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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, 27 January 15
Q1 FOB INDONESIA COAL SWAP CLOSED AT $ 47.87 FOR WEEK ENDING JAN. 23
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 gain week over week and declined month on month.
The Q1 swap has decline US$ 0.9 ...
Tuesday, 27 January 15
Q2 FOB NEWCASTLE COAL SWAP UP 4.5% W-O-W
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery declined US$ 0.28 per MT (-0.54%) month over month and increased US$ 1.23 ( ...
Monday, 26 January 15
OVERSUPPLY, AMPLE STOCKPILES, AND LACKLUSTER UNDERLYING STEEL DEMAND KEPT COKING COAL PRICES LOW IN 2014
COALspot.com: Coking coal prices (FOB & CFR) fell 15% and 18% respectively during the year, amidst persistent oversupply, ample inventory and s ...
Monday, 26 January 15
FOB RICHARDS BAY Q2 COAL SWAP CLOSED LOWER THAN Q1 CLOSING
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 fell ...
Monday, 26 January 15
API 8 CFR SOUTH CHINA COAL SWAP CONTINUE TO SLIDE M-O-M; ROSE W-O-W
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery declined US$ 0.79 (-1.33%) per MT month over month and gained US$ 2.10&nb ...
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- Pipit Mutiara Jaya. PT, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Grasim Industreis Ltd - India
- The Treasury - Australian Government
- Therma Luzon, Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Medco Energi Mining Internasional
- Bharathi Cement Corporation - India
- New Zealand Coal & Carbon
- GAC Shipping (India) Pvt Ltd
- Iligan Light & Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Indian Oil Corporation Limited
- Maheswari Brothers Coal Limited - India
- San Jose City I Power Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Vedanta Resources Plc - India
- Oldendorff Carriers - Singapore
- Mintek Dendrill Indonesia
- Savvy Resources Ltd - HongKong
- Sindya Power Generating Company Private Ltd
- Borneo Indobara - Indonesia
- IEA Clean Coal Centre - UK
- Vizag Seaport Private Limited - India
- Singapore Mercantile Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Riau Bara Harum - Indonesia
- CIMB Investment Bank - Malaysia
- GMR Energy Limited - India
- Trasteel International SA, Italy
- Banpu Public Company Limited - Thailand
- Bhoruka Overseas - Indonesia
- Merrill Lynch Commodities Europe
- Aboitiz Power Corporation - Philippines
- Renaissance Capital - South Africa
- Kumho Petrochemical, South Korea
- Altura Mining Limited, Indonesia
- International Coal Ventures Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Minerals Council of Australia
- Rio Tinto Coal - Australia
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- Petrochimia International Co. Ltd.- Taiwan
- South Luzon Thermal Energy Corporation
- PTC India Limited - India
- Dalmia Cement Bharat India
- Timah Investasi Mineral - Indoneisa
- Ind-Barath Power Infra Limited - India
- Aditya Birla Group - India
- Mercator Lines Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Deloitte Consulting - India
- Indonesian Coal Mining Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Videocon Industries ltd - India
- Sojitz Corporation - Japan
- Orica Mining Services - Indonesia
- Standard Chartered Bank - UAE
- Sical Logistics Limited - India
- Electricity Authority, New Zealand
- Madhucon Powers Ltd - India
- Independent Power Producers Association of India
- Bulk Trading Sa - Switzerland
- Kideco Jaya Agung - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- McConnell Dowell - Australia
- Jorong Barutama Greston.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Global Coal Blending Company Limited - Australia
- Mjunction Services Limited - India
- Barasentosa Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bhushan Steel Limited - India
- Kartika Selabumi Mining - Indonesia
- CNBM International Corporation - China
- Africa Commodities Group - South Africa
- Uttam Galva Steels Limited - India
- Australian Coal Association
- Central Java Power - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Georgia Ports Authority, United States
- Alfred C Toepfer International GmbH - Germany
- Binh Thuan Hamico - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Coal and Oil Company - UAE
- Bhatia International Limited - India
- Gujarat Sidhee Cement - India
- Eastern Coal Council - USA
- Formosa Plastics Group - Taiwan
- GVK Power & Infra Limited - India
- Ministry of Mines - Canada
- Price Waterhouse Coopers - Russia
- Chamber of Mines of South Africa
- Baramulti Group, Indonesia
- Sree Jayajothi Cements Limited - India
- Petron Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Bukit Makmur.PT - Indonesia
- Indian Energy Exchange, India
- Commonwealth Bank - Australia
- ICICI Bank Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Star Paper Mills Limited - India
- Globalindo Alam Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Wood Mackenzie - Singapore
- SMC Global Power, Philippines
- Anglo American - United Kingdom
- Simpson Spence & Young - Indonesia
- White Energy Company Limited
- Parliament of New Zealand
- Heidelberg Cement - Germany
- Chettinad Cement Corporation Ltd - India
- Economic Council, Georgia
- Bangladesh Power Developement Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Larsen & Toubro Limited - India
- Eastern Energy - Thailand
- MS Steel International - UAE
- Australian Commodity Traders Exchange
- Holcim Trading Pte Ltd - Singapore
- Tata Chemicals Ltd - India
- Edison Trading Spa - Italy
- Coalindo Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Makarim & Taira - Indonesia
- Carbofer General Trading SA - India
- Xindia Steels Limited - India
- Central Electricity Authority - India
- OPG Power Generation Pvt Ltd - India
- Marubeni Corporation - India
- Wilmar Investment Holdings
- Semirara Mining and Power Corporation, Philippines
- Thai Mozambique Logistica
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PowerSource Philippines DevCo
- Lanco Infratech Ltd - India
- Metalloyd Limited - United Kingdom
- Salva Resources Pvt Ltd - India
- Cement Manufacturers Association - India
- Neyveli Lignite Corporation Ltd, - India
- Leighton Contractors Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Indogreen Group - Indonesia
- PNOC Exploration Corporation - Philippines
- Romanian Commodities Exchange
- Port Waratah Coal Services - Australia
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Meralco Power Generation, Philippines
- SN Aboitiz Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- India Bulls Power Limited - India
- Coastal Gujarat Power Limited - India
- Ambuja Cements Ltd - India
- London Commodity Brokers - England
- Asmin Koalindo Tuhup - Indonesia
- Global Green Power PLC Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Energy Development Corp, Philippines
- Parry Sugars Refinery, India
- Global Business Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Link Ltd, New Zealand
- Semirara Mining Corp, Philippines
- The State Trading Corporation of India Ltd
- GN Power Mariveles Coal Plant, Philippines
- Meenaskhi Energy Private Limited - India
- Directorate Of Revenue Intelligence - India
- Straits Asia Resources Limited - Singapore
- ASAPP Information Group - India
- Kepco SPC Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Karaikal Port Pvt Ltd - India
- Siam City Cement PLC, Thailand
- The University of Queensland
- Planning Commission, India
- Interocean Group of Companies - India
- Samtan Co., Ltd - South Korea
- Tamil Nadu electricity Board
- LBH Netherlands Bv - Netherlands
- Power Finance Corporation Ltd., India
- Gujarat Mineral Development Corp Ltd - India
- Antam Resourcindo - Indonesia
- Siam City Cement - Thailand
- Electricity Generating Authority of Thailand
- Sakthi Sugars Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Orica Australia Pty. Ltd.
- Posco Energy - South Korea
- Pendopo Energi Batubara - Indonesia
- Manunggal Multi Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Mercuria Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- VISA Power Limited - India
- Malabar Cements Ltd - India
- SMG Consultants - Indonesia
- Latin American Coal - Colombia
- Ministry of Transport, Egypt
- Jaiprakash Power Ventures ltd
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