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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, 20 January 15
INDONESIAN COAL OUTPUT SEEN RISING, DESPITE FALL IN ITS PRICE
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 declined month on month and week over week, but Indonesian Coal Output Seen Rising. T ...
Tuesday, 20 January 15
NEWCASTLE COAL SWAP FOR Q1' 2015 DELIVERY DECLINED 2.83% M-O-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery declined US$ 1.45 per MT (-2.83%) month over month and US$ 0.50 (-0.99%) we ...
Monday, 19 January 15
HBA FALL TO FRESH LOWS; COAL OVERSUPPLY WILL CONTINUE TO PUSH PRICE DOWN
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down Indonesian coal bench mark price this month to US$ 63.84. T ...
Monday, 19 January 15
CFR SOUTH CHINA COAL SWAPS REMAIN WEAK
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery declined US$ 3.37 (-5.63%) per MT month over month and US$ 0.74 (-1.29%) ...
Monday, 19 January 15
FOB RICHARDS BAY COAL SWAP FOR Q4 DELIVERY CLOSED 4% LOWER THAN Q1 DELIVERY PRICE
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q1' 2015 declined month over month and week over week.
The Q1 swap has f ...
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- Cement Manufacturers Association - India
- OPG Power Generation Pvt Ltd - India
- Orica Mining Services - Indonesia
- Gujarat Sidhee Cement - India
- Australian Commodity Traders Exchange
- GN Power Mariveles Coal Plant, Philippines
- Simpson Spence & Young - Indonesia
- Kideco Jaya Agung - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Mjunction Services Limited - India
- Posco Energy - South Korea
- Anglo American - United Kingdom
- Vedanta Resources Plc - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Latin American Coal - Colombia
- Metalloyd Limited - United Kingdom
- Bhoruka Overseas - Indonesia
- Pendopo Energi Batubara - Indonesia
- Coal and Oil Company - UAE
- GMR Energy Limited - India
- Eastern Coal Council - USA
- ASAPP Information Group - India
- Indogreen Group - Indonesia
- ICICI Bank Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Power Finance Corporation Ltd., India
- Parliament of New Zealand
- San Jose City I Power Corp, Philippines
- Indian Oil Corporation Limited
- Goldman Sachs - Singapore
- Barasentosa Lestari - Indonesia
- Wood Mackenzie - Singapore
- Chettinad Cement Corporation Ltd - India
- European Bulk Services B.V. - Netherlands
- Romanian Commodities Exchange
- Africa Commodities Group - South Africa
- Coalindo Energy - Indonesia
- Xindia Steels Limited - India
- Thiess Contractors Indonesia
- Minerals Council of Australia
- Central Java Power - Indonesia
- Independent Power Producers Association of India
- GAC Shipping (India) Pvt Ltd
- The State Trading Corporation of India Ltd
- Salva Resources Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Grasim Industreis Ltd - India
- Tamil Nadu electricity Board
- Timah Investasi Mineral - Indoneisa
- Sical Logistics Limited - India
- Karaikal Port Pvt Ltd - India
- New Zealand Coal & Carbon
- Aboitiz Power Corporation - Philippines
- VISA Power Limited - India
- Chamber of Mines of South Africa
- Therma Luzon, Inc, Philippines
- Savvy Resources Ltd - HongKong
- International Coal Ventures Pvt Ltd - India
- Agrawal Coal Company - India
- Bukit Makmur.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- India Bulls Power Limited - India
- Directorate Of Revenue Intelligence - India
- Uttam Galva Steels Limited - India
- Malabar Cements Ltd - India
- The Treasury - Australian Government
- Energy Link Ltd, New Zealand
- Meralco Power Generation, Philippines
- Merrill Lynch Commodities Europe
- MS Steel International - UAE
- Georgia Ports Authority, United States
- Mintek Dendrill Indonesia
- Orica Australia Pty. Ltd.
- Borneo Indobara - Indonesia
- Electricity Authority, New Zealand
- Dalmia Cement Bharat India
- PNOC Exploration Corporation - Philippines
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- Australian Coal Association
- Krishnapatnam Port Company Ltd. - India
- Global Business Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bahari Cakrawala Sebuku - Indonesia
- Price Waterhouse Coopers - Russia
- Economic Council, Georgia
- Ceylon Electricity Board - Sri Lanka
- LBH Netherlands Bv - Netherlands
- Jaiprakash Power Ventures ltd
- Riau Bara Harum - Indonesia
- Ind-Barath Power Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Petron Corporation, Philippines
- Altura Mining Limited, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Development Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Rashtriya Ispat Nigam Limited - India
- Meenaskhi Energy Private Limited - India
- Toyota Tsusho Corporation, Japan
- Kumho Petrochemical, South Korea
- Straits Asia Resources Limited - Singapore
- Sojitz Corporation - Japan
- Cigading International Bulk Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Interocean Group of Companies - India
- Videocon Industries ltd - India
- Semirara Mining and Power Corporation, Philippines
- Singapore Mercantile Exchange
- Wilmar Investment Holdings
- TNB Fuel Sdn Bhd - Malaysia
- SMG Consultants - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Rio Tinto Coal - Australia
- Essar Steel Hazira Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Baramulti Group, Indonesia
- Maheswari Brothers Coal Limited - India
- Indika Energy - Indonesia
- Bhushan Steel Limited - India
- Bangladesh Power Developement Board
- Indian Energy Exchange, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Star Paper Mills Limited - India
- Bhatia International Limited - India
- Holcim Trading Pte Ltd - Singapore
- Eastern Energy - Thailand
- Attock Cement Pakistan Limited
- Intertek Mineral Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Bharathi Cement Corporation - India
- Iligan Light & Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Asmin Koalindo Tuhup - Indonesia
- Jindal Steel & Power Ltd - India
- Banpu Public Company Limited - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- GVK Power & Infra Limited - India
- Edison Trading Spa - Italy
- Port Waratah Coal Services - Australia
- Thai Mozambique Logistica
- Tata Chemicals Ltd - India
- Ministry of Finance - Indonesia
- Commonwealth Bank - Australia
- Binh Thuan Hamico - Vietnam
- Carbofer General Trading SA - India
- Kartika Selabumi Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Central Electricity Authority - India
- Larsen & Toubro Limited - India
- Global Coal Blending Company Limited - Australia
- Ministry of Transport, Egypt
- White Energy Company Limited
- Siam City Cement PLC, Thailand
- Lanco Infratech Ltd - India
- Ambuja Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Renaissance Capital - South Africa
- Sakthi Sugars Limited - India
- PTC India Limited - India
- Makarim & Taira - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Miang Besar Coal Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Parry Sugars Refinery, India
- Marubeni Corporation - India
- Antam Resourcindo - Indonesia
- Standard Chartered Bank - UAE
- Gujarat Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
- Heidelberg Cement - Germany
- CNBM International Corporation - China
- PowerSource Philippines DevCo
- Mercuria Energy - Indonesia
- IEA Clean Coal Centre - UK
- Coastal Gujarat Power Limited - India
- The University of Queensland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- SMC Global Power, Philippines
- Formosa Plastics Group - Taiwan
- TeaM Sual Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- London Commodity Brokers - England
- Planning Commission, India
- McConnell Dowell - Australia
- Manunggal Multi Energi - Indonesia
- Trasteel International SA, Italy
- Global Green Power PLC Corporation, Philippines
- Oldendorff Carriers - Singapore
- South Luzon Thermal Energy Corporation
- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- Ministry of Mines - Canada
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Globalindo Alam Lestari - Indonesia
- Indonesian Coal Mining Association
- Samtan Co., Ltd - South Korea
- Madhucon Powers Ltd - India
- Mercator Lines Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Medco Energi Mining Internasional
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