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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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Wednesday, 10 December 14
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS, INTERMODAL
COALspot.com: As 2014 is coming to an end, we look back to what has happened during the year and notice that SnP activity has been particularly sof ...
Wednesday, 10 December 14
WORLD HARD COAL MARKET 2014: PRODUCTION AND TRADE STAGNATING, IMPORTS TO GERMANY AND EUROPE ON THE DECLINE
Press Release: German Coal Importers Association (VDKi) criticizes regulations ordering reduction of CO2 emissions from coal-fired power plants as ...
Tuesday, 09 December 14
PRESSURE ON CHINA COAL MINERS TO CONTINUE DESPITE GOVERNMENT SUPPORT - FITCH
COALspot.com: Fitch Ratings says that Chinese coal mining companies will continue to be pressured by low prices, which will persist despite recent ...
Tuesday, 09 December 14
Q4' 2015, FOB INDONESIA COAL SWAP CLOSED AT $ 49.02 W/E 5 DEC
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$ 0.2 ...
Tuesday, 09 December 14
API 8 CFR SOUTH CHINA COAL SWAPS FELL 1.8% MONTH OVER MONTH
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased US$ 1.84 (-2.91%) month over month and US$ 0.95 (-1.52%) we ...
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- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
- International Coal Ventures Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- OPG Power Generation Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Indian Energy Exchange, India
- Directorate General of MIneral and Coal - Indonesia
- India Bulls Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Altura Mining Limited, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Karaikal Port Pvt Ltd - India
- GMR Energy Limited - India
- Krishnapatnam Port Company Ltd. - India
- Salva Resources Pvt Ltd - India
- Meralco Power Generation, Philippines
- Kobexindo Tractors - Indoneisa
- Sree Jayajothi Cements Limited - India
- Economic Council, Georgia
- GVK Power & Infra Limited - India
- Chamber of Mines of South Africa
- Mercuria Energy - Indonesia
- Standard Chartered Bank - UAE
- Bharathi Cement Corporation - India
- Sakthi Sugars Limited - India
- Port Waratah Coal Services - Australia
- Straits Asia Resources Limited - Singapore
- Ministry of Transport, Egypt
- Global Coal Blending Company Limited - Australia
- Gujarat Electricity Regulatory Commission - India
- VISA Power Limited - India
- Mjunction Services Limited - India
- Vizag Seaport Private Limited - India
- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
- Maharashtra Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Bhoruka Overseas - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bulk Trading Sa - Switzerland
- Meenaskhi Energy Private Limited - India
- Riau Bara Harum - Indonesia
- Wood Mackenzie - Singapore
- Central Electricity Authority - India
- Wilmar Investment Holdings
- Bukit Makmur.PT - Indonesia
- Sojitz Corporation - Japan
- Dalmia Cement Bharat India
- TNB Fuel Sdn Bhd - Malaysia
- Tata Chemicals Ltd - India
- Semirara Mining Corp, Philippines
- Xindia Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Anglo American - United Kingdom
- Coastal Gujarat Power Limited - India
- Price Waterhouse Coopers - Russia
- Madhucon Powers Ltd - India
- Merrill Lynch Commodities Europe
- Kapuas Tunggal Persada - Indonesia
- IHS Mccloskey Coal Group - USA
- Bangladesh Power Developement Board
- Pendopo Energi Batubara - Indonesia
- New Zealand Coal & Carbon
- Alfred C Toepfer International GmbH - Germany
- Banpu Public Company Limited - Thailand
- Thai Mozambique Logistica
- SMG Consultants - Indonesia
- Aditya Birla Group - India
- Kartika Selabumi Mining - Indonesia
- Electricity Generating Authority of Thailand
- Directorate Of Revenue Intelligence - India
- Romanian Commodities Exchange
- Power Finance Corporation Ltd., India
- MS Steel International - UAE
- Makarim & Taira - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Orica Australia Pty. Ltd.
- Bukit Baiduri Energy - Indonesia
- Eastern Coal Council - USA
- Posco Energy - South Korea
- SN Aboitiz Power Inc, Philippines
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
- Energy Link Ltd, New Zealand
- Eastern Energy - Thailand
- Cement Manufacturers Association - India
- Savvy Resources Ltd - HongKong
- SMC Global Power, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Pipit Mutiara Jaya. PT, Indonesia
- Central Java Power - Indonesia
- Lanco Infratech Ltd - India
- Heidelberg Cement - Germany
- Cigading International Bulk Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- McConnell Dowell - Australia
- Kaltim Prima Coal - Indonesia
- Borneo Indobara - Indonesia
- London Commodity Brokers - England
- Deloitte Consulting - India
- Rio Tinto Coal - Australia
- PowerSource Philippines DevCo
- Kumho Petrochemical, South Korea
- Kohat Cement Company Ltd. - Pakistan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Mines - Canada
- Vijayanagar Sugar Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Renaissance Capital - South Africa
- Ministry of Finance - Indonesia
- Sical Logistics Limited - India
- IEA Clean Coal Centre - UK
- Barasentosa Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sarangani Energy Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Medco Energi Mining Internasional
- CIMB Investment Bank - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Africa Commodities Group - South Africa
- The State Trading Corporation of India Ltd
- Electricity Authority, New Zealand
- South Luzon Thermal Energy Corporation
- Global Business Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mintek Dendrill Indonesia
- Essar Steel Hazira Ltd - India
- Indo Tambangraya Megah - Indonesia
- The Treasury - Australian Government
- Ind-Barath Power Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Billiton Holdings Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Malabar Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Larsen & Toubro Limited - India
- Leighton Contractors Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Vedanta Resources Plc - India
- Coal and Oil Company - UAE
- Intertek Mineral Services - Indonesia
- San Jose City I Power Corp, Philippines
- Bhatia International Limited - India
- Formosa Plastics Group - Taiwan
- Agrawal Coal Company - India
- Bhushan Steel Limited - India
- Samtan Co., Ltd - South Korea
- European Bulk Services B.V. - Netherlands
- Mercator Lines Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Coal Association
- Petron Corporation, Philippines
- Parry Sugars Refinery, India
- Binh Thuan Hamico - Vietnam
- Latin American Coal - Colombia
- Simpson Spence & Young - Indonesia
- Kideco Jaya Agung - Indonesia
- Carbofer General Trading SA - India
- Attock Cement Pakistan Limited
- Energy Development Corp, Philippines
- Trasteel International SA, Italy
- Singapore Mercantile Exchange
- Holcim Trading Pte Ltd - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Uttam Galva Steels Limited - India
- Videocon Industries ltd - India
- Goldman Sachs - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Edison Trading Spa - Italy
- Marubeni Corporation - India
- ASAPP Information Group - India
- Jaiprakash Power Ventures ltd
- Australian Commodity Traders Exchange
- Georgia Ports Authority, United States
- Toyota Tsusho Corporation, Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Star Paper Mills Limited - India
- Indogreen Group - Indonesia
- ICICI Bank Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement - Thailand
- LBH Netherlands Bv - Netherlands
- Sindya Power Generating Company Private Ltd
- Orica Mining Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Grasim Industreis Ltd - India
- Commonwealth Bank - Australia
- Parliament of New Zealand
- Thiess Contractors Indonesia
- Minerals Council of Australia
- Indian Oil Corporation Limited
- Planning Commission, India
- Independent Power Producers Association of India
- Aboitiz Power Corporation - Philippines
- Indika Energy - Indonesia
- Coalindo Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Globalindo Alam Lestari - Indonesia
- PTC India Limited - India
- White Energy Company Limited
- Indonesian Coal Mining Association
- The University of Queensland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bahari Cakrawala Sebuku - Indonesia
- Tamil Nadu electricity Board
- Ambuja Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Ceylon Electricity Board - Sri Lanka
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