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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, 28 November 14
NEW BIMCO CLAUSE AIMS TO REDUCE SUPPLIERS' RELIANCE ON SHIP ARREST FOR CHARTERERS' UNPAID BUNKERS
KNOWLEDGE TO ELEVATE
Ship owners can, on occasion, find themselves in the invidious position of suffering unexpected loss of hire due to a tim ...
Friday, 28 November 14
JSW ENERGY AND GRM RESOURCES JOIN GLOBALCOAL
COALspot.com: globalCOAL® announced yesterday that two new Market Members have joined its online coal trading platform. According globaCOAL&rsq ...
Thursday, 27 November 14
MINING SERVICES TAX SPIKED BY 233% - BISNIS INDONESIA
COALspot.com: The Energy and Mineral Resources Department of Indonesia said the tax contribution from mining services sector in the 3rd Q 2014 ...
Thursday, 27 November 14
PANAMAX : EXPECTATION'S FOR A STRONG END OF YEAR RUSH, DISAPPEAR DAY BY DAY - FEARNLEYS
Handy
“We have experienced a firming market the last couple of weeks. More activity from cargo owners in the Atlantic and less available to ...
Wednesday, 26 November 14
OVERSUPPLY OF TONNAGE PUSHED PANAMAX SEGMENT DOWN FOR ANOTHER WEEK
COALspot.com: The Dry Bulk market managed to reverse its course from the week prior and with the sole exception of the Panamax segment, we witnesse ...
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- Krishnapatnam Port Company Ltd. - India
- Lanco Infratech Ltd - India
- SMG Consultants - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bhatia International Limited - India
- Jaiprakash Power Ventures ltd
- Wood Mackenzie - Singapore
- Petron Corporation, Philippines
- South Luzon Thermal Energy Corporation
- White Energy Company Limited
- OPG Power Generation Pvt Ltd - India
- Wilmar Investment Holdings
- Bukit Makmur.PT - Indonesia
- New Zealand Coal & Carbon
- Banpu Public Company Limited - Thailand
- Mercuria Energy - Indonesia
- Rio Tinto Coal - Australia
- Kepco SPC Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Meenaskhi Energy Private Limited - India
- The Treasury - Australian Government
- Planning Commission, India
- Trasteel International SA, Italy
- SMC Global Power, Philippines
- Thai Mozambique Logistica
- Pendopo Energi Batubara - Indonesia
- Aditya Birla Group - India
- Carbofer General Trading SA - India
- Bahari Cakrawala Sebuku - Indonesia
- Bulk Trading Sa - Switzerland
- Kohat Cement Company Ltd. - Pakistan
- Electricity Generating Authority of Thailand
- Bhoruka Overseas - Indonesia
- Tamil Nadu electricity Board
- Sical Logistics Limited - India
- European Bulk Services B.V. - Netherlands
- Siam City Cement - Thailand
- Indian Energy Exchange, India
- LBH Netherlands Bv - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rashtriya Ispat Nigam Limited - India
- Aboitiz Power Corporation - Philippines
- Central Electricity Authority - India
- Singapore Mercantile Exchange
- Parliament of New Zealand
- Xindia Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Ministry of Mines - Canada
- AsiaOL BioFuels Corp., Philippines
- Maheswari Brothers Coal Limited - India
- Sojitz Corporation - Japan
- Kideco Jaya Agung - Indonesia
- Australian Coal Association
- GVK Power & Infra Limited - India
- Siam City Cement PLC, Thailand
- Maharashtra Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Independent Power Producers Association of India
- Bangladesh Power Developement Board
- Riau Bara Harum - Indonesia
- Ambuja Cements Ltd - India
- Coalindo Energy - Indonesia
- Star Paper Mills Limited - India
- Goldman Sachs - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Parry Sugars Refinery, India
- Kapuas Tunggal Persada - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Baramulti Group, Indonesia
- Minerals Council of Australia
- Straits Asia Resources Limited - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Semirara Mining Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Orica Mining Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Vizag Seaport Private Limited - India
- Eastern Coal Council - USA
- Renaissance Capital - South Africa
- Malabar Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Merrill Lynch Commodities Europe
- VISA Power Limited - India
- Makarim & Taira - Indonesia
- Attock Cement Pakistan Limited
- Sindya Power Generating Company Private Ltd
- Romanian Commodities Exchange
- Ind-Barath Power Infra Limited - India
- The University of Queensland
- Kumho Petrochemical, South Korea
- Africa Commodities Group - South Africa
- Price Waterhouse Coopers - Russia
- IHS Mccloskey Coal Group - USA
- Holcim Trading Pte Ltd - Singapore
- Oldendorff Carriers - Singapore
- Ceylon Electricity Board - Sri Lanka
- SN Aboitiz Power Inc, Philippines
- Altura Mining Limited, Indonesia
- CIMB Investment Bank - Malaysia
- Power Finance Corporation Ltd., India
- Sinarmas Energy and Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Deloitte Consulting - India
- Marubeni Corporation - India
- ICICI Bank Limited - India
- Samtan Co., Ltd - South Korea
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- PNOC Exploration Corporation - Philippines
- Central Java Power - Indonesia
- Latin American Coal - Colombia
- Bukit Baiduri Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Edison Trading Spa - Italy
- Neyveli Lignite Corporation Ltd, - India
- Videocon Industries ltd - India
- TeaM Sual Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Indogreen Group - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Transport, Egypt
- Commonwealth Bank - Australia
- GAC Shipping (India) Pvt Ltd
- Kalimantan Lumbung Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Formosa Plastics Group - Taiwan
- Meralco Power Generation, Philippines
- GMR Energy Limited - India
- Kaltim Prima Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- MS Steel International - UAE
- Tata Chemicals Ltd - India
- Chamber of Mines of South Africa
- Sakthi Sugars Limited - India
- Larsen & Toubro Limited - India
- Intertek Mineral Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Bharathi Cement Corporation - India
- Toyota Tsusho Corporation, Japan
- Billiton Holdings Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- CNBM International Corporation - China
- Agrawal Coal Company - India
- Asmin Koalindo Tuhup - Indonesia
- Savvy Resources Ltd - HongKong
- GN Power Mariveles Coal Plant, Philippines
- Miang Besar Coal Terminal - Indonesia
- Anglo American - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Madhucon Powers Ltd - India
- ASAPP Information Group - India
- Cement Manufacturers Association - India
- International Coal Ventures Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Link Ltd, New Zealand
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- PTC India Limited - India
- Uttam Galva Steels Limited - India
- Vedanta Resources Plc - India
- India Bulls Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Port Waratah Coal Services - Australia
- Global Business Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Binh Thuan Hamico - Vietnam
- Grasim Industreis Ltd - India
- Indika Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- McConnell Dowell - Australia
- Directorate Of Revenue Intelligence - India
- Indian Oil Corporation Limited
- Dalmia Cement Bharat India
- London Commodity Brokers - England
- Indonesian Coal Mining Association
- Coal and Oil Company - UAE
- Thiess Contractors Indonesia
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- PowerSource Philippines DevCo
- Mintek Dendrill Indonesia
- Australian Commodity Traders Exchange
- Kartika Selabumi Mining - Indonesia
- Georgia Ports Authority, United States
- Electricity Authority, New Zealand
- Coastal Gujarat Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Australia Pty. Ltd.
- Posco Energy - South Korea
- Energy Development Corp, Philippines
- Antam Resourcindo - Indonesia
- Interocean Group of Companies - India
- Eastern Energy - Thailand
- Metalloyd Limited - United Kingdom
- IEA Clean Coal Centre - UK
- Therma Luzon, Inc, Philippines
- Heidelberg Cement - Germany
- Iligan Light & Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Barasentosa Lestari - Indonesia
- Medco Energi Mining Internasional
- Standard Chartered Bank - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Essar Steel Hazira Ltd - India
- Mjunction Services Limited - India
- Mercator Lines Limited - India
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