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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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Friday, 05 December 14
CHINESE SPECIAL STEEL MAKERS' RISK PROFILES MORE RESILIENT - FITCH
Fitch Ratings says the risk profiles of Chinese makers of special steel, especially high-end products, are more like those of manufacturers and mor ...
Friday, 05 December 14
U.S. YEAR-TO-DATE COAL PRODUCTION REACHED AROUND 905 MMST - EIA
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19 million short tons (mmst) of coal i ...
Thursday, 04 December 14
CAPE MARKET IS DEVELOPING FROM BAD TO WORSE
Handy
The Atlantic market has been pretty stable and balanced this week, Fearnleys AS says in its latest weekly report.
The broker furt ...
Thursday, 04 December 14
DRY BULK MARKET; ANOTHER DISAPPOINTING WEEK
COALspot.com: For those who have been hoping to see alignment of freight direction across the Dry Bulk market, this must have been another disappoi ...
Wednesday, 03 December 14
PROGRESSING SMELTER PROJECTS IN INDONESIA
Press Release: Indonesia’s ban on ‘raw mineral export’ that was designed to encouraging downstream investment in mineral processi ...
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- Gujarat Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Bhushan Steel Limited - India
- Ministry of Finance - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jindal Steel & Power Ltd - India
- Riau Bara Harum - Indonesia
- Global Green Power PLC Corporation, Philippines
- Indian Energy Exchange, India
- Sree Jayajothi Cements Limited - India
- Madhucon Powers Ltd - India
- PowerSource Philippines DevCo
- Australian Commodity Traders Exchange
- Iligan Light & Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- IHS Mccloskey Coal Group - USA
- Indian Oil Corporation Limited
- Therma Luzon, Inc, Philippines
- Antam Resourcindo - Indonesia
- Minerals Council of Australia
- Central Java Power - Indonesia
- Tata Chemicals Ltd - India
- CNBM International Corporation - China
- Bharathi Cement Corporation - India
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- Ministry of Transport, Egypt
- Bhatia International Limited - India
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Central Electricity Authority - India
- Petrochimia International Co. Ltd.- Taiwan
- Kideco Jaya Agung - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Orica Mining Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Mercator Lines Limited - India
- Borneo Indobara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Vizag Seaport Private Limited - India
- San Jose City I Power Corp, Philippines
- Sical Logistics Limited - India
- Heidelberg Cement - Germany
- Singapore Mercantile Exchange
- Cement Manufacturers Association - India
- LBH Netherlands Bv - Netherlands
- Australian Coal Association
- Samtan Co., Ltd - South Korea
- The University of Queensland
- Siam City Cement PLC, Thailand
- Chettinad Cement Corporation Ltd - India
- Trasteel International SA, Italy
- Toyota Tsusho Corporation, Japan
- Edison Trading Spa - Italy
- AsiaOL BioFuels Corp., Philippines
- GN Power Mariveles Coal Plant, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Parliament of New Zealand
- Georgia Ports Authority, United States
- Bank of Tokyo Mitsubishi UFJ Ltd
- Star Paper Mills Limited - India
- Bhoruka Overseas - Indonesia
- Coal and Oil Company - UAE
- ASAPP Information Group - India
- Attock Cement Pakistan Limited
- McConnell Dowell - Australia
- Planning Commission, India
- Binh Thuan Hamico - Vietnam
- Bukit Baiduri Energy - Indonesia
- Malabar Cements Ltd - India
- Petron Corporation, Philippines
- Eastern Energy - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Sidhee Cement - India
- Merrill Lynch Commodities Europe
- Mjunction Services Limited - India
- The State Trading Corporation of India Ltd
- Kalimantan Lumbung Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Barasentosa Lestari - Indonesia
- White Energy Company Limited
- Baramulti Group, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Manunggal Multi Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Kapuas Tunggal Persada - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Larsen & Toubro Limited - India
- Global Coal Blending Company Limited - Australia
- Xindia Steels Limited - India
- Power Finance Corporation Ltd., India
- Altura Mining Limited, Indonesia
- Aditya Birla Group - India
- Tamil Nadu electricity Board
- Deloitte Consulting - India
- Billiton Holdings Pty Ltd - Australia
- Dalmia Cement Bharat India
- Renaissance Capital - South Africa
- Sakthi Sugars Limited - India
- India Bulls Power Limited - India
- GVK Power & Infra Limited - India
- Intertek Mineral Services - Indonesia
- Simpson Spence & Young - Indonesia
- Thiess Contractors Indonesia
- Marubeni Corporation - India
- Mintek Dendrill Indonesia
- Asmin Koalindo Tuhup - Indonesia
- PTC India Limited - India
- Sinarmas Energy and Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Kepco SPC Power Corporation, Philippines
- Anglo American - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Holcim Trading Pte Ltd - Singapore
- New Zealand Coal & Carbon
- SN Aboitiz Power Inc, Philippines
- Chamber of Mines of South Africa
- Bulk Trading Sa - Switzerland
- Oldendorff Carriers - Singapore
- Maheswari Brothers Coal Limited - India
- Siam City Cement - Thailand
- Carbofer General Trading SA - India
- Global Business Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Grasim Industreis Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- London Commodity Brokers - England
- Globalindo Alam Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Meenaskhi Energy Private Limited - India
- Posco Energy - South Korea
- Bangladesh Power Developement Board
- European Bulk Services B.V. - Netherlands
- Energy Development Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Economic Council, Georgia
- Straits Asia Resources Limited - Singapore
- Jaiprakash Power Ventures ltd
- South Luzon Thermal Energy Corporation
- Cigading International Bulk Terminal - Indonesia
- Independent Power Producers Association of India
- SMG Consultants - Indonesia
- Agrawal Coal Company - India
- PetroVietnam Power Coal Import and Supply Company
- Indogreen Group - Indonesia
- Meralco Power Generation, Philippines
- Semirara Mining Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Price Waterhouse Coopers - Russia
- The Treasury - Australian Government
- Ceylon Electricity Board - Sri Lanka
- VISA Power Limited - India
- Latin American Coal - Colombia
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Kaltim Prima Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Goldman Sachs - Singapore
- Bayan Resources Tbk. - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- MS Steel International - UAE
- Interocean Group of Companies - India
- Wilmar Investment Holdings
- Orica Australia Pty. Ltd.
- Alfred C Toepfer International GmbH - Germany
- GMR Energy Limited - India
- PNOC Exploration Corporation - Philippines
- Videocon Industries ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
- Parry Sugars Refinery, India
- Thai Mozambique Logistica
- Uttam Galva Steels Limited - India
- Makarim & Taira - Indonesia
- Africa Commodities Group - South Africa
- Ministry of Mines - Canada
- Coalindo Energy - Indonesia
- Kumho Petrochemical, South Korea
- Krishnapatnam Port Company Ltd. - India
- Salva Resources Pvt Ltd - India
- Electricity Generating Authority of Thailand
- IEA Clean Coal Centre - UK
- Indika Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Rio Tinto Coal - Australia
- ICICI Bank Limited - India
- Indonesian Coal Mining Association
- Standard Chartered Bank - UAE
- Lanco Infratech Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Bukit Makmur.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Formosa Plastics Group - Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- Sindya Power Generating Company Private Ltd
- Commonwealth Bank - Australia
- Neyveli Lignite Corporation Ltd, - India
- Mercuria Energy - Indonesia
- Electricity Authority, New Zealand
- Romanian Commodities Exchange
- Pendopo Energi Batubara - Indonesia
- Metalloyd Limited - United Kingdom
- Directorate Of Revenue Intelligence - India
- Vedanta Resources Plc - India
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