binh Thuan Hamico - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Sree Jayajothi Cements Limited - India
- Borneo Indobara - Indonesia
- Globalindo Alam Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Chamber of Mines of South Africa
- White Energy Company Limited
- Bhushan Steel Limited - India
- Tamil Nadu electricity Board
- Kalimantan Lumbung Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Samtan Co., Ltd - South Korea
- Petron Corporation, Philippines
- ICICI Bank Limited - India
- Medco Energi Mining Internasional
- PNOC Exploration Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Economic Council, Georgia
- Vijayanagar Sugar Pvt Ltd - India
- Central Electricity Authority - India
- Toyota Tsusho Corporation, Japan
- Sical Logistics Limited - India
- MS Steel International - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- The State Trading Corporation of India Ltd
- Dalmia Cement Bharat India
- Coal and Oil Company - UAE
- Oldendorff Carriers - Singapore
- Kartika Selabumi Mining - Indonesia
- Malabar Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Indogreen Group - Indonesia
- Banpu Public Company Limited - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Price Waterhouse Coopers - Russia
- Georgia Ports Authority, United States
- VISA Power Limited - India
- PTC India Limited - India
- Marubeni Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- SMG Consultants - Indonesia
- Straits Asia Resources Limited - Singapore
- ASAPP Information Group - India
- Lanco Infratech Ltd - India
- Posco Energy - South Korea
- Global Business Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Mercuria Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Tata Chemicals Ltd - India
- Sarangani Energy Corporation, Philippines
- Makarim & Taira - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Commonwealth Bank - Australia
- Petrochimia International Co. Ltd.- Taiwan
- IEA Clean Coal Centre - UK
- Australian Commodity Traders Exchange
- Kaltim Prima Coal - Indonesia
- Baramulti Group, Indonesia
- Grasim Industreis Ltd - India
- San Jose City I Power Corp, Philippines
- Thiess Contractors Indonesia
- GAC Shipping (India) Pvt Ltd
- Singapore Mercantile Exchange
- Altura Mining Limited, Indonesia
- Parry Sugars Refinery, India
- Mintek Dendrill Indonesia
- Antam Resourcindo - Indonesia
- Romanian Commodities Exchange
- European Bulk Services B.V. - Netherlands
- Vedanta Resources Plc - India
- Bharathi Cement Corporation - India
- Ministry of Mines - Canada
- Trasteel International SA, Italy
- IHS Mccloskey Coal Group - USA
- Eastern Energy - Thailand
- Edison Trading Spa - Italy
- Essar Steel Hazira Ltd - India
- Anglo American - United Kingdom
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