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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, 26 November 14
SHIPPING MARKET INSIGHT - EVA TZIMA
The tanker market has been enjoying some good returns lately. Ok, that may be a big understatement, but with all the ups and downs of the past year ...
Tuesday, 25 November 14
FISCAL BREAKEVEN OIL PRICES SHOW SOVEREIGN VULNERABILITY - FITCH
COALspot.com: The vulnerability of the sovereign credit profiles of net oil exporters, as shown by their fiscal breakeven oil prices, suggests that ...
Tuesday, 25 November 14
UK: TRIBUNAL RULES ON SPEED AND PERFORMANCE CLAIMS UNDER TWO CONSECUTIVE TIME CHARTERPARTIES - REED SMITH
KNOWLEDGE TO ELEVATE
“Owners not to be responsible if the vessel under the currency of this charter party stays at port or anchorage or ...
Tuesday, 25 November 14
FOB RICHARDS BAY COAL SWAP FOR Q4' 15 DELIVERY CLOSED AT US$ 68.20
COALspot.com: API 4 FOB Richards Bay Coal for delivery Q1' 2015 gained month on month, week on week and day over day.
The Q1 swap has gain ...
Tuesday, 25 November 14
SUB-BIT FOB INDONESIA COAL SWAP FOR Q2' 15 DELIVERY CLOSED AT $ 49.55
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month, gained week on week.
The Q1 swap has lost US$ 0.12 (-0.24%) ...
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- Cigading International Bulk Terminal - Indonesia
- Bhatia International Limited - India
- Coal and Oil Company - UAE
- MS Steel International - UAE
- Global Coal Blending Company Limited - Australia
- Karbindo Abesyapradhi - Indoneisa
- Orica Australia Pty. Ltd.
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sical Logistics Limited - India
- Xindia Steels Limited - India
- Global Business Power Corporation, Philippines
- Commonwealth Bank - Australia
- SMC Global Power, Philippines
- Malabar Cements Ltd - India
- Siam City Cement - Thailand
- Cement Manufacturers Association - India
- India Bulls Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Kartika Selabumi Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- VISA Power Limited - India
- Manunggal Multi Energi - Indonesia
- Tata Chemicals Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Lanco Infratech Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- GVK Power & Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Wood Mackenzie - Singapore
- Heidelberg Cement - Germany
- Price Waterhouse Coopers - Russia
- ICICI Bank Limited - India
- Bhoruka Overseas - Indonesia
- Savvy Resources Ltd - HongKong
- Sinarmas Energy and Mining - Indonesia
- Thai Mozambique Logistica
- Salva Resources Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Kepco SPC Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Tamil Nadu electricity Board
- CNBM International Corporation - China
- Eastern Coal Council - USA
- Renaissance Capital - South Africa
- Mjunction Services Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Agrawal Coal Company - India
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Aditya Birla Group - India
- Indian Energy Exchange, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maheswari Brothers Coal Limited - India
- Gujarat Mineral Development Corp Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Central Electricity Authority - India
- Borneo Indobara - Indonesia
- Sojitz Corporation - Japan
- Star Paper Mills Limited - India
- PTC India Limited - India
- Rio Tinto Coal - Australia
- Sakthi Sugars Limited - India
- European Bulk Services B.V. - Netherlands
- PNOC Exploration Corporation - Philippines
- Marubeni Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GN Power Mariveles Coal Plant, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- GMR Energy Limited - India
- International Coal Ventures Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Parliament of New Zealand
- Interocean Group of Companies - India
- Bukit Asam (Persero) Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Georgia Ports Authority, United States
- Posco Energy - South Korea
- Coastal Gujarat Power Limited - India
- Indonesian Coal Mining Association
- Semirara Mining Corp, Philippines
- Minerals Council of Australia
- Africa Commodities Group - South Africa
- Pendopo Energi Batubara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Antam Resourcindo - Indonesia
- San Jose City I Power Corp, Philippines
- McConnell Dowell - Australia
- LBH Netherlands Bv - Netherlands
- Merrill Lynch Commodities Europe
- Kobexindo Tractors - Indoneisa
- Metalloyd Limited - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Link Ltd, New Zealand
- The Treasury - Australian Government
- Bangladesh Power Developement Board
- Petron Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- SN Aboitiz Power Inc, Philippines
- Coalindo Energy - Indonesia
- New Zealand Coal & Carbon
- Energy Development Corp, Philippines
- Orica Mining Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- CIMB Investment Bank - Malaysia
- Electricity Generating Authority of Thailand
- Globalindo Alam Lestari - Indonesia
- Vedanta Resources Plc - India
- Meenaskhi Energy Private Limited - India
- Bulk Trading Sa - Switzerland
- Iligan Light & Power Inc, Philippines
- Eastern Energy - Thailand
- Ministry of Transport, Egypt
- Directorate Of Revenue Intelligence - India
- Chettinad Cement Corporation Ltd - India
- Bukit Baiduri Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bayan Resources Tbk. - Indonesia
- Meralco Power Generation, Philippines
- Chamber of Mines of South Africa
- Intertek Mineral Services - Indonesia
- Mercator Lines Limited - India
- Attock Cement Pakistan Limited
- Sindya Power Generating Company Private Ltd
- Krishnapatnam Port Company Ltd. - India
- Deloitte Consulting - India
- Kumho Petrochemical, South Korea
- Wilmar Investment Holdings
- Dalmia Cement Bharat India
- The State Trading Corporation of India Ltd
- Binh Thuan Hamico - Vietnam
- Gujarat Sidhee Cement - India
- Central Java Power - Indonesia
- Jindal Steel & Power Ltd - India
- Mercuria Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Banpu Public Company Limited - Thailand
- Independent Power Producers Association of India
- Alfred C Toepfer International GmbH - Germany
- London Commodity Brokers - England
- Bharathi Cement Corporation - India
- Bukit Makmur.PT - Indonesia
- PowerSource Philippines DevCo
- Kaltim Prima Coal - Indonesia
- Thiess Contractors Indonesia
- Economic Council, Georgia
- GAC Shipping (India) Pvt Ltd
- Planning Commission, India
- Parry Sugars Refinery, India
- Siam City Cement PLC, Thailand
- Oldendorff Carriers - Singapore
- Australian Commodity Traders Exchange
- Karaikal Port Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Samtan Co., Ltd - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Medco Energi Mining Internasional
- The University of Queensland
- Trasteel International SA, Italy
- Videocon Industries ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Australian Coal Association
- Anglo American - United Kingdom
- Baramulti Group, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Larsen & Toubro Limited - India
- Bhushan Steel Limited - India
- Makarim & Taira - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- IEA Clean Coal Centre - UK
- Kohat Cement Company Ltd. - Pakistan
- Latin American Coal - Colombia
- Singapore Mercantile Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
- Ministry of Finance - Indonesia
- Ministry of Mines - Canada
- Port Waratah Coal Services - Australia
- Standard Chartered Bank - UAE
- Indian Oil Corporation Limited
- Sree Jayajothi Cements Limited - India
- Indogreen Group - Indonesia
- SMG Consultants - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Barasentosa Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Power Finance Corporation Ltd., India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Formosa Plastics Group - Taiwan
- Semirara Mining and Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Uttam Galva Steels Limited - India
- Electricity Authority, New Zealand
- Romanian Commodities Exchange
- Madhucon Powers Ltd - India
- Edison Trading Spa - Italy
- Goldman Sachs - Singapore
- Mintek Dendrill Indonesia
- Ambuja Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Carbofer General Trading SA - India
- White Energy Company Limited
- Riau Bara Harum - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Simpson Spence & Young - Indonesia
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