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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, 23 December 14
SHIPOWNERS ARE FINALIZING MORE DEALS AS YEAR END COMES CLOSER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS WORLDWIDE
With the 2014 year just a few days before waving goodbye, shipowners are looking to close their pending deals in both the newbuilding and S&P m ...
Monday, 22 December 14
Q2'15 CFR SOUTH CHINA COAL SWAP CLOSED $ 0.30 LOWER THAN Q1'15 CLOSING
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased by US$ 3.67 (-5.81%) month over month and US$ 0.35 (-0.58%) ...
Monday, 22 December 14
API 5 FOB NEWCASTLE COAL SWAPS ARE HEADING SOUTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery lost US$ 1.71 per MT (-3.24%) and closed at US$ 51.02 on 19 December month ...
Sunday, 21 December 14
PANAMAX COAL FREIGHT FROM INDONESIA TO INDIA FALLS FURTHER
COALspot.com: The BDI continued its fall as cape index lost heavily week on week.
The BDI was down 6.95 percent week over week and closed at 8 ...
Friday, 19 December 14
HOW WILL LOWER BUNKER PRICES AFFECT THE SUBSTANTIAL OVERCAPACITY IN DRY BULK MARKET? - BIMCO
As bunker fuel costs have come down from USD 600 per tonnes to USD 330 per tonnes in the past 6 months, much talk about increased ship speed have s ...
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- Kartika Selabumi Mining - Indonesia
- Sakthi Sugars Limited - India
- Indian Energy Exchange, India
- Global Coal Blending Company Limited - Australia
- Borneo Indobara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- McConnell Dowell - Australia
- Krishnapatnam Port Company Ltd. - India
- Kumho Petrochemical, South Korea
- Sojitz Corporation - Japan
- Leighton Contractors Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Kideco Jaya Agung - Indonesia
- Ind-Barath Power Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Attock Cement Pakistan Limited
- New Zealand Coal & Carbon
- Latin American Coal - Colombia
- Sical Logistics Limited - India
- PTC India Limited - India
- Ceylon Electricity Board - Sri Lanka
- Anglo American - United Kingdom
- Trasteel International SA, Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Agrawal Coal Company - India
- Jorong Barutama Greston.PT - Indonesia
- Wilmar Investment Holdings
- Australian Coal Association
- PowerSource Philippines DevCo
- Bahari Cakrawala Sebuku - Indonesia
- The Treasury - Australian Government
- Rashtriya Ispat Nigam Limited - India
- Antam Resourcindo - Indonesia
- Economic Council, Georgia
- Intertek Mineral Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Marubeni Corporation - India
- Mercuria Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Indika Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Banpu Public Company Limited - Thailand
- GVK Power & Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- PetroVietnam Power Coal Import and Supply Company
- Thiess Contractors Indonesia
- Parliament of New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Ambuja Cements Ltd - India
- ASAPP Information Group - India
- Meralco Power Generation, Philippines
- Eastern Energy - Thailand
- Essar Steel Hazira Ltd - India
- Parry Sugars Refinery, India
- Kaltim Prima Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Singapore Mercantile Exchange
- Chettinad Cement Corporation Ltd - India
- International Coal Ventures Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- San Jose City I Power Corp, Philippines
- Larsen & Toubro Limited - India
- Coal and Oil Company - UAE
- Ministry of Mines - Canada
- Altura Mining Limited, Indonesia
- Central Java Power - Indonesia
- Sree Jayajothi Cements Limited - India
- Indonesian Coal Mining Association
- Cigading International Bulk Terminal - Indonesia
- Tamil Nadu electricity Board
- Grasim Industreis Ltd - India
- TeaM Sual Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Therma Luzon, Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Price Waterhouse Coopers - Russia
- South Luzon Thermal Energy Corporation
- Minerals Council of Australia
- Electricity Generating Authority of Thailand
- LBH Netherlands Bv - Netherlands
- White Energy Company Limited
- Georgia Ports Authority, United States
- GN Power Mariveles Coal Plant, Philippines
- Mintek Dendrill Indonesia
- Africa Commodities Group - South Africa
- GAC Shipping (India) Pvt Ltd
- Orica Mining Services - Indonesia
- SMG Consultants - Indonesia
- Goldman Sachs - Singapore
- Riau Bara Harum - Indonesia
- Mercator Lines Limited - India
- Bhatia International Limited - India
- Jindal Steel & Power Ltd - India
- Cement Manufacturers Association - India
- Planning Commission, India
- TNB Fuel Sdn Bhd - Malaysia
- SN Aboitiz Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
- Straits Asia Resources Limited - Singapore
- Sarangani Energy Corporation, Philippines
- Madhucon Powers Ltd - India
- Manunggal Multi Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Makarim & Taira - Indonesia
- Siam City Cement - Thailand
- The University of Queensland
- Heidelberg Cement - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Electricity Authority - India
- Karaikal Port Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Indian Oil Corporation Limited
- Malabar Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- SMC Global Power, Philippines
- India Bulls Power Limited - India
- Bukit Makmur.PT - Indonesia
- Deloitte Consulting - India
- Electricity Authority, New Zealand
- Toyota Tsusho Corporation, Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bangladesh Power Developement Board
- OPG Power Generation Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Barasentosa Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- Formosa Plastics Group - Taiwan
- Siam City Cement PLC, Thailand
- Posco Energy - South Korea
- European Bulk Services B.V. - Netherlands
- IEA Clean Coal Centre - UK
- Merrill Lynch Commodities Europe
- Aditya Birla Group - India
- Kapuas Tunggal Persada - Indonesia
- ICICI Bank Limited - India
- Vedanta Resources Plc - India
- Petron Corporation, Philippines
- Energy Development Corp, Philippines
- Salva Resources Pvt Ltd - India
- Medco Energi Mining Internasional
- Kepco SPC Power Corporation, Philippines
- Dalmia Cement Bharat India
- Simpson Spence & Young - Indonesia
- Global Business Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Interocean Group of Companies - India
- MS Steel International - UAE
- AsiaOL BioFuels Corp., Philippines
- Iligan Light & Power Inc, Philippines
- Lanco Infratech Ltd - India
- VISA Power Limited - India
- Bulk Trading Sa - Switzerland
- Maharashtra Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Rio Tinto Coal - Australia
- Directorate Of Revenue Intelligence - India
- Bhushan Steel Limited - India
- Orica Australia Pty. Ltd.
- Oldendorff Carriers - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Renaissance Capital - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Standard Chartered Bank - UAE
- PNOC Exploration Corporation - Philippines
- Chamber of Mines of South Africa
- Indogreen Group - Indonesia
- Meenaskhi Energy Private Limited - India
- Independent Power Producers Association of India
- Bharathi Cement Corporation - India
- Uttam Galva Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bhoruka Overseas - Indonesia
- Samtan Co., Ltd - South Korea
- CNBM International Corporation - China
- Eastern Coal Council - USA
- Semirara Mining Corp, Philippines
- Australian Commodity Traders Exchange
- Energy Link Ltd, New Zealand
- The State Trading Corporation of India Ltd
- Binh Thuan Hamico - Vietnam
- CIMB Investment Bank - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- GMR Energy Limited - India
- IHS Mccloskey Coal Group - USA
- Ministry of Finance - Indonesia
- Mjunction Services Limited - India
- Edison Trading Spa - Italy
- Sindya Power Generating Company Private Ltd
- Commonwealth Bank - Australia
- Jaiprakash Power Ventures ltd
- Coalindo Energy - Indonesia
- London Commodity Brokers - England
- Alfred C Toepfer International GmbH - Germany
- Globalindo Alam Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Transport, Egypt
- Kalimantan Lumbung Energi - Indonesia
- Vizag Seaport Private Limited - India
- Carbofer General Trading SA - India
- Port Waratah Coal Services - Australia
- Romanian Commodities Exchange
- Videocon Industries ltd - India
- Power Finance Corporation Ltd., India
- Star Paper Mills Limited - India
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