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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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Monday, 17 November 14
INDONESIAN COAL PRICE REFERENCE CONTINUES FREE FALL; SLUMPS TO 69-MONTH LOW
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down the coal bench mark price once again in November. HBA for t ...
Monday, 17 November 14
API 5 FOB NEWCASTLE COAL SWAP FOR Q1' 15 DELIVERY CLOSED AT $ 52.75
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery has decreased US$ 1.77 (-3.25%) month over month and US$ 0.02 (-0.04%) day ...
Monday, 17 November 14
SOUTH CHINA COAL SWAP SLIGHTLY INCREASED WEEK OVER WEEK
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased US$ 1.73 (-2.67%) month over month and US$ 0.10 (-0.16%) da ...
Sunday, 16 November 14
THE BDI LOST 12.59% WEEK ON WEEK; THE BCI LOST 19.95%
COALspot.com: The BDI fell 12.59 percent to 1256 point week on week on Friday 14 November. All the segments were also most down this week. The cape ...
Friday, 14 November 14
U.S. WEEKLY COAL OUTPUT SLIPS SLIGHTLY WEEK ENDING NOVEMBER 08
COALspot.com – United States the world's one of the largest coal producers, produced approximately 18.9 million short tons (mmst) of coal ...
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- Krishnapatnam Port Company Ltd. - India
- Directorate Of Revenue Intelligence - India
- Dalmia Cement Bharat India
- PetroVietnam Power Coal Import and Supply Company
- Goldman Sachs - Singapore
- Kartika Selabumi Mining - Indonesia
- GMR Energy Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bharathi Cement Corporation - India
- The Treasury - Australian Government
- Savvy Resources Ltd - HongKong
- Sakthi Sugars Limited - India
- Mercuria Energy - Indonesia
- Baramulti Group, Indonesia
- Georgia Ports Authority, United States
- Ministry of Mines - Canada
- Grasim Industreis Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Uttam Galva Steels Limited - India
- Bhushan Steel Limited - India
- Ceylon Electricity Board - Sri Lanka
- Iligan Light & Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Merrill Lynch Commodities Europe
- IHS Mccloskey Coal Group - USA
- Rashtriya Ispat Nigam Limited - India
- Parry Sugars Refinery, India
- Karaikal Port Pvt Ltd - India
- Indika Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thai Mozambique Logistica
- Aditya Birla Group - India
- Sree Jayajothi Cements Limited - India
- Renaissance Capital - South Africa
- Simpson Spence & Young - Indonesia
- The State Trading Corporation of India Ltd
- Commonwealth Bank - Australia
- Medco Energi Mining Internasional
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- VISA Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Indonesian Coal Mining Association
- TeaM Sual Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Mineral Development Corp Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Minerals Council of Australia
- India Bulls Power Limited - India
- PowerSource Philippines DevCo
- Gujarat Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Port Waratah Coal Services - Australia
- The University of Queensland
- Pipit Mutiara Jaya. PT, Indonesia
- Global Coal Blending Company Limited - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Vedanta Resources Plc - India
- Thiess Contractors Indonesia
- Eastern Coal Council - USA
- Sarangani Energy Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- OPG Power Generation Pvt Ltd - India
- Mjunction Services Limited - India
- Jindal Steel & Power Ltd - India
- Meenaskhi Energy Private Limited - India
- Independent Power Producers Association of India
- Power Finance Corporation Ltd., India
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- Salva Resources Pvt Ltd - India
- Antam Resourcindo - Indonesia
- McConnell Dowell - Australia
- Central Electricity Authority - India
- Miang Besar Coal Terminal - Indonesia
- Attock Cement Pakistan Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Energy Exchange, India
- Intertek Mineral Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- LBH Netherlands Bv - Netherlands
- New Zealand Coal & Carbon
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Globalindo Alam Lestari - Indonesia
- Africa Commodities Group - South Africa
- Billiton Holdings Pty Ltd - Australia
- Bhatia International Limited - India
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- Petron Corporation, Philippines
- Energy Development Corp, Philippines
- Rio Tinto Coal - Australia
- MS Steel International - UAE
- CNBM International Corporation - China
- London Commodity Brokers - England
- Sindya Power Generating Company Private Ltd
- Posco Energy - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Interocean Group of Companies - India
- Kalimantan Lumbung Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Latin American Coal - Colombia
- Vijayanagar Sugar Pvt Ltd - India
- Ambuja Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Wilmar Investment Holdings
- Ind-Barath Power Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tamil Nadu electricity Board
- Economic Council, Georgia
- Orica Mining Services - Indonesia
- Oldendorff Carriers - Singapore
- Banpu Public Company Limited - Thailand
- Agrawal Coal Company - India
- Kohat Cement Company Ltd. - Pakistan
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement - Thailand
- Kaltim Prima Coal - Indonesia
- Marubeni Corporation - India
- CIMB Investment Bank - Malaysia
- PNOC Exploration Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Bukit Baiduri Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- International Coal Ventures Pvt Ltd - India
- Central Java Power - Indonesia
- ICICI Bank Limited - India
- European Bulk Services B.V. - Netherlands
- Electricity Authority, New Zealand
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- Wood Mackenzie - Singapore
- Anglo American - United Kingdom
- Kumho Petrochemical, South Korea
- Coal and Oil Company - UAE
- Neyveli Lignite Corporation Ltd, - India
- Maharashtra Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Larsen & Toubro Limited - India
- Mercator Lines Limited - India
- Gujarat Sidhee Cement - India
- Meralco Power Generation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Standard Chartered Bank - UAE
- Eastern Energy - Thailand
- Toyota Tsusho Corporation, Japan
- Kobexindo Tractors - Indoneisa
- Planning Commission, India
- Orica Australia Pty. Ltd.
- SMC Global Power, Philippines
- Timah Investasi Mineral - Indoneisa
- Tata Chemicals Ltd - India
- Trasteel International SA, Italy
- AsiaOL BioFuels Corp., Philippines
- Global Green Power PLC Corporation, Philippines
- Parliament of New Zealand
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- Manunggal Multi Energi - Indonesia
- Borneo Indobara - Indonesia
- South Luzon Thermal Energy Corporation
- Straits Asia Resources Limited - Singapore
- Metalloyd Limited - United Kingdom
- Indian Oil Corporation Limited
- ASAPP Information Group - India
- Madhucon Powers Ltd - India
- Electricity Generating Authority of Thailand
- Global Business Power Corporation, Philippines
- Cement Manufacturers Association - India
- Bhoruka Overseas - Indonesia
- Australian Commodity Traders Exchange
- Xindia Steels Limited - India
- Edison Trading Spa - Italy
- Chettinad Cement Corporation Ltd - India
- Altura Mining Limited, Indonesia
- Semirara Mining Corp, Philippines
- Sojitz Corporation - Japan
- SMG Consultants - Indonesia
- Bukit Makmur.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Binh Thuan Hamico - Vietnam
- Makarim & Taira - Indonesia
- Vizag Seaport Private Limited - India
- PTC India Limited - India
- Jaiprakash Power Ventures ltd
- GVK Power & Infra Limited - India
- Australian Coal Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Transport, Egypt
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement PLC, Thailand
- Formosa Plastics Group - Taiwan
- Sical Logistics Limited - India
- Mintek Dendrill Indonesia
- Riau Bara Harum - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Deloitte Consulting - India
- Videocon Industries ltd - India
- Barasentosa Lestari - Indonesia
- Indogreen Group - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Star Paper Mills Limited - India
- Samtan Co., Ltd - South Korea
- Essar Steel Hazira Ltd - India
- White Energy Company Limited
- Chamber of Mines of South Africa
- Therma Luzon, Inc, Philippines
- Carbofer General Trading SA - India
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