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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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Saturday, 22 November 14
THE FALL IN BUNKER PRICES REDUCE FUEL COSTS SIGNIFICANTLY - BIMCO, PETER SAND
For a ship that burns 24 tonnes of fuel per day while steaming, fuel costs are reduced by as much as USD 1 million a year if current price level st ...
Saturday, 22 November 14
DRY BULKERS NEWBUILDING DELIVERIES REACHED 11.8 MILLION DWT DURING THIRD QUARTER, NET FLEET GROWTH FOR 2014 TO REACH 5% - HELLENIC SHIPPING NEWS
The dry bulk market has rebounded since its less than impressive performance since the start of the year, but overall, third quarter figures could ...
Friday, 21 November 14
BUMI ENTERS INTO CONDITIONAL SALE & PURCHASE AGREEMENT TO SELL FBS STAKE
COALspot.com: PT Bumi Resources Tbk, one of the Indonesia's largest coal producers confirms that it has executed a Conditional Sale and Purchas ...
Friday, 21 November 14
U.S LAST WEEK'S COAL PRODUCTION STAYS FLAT W-O-W
COALspot.com – United States the world's one of the largest coal producers, produced approximately 18.9 million short tons (mmst) of coal ...
Thursday, 20 November 14
MOST MAJOR ASIAN ECONOMIES TO BENEFIT FROM LOWER OIL - FITCH
COALspot.com: The 25% drop in the price of oil since July is likely to lift economic growth prospects, improve terms of trade, and have a pot ...
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- Samtan Co., Ltd - South Korea
- Bhoruka Overseas - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- CIMB Investment Bank - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Iligan Light & Power Inc, Philippines
- Malabar Cements Ltd - India
- Australian Coal Association
- Sinarmas Energy and Mining - Indonesia
- Grasim Industreis Ltd - India
- San Jose City I Power Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Ceylon Electricity Board - Sri Lanka
- PowerSource Philippines DevCo
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Electricity Regulatory Commission - India
- Economic Council, Georgia
- LBH Netherlands Bv - Netherlands
- GMR Energy Limited - India
- McConnell Dowell - Australia
- Kobexindo Tractors - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Bhatia International Limited - India
- PTC India Limited - India
- ASAPP Information Group - India
- Petron Corporation, Philippines
- Tamil Nadu electricity Board
- Semirara Mining Corp, Philippines
- Energy Link Ltd, New Zealand
- Ind-Barath Power Infra Limited - India
- Dalmia Cement Bharat India
- Commonwealth Bank - Australia
- Ministry of Mines - Canada
- Singapore Mercantile Exchange
- Mjunction Services Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Kapuas Tunggal Persada - Indonesia
- Manunggal Multi Energi - Indonesia
- Power Finance Corporation Ltd., India
- International Coal Ventures Pvt Ltd - India
- Thai Mozambique Logistica
- Barasentosa Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Romanian Commodities Exchange
- Videocon Industries ltd - India
- Medco Energi Mining Internasional
- Agrawal Coal Company - India
- Siam City Cement - Thailand
- Ambuja Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Electricity Authority - India
- India Bulls Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Binh Thuan Hamico - Vietnam
- Indonesian Coal Mining Association
- Global Coal Blending Company Limited - Australia
- Electricity Authority, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Mercuria Energy - Indonesia
- Parry Sugars Refinery, India
- European Bulk Services B.V. - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Renaissance Capital - South Africa
- Kaltim Prima Coal - Indonesia
- Deloitte Consulting - India
- Independent Power Producers Association of India
- Globalindo Alam Lestari - Indonesia
- Posco Energy - South Korea
- Uttam Galva Steels Limited - India
- PNOC Exploration Corporation - Philippines
- SMG Consultants - Indonesia
- Eastern Coal Council - USA
- Tata Chemicals Ltd - India
- Edison Trading Spa - Italy
- Goldman Sachs - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pendopo Energi Batubara - Indonesia
- Star Paper Mills Limited - India
- Banpu Public Company Limited - Thailand
- The Treasury - Australian Government
- Kideco Jaya Agung - Indonesia
- Bukit Makmur.PT - Indonesia
- Vizag Seaport Private Limited - India
- Coal and Oil Company - UAE
- Sarangani Energy Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vedanta Resources Plc - India
- The State Trading Corporation of India Ltd
- London Commodity Brokers - England
- Maheswari Brothers Coal Limited - India
- Mintek Dendrill Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bukit Asam (Persero) Tbk - Indonesia
- Planning Commission, India
- Orica Mining Services - Indonesia
- Coalindo Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- TeaM Sual Corporation - Philippines
- Port Waratah Coal Services - Australia
- Price Waterhouse Coopers - Russia
- Ministry of Finance - Indonesia
- CNBM International Corporation - China
- Larsen & Toubro Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- Baramulti Group, Indonesia
- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Rio Tinto Coal - Australia
- Intertek Mineral Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Chamber of Mines of South Africa
- Therma Luzon, Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Heidelberg Cement - Germany
- Mercator Lines Limited - India
- IEA Clean Coal Centre - UK
- Bahari Cakrawala Sebuku - Indonesia
- Timah Investasi Mineral - Indoneisa
- SMC Global Power, Philippines
- Oldendorff Carriers - Singapore
- Jindal Steel & Power Ltd - India
- ICICI Bank Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Altura Mining Limited, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Global Business Power Corporation, Philippines
- MS Steel International - UAE
- Antam Resourcindo - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bangladesh Power Developement Board
- Africa Commodities Group - South Africa
- AsiaOL BioFuels Corp., Philippines
- Sree Jayajothi Cements Limited - India
- Indian Energy Exchange, India
- Indika Energy - Indonesia
- Bhushan Steel Limited - India
- Metalloyd Limited - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Aditya Birla Group - India
- Interocean Group of Companies - India
- Leighton Contractors Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- TNB Fuel Sdn Bhd - Malaysia
- Savvy Resources Ltd - HongKong
- Chettinad Cement Corporation Ltd - India
- Standard Chartered Bank - UAE
- Toyota Tsusho Corporation, Japan
- Siam City Cement PLC, Thailand
- Georgia Ports Authority, United States
- SN Aboitiz Power Inc, Philippines
- Energy Development Corp, Philippines
- South Luzon Thermal Energy Corporation
- Carbofer General Trading SA - India
- Merrill Lynch Commodities Europe
- Sojitz Corporation - Japan
- Jaiprakash Power Ventures ltd
- IHS Mccloskey Coal Group - USA
- Global Green Power PLC Corporation, Philippines
- White Energy Company Limited
- Parliament of New Zealand
- Thiess Contractors Indonesia
- Kumho Petrochemical, South Korea
- GVK Power & Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Meralco Power Generation, Philippines
- Trasteel International SA, Italy
- VISA Power Limited - India
- Cement Manufacturers Association - India
- Minerals Council of Australia
- New Zealand Coal & Carbon
- Sakthi Sugars Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Indian Oil Corporation Limited
- Directorate Of Revenue Intelligence - India
- Electricity Generating Authority of Thailand
- Straits Asia Resources Limited - Singapore
- Bayan Resources Tbk. - Indonesia
- Wood Mackenzie - Singapore
- Borneo Indobara - Indonesia
- Makarim & Taira - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Lanco Infratech Ltd - India
- Wilmar Investment Holdings
- Anglo American - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Eastern Energy - Thailand
- Salva Resources Pvt Ltd - India
- Australian Commodity Traders Exchange
- Madhucon Powers Ltd - India
- Riau Bara Harum - Indonesia
- Central Java Power - Indonesia
- Indogreen Group - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Orica Australia Pty. Ltd.
- Latin American Coal - Colombia
- Directorate General of MIneral and Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- OPG Power Generation Pvt Ltd - India
- The University of Queensland
- Sical Logistics Limited - India
- Xindia Steels Limited - India
- Attock Cement Pakistan Limited
- Coastal Gujarat Power Limited - India
- Aboitiz Power Corporation - Philippines
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