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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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Monday, 15 December 14
CFR SOUTH CHINA COAL SWAP LOST $3.37 M-O-M
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased by US$ 3,37 (-5.33%) month over month and US$ 1.58 (-2.57%) ...
Monday, 15 December 14
Q1' 15 FOB NEWCASTLE COAL SWAP CLOSED AT $ 51.45 ON 12 DEC
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery lost US$ 1.45 per MT (-2.74%) closed at US$ 51.45 on 12 December month over ...
Sunday, 14 December 14
FREIGHT RATES ARE EXPECTED TO BE SOFT NEXT WEEK
COALspot.com: The Baltic Dry Index (BDI), a measure of commodity-shipping costs, fell 12.12 pct to 863 points week ending 12 December 2014.
Th ...
Friday, 12 December 14
LIMITED TRADING AND AN OVERSUPPLY OF TONNAGE PUSHED HANDY SIZE SHIPS TO DOWN IN USG
Handy
We have seen the TA spot market come down this week lead by limited trading and an oversupply of tonnage in the USG, Fearnleys said in its ...
Friday, 12 December 14
U.S WEEKLY COAL PRODUCTION UP 3.4% W/E DECEMBER 6
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.6 million short tons (mmst) of coal ...
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- PNOC Exploration Corporation - Philippines
- Thiess Contractors Indonesia
- Alfred C Toepfer International GmbH - Germany
- Africa Commodities Group - South Africa
- Globalindo Alam Lestari - Indonesia
- Ambuja Cements Ltd - India
- Central Java Power - Indonesia
- Global Coal Blending Company Limited - Australia
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- ICICI Bank Limited - India
- OPG Power Generation Pvt Ltd - India
- Heidelberg Cement - Germany
- Sindya Power Generating Company Private Ltd
- Merrill Lynch Commodities Europe
- Rio Tinto Coal - Australia
- Tamil Nadu electricity Board
- Holcim Trading Pte Ltd - Singapore
- Formosa Plastics Group - Taiwan
- Australian Coal Association
- Parry Sugars Refinery, India
- SMG Consultants - Indonesia
- Standard Chartered Bank - UAE
- Directorate Of Revenue Intelligence - India
- Australian Commodity Traders Exchange
- Lanco Infratech Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- GVK Power & Infra Limited - India
- Eastern Coal Council - USA
- GN Power Mariveles Coal Plant, Philippines
- Bhoruka Overseas - Indonesia
- Siam City Cement PLC, Thailand
- Bayan Resources Tbk. - Indonesia
- Interocean Group of Companies - India
- Karbindo Abesyapradhi - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Coal and Oil Company - UAE
- Mintek Dendrill Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Manunggal Multi Energi - Indonesia
- Antam Resourcindo - Indonesia
- New Zealand Coal & Carbon
- Ceylon Electricity Board - Sri Lanka
- Gujarat Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- London Commodity Brokers - England
- Miang Besar Coal Terminal - Indonesia
- Mercator Lines Limited - India
- Global Business Power Corporation, Philippines
- Goldman Sachs - Singapore
- Pendopo Energi Batubara - Indonesia
- Thai Mozambique Logistica
- Meralco Power Generation, Philippines
- CIMB Investment Bank - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Medco Energi Mining Internasional
- Electricity Authority, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Coalindo Energy - Indonesia
- Planning Commission, India
- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- Singapore Mercantile Exchange
- Orica Australia Pty. Ltd.
- Ministry of Finance - Indonesia
- Madhucon Powers Ltd - India
- Oldendorff Carriers - Singapore
- India Bulls Power Limited - India
- LBH Netherlands Bv - Netherlands
- Anglo American - United Kingdom
- Tata Chemicals Ltd - India
- Karaikal Port Pvt Ltd - India
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- Chamber of Mines of South Africa
- Independent Power Producers Association of India
- Mjunction Services Limited - India
- Maheswari Brothers Coal Limited - India
- Samtan Co., Ltd - South Korea
- Semirara Mining Corp, Philippines
- Banpu Public Company Limited - Thailand
- Borneo Indobara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ind-Barath Power Infra Limited - India
- Bharathi Cement Corporation - India
- Intertek Mineral Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Renaissance Capital - South Africa
- Sakthi Sugars Limited - India
- McConnell Dowell - Australia
- ASAPP Information Group - India
- Orica Mining Services - Indonesia
- GMR Energy Limited - India
- SMC Global Power, Philippines
- Iligan Light & Power Inc, Philippines
- Star Paper Mills Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Bangladesh Power Developement Board
- Vedanta Resources Plc - India
- Sarangani Energy Corporation, Philippines
- Gujarat Sidhee Cement - India
- TeaM Sual Corporation - Philippines
- Commonwealth Bank - Australia
- Bukit Baiduri Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Uttam Galva Steels Limited - India
- The State Trading Corporation of India Ltd
- IEA Clean Coal Centre - UK
- Power Finance Corporation Ltd., India
- Carbofer General Trading SA - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Ministry of Mines - Canada
- Indo Tambangraya Megah - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- CNBM International Corporation - China
- Central Electricity Authority - India
- Energy Development Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Kobexindo Tractors - Indoneisa
- Larsen & Toubro Limited - India
- Indonesian Coal Mining Association
- Therma Luzon, Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Bulk Trading Sa - Switzerland
- Attock Cement Pakistan Limited
- Latin American Coal - Colombia
- Indian Oil Corporation Limited
- Price Waterhouse Coopers - Russia
- Indika Energy - Indonesia
- Deloitte Consulting - India
- Indogreen Group - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Wood Mackenzie - Singapore
- Maharashtra Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Minerals Council of Australia
- Bhushan Steel Limited - India
- Barasentosa Lestari - Indonesia
- Indian Energy Exchange, India
- Kepco SPC Power Corporation, Philippines
- Bhatia International Limited - India
- The University of Queensland
- Sojitz Corporation - Japan
- Edison Trading Spa - Italy
- Wilmar Investment Holdings
- Jindal Steel & Power Ltd - India
- Georgia Ports Authority, United States
- PetroVietnam Power Coal Import and Supply Company
- Binh Thuan Hamico - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Petron Corporation, Philippines
- Energy Link Ltd, New Zealand
- Port Waratah Coal Services - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Essar Steel Hazira Ltd - India
- Marubeni Corporation - India
- Siam City Cement - Thailand
- Aditya Birla Group - India
- Savvy Resources Ltd - HongKong
- Makarim & Taira - Indonesia
- Baramulti Group, Indonesia
- Coastal Gujarat Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Eastern Energy - Thailand
- Agrawal Coal Company - India
- Malabar Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Posco Energy - South Korea
- Chettinad Cement Corporation Ltd - India
- GAC Shipping (India) Pvt Ltd
- European Bulk Services B.V. - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Vizag Seaport Private Limited - India
- Sical Logistics Limited - India
- Dalmia Cement Bharat India
- PTC India Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Videocon Industries ltd - India
- Riau Bara Harum - Indonesia
- MS Steel International - UAE
- Parliament of New Zealand
- Grasim Industreis Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- The Treasury - Australian Government
- VISA Power Limited - India
- Ministry of Transport, Egypt
- TNB Fuel Sdn Bhd - Malaysia
- Jaiprakash Power Ventures ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Simpson Spence & Young - Indonesia
- Aboitiz Power Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Electricity Generating Authority of Thailand
- Straits Asia Resources Limited - Singapore
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Altura Mining Limited, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Economic Council, Georgia
- Krishnapatnam Port Company Ltd. - India
- Metalloyd Limited - United Kingdom
- White Energy Company Limited
- Bukit Makmur.PT - Indonesia
- Romanian Commodities Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Xindia Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Toyota Tsusho Corporation, Japan
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