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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, 07 January 15
2015 IS RIDDLED WITH CHALLENGES FOR THE SHIPPING SECTOR, MOST NOTABLY THE DRY BULK MARKET - HELLENIC SHIPPING NEWS
As the new year has now set foot for real, many are still looking to detect what’s in store for the various shipping markets, with the first ...
Tuesday, 06 January 15
SHIPPING MUST ADOPT CAN-DO ATTITUDE IN 2015 - MOORE STEPHENS
Shipping needs to adopt a can-do attitude in order to successfully meet the challenges which are likely to come its way in 2015.
Shipping part ...
Tuesday, 06 January 15
Q4' 15 FOB INDONESIA COAL SWAP CLOSED 1.81% HIGHER COMPARED TO Q1' 15 CLOSING
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month and week over week.
The Q1 swap has lost US$ 0.74 (-1.51%) m ...
Tuesday, 06 January 15
FOB RICHARDS BAY COAL SWAPS LOST W-O-W AND M-O-M, SGX DATA SHOWS
COALspot.com: API 4 FOB Richards Bay Coal for delivery Q1' 2015 lost month on month and week over week.
The Q1 swap has lost US$ 3.52 (-5. ...
Monday, 05 January 15
CFR SOUTH CHINA COAL SWAPS GAINED WEEK OVER WEEK, SGX DATA SHOWS
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased by US$ 2.50 (-4.02%) month over month and gained US$ 0.20 ( ...
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- Petrochimia International Co. Ltd.- Taiwan
- Xindia Steels Limited - India
- Mintek Dendrill Indonesia
- Directorate General of MIneral and Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Power Finance Corporation Ltd., India
- Oldendorff Carriers - Singapore
- Bharathi Cement Corporation - India
- Edison Trading Spa - Italy
- Ambuja Cements Ltd - India
- Baramulti Group, Indonesia
- Trasteel International SA, Italy
- Mercator Lines Limited - India
- GAC Shipping (India) Pvt Ltd
- Bukit Makmur.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Rashtriya Ispat Nigam Limited - India
- ICICI Bank Limited - India
- Meenaskhi Energy Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Kumho Petrochemical, South Korea
- Anglo American - United Kingdom
- LBH Netherlands Bv - Netherlands
- Kartika Selabumi Mining - Indonesia
- Indika Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Carbofer General Trading SA - India
- Maharashtra Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Miang Besar Coal Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- CNBM International Corporation - China
- Jaiprakash Power Ventures ltd
- Wood Mackenzie - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Electricity Authority - India
- Maheswari Brothers Coal Limited - India
- Chamber of Mines of South Africa
- Mercuria Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bukit Asam (Persero) Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Wilmar Investment Holdings
- Cement Manufacturers Association - India
- Uttam Galva Steels Limited - India
- Australian Coal Association
- Renaissance Capital - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Holcim Trading Pte Ltd - Singapore
- European Bulk Services B.V. - Netherlands
- IHS Mccloskey Coal Group - USA
- Bulk Trading Sa - Switzerland
- Bangladesh Power Developement Board
- Mjunction Services Limited - India
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- Posco Energy - South Korea
- Binh Thuan Hamico - Vietnam
- Minerals Council of Australia
- VISA Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sarangani Energy Corporation, Philippines
- Siam City Cement - Thailand
- MS Steel International - UAE
- Bhushan Steel Limited - India
- International Coal Ventures Pvt Ltd - India
- Malabar Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Sakthi Sugars Limited - India
- Electricity Authority, New Zealand
- Siam City Cement PLC, Thailand
- Manunggal Multi Energi - Indonesia
- Medco Energi Mining Internasional
- Bukit Baiduri Energy - Indonesia
- Global Business Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Latin American Coal - Colombia
- Africa Commodities Group - South Africa
- Meralco Power Generation, Philippines
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- McConnell Dowell - Australia
- Salva Resources Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Attock Cement Pakistan Limited
- Intertek Mineral Services - Indonesia
- Star Paper Mills Limited - India
- ASAPP Information Group - India
- Standard Chartered Bank - UAE
- Agrawal Coal Company - India
- London Commodity Brokers - England
- Madhucon Powers Ltd - India
- Energy Link Ltd, New Zealand
- Therma Luzon, Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- San Jose City I Power Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Parliament of New Zealand
- Timah Investasi Mineral - Indoneisa
- Price Waterhouse Coopers - Russia
- Sindya Power Generating Company Private Ltd
- Pendopo Energi Batubara - Indonesia
- Thiess Contractors Indonesia
- Iligan Light & Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Grasim Industreis Ltd - India
- Simpson Spence & Young - Indonesia
- Ind-Barath Power Infra Limited - India
- Samtan Co., Ltd - South Korea
- Romanian Commodities Exchange
- Tata Chemicals Ltd - India
- Rio Tinto Coal - Australia
- PTC India Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Indian Energy Exchange, India
- Gujarat Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Vizag Seaport Private Limited - India
- Vedanta Resources Plc - India
- TeaM Sual Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Energy Development Corp, Philippines
- Commonwealth Bank - Australia
- Gujarat Sidhee Cement - India
- Heidelberg Cement - Germany
- Coal and Oil Company - UAE
- Ministry of Transport, Egypt
- Karaikal Port Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Sojitz Corporation - Japan
- Sree Jayajothi Cements Limited - India
- Deloitte Consulting - India
- Indian Oil Corporation Limited
- Gujarat Mineral Development Corp Ltd - India
- The State Trading Corporation of India Ltd
- AsiaOL BioFuels Corp., Philippines
- Tamil Nadu electricity Board
- Riau Bara Harum - Indonesia
- Marubeni Corporation - India
- Thai Mozambique Logistica
- Economic Council, Georgia
- Jindal Steel & Power Ltd - India
- Directorate Of Revenue Intelligence - India
- Petron Corporation, Philippines
- Georgia Ports Authority, United States
- Metalloyd Limited - United Kingdom
- Indogreen Group - Indonesia
- SMC Global Power, Philippines
- New Zealand Coal & Carbon
- Asia Pacific Energy Resources Ventures Inc, Philippines
- India Bulls Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining and Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Merrill Lynch Commodities Europe
- Alfred C Toepfer International GmbH - Germany
- Electricity Generating Authority of Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Lanco Infratech Ltd - India
- Globalindo Alam Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Altura Mining Limited, Indonesia
- GVK Power & Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Chettinad Cement Corporation Ltd - India
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- The University of Queensland
- SMG Consultants - Indonesia
- Bhatia International Limited - India
- Dalmia Cement Bharat India
- Singapore Mercantile Exchange
- The Treasury - Australian Government
- Straits Asia Resources Limited - Singapore
- GMR Energy Limited - India
- Orica Australia Pty. Ltd.
- Planning Commission, India
- Ministry of Finance - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Global Green Power PLC Corporation, Philippines
- Eastern Coal Council - USA
- Larsen & Toubro Limited - India
- Sical Logistics Limited - India
- SN Aboitiz Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Parry Sugars Refinery, India
- Interocean Group of Companies - India
- Australian Commodity Traders Exchange
- Savvy Resources Ltd - HongKong
- Kobexindo Tractors - Indoneisa
- Port Waratah Coal Services - Australia
- White Energy Company Limited
- Kaltim Prima Coal - Indonesia
- Independent Power Producers Association of India
- Eastern Energy - Thailand
- Aboitiz Power Corporation - Philippines
- Ministry of Mines - Canada
- Central Java Power - Indonesia
- Bhoruka Overseas - Indonesia
- Orica Mining Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- PowerSource Philippines DevCo
- Indonesian Coal Mining Association
- Makarim & Taira - Indonesia
- Videocon Industries ltd - India
- IEA Clean Coal Centre - UK
- Semirara Mining Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
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