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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, 11 January 15
BDI DECLINED 8% ON WEEK; BCI LOST 31%
COALspot.com: The BDI continued its decline in the first week of this year or lost 8 pct week over week. The BDI was closed at 709 points whi ...
Friday, 09 January 15
U.S. EASTERN SPOT STEAM COAL PRICES FELL IN 2014; ROSE IN WEST - EIA
U.S. Eastern spot steam coal prices declined in 2014 compared to 2013 levels because of a decline in steam coal exports.
According to U.S. Ene ...
Friday, 09 January 15
WEEKLY U.S. COAL PRODUCTION UP AN ESTIMATED 2.2% Y-O-Y
COALspot.com – United States the world's one of the largest coal producers, produced approximately 17.6 million short tons (mmst) of coal ...
Thursday, 08 January 15
INDONESIA PRESSES ON WITH HIGHER COAL ROYALTY FEE TO BOOST STATE REVENUE - JG
The Indonesian government is pressing on with its plan to raise the royalty charged to coal miners in order to increase state revenue, but the move ...
Wednesday, 07 January 15
FUEL EFFICIENT SHIPS MAKE LESS SENSE IN LOWER BUNKER PRICE MARKET, BUT FUEL COSTS ARE BOUND TO RISE AGAIN
The shipping industry entered 2015 on mixed emotions, as a relatively buoyant tanker market is met by a rather lackluster dry bulk market. Still, a ...
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The Treasury - Australian Government
- Electricity Generating Authority of Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Essar Steel Hazira Ltd - India
- VISA Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Medco Energi Mining Internasional
- Agrawal Coal Company - India
- Makarim & Taira - Indonesia
- Eastern Coal Council - USA
- Australian Commodity Traders Exchange
- Manunggal Multi Energi - Indonesia
- Parry Sugars Refinery, India
- Indo Tambangraya Megah - Indonesia
- Bhoruka Overseas - Indonesia
- ASAPP Information Group - India
- Global Coal Blending Company Limited - Australia
- Star Paper Mills Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Renaissance Capital - South Africa
- Ministry of Transport, Egypt
- Global Green Power PLC Corporation, Philippines
- Heidelberg Cement - Germany
- Baramulti Group, Indonesia
- Romanian Commodities Exchange
- Salva Resources Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- White Energy Company Limited
- PowerSource Philippines DevCo
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- Marubeni Corporation - India
- Rio Tinto Coal - Australia
- Edison Trading Spa - Italy
- IEA Clean Coal Centre - UK
- PNOC Exploration Corporation - Philippines
- Global Business Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Sindya Power Generating Company Private Ltd
- Videocon Industries ltd - India
- Posco Energy - South Korea
- Central Java Power - Indonesia
- Xindia Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- Georgia Ports Authority, United States
- Indika Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Miang Besar Coal Terminal - Indonesia
- New Zealand Coal & Carbon
- Kaltim Prima Coal - Indonesia
- India Bulls Power Limited - India
- Sical Logistics Limited - India
- Madhucon Powers Ltd - India
- Ministry of Mines - Canada
- ICICI Bank Limited - India
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- Port Waratah Coal Services - Australia
- GMR Energy Limited - India
- Carbofer General Trading SA - India
- Chettinad Cement Corporation Ltd - India
- Chamber of Mines of South Africa
- Formosa Plastics Group - Taiwan
- Indogreen Group - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Pipit Mutiara Jaya. PT, Indonesia
- Cement Manufacturers Association - India
- Savvy Resources Ltd - HongKong
- Rashtriya Ispat Nigam Limited - India
- Sinarmas Energy and Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Trasteel International SA, Italy
- Semirara Mining Corp, Philippines
- Power Finance Corporation Ltd., India
- Binh Thuan Hamico - Vietnam
- San Jose City I Power Corp, Philippines
- Iligan Light & Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- South Luzon Thermal Energy Corporation
- Ambuja Cements Ltd - India
- Indonesian Coal Mining Association
- Antam Resourcindo - Indonesia
- Coastal Gujarat Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Oil Corporation Limited
- Tata Chemicals Ltd - India
- The State Trading Corporation of India Ltd
- Directorate General of MIneral and Coal - Indonesia
- Central Electricity Authority - India
- Mercuria Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kobexindo Tractors - Indoneisa
- Eastern Energy - Thailand
- Altura Mining Limited, Indonesia
- Toyota Tsusho Corporation, Japan
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- Meralco Power Generation, Philippines
- Interocean Group of Companies - India
- Malabar Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Kideco Jaya Agung - Indonesia
- TeaM Sual Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
- Vizag Seaport Private Limited - India
- Mjunction Services Limited - India
- Mercator Lines Limited - India
- Ind-Barath Power Infra Limited - India
- Standard Chartered Bank - UAE
- Cigading International Bulk Terminal - Indonesia
- Economic Council, Georgia
- Goldman Sachs - Singapore
- Independent Power Producers Association of India
- Indian Energy Exchange, India
- Bukit Makmur.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Attock Cement Pakistan Limited
- Bahari Cakrawala Sebuku - Indonesia
- SMG Consultants - Indonesia
- Aboitiz Power Corporation - Philippines
- Bhushan Steel Limited - India
- Maheswari Brothers Coal Limited - India
- Bhatia International Limited - India
- Thiess Contractors Indonesia
- Globalindo Alam Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Bangladesh Power Developement Board
- European Bulk Services B.V. - Netherlands
- CNBM International Corporation - China
- Alfred C Toepfer International GmbH - Germany
- Bharathi Cement Corporation - India
- Coal and Oil Company - UAE
- Singapore Mercantile Exchange
- PTC India Limited - India
- Simpson Spence & Young - Indonesia
- Banpu Public Company Limited - Thailand
- Pendopo Energi Batubara - Indonesia
- Borneo Indobara - Indonesia
- Oldendorff Carriers - Singapore
- Grasim Industreis Ltd - India
- Vedanta Resources Plc - India
- Barasentosa Lestari - Indonesia
- Thai Mozambique Logistica
- Riau Bara Harum - Indonesia
- Larsen & Toubro Limited - India
- Leighton Contractors Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Planning Commission, India
- Petron Corporation, Philippines
- Anglo American - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Uttam Galva Steels Limited - India
- Coalindo Energy - Indonesia
- Orica Australia Pty. Ltd.
- Bulk Trading Sa - Switzerland
- Deloitte Consulting - India
- MS Steel International - UAE
- CIMB Investment Bank - Malaysia
- OPG Power Generation Pvt Ltd - India
- Minerals Council of Australia
- GVK Power & Infra Limited - India
- Wilmar Investment Holdings
- LBH Netherlands Bv - Netherlands
- AsiaOL BioFuels Corp., Philippines
- IHS Mccloskey Coal Group - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Intertek Mineral Services - Indonesia
- Jaiprakash Power Ventures ltd
- Meenaskhi Energy Private Limited - India
- Energy Development Corp, Philippines
- SMC Global Power, Philippines
- The University of Queensland
- Bukit Baiduri Energy - Indonesia
- McConnell Dowell - Australia
- Sojitz Corporation - Japan
- Sarangani Energy Corporation, Philippines
- Sakthi Sugars Limited - India
- Parliament of New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Wood Mackenzie - Singapore
- Aditya Birla Group - India
- Siam City Cement - Thailand
- Semirara Mining and Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Energy Link Ltd, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Sree Jayajothi Cements Limited - India
- Price Waterhouse Coopers - Russia
- Dalmia Cement Bharat India
- Straits Asia Resources Limited - Singapore
- Mintek Dendrill Indonesia
- Africa Commodities Group - South Africa
- Lanco Infratech Ltd - India
- Electricity Authority, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Kapuas Tunggal Persada - Indonesia
- Samtan Co., Ltd - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Latin American Coal - Colombia
- Commonwealth Bank - Australia
- Orica Mining Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
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