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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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Tuesday, 18 November 14
VALEMAX DEAL TO DETERMINE DRY BULK MARKET'S FATE - DREWRY MARITIME RESEARCH
Vale’s accord to sell and lease four Valemax vessels to COSCO might have negative repercussions on dry bulk freight rates. Vale has committed ...
Tuesday, 18 November 14
SUB-BIT FOB INDONESIA COAL SWAP DELIVERY Q2' 2015 CLOSED AT $ 49.55; DOWN 4.10% M-O-M
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month, gained week on week and day on day.
The Q1 swap has lost US ...
Tuesday, 18 November 14
FOB RICHARDS BAY COAL SWAP FOR Q1' 2015 DELIVERY CLOSED AT $ 66.31; UP 1.33% W-O-W
COALspot.com: API 4 FOB Richards Bay Coal swap for Q1’ 2015 delivery has gained US$ 0.27 (+0.41%) month over month and US$ 0.87 (+1.33%) week ...
Tuesday, 18 November 14
CHEAP OIL PRICES COULD RESHAPE GLOBAL OIL EXPORTING MAP - HELLENIC SHIPPING
Tanker owners have enjoyed a rather healthy 2014, but as the year draws to a close, the fall of oil prices is bound to reshape traditional, as well ...
Monday, 17 November 14
SKULD ISSUES URGENT NOTICE ON BANKRUPTCY OF OW BUNKER A/S
Further to the Association’s advices of 7 November 2014, more information has come to light with respect to the potential impact and scale of ...
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- Bukit Makmur.PT - Indonesia
- Makarim & Taira - Indonesia
- Uttam Galva Steels Limited - India
- Tamil Nadu electricity Board
- Neyveli Lignite Corporation Ltd, - India
- Bulk Trading Sa - Switzerland
- SMG Consultants - Indonesia
- Sindya Power Generating Company Private Ltd
- Timah Investasi Mineral - Indoneisa
- Meralco Power Generation, Philippines
- Kobexindo Tractors - Indoneisa
- Marubeni Corporation - India
- Siam City Cement - Thailand
- Ministry of Finance - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Heidelberg Cement - Germany
- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- PowerSource Philippines DevCo
- IEA Clean Coal Centre - UK
- Metalloyd Limited - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Orica Mining Services - Indonesia
- Vizag Seaport Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Simpson Spence & Young - Indonesia
- Formosa Plastics Group - Taiwan
- The Treasury - Australian Government
- India Bulls Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Sinarmas Energy and Mining - Indonesia
- Banpu Public Company Limited - Thailand
- GMR Energy Limited - India
- Africa Commodities Group - South Africa
- Mercator Lines Limited - India
- Maheswari Brothers Coal Limited - India
- Jaiprakash Power Ventures ltd
- Bhoruka Overseas - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Indonesian Coal Mining Association
- Rio Tinto Coal - Australia
- Australian Commodity Traders Exchange
- Singapore Mercantile Exchange
- Independent Power Producers Association of India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cigading International Bulk Terminal - Indonesia
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Electricity Authority, New Zealand
- White Energy Company Limited
- OPG Power Generation Pvt Ltd - India
- Trasteel International SA, Italy
- Electricity Generating Authority of Thailand
- Gujarat Mineral Development Corp Ltd - India
- Standard Chartered Bank - UAE
- VISA Power Limited - India
- Oldendorff Carriers - Singapore
- IHS Mccloskey Coal Group - USA
- ICICI Bank Limited - India
- Wood Mackenzie - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Posco Energy - South Korea
- Intertek Mineral Services - Indonesia
- Indian Oil Corporation Limited
- The State Trading Corporation of India Ltd
- Attock Cement Pakistan Limited
- Sree Jayajothi Cements Limited - India
- PNOC Exploration Corporation - Philippines
- Coal and Oil Company - UAE
- Essar Steel Hazira Ltd - India
- Larsen & Toubro Limited - India
- Siam City Cement PLC, Thailand
- TeaM Sual Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Bhushan Steel Limited - India
- Petron Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Borneo Indobara - Indonesia
- Edison Trading Spa - Italy
- International Coal Ventures Pvt Ltd - India
- Minerals Council of Australia
- Leighton Contractors Pty Ltd - Australia
- Mjunction Services Limited - India
- Lanco Infratech Ltd - India
- Economic Council, Georgia
- TNB Fuel Sdn Bhd - Malaysia
- Dalmia Cement Bharat India
- SMC Global Power, Philippines
- Anglo American - United Kingdom
- Chamber of Mines of South Africa
- Orica Australia Pty. Ltd.
- Central Electricity Authority - India
- Carbofer General Trading SA - India
- Parliament of New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- CNBM International Corporation - China
- Sarangani Energy Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Malabar Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Alfred C Toepfer International GmbH - Germany
- Latin American Coal - Colombia
- Indian Energy Exchange, India
- Port Waratah Coal Services - Australia
- Energy Link Ltd, New Zealand
- Commonwealth Bank - Australia
- Kaltim Prima Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Vedanta Resources Plc - India
- Semirara Mining Corp, Philippines
- Coastal Gujarat Power Limited - India
- Meenaskhi Energy Private Limited - India
- ASAPP Information Group - India
- Cement Manufacturers Association - India
- Wilmar Investment Holdings
- Globalindo Alam Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Pipit Mutiara Jaya. PT, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Samtan Co., Ltd - South Korea
- Manunggal Multi Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Mercuria Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Planning Commission, India
- Ind-Barath Power Infra Limited - India
- PTC India Limited - India
- Thiess Contractors Indonesia
- MS Steel International - UAE
- Baramulti Group, Indonesia
- Aditya Birla Group - India
- Bharathi Cement Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Price Waterhouse Coopers - Russia
- Mintek Dendrill Indonesia
- South Luzon Thermal Energy Corporation
- Goldman Sachs - Singapore
- European Bulk Services B.V. - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Georgia Ports Authority, United States
- Global Business Power Corporation, Philippines
- McConnell Dowell - Australia
- Indika Energy - Indonesia
- Xindia Steels Limited - India
- Gujarat Sidhee Cement - India
- Indogreen Group - Indonesia
- Altura Mining Limited, Indonesia
- The University of Queensland
- Holcim Trading Pte Ltd - Singapore
- London Commodity Brokers - England
- Medco Energi Mining Internasional
- Binh Thuan Hamico - Vietnam
- New Zealand Coal & Carbon
- Jindal Steel & Power Ltd - India
- Power Finance Corporation Ltd., India
- Karaikal Port Pvt Ltd - India
- Deloitte Consulting - India
- Therma Luzon, Inc, Philippines
- Romanian Commodities Exchange
- Videocon Industries ltd - India
- Eastern Energy - Thailand
- Star Paper Mills Limited - India
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- Central Java Power - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Parry Sugars Refinery, India
- Asmin Koalindo Tuhup - Indonesia
- Savvy Resources Ltd - HongKong
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- Agrawal Coal Company - India
- Ministry of Mines - Canada
- Sical Logistics Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Renaissance Capital - South Africa
- Bangladesh Power Developement Board
- Kideco Jaya Agung - Indonesia
- Ambuja Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Global Coal Blending Company Limited - Australia
- Sojitz Corporation - Japan
- Thai Mozambique Logistica
- GVK Power & Infra Limited - India
- Ministry of Transport, Egypt
- Sakthi Sugars Limited - India
- Energy Development Corp, Philippines
- Barasentosa Lestari - Indonesia
- Australian Coal Association
- Directorate Of Revenue Intelligence - India
- Antam Resourcindo - Indonesia
- Tata Chemicals Ltd - India
- Bukit Baiduri Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- CIMB Investment Bank - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Riau Bara Harum - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kartika Selabumi Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Madhucon Powers Ltd - India
- Indo Tambangraya Megah - Indonesia
- Jorong Barutama Greston.PT - Indonesia
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