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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, 21 January 15
SHIFT IN INTERNATIONAL COAL TRADE TO THE PACIFIC BASIN WILL CONTINUE - IMF
COALspot.com: The shift in international coal trade to the Pacific Basin will continue, IMF said in its latest Medium-Term Coal Market Report.
...
Wednesday, 21 January 15
MARKET INSIGHT - VASSILIS LOGOTHETIS, INTERMODAL
The World Bank has lowered its forecast for global growth in 2015 to 3% down from its previous level of 3.4% amid rising concerns over the economic ...
Wednesday, 21 January 15
THERMAL COAL PRICE OUTLOOK DEPENDENT ON INDIAN IMPORT DEMAND - MATTHEW BOYLE, CRU
COALspot.com: Supply and demand side developments in India will be an important determinant of future market dynamics and prices for thermal coal a ...
Wednesday, 21 January 15
PORT OF NEWCASTLE COAL EXPORTS JUMP 16.19% ON MONTH TO 15.80 MIL MT IN DECEMBER' 14
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1.136 billi ...
Tuesday, 20 January 15
INDIA TO SURPASS THE UNITED STATES AND BECOME THE SECOND-LARGEST COAL CONSUMER IN THE WORLD BY 2019 - IMF
COALspot.com: In 2013, coal added more primary energy than any other fuel and was the fastest-growing fossil fuel, enhancing its position as the se ...
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- VISA Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Renaissance Capital - South Africa
- Salva Resources Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- SMC Global Power, Philippines
- Therma Luzon, Inc, Philippines
- Larsen & Toubro Limited - India
- The University of Queensland
- Ceylon Electricity Board - Sri Lanka
- Central Java Power - Indonesia
- Iligan Light & Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Banpu Public Company Limited - Thailand
- Bukit Makmur.PT - Indonesia
- Gujarat Sidhee Cement - India
- Binh Thuan Hamico - Vietnam
- Port Waratah Coal Services - Australia
- Semirara Mining Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Vizag Seaport Private Limited - India
- Intertek Mineral Services - Indonesia
- Essar Steel Hazira Ltd - India
- Ambuja Cements Ltd - India
- Energy Development Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- New Zealand Coal & Carbon
- GN Power Mariveles Coal Plant, Philippines
- Barasentosa Lestari - Indonesia
- Trasteel International SA, Italy
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Marubeni Corporation - India
- Coalindo Energy - Indonesia
- Bangladesh Power Developement Board
- Mjunction Services Limited - India
- Coastal Gujarat Power Limited - India
- South Luzon Thermal Energy Corporation
- Indonesian Coal Mining Association
- Billiton Holdings Pty Ltd - Australia
- McConnell Dowell - Australia
- Vedanta Resources Plc - India
- Orica Australia Pty. Ltd.
- Uttam Galva Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Energy Link Ltd, New Zealand
- PNOC Exploration Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Independent Power Producers Association of India
- Alfred C Toepfer International GmbH - Germany
- Oldendorff Carriers - Singapore
- GAC Shipping (India) Pvt Ltd
- Dalmia Cement Bharat India
- PowerSource Philippines DevCo
- Jindal Steel & Power Ltd - India
- Heidelberg Cement - Germany
- Romanian Commodities Exchange
- Ministry of Transport, Egypt
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- White Energy Company Limited
- Petron Corporation, Philippines
- Kumho Petrochemical, South Korea
- Sarangani Energy Corporation, Philippines
- Videocon Industries ltd - India
- Siam City Cement - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Sinarmas Energy and Mining - Indonesia
- Grasim Industreis Ltd - India
- Australian Coal Association
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Mines - Canada
- Petrochimia International Co. Ltd.- Taiwan
- Global Business Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Bayan Resources Tbk. - Indonesia
- ICICI Bank Limited - India
- SMG Consultants - Indonesia
- Sojitz Corporation - Japan
- GMR Energy Limited - India
- Timah Investasi Mineral - Indoneisa
- Mercuria Energy - Indonesia
- Georgia Ports Authority, United States
- Lanco Infratech Ltd - India
- Kobexindo Tractors - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Kartika Selabumi Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Cement Manufacturers Association - India
- Meralco Power Generation, Philippines
- Electricity Authority, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Merrill Lynch Commodities Europe
- Kaltim Prima Coal - Indonesia
- Interocean Group of Companies - India
- Pendopo Energi Batubara - Indonesia
- Antam Resourcindo - Indonesia
- Toyota Tsusho Corporation, Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Simpson Spence & Young - Indonesia
- Jaiprakash Power Ventures ltd
- Manunggal Multi Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Commonwealth Bank - Australia
- Coal and Oil Company - UAE
- Tamil Nadu electricity Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chamber of Mines of South Africa
- San Jose City I Power Corp, Philippines
- Parry Sugars Refinery, India
- Chettinad Cement Corporation Ltd - India
- Parliament of New Zealand
- Metalloyd Limited - United Kingdom
- Australian Commodity Traders Exchange
- Agrawal Coal Company - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Malabar Cements Ltd - India
- Star Paper Mills Limited - India
- Eastern Energy - Thailand
- Ministry of Finance - Indonesia
- Indian Energy Exchange, India
- Directorate Of Revenue Intelligence - India
- India Bulls Power Limited - India
- Bhoruka Overseas - Indonesia
- Economic Council, Georgia
- Orica Mining Services - Indonesia
- Baramulti Group, Indonesia
- Minerals Council of Australia
- The State Trading Corporation of India Ltd
- Wilmar Investment Holdings
- Electricity Generating Authority of Thailand
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Central Electricity Authority - India
- GVK Power & Infra Limited - India
- IEA Clean Coal Centre - UK
- Rashtriya Ispat Nigam Limited - India
- Cigading International Bulk Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Indogreen Group - Indonesia
- Wood Mackenzie - Singapore
- Sakthi Sugars Limited - India
- Sree Jayajothi Cements Limited - India
- Formosa Plastics Group - Taiwan
- Sical Logistics Limited - India
- Thai Mozambique Logistica
- Sindya Power Generating Company Private Ltd
- Rio Tinto Coal - Australia
- Indian Oil Corporation Limited
- Indo Tambangraya Megah - Indonesia
- Maheswari Brothers Coal Limited - India
- Krishnapatnam Port Company Ltd. - India
- MS Steel International - UAE
- Bhatia International Limited - India
- Edison Trading Spa - Italy
- Eastern Coal Council - USA
- CIMB Investment Bank - Malaysia
- Goldman Sachs - Singapore
- PTC India Limited - India
- Standard Chartered Bank - UAE
- Holcim Trading Pte Ltd - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- TeaM Sual Corporation - Philippines
- Altura Mining Limited, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bulk Trading Sa - Switzerland
- London Commodity Brokers - England
- Vijayanagar Sugar Pvt Ltd - India
- Indika Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Price Waterhouse Coopers - Russia
- Planning Commission, India
- Borneo Indobara - Indonesia
- Mercator Lines Limited - India
- SN Aboitiz Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Latin American Coal - Colombia
- Thiess Contractors Indonesia
- Bhushan Steel Limited - India
- Carbofer General Trading SA - India
- CNBM International Corporation - China
- ASAPP Information Group - India
- Tata Chemicals Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Posco Energy - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- The Treasury - Australian Government
- Medco Energi Mining Internasional
- Africa Commodities Group - South Africa
- Power Finance Corporation Ltd., India
- Meenaskhi Energy Private Limited - India
- Anglo American - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Xindia Steels Limited - India
- Mintek Dendrill Indonesia
- European Bulk Services B.V. - Netherlands
- OPG Power Generation Pvt Ltd - India
- Aditya Birla Group - India
- Neyveli Lignite Corporation Ltd, - India
- Bharathi Cement Corporation - India
- International Coal Ventures Pvt Ltd - India
- Deloitte Consulting - India
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