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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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Thursday, 01 January 15
FOB RICHARDS BAY COAL SWAPS CLOSED AT $63.47 PMT ON 26 DEC, SGX DATA SHOWS
COALspot.com: API 4 FOB Richards Bay Coal for delivery Q1' 2015 lost month on month and week over week.
The Q1 swap has lost US$ 3.37 (-4. ...
Wednesday, 31 December 14
COASTAL ENERGEN (C&O) COMMENCES 1ST UNIT OF 1200 MW POWER PLANT IN INDIA
COALspot.com: Coastal Energen, part of the Coal & Oil Group, announced last week the commissioning and commencement of power production at the ...
Wednesday, 31 December 14
SUB-BIT INDONESIA COAL Q2' 15 DELIVERY SWAP CLOSED 1.03% LOWER COMPARED TO AVERAGE Q1' 15 DELIVERY PRICE - SGX
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month and gained week over week.
The Q1 swap has lost US$ 1.35 (-2 ...
Tuesday, 30 December 14
SHIP PRICES KEEP ON FALLING, SALES COME EARLY FOR SHIP OWNERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Ship prices keep on falling on the back of low freight rates. According to the latest report from shipbroker Allied Shipbroking, January sales seem ...
Tuesday, 30 December 14
INDIA INC TO BENEFIT AS IMPORTED COAL PRICES SET TO FALL - RAHUL PRITHIANI
The Hindu: India‘s coal import volumes are set to rise by over 30 per cent over the next two years to 214 million tonnes in 2015-16, as domes ...
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- White Energy Company Limited
- Petron Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Cement Manufacturers Association - India
- Kideco Jaya Agung - Indonesia
- Ind-Barath Power Infra Limited - India
- Vedanta Resources Plc - India
- Indika Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Orica Mining Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Savvy Resources Ltd - HongKong
- Timah Investasi Mineral - Indoneisa
- Banpu Public Company Limited - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meenaskhi Energy Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Makarim & Taira - Indonesia
- Essar Steel Hazira Ltd - India
- Africa Commodities Group - South Africa
- Intertek Mineral Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Deloitte Consulting - India
- Manunggal Multi Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Pipit Mutiara Jaya. PT, Indonesia
- Wilmar Investment Holdings
- Miang Besar Coal Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Central Java Power - Indonesia
- PTC India Limited - India
- SMC Global Power, Philippines
- GAC Shipping (India) Pvt Ltd
- Kepco SPC Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Bhatia International Limited - India
- Baramulti Group, Indonesia
- PowerSource Philippines DevCo
- Australian Commodity Traders Exchange
- Goldman Sachs - Singapore
- Price Waterhouse Coopers - Russia
- IEA Clean Coal Centre - UK
- Samtan Co., Ltd - South Korea
- AsiaOL BioFuels Corp., Philippines
- Bukit Baiduri Energy - Indonesia
- Economic Council, Georgia
- Ministry of Transport, Egypt
- McConnell Dowell - Australia
- Indonesian Coal Mining Association
- Marubeni Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Rio Tinto Coal - Australia
- Thai Mozambique Logistica
- Port Waratah Coal Services - Australia
- Simpson Spence & Young - Indonesia
- IHS Mccloskey Coal Group - USA
- Orica Australia Pty. Ltd.
- Antam Resourcindo - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- MS Steel International - UAE
- Bulk Trading Sa - Switzerland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mjunction Services Limited - India
- Global Green Power PLC Corporation, Philippines
- Commonwealth Bank - Australia
- SN Aboitiz Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Wood Mackenzie - Singapore
- India Bulls Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Formosa Plastics Group - Taiwan
- Electricity Generating Authority of Thailand
- Vizag Seaport Private Limited - India
- Altura Mining Limited, Indonesia
- Energy Link Ltd, New Zealand
- PNOC Exploration Corporation - Philippines
- Borneo Indobara - Indonesia
- Kobexindo Tractors - Indoneisa
- Directorate Of Revenue Intelligence - India
- Riau Bara Harum - Indonesia
- Indian Energy Exchange, India
- Eastern Coal Council - USA
- Uttam Galva Steels Limited - India
- VISA Power Limited - India
- Jaiprakash Power Ventures ltd
- Interocean Group of Companies - India
- Ceylon Electricity Board - Sri Lanka
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- Kartika Selabumi Mining - Indonesia
- Sakthi Sugars Limited - India
- Attock Cement Pakistan Limited
- Cigading International Bulk Terminal - Indonesia
- Energy Development Corp, Philippines
- GVK Power & Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Tata Chemicals Ltd - India
- Sical Logistics Limited - India
- Sojitz Corporation - Japan
- Bahari Cakrawala Sebuku - Indonesia
- New Zealand Coal & Carbon
- Oldendorff Carriers - Singapore
- Semirara Mining and Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- San Jose City I Power Corp, Philippines
- The Treasury - Australian Government
- Electricity Authority, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Mintek Dendrill Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Gujarat Sidhee Cement - India
- Heidelberg Cement - Germany
- Bangladesh Power Developement Board
- Planning Commission, India
- Independent Power Producers Association of India
- Metalloyd Limited - United Kingdom
- Merrill Lynch Commodities Europe
- The University of Queensland
- Aboitiz Power Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Sarangani Energy Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Therma Luzon, Inc, Philippines
- TeaM Sual Corporation - Philippines
- Tamil Nadu electricity Board
- Bharathi Cement Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Minerals Council of Australia
- Jorong Barutama Greston.PT - Indonesia
- Kumho Petrochemical, South Korea
- Ministry of Mines - Canada
- London Commodity Brokers - England
- Semirara Mining Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Oil Corporation Limited
- Jindal Steel & Power Ltd - India
- ASAPP Information Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Indogreen Group - Indonesia
- Anglo American - United Kingdom
- Grasim Industreis Ltd - India
- Chamber of Mines of South Africa
- Xindia Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Posco Energy - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parry Sugars Refinery, India
- Global Business Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Bhushan Steel Limited - India
- Barasentosa Lestari - Indonesia
- Siam City Cement - Thailand
- Mercator Lines Limited - India
- Edison Trading Spa - Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Ambuja Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Romanian Commodities Exchange
- Siam City Cement PLC, Thailand
- Lanco Infratech Ltd - India
- Maheswari Brothers Coal Limited - India
- Eastern Energy - Thailand
- Coal and Oil Company - UAE
- International Coal Ventures Pvt Ltd - India
- Meralco Power Generation, Philippines
- Agrawal Coal Company - India
- Carbofer General Trading SA - India
- Thiess Contractors Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bhoruka Overseas - Indonesia
- CIMB Investment Bank - Malaysia
- Australian Coal Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate General of MIneral and Coal - Indonesia
- Aditya Birla Group - India
- SMG Consultants - Indonesia
- Star Paper Mills Limited - India
- Salva Resources Pvt Ltd - India
- Standard Chartered Bank - UAE
- Bukit Makmur.PT - Indonesia
- Georgia Ports Authority, United States
- Medco Energi Mining Internasional
- Maharashtra Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Videocon Industries ltd - India
- Kaltim Prima Coal - Indonesia
- Parliament of New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Madhucon Powers Ltd - India
- Global Coal Blending Company Limited - Australia
- Singapore Mercantile Exchange
- Latin American Coal - Colombia
- Renaissance Capital - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Rashtriya Ispat Nigam Limited - India
- Gujarat Mineral Development Corp Ltd - India
- GMR Energy Limited - India
- Dalmia Cement Bharat India
- Coalindo Energy - Indonesia
- Mercuria Energy - Indonesia
- Malabar Cements Ltd - India
- ICICI Bank Limited - India
- Trasteel International SA, Italy
- Karaikal Port Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Finance - Indonesia
- Central Electricity Authority - India
- Toyota Tsusho Corporation, Japan
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