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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, 25 January 15
PANAMAX FREIGHT RATES STILL FALLING
COALspot.com: The BDI was slightly down this week to 720 points. The BDI lost 2.83 pct week on week.
The cape index continued its upward trend ...
Friday, 23 January 15
U.S. WEEKLY COAL PRODUCTION FOR WEEK ENDING JAN. 17 UP 2.5%
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.4 million short tons (mmst) of coal ...
Thursday, 22 January 15
PANAMAX: A SOFTER TONE AND OVERALL A SLUGGISH MARKET - FEARNLEYS
Handy
The handy and supra market has experienced yet another week with slow activity and softening rates in both hemispheres, broker Fearnleys AS ...
Thursday, 22 January 15
BUMI RESOURCES POSTS NET INCOME OF $13.3 MILLION 9M-2014
COALspot.com: Bumi Resources, Indonesia’s largest coal miner, reported today that, the company has recorded a net income of $13.3 million for ...
Wednesday, 21 January 15
PANAMAX MARKET MOVED SIDEWAYS OVERALL LAST WEEK - INTERMODAL
COALspot.com: The positive sentiment in which the week prior ended carried on through-out last week as well, the end of which marked the first posi ...
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- Carbofer General Trading SA - India
- Jorong Barutama Greston.PT - Indonesia
- Indika Energy - Indonesia
- Mercator Lines Limited - India
- Indian Energy Exchange, India
- Sical Logistics Limited - India
- Pendopo Energi Batubara - Indonesia
- Medco Energi Mining Internasional
- Jaiprakash Power Ventures ltd
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement - Thailand
- Central Electricity Authority - India
- Riau Bara Harum - Indonesia
- Dalmia Cement Bharat India
- Energy Development Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Economic Council, Georgia
- Eastern Coal Council - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Finance - Indonesia
- Iligan Light & Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Bulk Trading Sa - Switzerland
- Gujarat Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Bangladesh Power Developement Board
- Chettinad Cement Corporation Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Anglo American - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Baramulti Group, Indonesia
- The University of Queensland
- Australian Coal Association
- Bhushan Steel Limited - India
- Sindya Power Generating Company Private Ltd
- Energy Link Ltd, New Zealand
- Bukit Makmur.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- New Zealand Coal & Carbon
- Agrawal Coal Company - India
- ASAPP Information Group - India
- Tata Chemicals Ltd - India
- Parry Sugars Refinery, India
- Sojitz Corporation - Japan
- Ministry of Transport, Egypt
- Pipit Mutiara Jaya. PT, Indonesia
- Karaikal Port Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- The Treasury - Australian Government
- Wilmar Investment Holdings
- International Coal Ventures Pvt Ltd - India
- Orica Mining Services - Indonesia
- Madhucon Powers Ltd - India
- Renaissance Capital - South Africa
- Star Paper Mills Limited - India
- Straits Asia Resources Limited - Singapore
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Indian Oil Corporation Limited
- Meenaskhi Energy Private Limited - India
- Global Green Power PLC Corporation, Philippines
- MS Steel International - UAE
- Bayan Resources Tbk. - Indonesia
- Jindal Steel & Power Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Cement Manufacturers Association - India
- Holcim Trading Pte Ltd - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Energy - Thailand
- London Commodity Brokers - England
- Videocon Industries ltd - India
- European Bulk Services B.V. - Netherlands
- Kepco SPC Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Sree Jayajothi Cements Limited - India
- Sinarmas Energy and Mining - Indonesia
- Thai Mozambique Logistica
- CIMB Investment Bank - Malaysia
- Independent Power Producers Association of India
- LBH Netherlands Bv - Netherlands
- Bhatia International Limited - India
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Sakthi Sugars Limited - India
- Formosa Plastics Group - Taiwan
- Tamil Nadu electricity Board
- ICICI Bank Limited - India
- SMC Global Power, Philippines
- Edison Trading Spa - Italy
- Posco Energy - South Korea
- Mjunction Services Limited - India
- GN Power Mariveles Coal Plant, Philippines
- IEA Clean Coal Centre - UK
- Antam Resourcindo - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kaltim Prima Coal - Indonesia
- Uttam Galva Steels Limited - India
- TeaM Sual Corporation - Philippines
- Altura Mining Limited, Indonesia
- Ministry of Mines - Canada
- Borneo Indobara - Indonesia
- Mintek Dendrill Indonesia
- Planning Commission, India
- SN Aboitiz Power Inc, Philippines
- Makarim & Taira - Indonesia
- GAC Shipping (India) Pvt Ltd
- Rio Tinto Coal - Australia
- Aditya Birla Group - India
- San Jose City I Power Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Metalloyd Limited - United Kingdom
- Sarangani Energy Corporation, Philippines
- Samtan Co., Ltd - South Korea
- PTC India Limited - India
- Larsen & Toubro Limited - India
- Globalindo Alam Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Salva Resources Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Chamber of Mines of South Africa
- Essar Steel Hazira Ltd - India
- Vizag Seaport Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Indogreen Group - Indonesia
- PowerSource Philippines DevCo
- Latin American Coal - Colombia
- SMG Consultants - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Orica Australia Pty. Ltd.
- Indo Tambangraya Megah - Indonesia
- Kartika Selabumi Mining - Indonesia
- Petron Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Commonwealth Bank - Australia
- Coal and Oil Company - UAE
- Price Waterhouse Coopers - Russia
- Intertek Mineral Services - Indonesia
- Bhoruka Overseas - Indonesia
- Merrill Lynch Commodities Europe
- Heidelberg Cement - Germany
- GMR Energy Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Deloitte Consulting - India
- IHS Mccloskey Coal Group - USA
- Meralco Power Generation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Binh Thuan Hamico - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- Savvy Resources Ltd - HongKong
- CNBM International Corporation - China
- Africa Commodities Group - South Africa
- Bharathi Cement Corporation - India
- Global Coal Blending Company Limited - Australia
- Oldendorff Carriers - Singapore
- Central Java Power - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Minerals Council of Australia
- Coalindo Energy - Indonesia
- Electricity Authority, New Zealand
- Directorate Of Revenue Intelligence - India
- Barasentosa Lestari - Indonesia
- GVK Power & Infra Limited - India
- Ind-Barath Power Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wood Mackenzie - Singapore
- Ambuja Cements Ltd - India
- Romanian Commodities Exchange
- Manunggal Multi Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
- AsiaOL BioFuels Corp., Philippines
- Marubeni Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Goldman Sachs - Singapore
- Trasteel International SA, Italy
- McConnell Dowell - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kobexindo Tractors - Indoneisa
- Xindia Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Interocean Group of Companies - India
- Port Waratah Coal Services - Australia
- Kideco Jaya Agung - Indonesia
- Parliament of New Zealand
- Kumho Petrochemical, South Korea
- Banpu Public Company Limited - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Malabar Cements Ltd - India
- Semirara Mining Corp, Philippines
- VISA Power Limited - India
- Simpson Spence & Young - Indonesia
- Singapore Mercantile Exchange
- Mercuria Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- India Bulls Power Limited - India
- PNOC Exploration Corporation - Philippines
- Therma Luzon, Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Vedanta Resources Plc - India
- The State Trading Corporation of India Ltd
- Indonesian Coal Mining Association
- South Luzon Thermal Energy Corporation
- White Energy Company Limited
- Toyota Tsusho Corporation, Japan
- Grasim Industreis Ltd - India
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