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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, 16 December 14
THIS PRICE IS A STEAL - EVA TZIMA
COALspot.com: Despite concerns that the slowdown of the Chinese economy would affect imports of iron ore, it seems that this has not been the case ...
Tuesday, 16 December 14
FOB RICHARDS BAY COAL SWAP FOR Q2' 15 DELIVERY CLOSED AT US$ 65.60 PMT
COALspot.com: API 4 FOB Richards Bay Coal for delivery Q1' 2015 lost month on month.
The Q1 swap has lost US$ 0.18 (-0.27%) month on month ...
Tuesday, 16 December 14
SUB-BIT FOB INDONESIA COAL SWAP CONTINUES ITS FALL
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month, week over week and day on day.
The Q1 swap has lost US$ 1.7 ...
Monday, 15 December 14
WILL TANKERS BENEFIT FROM REEMERGENCE OF FLOATING STORAGE PLAYS? - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The tanker market has been seeing high freight rates for some time now, riding on the back of low oil prices, which are boosting demand from develo ...
Monday, 15 December 14
INDONESIAN COAL PRICE REFERENCE CRASHES THROUGH $65
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down the coal bench mark price once again in December. HBA for t ...
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- Electricity Authority, New Zealand
- Intertek Mineral Services - Indonesia
- Ministry of Transport, Egypt
- MS Steel International - UAE
- Malabar Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Sindya Power Generating Company Private Ltd
- IEA Clean Coal Centre - UK
- Renaissance Capital - South Africa
- South Luzon Thermal Energy Corporation
- Mercuria Energy - Indonesia
- Port Waratah Coal Services - Australia
- Gujarat Sidhee Cement - India
- Coalindo Energy - Indonesia
- McConnell Dowell - Australia
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thiess Contractors Indonesia
- CNBM International Corporation - China
- SMG Consultants - Indonesia
- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Indonesian Coal Mining Association
- Georgia Ports Authority, United States
- Mjunction Services Limited - India
- Mercator Lines Limited - India
- Semirara Mining and Power Corporation, Philippines
- Cement Manufacturers Association - India
- Jaiprakash Power Ventures ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Interocean Group of Companies - India
- Singapore Mercantile Exchange
- Larsen & Toubro Limited - India
- Aboitiz Power Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Thai Mozambique Logistica
- Madhucon Powers Ltd - India
- Petron Corporation, Philippines
- Sojitz Corporation - Japan
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Mines - Canada
- The University of Queensland
- SN Aboitiz Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Sree Jayajothi Cements Limited - India
- Therma Luzon, Inc, Philippines
- Kaltim Prima Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- Electricity Generating Authority of Thailand
- Maheswari Brothers Coal Limited - India
- Deloitte Consulting - India
- Kumho Petrochemical, South Korea
- Wood Mackenzie - Singapore
- Bayan Resources Tbk. - Indonesia
- Australian Commodity Traders Exchange
- Salva Resources Pvt Ltd - India
- ICICI Bank Limited - India
- TeaM Sual Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Romanian Commodities Exchange
- Parry Sugars Refinery, India
- Directorate General of MIneral and Coal - Indonesia
- Rio Tinto Coal - Australia
- Independent Power Producers Association of India
- PetroVietnam Power Coal Import and Supply Company
- Indogreen Group - Indonesia
- Tamil Nadu electricity Board
- Aditya Birla Group - India
- Makarim & Taira - Indonesia
- Africa Commodities Group - South Africa
- Global Business Power Corporation, Philippines
- London Commodity Brokers - England
- Uttam Galva Steels Limited - India
- Dalmia Cement Bharat India
- VISA Power Limited - India
- Manunggal Multi Energi - Indonesia
- Goldman Sachs - Singapore
- GAC Shipping (India) Pvt Ltd
- Bukit Baiduri Energy - Indonesia
- Ambuja Cements Ltd - India
- Economic Council, Georgia
- LBH Netherlands Bv - Netherlands
- Global Green Power PLC Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Karaikal Port Pvt Ltd - India
- Videocon Industries ltd - India
- Ind-Barath Power Infra Limited - India
- Latin American Coal - Colombia
- Bhatia International Limited - India
- Banpu Public Company Limited - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Simpson Spence & Young - Indonesia
- Attock Cement Pakistan Limited
- Wilmar Investment Holdings
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Altura Mining Limited, Indonesia
- IHS Mccloskey Coal Group - USA
- Posco Energy - South Korea
- Semirara Mining Corp, Philippines
- Savvy Resources Ltd - HongKong
- Timah Investasi Mineral - Indoneisa
- Planning Commission, India
- Bharathi Cement Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Eastern Energy - Thailand
- Kepco SPC Power Corporation, Philippines
- SMC Global Power, Philippines
- Energy Link Ltd, New Zealand
- European Bulk Services B.V. - Netherlands
- Anglo American - United Kingdom
- Indika Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Power Finance Corporation Ltd., India
- Sarangani Energy Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Australian Coal Association
- Star Paper Mills Limited - India
- Tata Chemicals Ltd - India
- Kobexindo Tractors - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Standard Chartered Bank - UAE
- ASAPP Information Group - India
- Carbofer General Trading SA - India
- Bhoruka Overseas - Indonesia
- Energy Development Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- New Zealand Coal & Carbon
- Vijayanagar Sugar Pvt Ltd - India
- Agrawal Coal Company - India
- Asmin Koalindo Tuhup - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maharashtra Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Coastal Gujarat Power Limited - India
- Parliament of New Zealand
- Barasentosa Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Borneo Indobara - Indonesia
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- Sical Logistics Limited - India
- Siam City Cement - Thailand
- Gujarat Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Meralco Power Generation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Energy Exchange, India
- Formosa Plastics Group - Taiwan
- PNOC Exploration Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Indo Tambangraya Megah - Indonesia
- Commonwealth Bank - Australia
- OPG Power Generation Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Sakthi Sugars Limited - India
- Orica Australia Pty. Ltd.
- Meenaskhi Energy Private Limited - India
- Kideco Jaya Agung - Indonesia
- Baramulti Group, Indonesia
- White Energy Company Limited
- Grasim Industreis Ltd - India
- PTC India Limited - India
- Lanco Infratech Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Petrochimia International Co. Ltd.- Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Coal and Oil Company - UAE
- Jindal Steel & Power Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Merrill Lynch Commodities Europe
- Central Electricity Authority - India
- Holcim Trading Pte Ltd - Singapore
- Medco Energi Mining Internasional
- Riau Bara Harum - Indonesia
- Mintek Dendrill Indonesia
- Chamber of Mines of South Africa
- Sinarmas Energy and Mining - Indonesia
- Eastern Coal Council - USA
- Binh Thuan Hamico - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Minerals Council of Australia
- Iligan Light & Power Inc, Philippines
- Vedanta Resources Plc - India
- Bukit Makmur.PT - Indonesia
- Indian Oil Corporation Limited
- Directorate Of Revenue Intelligence - India
- Orica Mining Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Finance - Indonesia
- GVK Power & Infra Limited - India
- Central Java Power - Indonesia
- Globalindo Alam Lestari - Indonesia
- Marubeni Corporation - India
- San Jose City I Power Corp, Philippines
- The Treasury - Australian Government
- PowerSource Philippines DevCo
- Antam Resourcindo - Indonesia
- Bhushan Steel Limited - India
- The State Trading Corporation of India Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Edison Trading Spa - Italy
- Bangladesh Power Developement Board
- Kartika Selabumi Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Price Waterhouse Coopers - Russia
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