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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, 13 January 15
Q2 CFR SOUTH CHINA COAL SWAP DECLINED 8.66% M-O-M
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery declined by US$ 3.48 (-5.73%) month over month and US$ 2.35 (-3.94%) week ...
Tuesday, 13 January 15
Q1' 2015 RICHARDS BAY COAL SWAP SLIGHTLY HIGHER THAN Q2 & Q4 2015 SWAPS
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q1' 2015 lost month on month and week over week.
The Q1 swap has lost US$ 7.21 ...
Monday, 12 January 15
COAL: LOW PRICES ARE EXPECTED TO DRIVE A SUPPLY-DRIVEN RECOVERY IN THE MEDIUM TERM - SGX
COALspot.com: Thermal coal prices dropped to six-year lows in 2014 driven by persistent oversupply, SGX says in its “ Commodities 2014 - A ye ...
Monday, 12 January 15
FREIGHT MARKET: 2015 FLEET SUPPLY GROWTH IS EXPECTED TO REMAIN SLIGHTLY AHEAD OF CARGO GROWTH - SGX
COALspot.com: The dry bulk freight market was forced to digest a number of negatives in 2014 leading the Baltic Dry Index to fall 66% through the y ...
Monday, 12 January 15
SHIPPING - CHALLENGES AND RESOLUTIONS - EVA TZIMA
Last year has without a doubt been another challenging one both for both our industry and our country. As Greece is currently dominated by election ...
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- The Treasury - Australian Government
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Carbofer General Trading SA - India
- Bulk Trading Sa - Switzerland
- Pipit Mutiara Jaya. PT, Indonesia
- Uttam Galva Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Africa Commodities Group - South Africa
- Interocean Group of Companies - India
- Coastal Gujarat Power Limited - India
- Jindal Steel & Power Ltd - India
- Riau Bara Harum - Indonesia
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- Deloitte Consulting - India
- Ind-Barath Power Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Bharathi Cement Corporation - India
- Eastern Coal Council - USA
- Parliament of New Zealand
- Kideco Jaya Agung - Indonesia
- Bhoruka Overseas - Indonesia
- Intertek Mineral Services - Indonesia
- Indika Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Global Business Power Corporation, Philippines
- Ministry of Mines - Canada
- ICICI Bank Limited - India
- Barasentosa Lestari - Indonesia
- Medco Energi Mining Internasional
- Petron Corporation, Philippines
- Meralco Power Generation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Alfred C Toepfer International GmbH - Germany
- Vedanta Resources Plc - India
- Directorate General of MIneral and Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Merrill Lynch Commodities Europe
- Therma Luzon, Inc, Philippines
- McConnell Dowell - Australia
- New Zealand Coal & Carbon
- Indo Tambangraya Megah - Indonesia
- Formosa Plastics Group - Taiwan
- Parry Sugars Refinery, India
- PowerSource Philippines DevCo
- Coal and Oil Company - UAE
- India Bulls Power Limited - India
- Samtan Co., Ltd - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Kobexindo Tractors - Indoneisa
- Aditya Birla Group - India
- Mintek Dendrill Indonesia
- Kumho Petrochemical, South Korea
- Electricity Generating Authority of Thailand
- Anglo American - United Kingdom
- Wood Mackenzie - Singapore
- Planning Commission, India
- Trasteel International SA, Italy
- Indian Oil Corporation Limited
- GMR Energy Limited - India
- White Energy Company Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Essar Steel Hazira Ltd - India
- The State Trading Corporation of India Ltd
- Makarim & Taira - Indonesia
- Karaikal Port Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Orica Australia Pty. Ltd.
- Banpu Public Company Limited - Thailand
- Malabar Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Borneo Indobara - Indonesia
- Central Java Power - Indonesia
- Rio Tinto Coal - Australia
- Tamil Nadu electricity Board
- Cigading International Bulk Terminal - Indonesia
- The University of Queensland
- GAC Shipping (India) Pvt Ltd
- Georgia Ports Authority, United States
- Wilmar Investment Holdings
- Latin American Coal - Colombia
- Global Green Power PLC Corporation, Philippines
- Coalindo Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Heidelberg Cement - Germany
- Dalmia Cement Bharat India
- Electricity Authority, New Zealand
- Grasim Industreis Ltd - India
- Ministry of Transport, Egypt
- Miang Besar Coal Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Kepco SPC Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Bhushan Steel Limited - India
- Holcim Trading Pte Ltd - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Cement Manufacturers Association - India
- Jorong Barutama Greston.PT - Indonesia
- Independent Power Producers Association of India
- Sojitz Corporation - Japan
- Larsen & Toubro Limited - India
- Indogreen Group - Indonesia
- Energy Link Ltd, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Romanian Commodities Exchange
- Billiton Holdings Pty Ltd - Australia
- PTC India Limited - India
- Energy Development Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Salva Resources Pvt Ltd - India
- SMC Global Power, Philippines
- Singapore Mercantile Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- Sinarmas Energy and Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- GVK Power & Infra Limited - India
- TeaM Sual Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- SN Aboitiz Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Australian Commodity Traders Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Posco Energy - South Korea
- London Commodity Brokers - England
- Tata Chemicals Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Star Paper Mills Limited - India
- Agrawal Coal Company - India
- Siam City Cement PLC, Thailand
- Straits Asia Resources Limited - Singapore
- CIMB Investment Bank - Malaysia
- Directorate Of Revenue Intelligence - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Videocon Industries ltd - India
- Port Waratah Coal Services - Australia
- Mercator Lines Limited - India
- Eastern Energy - Thailand
- Chamber of Mines of South Africa
- Chettinad Cement Corporation Ltd - India
- Vizag Seaport Private Limited - India
- Bhatia International Limited - India
- Renaissance Capital - South Africa
- Bangladesh Power Developement Board
- Price Waterhouse Coopers - Russia
- Krishnapatnam Port Company Ltd. - India
- Maheswari Brothers Coal Limited - India
- VISA Power Limited - India
- Xindia Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Bukit Makmur.PT - Indonesia
- Marubeni Corporation - India
- Central Electricity Authority - India
- MS Steel International - UAE
- Indonesian Coal Mining Association
- TNB Fuel Sdn Bhd - Malaysia
- Thiess Contractors Indonesia
- Australian Coal Association
- Sindya Power Generating Company Private Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Standard Chartered Bank - UAE
- LBH Netherlands Bv - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Thai Mozambique Logistica
- Altura Mining Limited, Indonesia
- Mercuria Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- SMG Consultants - Indonesia
- Power Finance Corporation Ltd., India
- Lanco Infratech Ltd - India
- Globalindo Alam Lestari - Indonesia
- Ambuja Cements Ltd - India
- Siam City Cement - Thailand
- Gujarat Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Orica Mining Services - Indonesia
- Commonwealth Bank - Australia
- Sical Logistics Limited - India
- Oldendorff Carriers - Singapore
- Simpson Spence & Young - Indonesia
- Meenaskhi Energy Private Limited - India
- Goldman Sachs - Singapore
- Sakthi Sugars Limited - India
- Pendopo Energi Batubara - Indonesia
- European Bulk Services B.V. - Netherlands
- Minerals Council of Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Neyveli Lignite Corporation Ltd, - India
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- Bukit Asam (Persero) Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Toyota Tsusho Corporation, Japan
- Economic Council, Georgia
- Edison Trading Spa - Italy
- Madhucon Powers Ltd - India
- Ministry of Finance - Indonesia
- ASAPP Information Group - India
- Iligan Light & Power Inc, Philippines
- Indian Energy Exchange, India
- Baramulti Group, Indonesia
- Attock Cement Pakistan Limited
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