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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, 30 December 14
U.S WEEKLY COAL PRODUCTION ALMOST FLAT AT -0.2%
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.8 million short tons (mmst) of coal ...
Monday, 29 December 14
CHINESE COAL IMPORTS: REGULATORY RISKS? - CLARKSONS
In recent years, Chinese seaborne coal imports have surged, registering average growth of 67% p.a. between 2009 and 2013 to total 265mt. However, t ...
Monday, 29 December 14
BULK MARKET ENDS YEAR ON SOUR NOTE, SHIPBROKER SEES 'BUMPY ROAD AHEAD' - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
2014 was supposed to be the year that the dry bulk market would stage a comeback and a sustainable one for that matter. However, while for the most ...
Monday, 29 December 14
Q1'15 CFR SOUTH CHINA COAL SWAP CLOSED AT $59.42
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased by US$ 3.51 (-5.58%) month over month and US$ 0.08 (-0.13%) ...
Monday, 29 December 14
SGX'S FOB NEWCASTLE COAL SWAPS IMPROVED W-O-W, LOST M-O-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery lost US$ 1.44 per MT (-2.73%) month over month and gained US$ 0.36 (+0.71%) ...
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- Price Waterhouse Coopers - Russia
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- Merrill Lynch Commodities Europe
- Indo Tambangraya Megah - Indonesia
- Minerals Council of Australia
- Electricity Authority, New Zealand
- GVK Power & Infra Limited - India
- MS Steel International - UAE
- Globalindo Alam Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Gujarat Mineral Development Corp Ltd - India
- Jaiprakash Power Ventures ltd
- London Commodity Brokers - England
- Coal and Oil Company - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Salva Resources Pvt Ltd - India
- Renaissance Capital - South Africa
- Kepco SPC Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Baramulti Group, Indonesia
- Formosa Plastics Group - Taiwan
- Miang Besar Coal Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Marubeni Corporation - India
- Independent Power Producers Association of India
- OPG Power Generation Pvt Ltd - India
- Africa Commodities Group - South Africa
- Singapore Mercantile Exchange
- Orica Australia Pty. Ltd.
- Timah Investasi Mineral - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Borneo Indobara - Indonesia
- Oldendorff Carriers - Singapore
- IHS Mccloskey Coal Group - USA
- Medco Energi Mining Internasional
- ASAPP Information Group - India
- Antam Resourcindo - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Attock Cement Pakistan Limited
- Bhatia International Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Aboitiz Power Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Standard Chartered Bank - UAE
- Cement Manufacturers Association - India
- Vizag Seaport Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Thiess Contractors Indonesia
- Bharathi Cement Corporation - India
- Barasentosa Lestari - Indonesia
- Central Java Power - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ICICI Bank Limited - India
- Malabar Cements Ltd - India
- Mercator Lines Limited - India
- New Zealand Coal & Carbon
- Indian Energy Exchange, India
- PowerSource Philippines DevCo
- South Luzon Thermal Energy Corporation
- Essar Steel Hazira Ltd - India
- Australian Coal Association
- Meralco Power Generation, Philippines
- Bukit Baiduri Energy - Indonesia
- Wilmar Investment Holdings
- Meenaskhi Energy Private Limited - India
- Power Finance Corporation Ltd., India
- San Jose City I Power Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Straits Asia Resources Limited - Singapore
- Kideco Jaya Agung - Indonesia
- Eastern Energy - Thailand
- Sical Logistics Limited - India
- Gujarat Sidhee Cement - India
- Bulk Trading Sa - Switzerland
- Ministry of Mines - Canada
- Kartika Selabumi Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Ministry of Transport, Egypt
- Ceylon Electricity Board - Sri Lanka
- AsiaOL BioFuels Corp., Philippines
- Tata Chemicals Ltd - India
- Pendopo Energi Batubara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Leighton Contractors Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Therma Luzon, Inc, Philippines
- Manunggal Multi Energi - Indonesia
- SMG Consultants - Indonesia
- Toyota Tsusho Corporation, Japan
- Eastern Coal Council - USA
- Alfred C Toepfer International GmbH - Germany
- Kobexindo Tractors - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Larsen & Toubro Limited - India
- Georgia Ports Authority, United States
- Bukit Makmur.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Energy Development Corp, Philippines
- Ind-Barath Power Infra Limited - India
- CNBM International Corporation - China
- Vedanta Resources Plc - India
- The Treasury - Australian Government
- Samtan Co., Ltd - South Korea
- Simpson Spence & Young - Indonesia
- Karaikal Port Pvt Ltd - India
- Ambuja Cements Ltd - India
- Trasteel International SA, Italy
- Jindal Steel & Power Ltd - India
- Edison Trading Spa - Italy
- GMR Energy Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- PetroVietnam Power Coal Import and Supply Company
- Sree Jayajothi Cements Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Goldman Sachs - Singapore
- Riau Bara Harum - Indonesia
- Rio Tinto Coal - Australia
- Dalmia Cement Bharat India
- Indian Oil Corporation Limited
- Global Coal Blending Company Limited - Australia
- SN Aboitiz Power Inc, Philippines
- Sakthi Sugars Limited - India
- Coastal Gujarat Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Ministry of Finance - Indonesia
- Deloitte Consulting - India
- Romanian Commodities Exchange
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Aditya Birla Group - India
- Central Electricity Authority - India
- Kaltim Prima Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Xindia Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Mintek Dendrill Indonesia
- Kumho Petrochemical, South Korea
- Lanco Infratech Ltd - India
- The State Trading Corporation of India Ltd
- Posco Energy - South Korea
- Sojitz Corporation - Japan
- Iligan Light & Power Inc, Philippines
- PTC India Limited - India
- Commonwealth Bank - Australia
- Sarangani Energy Corporation, Philippines
- Port Waratah Coal Services - Australia
- Binh Thuan Hamico - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Australian Commodity Traders Exchange
- VISA Power Limited - India
- Parliament of New Zealand
- Banpu Public Company Limited - Thailand
- Parry Sugars Refinery, India
- Bukit Asam (Persero) Tbk - Indonesia
- Agrawal Coal Company - India
- CIMB Investment Bank - Malaysia
- Indika Energy - Indonesia
- Planning Commission, India
- Thai Mozambique Logistica
- Rashtriya Ispat Nigam Limited - India
- International Coal Ventures Pvt Ltd - India
- Chamber of Mines of South Africa
- Siam City Cement - Thailand
- Billiton Holdings Pty Ltd - Australia
- Anglo American - United Kingdom
- SMC Global Power, Philippines
- Altura Mining Limited, Indonesia
- Indonesian Coal Mining Association
- The University of Queensland
- Global Business Power Corporation, Philippines
- Bhushan Steel Limited - India
- Latin American Coal - Colombia
- McConnell Dowell - Australia
- Coalindo Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Semirara Mining Corp, Philippines
- Energy Link Ltd, New Zealand
- Videocon Industries ltd - India
- Petron Corporation, Philippines
- Tamil Nadu electricity Board
- White Energy Company Limited
- Interocean Group of Companies - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Heidelberg Cement - Germany
- Bangladesh Power Developement Board
- Electricity Generating Authority of Thailand
- Uttam Galva Steels Limited - India
- European Bulk Services B.V. - Netherlands
- PNOC Exploration Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Green Power PLC Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Chettinad Cement Corporation Ltd - India
- Indogreen Group - Indonesia
- Grasim Industreis Ltd - India
- Bayan Resources Tbk. - Indonesia
- Economic Council, Georgia
- Mjunction Services Limited - India
- Carbofer General Trading SA - India
- Sinarmas Energy and Mining - Indonesia
- India Bulls Power Limited - India
- Mercuria Energy - Indonesia
- Wood Mackenzie - Singapore
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