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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, 08 December 14
GOVERMENT TO WITHDRAW CNC STATUS OVER SUSPECTED FLAWS - THE JAKARTA POST
The Energy and Mineral Resources Ministry’s directorate general for mineral and coal plans to review the clean and clear (CnC) status held by ...
Monday, 08 December 14
FOB NEWCASTLE COAL SWAPS SLIP W-O-W AND M-O-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery closed at US$ 52.10 on 5 December after losing US$ 0.55 (-1.04%) month over ...
Sunday, 07 December 14
SUPRAMAX S8 ROUTE SLIGHTLY INCREASED WEEK ON WEEK
COALspot.com: The BDI continued its fall as cape index fell heavily week on week.
The BDI lost around14.83 pct within last five working day an ...
Saturday, 06 December 14
TANKER FLOATING STORAGE PLAYS COULD COME INTO PLAY IF VLCC RATES STAY AT CURRENT LEVEL - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Contango: A phenomenon in commodities futures price curves where the delivery price of a futures contract is greater than the current price. With t ...
Saturday, 06 December 14
MUNDRA PORT MAKES HISTORY BY HANDLING THE LARGEST BULK CARRIER TO CALL ON WEST COAST OF INDIA
COALspot.com: Adani Ports & SEZ Ltd, India’s largest port developer and part of Adani Group, yesterday said its Mundra Port successf ...
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- Samtan Co., Ltd - South Korea
- Formosa Plastics Group - Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Coalindo Energy - Indonesia
- Siam City Cement - Thailand
- Salva Resources Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Karaikal Port Pvt Ltd - India
- Orica Mining Services - Indonesia
- Manunggal Multi Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Kepco SPC Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Thiess Contractors Indonesia
- Economic Council, Georgia
- Jorong Barutama Greston.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Karbindo Abesyapradhi - Indoneisa
- Singapore Mercantile Exchange
- Petrochimia International Co. Ltd.- Taiwan
- ICICI Bank Limited - India
- Thai Mozambique Logistica
- Kumho Petrochemical, South Korea
- Dalmia Cement Bharat India
- IEA Clean Coal Centre - UK
- Maheswari Brothers Coal Limited - India
- GMR Energy Limited - India
- Krishnapatnam Port Company Ltd. - India
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- Attock Cement Pakistan Limited
- Mercuria Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Xindia Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Deloitte Consulting - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The University of Queensland
- Global Coal Blending Company Limited - Australia
- Chamber of Mines of South Africa
- Mjunction Services Limited - India
- Miang Besar Coal Terminal - Indonesia
- Sojitz Corporation - Japan
- PTC India Limited - India
- Meenaskhi Energy Private Limited - India
- Bangladesh Power Developement Board
- European Bulk Services B.V. - Netherlands
- Sakthi Sugars Limited - India
- Binh Thuan Hamico - Vietnam
- Parliament of New Zealand
- Baramulti Group, Indonesia
- TeaM Sual Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- PowerSource Philippines DevCo
- Romanian Commodities Exchange
- Globalindo Alam Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Gujarat Sidhee Cement - India
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Central Java Power - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Tamil Nadu electricity Board
- Indian Oil Corporation Limited
- TNB Fuel Sdn Bhd - Malaysia
- Grasim Industreis Ltd - India
- Commonwealth Bank - Australia
- Lanco Infratech Ltd - India
- Directorate Of Revenue Intelligence - India
- Eastern Energy - Thailand
- Kartika Selabumi Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Chettinad Cement Corporation Ltd - India
- Ministry of Transport, Egypt
- Renaissance Capital - South Africa
- Parry Sugars Refinery, India
- Bahari Cakrawala Sebuku - Indonesia
- Marubeni Corporation - India
- Anglo American - United Kingdom
- Ambuja Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Bukit Makmur.PT - Indonesia
- Makarim & Taira - Indonesia
- India Bulls Power Limited - India
- Africa Commodities Group - South Africa
- Therma Luzon, Inc, Philippines
- Bhushan Steel Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- McConnell Dowell - Australia
- OPG Power Generation Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Jindal Steel & Power Ltd - India
- SMG Consultants - Indonesia
- Petron Corporation, Philippines
- Trasteel International SA, Italy
- Madhucon Powers Ltd - India
- Global Business Power Corporation, Philippines
- Interocean Group of Companies - India
- PetroVietnam Power Coal Import and Supply Company
- Timah Investasi Mineral - Indoneisa
- Bulk Trading Sa - Switzerland
- Rashtriya Ispat Nigam Limited - India
- Tata Chemicals Ltd - India
- CIMB Investment Bank - Malaysia
- Sindya Power Generating Company Private Ltd
- Wilmar Investment Holdings
- Larsen & Toubro Limited - India
- Medco Energi Mining Internasional
- Star Paper Mills Limited - India
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Latin American Coal - Colombia
- Kobexindo Tractors - Indoneisa
- Ministry of Mines - Canada
- GVK Power & Infra Limited - India
- Rio Tinto Coal - Australia
- Central Electricity Authority - India
- AsiaOL BioFuels Corp., Philippines
- Aboitiz Power Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Indogreen Group - Indonesia
- San Jose City I Power Corp, Philippines
- Bharathi Cement Corporation - India
- Sical Logistics Limited - India
- Cement Manufacturers Association - India
- LBH Netherlands Bv - Netherlands
- Standard Chartered Bank - UAE
- Intertek Mineral Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- SMC Global Power, Philippines
- Eastern Coal Council - USA
- Sarangani Energy Corporation, Philippines
- Indian Energy Exchange, India
- Indo Tambangraya Megah - Indonesia
- Toyota Tsusho Corporation, Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Price Waterhouse Coopers - Russia
- Aditya Birla Group - India
- Semirara Mining Corp, Philippines
- Banpu Public Company Limited - Thailand
- MS Steel International - UAE
- PNOC Exploration Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Malabar Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Bhatia International Limited - India
- CNBM International Corporation - China
- Goldman Sachs - Singapore
- Australian Commodity Traders Exchange
- Power Finance Corporation Ltd., India
- Port Waratah Coal Services - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Bayan Resources Tbk. - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Mintek Dendrill Indonesia
- Energy Link Ltd, New Zealand
- The Treasury - Australian Government
- Vedanta Resources Plc - India
- Meralco Power Generation, Philippines
- Essar Steel Hazira Ltd - India
- Energy Development Corp, Philippines
- VISA Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Orica Australia Pty. Ltd.
- ASAPP Information Group - India
- Minerals Council of Australia
- Indonesian Coal Mining Association
- Heidelberg Cement - Germany
- Coal and Oil Company - UAE
- Siam City Cement PLC, Thailand
- Videocon Industries ltd - India
- Oldendorff Carriers - Singapore
- Straits Asia Resources Limited - Singapore
- South Luzon Thermal Energy Corporation
- Edison Trading Spa - Italy
- London Commodity Brokers - England
- Gujarat Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Global Green Power PLC Corporation, Philippines
- Borneo Indobara - Indonesia
- Iligan Light & Power Inc, Philippines
- White Energy Company Limited
- Australian Coal Association
- Planning Commission, India
- Merrill Lynch Commodities Europe
- Ministry of Finance - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bhoruka Overseas - Indonesia
- Kideco Jaya Agung - Indonesia
- Riau Bara Harum - Indonesia
- Mercator Lines Limited - India
- Sinarmas Energy and Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- The State Trading Corporation of India Ltd
- Posco Energy - South Korea
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- Bukit Asam (Persero) Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Electricity Authority, New Zealand
- Independent Power Producers Association of India
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