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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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Friday, 26 December 14
SHIPS FACE LOWER SULPHUR FUEL REQUIREMENTS IN EMISSION CONTROL AREAS FROM 1 JANUARY 2015 - IMO
Ships trading in designated emission control areas will have to use on board fuel oil with a sulphur content of no more than 0.10% from 1 January 2 ...
Wednesday, 24 December 14
CAPE DEMAND WAS STILL EXTREMELY SOFT THIS PAST WEEK ACROSS BOTH BASINS - INTERMODAL
COALspot.com: The performance of the Dry Bulk market, which found itself in desperate search of support for yet another week, has left very little ...
Wednesday, 24 December 14
MARKET INSIGHT - JOHN N. COTZIAS, INTERMODAL SNP BROKER
The year is coming to an end, and we should be able to assess if this was a good year, a bad year, or even a lousy one? The answer clearly de ...
Tuesday, 23 December 14
Q1'15 FOB INDONESIA COAL SWAP GAINED 48 CENTS IN ONE WEEK
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month and gained week over week and day on day.
The Q1 swap has lo ...
Tuesday, 23 December 14
Q4'15 FOB RICHARDS BAY COAL SWAPS FALL $ 3.85 IN A MONTH
COALspot.com: API 4 FOB Richards Bay Coal for delivery Q1' 2015 lost month on month.
The Q1 swap has lost US$ 2.13 (-3.17%) month on month ...
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- Kartika Selabumi Mining - Indonesia
- Indian Oil Corporation Limited
- Romanian Commodities Exchange
- GVK Power & Infra Limited - India
- Tamil Nadu electricity Board
- Indonesian Coal Mining Association
- Binh Thuan Hamico - Vietnam
- Straits Asia Resources Limited - Singapore
- Bangladesh Power Developement Board
- Madhucon Powers Ltd - India
- Standard Chartered Bank - UAE
- Commonwealth Bank - Australia
- ICICI Bank Limited - India
- Chettinad Cement Corporation Ltd - India
- IEA Clean Coal Centre - UK
- Altura Mining Limited, Indonesia
- Therma Luzon, Inc, Philippines
- LBH Netherlands Bv - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Baramulti Group, Indonesia
- Kepco SPC Power Corporation, Philippines
- Carbofer General Trading SA - India
- Orica Australia Pty. Ltd.
- Manunggal Multi Energi - Indonesia
- Aditya Birla Group - India
- The University of Queensland
- Timah Investasi Mineral - Indoneisa
- Mintek Dendrill Indonesia
- Wilmar Investment Holdings
- Kobexindo Tractors - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Lanco Infratech Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Development Corp, Philippines
- Parliament of New Zealand
- Central Java Power - Indonesia
- Karaikal Port Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Gujarat Mineral Development Corp Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Ministry of Mines - Canada
- European Bulk Services B.V. - Netherlands
- Africa Commodities Group - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Chamber of Mines of South Africa
- Bukit Baiduri Energy - Indonesia
- Dalmia Cement Bharat India
- PNOC Exploration Corporation - Philippines
- Eastern Coal Council - USA
- Eastern Energy - Thailand
- SMC Global Power, Philippines
- Tata Chemicals Ltd - India
- Savvy Resources Ltd - HongKong
- Indika Energy - Indonesia
- Marubeni Corporation - India
- Goldman Sachs - Singapore
- Salva Resources Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Sindya Power Generating Company Private Ltd
- Bayan Resources Tbk. - Indonesia
- Thiess Contractors Indonesia
- Antam Resourcindo - Indonesia
- Cement Manufacturers Association - India
- Aboitiz Power Corporation - Philippines
- New Zealand Coal & Carbon
- Karbindo Abesyapradhi - Indoneisa
- Meralco Power Generation, Philippines
- Kideco Jaya Agung - Indonesia
- Medco Energi Mining Internasional
- Rio Tinto Coal - Australia
- Georgia Ports Authority, United States
- Metalloyd Limited - United Kingdom
- Mercuria Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Parry Sugars Refinery, India
- PetroVietnam Power Coal Import and Supply Company
- Wood Mackenzie - Singapore
- Kumho Petrochemical, South Korea
- Australian Commodity Traders Exchange
- Malabar Cements Ltd - India
- Energy Link Ltd, New Zealand
- India Bulls Power Limited - India
- Independent Power Producers Association of India
- Leighton Contractors Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- Power Finance Corporation Ltd., India
- PowerSource Philippines DevCo
- Ind-Barath Power Infra Limited - India
- Global Business Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Anglo American - United Kingdom
- Interocean Group of Companies - India
- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Billiton Holdings Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Edison Trading Spa - Italy
- Kalimantan Lumbung Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Meenaskhi Energy Private Limited - India
- The Treasury - Australian Government
- Videocon Industries ltd - India
- Banpu Public Company Limited - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Minerals Council of Australia
- TeaM Sual Corporation - Philippines
- Bhushan Steel Limited - India
- Globalindo Alam Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Indogreen Group - Indonesia
- Price Waterhouse Coopers - Russia
- Sinarmas Energy and Mining - Indonesia
- Orica Mining Services - Indonesia
- Intertek Mineral Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Oldendorff Carriers - Singapore
- South Luzon Thermal Energy Corporation
- Latin American Coal - Colombia
- Ceylon Electricity Board - Sri Lanka
- Sakthi Sugars Limited - India
- Sojitz Corporation - Japan
- Sical Logistics Limited - India
- Sarangani Energy Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Deloitte Consulting - India
- Miang Besar Coal Terminal - Indonesia
- Port Waratah Coal Services - Australia
- London Commodity Brokers - England
- VISA Power Limited - India
- Mercator Lines Limited - India
- Agrawal Coal Company - India
- Posco Energy - South Korea
- SMG Consultants - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Samtan Co., Ltd - South Korea
- Electricity Authority, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- ASAPP Information Group - India
- Larsen & Toubro Limited - India
- Uttam Galva Steels Limited - India
- Ambuja Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Central Electricity Authority - India
- Trasteel International SA, Italy
- Siam City Cement PLC, Thailand
- Coal and Oil Company - UAE
- Bukit Makmur.PT - Indonesia
- Merrill Lynch Commodities Europe
- Siam City Cement - Thailand
- GMR Energy Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- GAC Shipping (India) Pvt Ltd
- Indo Tambangraya Megah - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- CIMB Investment Bank - Malaysia
- White Energy Company Limited
- Attock Cement Pakistan Limited
- Alfred C Toepfer International GmbH - Germany
- The State Trading Corporation of India Ltd
- Gujarat Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhatia International Limited - India
- Vizag Seaport Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Petron Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Borneo Indobara - Indonesia
- Electricity Generating Authority of Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Finance - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- McConnell Dowell - Australia
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Transport, Egypt
- Semirara Mining Corp, Philippines
- Australian Coal Association
- Thai Mozambique Logistica
- PTC India Limited - India
- Heidelberg Cement - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Bharathi Cement Corporation - India
- Xindia Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Simpson Spence & Young - Indonesia
- Kaltim Prima Coal - Indonesia
- Economic Council, Georgia
- MS Steel International - UAE
- Vedanta Resources Plc - India
- CNBM International Corporation - China
- Makarim & Taira - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Sree Jayajothi Cements Limited - India
- Barasentosa Lestari - Indonesia
- Renaissance Capital - South Africa
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- Indian Energy Exchange, India
- Planning Commission, India
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- Directorate Of Revenue Intelligence - India
- Pendopo Energi Batubara - Indonesia
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