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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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Monday, 05 January 15
FIVE ENERGY SURPRISES FOR 2015: THE POSSIBLE AND THE IMPROBABLE - KURT COBB
The coming year is likely to be as full of surprises in the field of energy as 2014 was. We just don't know which surprises! I am not predictin ...
Monday, 05 January 15
THE SHIPPING MARKET IN 2014 AND LOOKING FORWARD - BIMCO
2014 started with plenty of optimism for a considerably better global economy and an improved shipping market. Things turned out somewhat different ...
Monday, 05 January 15
API 5 FOB NEWCASTLE COAL SWAP FOR Q1'15 DELIVERY CLOSED US$ 0.45 HIGHER COMPARED TO Q2'15 CLOSING
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery lost US$ 0.60 per MT (-1.15%) month over month and gained US$ 0.02 (+0.04%) ...
Sunday, 04 January 15
BALTIC DRY INDEX CONTINUES ITS DECLINE IN 2015
Wish you all a very Happy New Year 2015. The last report was dated 19th Dec 2014 and due to Christmas and new year holidays no reports were publish ...
Saturday, 03 January 15
U.S WEEKLY COAL PRODUCTION FELL 11.2% TO 17.6 MMST WEEK OVER WEEK - EIA
COALspot.com – United States the world's one of the largest coal producers, produced approximately 17.6 million short tons (mmst) of coal ...
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- TeaM Sual Corporation - Philippines
- White Energy Company Limited
- Ceylon Electricity Board - Sri Lanka
- Coal and Oil Company - UAE
- Kohat Cement Company Ltd. - Pakistan
- Vedanta Resources Plc - India
- Singapore Mercantile Exchange
- Australian Coal Association
- ASAPP Information Group - India
- Anglo American - United Kingdom
- Latin American Coal - Colombia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coalindo Energy - Indonesia
- Aditya Birla Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Development Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Indian Oil Corporation Limited
- Kobexindo Tractors - Indoneisa
- Malabar Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Ambuja Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Gujarat Mineral Development Corp Ltd - India
- Altura Mining Limited, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Coastal Gujarat Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Antam Resourcindo - Indonesia
- Orica Mining Services - Indonesia
- Larsen & Toubro Limited - India
- Kaltim Prima Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Price Waterhouse Coopers - Russia
- Therma Luzon, Inc, Philippines
- Kumho Petrochemical, South Korea
- Bukit Baiduri Energy - Indonesia
- London Commodity Brokers - England
- Lanco Infratech Ltd - India
- SMG Consultants - Indonesia
- ICICI Bank Limited - India
- The Treasury - Australian Government
- VISA Power Limited - India
- LBH Netherlands Bv - Netherlands
- Ministry of Finance - Indonesia
- GVK Power & Infra Limited - India
- Agrawal Coal Company - India
- Thai Mozambique Logistica
- Maharashtra Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Videocon Industries ltd - India
- Vizag Seaport Private Limited - India
- The State Trading Corporation of India Ltd
- Petron Corporation, Philippines
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- Sojitz Corporation - Japan
- SN Aboitiz Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Carbofer General Trading SA - India
- Renaissance Capital - South Africa
- Bhoruka Overseas - Indonesia
- Port Waratah Coal Services - Australia
- Medco Energi Mining Internasional
- Straits Asia Resources Limited - Singapore
- Planning Commission, India
- Madhucon Powers Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Formosa Plastics Group - Taiwan
- Grasim Industreis Ltd - India
- Thiess Contractors Indonesia
- Bhatia International Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Bukit Makmur.PT - Indonesia
- Intertek Mineral Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Wood Mackenzie - Singapore
- Heidelberg Cement - Germany
- Edison Trading Spa - Italy
- Interocean Group of Companies - India
- Manunggal Multi Energi - Indonesia
- Electricity Authority, New Zealand
- Metalloyd Limited - United Kingdom
- Kideco Jaya Agung - Indonesia
- Meralco Power Generation, Philippines
- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- Eastern Coal Council - USA
- Romanian Commodities Exchange
- Aboitiz Power Corporation - Philippines
- Tata Chemicals Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement - Thailand
- Sical Logistics Limited - India
- Meenaskhi Energy Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- PNOC Exploration Corporation - Philippines
- Bharathi Cement Corporation - India
- Global Coal Blending Company Limited - Australia
- Borneo Indobara - Indonesia
- Bhushan Steel Limited - India
- Mercator Lines Limited - India
- IEA Clean Coal Centre - UK
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement PLC, Thailand
- PetroVietnam Power Coal Import and Supply Company
- European Bulk Services B.V. - Netherlands
- Merrill Lynch Commodities Europe
- SMC Global Power, Philippines
- Deloitte Consulting - India
- Gujarat Sidhee Cement - India
- Marubeni Corporation - India
- Dalmia Cement Bharat India
- Goldman Sachs - Singapore
- South Luzon Thermal Energy Corporation
- Essar Steel Hazira Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- CNBM International Corporation - China
- Leighton Contractors Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Indika Energy - Indonesia
- Riau Bara Harum - Indonesia
- Sindya Power Generating Company Private Ltd
- Barasentosa Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Indonesian Coal Mining Association
- GN Power Mariveles Coal Plant, Philippines
- Star Paper Mills Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Energy Exchange, India
- Mercuria Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Central Electricity Authority - India
- Baramulti Group, Indonesia
- Parliament of New Zealand
- Samtan Co., Ltd - South Korea
- Energy Link Ltd, New Zealand
- Attock Cement Pakistan Limited
- Savvy Resources Ltd - HongKong
- Africa Commodities Group - South Africa
- Bayan Resources Tbk. - Indonesia
- Tamil Nadu electricity Board
- Global Green Power PLC Corporation, Philippines
- Cement Manufacturers Association - India
- Ministry of Mines - Canada
- Bahari Cakrawala Sebuku - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Mjunction Services Limited - India
- Minerals Council of Australia
- Global Business Power Corporation, Philippines
- Eastern Energy - Thailand
- New Zealand Coal & Carbon
- Banpu Public Company Limited - Thailand
- Trasteel International SA, Italy
- Ind-Barath Power Infra Limited - India
- Xindia Steels Limited - India
- Bulk Trading Sa - Switzerland
- PowerSource Philippines DevCo
- Wilmar Investment Holdings
- Makarim & Taira - Indonesia
- MS Steel International - UAE
- Mintek Dendrill Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Orica Australia Pty. Ltd.
- Salva Resources Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- McConnell Dowell - Australia
- Posco Energy - South Korea
- Directorate Of Revenue Intelligence - India
- Oldendorff Carriers - Singapore
- Semirara Mining and Power Corporation, Philippines
- Parry Sugars Refinery, India
- Alfred C Toepfer International GmbH - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Transport, Egypt
- Commonwealth Bank - Australia
- Sree Jayajothi Cements Limited - India
- Kepco SPC Power Corporation, Philippines
- Independent Power Producers Association of India
- Bangladesh Power Developement Board
- Standard Chartered Bank - UAE
- PTC India Limited - India
- Rashtriya Ispat Nigam Limited - India
- Simpson Spence & Young - Indonesia
- Rio Tinto Coal - Australia
- Sakthi Sugars Limited - India
- The University of Queensland
- GAC Shipping (India) Pvt Ltd
- Chamber of Mines of South Africa
- Maheswari Brothers Coal Limited - India
- Australian Commodity Traders Exchange
- Globalindo Alam Lestari - Indonesia
- Indogreen Group - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Uttam Galva Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Jindal Steel & Power Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Timah Investasi Mineral - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- San Jose City I Power Corp, Philippines
- Central Java Power - Indonesia
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