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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.
Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Wednesday, 03 December 14
SHIPPING MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
The dry bulk market seems unable to turn sentiment round and is still looking for direction. The BCI's 887-point free fall last week had an obv ...
Wednesday, 03 December 14
CAPESIZE DRY BULK CARRIERS ENTER 2015 WITH MIXED FORTUNES, WITH A POSITIVE AND A NEGATIVE SCENARIO BOTH EMERGING - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The future of the Capesize dry bulk market appears to be engulfed from mixed “feelings” among analysts and market participants, despite ...
Tuesday, 02 December 14
KEY PLAYERS SHED NEW PERSPECTIVES ON COAL MARKETS
Press Release: Singapore’s ONLY and longest established Coal Trade event. Whilst Coal prices remain challenging, there is widespread consensu ...
Tuesday, 02 December 14
KOMIPO INVITES BIDS FOR 585,000 METRIC TONS OF COAL FOR Q1'15
COALspot.com - Korea Midland Power Co. Ltd. (KOMIPO) is inviting bids for the supply of 585,000 Metric Tons of coal. According to invitation, 5700 ...
Tuesday, 02 December 14
U.S WEEKLY COAL PRODUCTION FELL 1.4% WEEK ON WEEK - EIA
COALspot.com – United States the world's one of the largest coal producers, produced approximately 18.6 million short tons (mmst) o ...
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- TeaM Sual Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Edison Trading Spa - Italy
- Global Green Power PLC Corporation, Philippines
- Indian Oil Corporation Limited
- Vizag Seaport Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bangladesh Power Developement Board
- Karaikal Port Pvt Ltd - India
- ASAPP Information Group - India
- Madhucon Powers Ltd - India
- Lanco Infratech Ltd - India
- Posco Energy - South Korea
- CNBM International Corporation - China
- Aboitiz Power Corporation - Philippines
- Global Business Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Coal and Oil Company - UAE
- Bukit Baiduri Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Australian Coal Association
- Kumho Petrochemical, South Korea
- SN Aboitiz Power Inc, Philippines
- Power Finance Corporation Ltd., India
- SMG Consultants - Indonesia
- Malabar Cements Ltd - India
- Marubeni Corporation - India
- PTC India Limited - India
- McConnell Dowell - Australia
- Trasteel International SA, Italy
- Latin American Coal - Colombia
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Rashtriya Ispat Nigam Limited - India
- Jindal Steel & Power Ltd - India
- Singapore Mercantile Exchange
- Petron Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- MS Steel International - UAE
- Medco Energi Mining Internasional
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indogreen Group - Indonesia
- Dalmia Cement Bharat India
- Africa Commodities Group - South Africa
- Mjunction Services Limited - India
- Intertek Mineral Services - Indonesia
- Ministry of Finance - Indonesia
- PowerSource Philippines DevCo
- Australian Commodity Traders Exchange
- Sical Logistics Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- New Zealand Coal & Carbon
- Heidelberg Cement - Germany
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- Uttam Galva Steels Limited - India
- Parry Sugars Refinery, India
- Meralco Power Generation, Philippines
- Energy Development Corp, Philippines
- Antam Resourcindo - Indonesia
- Eastern Energy - Thailand
- Energy Link Ltd, New Zealand
- Binh Thuan Hamico - Vietnam
- Minerals Council of Australia
- Maheswari Brothers Coal Limited - India
- Port Waratah Coal Services - Australia
- Indian Energy Exchange, India
- Independent Power Producers Association of India
- European Bulk Services B.V. - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Wilmar Investment Holdings
- Holcim Trading Pte Ltd - Singapore
- Larsen & Toubro Limited - India
- Savvy Resources Ltd - HongKong
- Ambuja Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Orica Mining Services - Indonesia
- Formosa Plastics Group - Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Toyota Tsusho Corporation, Japan
- Simpson Spence & Young - Indonesia
- LBH Netherlands Bv - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Grasim Industreis Ltd - India
- Goldman Sachs - Singapore
- Mercator Lines Limited - India
- Attock Cement Pakistan Limited
- Mintek Dendrill Indonesia
- Eastern Coal Council - USA
- Commonwealth Bank - Australia
- Anglo American - United Kingdom
- Sarangani Energy Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- Mercuria Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhushan Steel Limited - India
- London Commodity Brokers - England
- Bayan Resources Tbk. - Indonesia
- Renaissance Capital - South Africa
- Gujarat Sidhee Cement - India
- Economic Council, Georgia
- White Energy Company Limited
- Global Coal Blending Company Limited - Australia
- Videocon Industries ltd - India
- Samtan Co., Ltd - South Korea
- Miang Besar Coal Terminal - Indonesia
- Tamil Nadu electricity Board
- Sinarmas Energy and Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Borneo Indobara - Indonesia
- Salva Resources Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Iligan Light & Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining Corp, Philippines
- IHS Mccloskey Coal Group - USA
- SMC Global Power, Philippines
- Romanian Commodities Exchange
- Kartika Selabumi Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- GVK Power & Infra Limited - India
- Orica Australia Pty. Ltd.
- Gujarat Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Bukit Asam (Persero) Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Baramulti Group, Indonesia
- Coastal Gujarat Power Limited - India
- Indonesian Coal Mining Association
- Kohat Cement Company Ltd. - Pakistan
- Sakthi Sugars Limited - India
- Metalloyd Limited - United Kingdom
- Cement Manufacturers Association - India
- PetroVietnam Power Coal Import and Supply Company
- Globalindo Alam Lestari - Indonesia
- ICICI Bank Limited - India
- Banpu Public Company Limited - Thailand
- Bulk Trading Sa - Switzerland
- Chamber of Mines of South Africa
- Essar Steel Hazira Ltd - India
- Siam City Cement PLC, Thailand
- Aditya Birla Group - India
- Indo Tambangraya Megah - Indonesia
- Planning Commission, India
- Barasentosa Lestari - Indonesia
- Xindia Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Makmur.PT - Indonesia
- Oldendorff Carriers - Singapore
- Thiess Contractors Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Jaiprakash Power Ventures ltd
- Kalimantan Lumbung Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Interocean Group of Companies - India
- Wood Mackenzie - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Tata Chemicals Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Makarim & Taira - Indonesia
- Electricity Generating Authority of Thailand
- Coalindo Energy - Indonesia
- India Bulls Power Limited - India
- Standard Chartered Bank - UAE
- IEA Clean Coal Centre - UK
- South Luzon Thermal Energy Corporation
- Altura Mining Limited, Indonesia
- Vedanta Resources Plc - India
- Central Java Power - Indonesia
- Therma Luzon, Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Georgia Ports Authority, United States
- Directorate Of Revenue Intelligence - India
- Kobexindo Tractors - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Star Paper Mills Limited - India
- The University of Queensland
- VISA Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement - Thailand
- Leighton Contractors Pty Ltd - Australia
- Parliament of New Zealand
- Kepco SPC Power Corporation, Philippines
- Indika Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- OPG Power Generation Pvt Ltd - India
- The Treasury - Australian Government
- The State Trading Corporation of India Ltd
- Ministry of Transport, Egypt
- Kapuas Tunggal Persada - Indonesia
- Merrill Lynch Commodities Europe
- Deloitte Consulting - India
- GMR Energy Limited - India
- Bharathi Cement Corporation - India
- Rio Tinto Coal - Australia
- San Jose City I Power Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Electricity Authority, New Zealand
- Agrawal Coal Company - India
- Thai Mozambique Logistica
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhatia International Limited - India
- Central Electricity Authority - India
- Carbofer General Trading SA - India
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