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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, 14 January 15
MARKET INSIGHT - TIMOS PAPADIMITRIOU
In Oil we trust! The Barrel price has declined by almost a third in comparison to the 2014 January and has being on the downhill since early last s ...
Wednesday, 14 January 15
COMMODITIES AREN'T PRIMED FOR A REBOUND DURING 2015: SHIPPING COULD BENEFIT FROM LOWER PRICES - ROUSSANOGLOU, HELLENIC SHIPPING NEWS
In the recent past, higher commodity prices were driven by an increase in demand from developing countries, which spelled good news for ship owners ...
Wednesday, 14 January 15
SUB-BIT FOB INDONESIA COAL SWAP FOR Q1 DELIVERY CLOSED AT US$ 46.97 PMT
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 declined month on month and week over week.
The Q1 swap has fell US$ 1.53 (-3.15 ...
Wednesday, 14 January 15
Q4' 15 FOB NEWCASTLE COAL SWAP CLOSED 4.51% LOWER COMPARED TO Q1' 15 PRICE
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery lost US$ 1.56 per MT (-3.0%) month over month and US$ 1.03 (-2.0%) week ove ...
Tuesday, 13 January 15
MORE PITFALLS FOR OWNERS LOOKING TO TERMINATE FOR UNPAID HIRE - INCE & CO
KNOWLEDGE TO ELEVATE
It is a debatable point whether or not the obligation to pay hire under a time charter is a condition of the contract or ...
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- Altura Mining Limited, Indonesia
- Bhatia International Limited - India
- Holcim Trading Pte Ltd - Singapore
- Indo Tambangraya Megah - Indonesia
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- Karbindo Abesyapradhi - Indoneisa
- Vedanta Resources Plc - India
- Gujarat Mineral Development Corp Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Trasteel International SA, Italy
- Intertek Mineral Services - Indonesia
- Indonesian Coal Mining Association
- Semirara Mining Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Singapore Mercantile Exchange
- The University of Queensland
- Price Waterhouse Coopers - Russia
- Krishnapatnam Port Company Ltd. - India
- Kobexindo Tractors - Indoneisa
- Ind-Barath Power Infra Limited - India
- Jindal Steel & Power Ltd - India
- Energy Development Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sakthi Sugars Limited - India
- Videocon Industries ltd - India
- Sarangani Energy Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Bangladesh Power Developement Board
- Semirara Mining and Power Corporation, Philippines
- Mercator Lines Limited - India
- Cigading International Bulk Terminal - Indonesia
- Planning Commission, India
- Straits Asia Resources Limited - Singapore
- Banpu Public Company Limited - Thailand
- Parliament of New Zealand
- GMR Energy Limited - India
- Xindia Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Iligan Light & Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Samtan Co., Ltd - South Korea
- Independent Power Producers Association of India
- Vizag Seaport Private Limited - India
- Chamber of Mines of South Africa
- Kartika Selabumi Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Thai Mozambique Logistica
- CNBM International Corporation - China
- Merrill Lynch Commodities Europe
- Kalimantan Lumbung Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Sical Logistics Limited - India
- McConnell Dowell - Australia
- Oldendorff Carriers - Singapore
- Meralco Power Generation, Philippines
- Baramulti Group, Indonesia
- TeaM Sual Corporation - Philippines
- Ministry of Mines - Canada
- Electricity Authority, New Zealand
- Central Electricity Authority - India
- Global Coal Blending Company Limited - Australia
- IHS Mccloskey Coal Group - USA
- Essar Steel Hazira Ltd - India
- Malabar Cements Ltd - India
- Borneo Indobara - Indonesia
- Directorate Of Revenue Intelligence - India
- San Jose City I Power Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- GAC Shipping (India) Pvt Ltd
- Posco Energy - South Korea
- White Energy Company Limited
- Gujarat Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Ambuja Cements Ltd - India
- Australian Commodity Traders Exchange
- Coastal Gujarat Power Limited - India
- Commonwealth Bank - Australia
- Jorong Barutama Greston.PT - Indonesia
- Indogreen Group - Indonesia
- Attock Cement Pakistan Limited
- Renaissance Capital - South Africa
- Power Finance Corporation Ltd., India
- Australian Coal Association
- Riau Bara Harum - Indonesia
- Gujarat Sidhee Cement - India
- Leighton Contractors Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Makarim & Taira - Indonesia
- Savvy Resources Ltd - HongKong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coal and Oil Company - UAE
- Tata Chemicals Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Neyveli Lignite Corporation Ltd, - India
- GN Power Mariveles Coal Plant, Philippines
- Tamil Nadu electricity Board
- PowerSource Philippines DevCo
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement - Thailand
- Sojitz Corporation - Japan
- Miang Besar Coal Terminal - Indonesia
- SMC Global Power, Philippines
- Rashtriya Ispat Nigam Limited - India
- Interocean Group of Companies - India
- Wood Mackenzie - Singapore
- Anglo American - United Kingdom
- VISA Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Sree Jayajothi Cements Limited - India
- Toyota Tsusho Corporation, Japan
- Heidelberg Cement - Germany
- Salva Resources Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Sinarmas Energy and Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Finance - Indonesia
- Medco Energi Mining Internasional
- Bhushan Steel Limited - India
- Grasim Industreis Ltd - India
- Mjunction Services Limited - India
- ICICI Bank Limited - India
- Port Waratah Coal Services - Australia
- CIMB Investment Bank - Malaysia
- Eastern Coal Council - USA
- Lanco Infratech Ltd - India
- PTC India Limited - India
- Wilmar Investment Holdings
- India Bulls Power Limited - India
- Indika Energy - Indonesia
- Romanian Commodities Exchange
- Cement Manufacturers Association - India
- Bahari Cakrawala Sebuku - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Goldman Sachs - Singapore
- Central Java Power - Indonesia
- Uttam Galva Steels Limited - India
- Sindya Power Generating Company Private Ltd
- ASAPP Information Group - India
- European Bulk Services B.V. - Netherlands
- The Treasury - Australian Government
- Chettinad Cement Corporation Ltd - India
- Bharathi Cement Corporation - India
- Latin American Coal - Colombia
- Star Paper Mills Limited - India
- Aditya Birla Group - India
- Mintek Dendrill Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Antam Resourcindo - Indonesia
- Eastern Energy - Thailand
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- Manunggal Multi Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Coalindo Energy - Indonesia
- Ministry of Transport, Egypt
- Electricity Generating Authority of Thailand
- MS Steel International - UAE
- Carbofer General Trading SA - India
- Thiess Contractors Indonesia
- Deloitte Consulting - India
- Bukit Asam (Persero) Tbk - Indonesia
- Africa Commodities Group - South Africa
- Parry Sugars Refinery, India
- Kohat Cement Company Ltd. - Pakistan
- Dalmia Cement Bharat India
- Indian Energy Exchange, India
- Formosa Plastics Group - Taiwan
- Orica Mining Services - Indonesia
- Marubeni Corporation - India
- Rio Tinto Coal - Australia
- Standard Chartered Bank - UAE
- Edison Trading Spa - Italy
- Barasentosa Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Maharashtra Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Indian Oil Corporation Limited
- Alfred C Toepfer International GmbH - Germany
- International Coal Ventures Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Kideco Jaya Agung - Indonesia
- Metalloyd Limited - United Kingdom
- Georgia Ports Authority, United States
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhoruka Overseas - Indonesia
- Therma Luzon, Inc, Philippines
- The State Trading Corporation of India Ltd
- Simpson Spence & Young - Indonesia
- Petron Corporation, Philippines
- Orica Australia Pty. Ltd.
- Mercuria Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Kapuas Tunggal Persada - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement PLC, Thailand
- New Zealand Coal & Carbon
- London Commodity Brokers - England
- Madhucon Powers Ltd - India
- PNOC Exploration Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Kumho Petrochemical, South Korea
- Minerals Council of Australia
- Bulk Trading Sa - Switzerland
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