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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, 14 November 14
MORE NATURAL GAS FROM RUSSIA TO HELP STABILISE CHINA PRICES - FITCH RATINGS
COALspot.com: Fitch Ratings has said possible additional natural gas supplies from Russia's OAO Gazprom to China via the Altai pipeline would h ...
Thursday, 13 November 14
SLOWER AND LOWER HAS BEEN THE TREND OF THE PANAMAX IN BOTH HEMISPHERES - FEARNLEYS
Handy
We are experiencing an oversupply of tonnage in the Atlantic which is out numbering the amount of cargoes, Fearnleys broker says in its lat ...
Thursday, 13 November 14
DRY BULK MARKET'S REBOUND HINGES ON IRON ORE OVERSUPPLY ISSUES MOVING FORWARD - HELLENIC SHIPPING NEWS
“One man’s benefit, is another man’s demise” is a phrase which can be used to describe today’s situation in the dry b ...
Thursday, 13 November 14
COAL MINISTER WANTS INDIA TO STOP COAL IMPORTS IN TWO OR THREE YEARS
COALspot.com: India to ramp up coal production to a billion tonnes by 2019 from its current level of 490 million tones. According to Power and Coal ...
Thursday, 13 November 14
MODERN DRY BULK SHIPS' PRICES START FIRMING UP - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
While the main story of the past few weeks has been the rebound of the dry bulk market, which has been a result of increased Chinese iron ore impor ...
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- Gujarat Mineral Development Corp Ltd - India
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- Cement Manufacturers Association - India
- Sindya Power Generating Company Private Ltd
- Grasim Industreis Ltd - India
- Planning Commission, India
- Wood Mackenzie - Singapore
- IEA Clean Coal Centre - UK
- Sinarmas Energy and Mining - Indonesia
- SMG Consultants - Indonesia
- Bhatia International Limited - India
- Goldman Sachs - Singapore
- Uttam Galva Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Chamber of Mines of South Africa
- Ambuja Cements Ltd - India
- Petron Corporation, Philippines
- Wilmar Investment Holdings
- Malabar Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Simpson Spence & Young - Indonesia
- CNBM International Corporation - China
- Star Paper Mills Limited - India
- Aboitiz Power Corporation - Philippines
- Deloitte Consulting - India
- Anglo American - United Kingdom
- Vedanta Resources Plc - India
- Minerals Council of Australia
- ICICI Bank Limited - India
- CIMB Investment Bank - Malaysia
- Central Java Power - Indonesia
- India Bulls Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Transport, Egypt
- Alfred C Toepfer International GmbH - Germany
- Tamil Nadu electricity Board
- Bayan Resources Tbk. - Indonesia
- Kartika Selabumi Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Salva Resources Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- VISA Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Indian Oil Corporation Limited
- PTC India Limited - India
- Port Waratah Coal Services - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Finance - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Aditya Birla Group - India
- Maharashtra Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Jindal Steel & Power Ltd - India
- Toyota Tsusho Corporation, Japan
- Medco Energi Mining Internasional
- Thai Mozambique Logistica
- Kohat Cement Company Ltd. - Pakistan
- Cigading International Bulk Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Borneo Indobara - Indonesia
- Maheswari Brothers Coal Limited - India
- SMC Global Power, Philippines
- PowerSource Philippines DevCo
- LBH Netherlands Bv - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Renaissance Capital - South Africa
- Orica Mining Services - Indonesia
- Indogreen Group - Indonesia
- Intertek Mineral Services - Indonesia
- Xindia Steels Limited - India
- San Jose City I Power Corp, Philippines
- Georgia Ports Authority, United States
- Kobexindo Tractors - Indoneisa
- Indonesian Coal Mining Association
- Eastern Coal Council - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- New Zealand Coal & Carbon
- European Bulk Services B.V. - Netherlands
- SN Aboitiz Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Siam City Cement - Thailand
- Economic Council, Georgia
- Merrill Lynch Commodities Europe
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Development Corp, Philippines
- The Treasury - Australian Government
- Bukit Asam (Persero) Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- London Commodity Brokers - England
- TeaM Sual Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Australian Coal Association
- GVK Power & Infra Limited - India
- Africa Commodities Group - South Africa
- Tata Chemicals Ltd - India
- Semirara Mining Corp, Philippines
- Antam Resourcindo - Indonesia
- Kaltim Prima Coal - Indonesia
- Mercuria Energy - Indonesia
- Marubeni Corporation - India
- Agrawal Coal Company - India
- Energy Link Ltd, New Zealand
- Bukit Makmur.PT - Indonesia
- Singapore Mercantile Exchange
- Vizag Seaport Private Limited - India
- GMR Energy Limited - India
- IHS Mccloskey Coal Group - USA
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement PLC, Thailand
- Krishnapatnam Port Company Ltd. - India
- International Coal Ventures Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Indo Tambangraya Megah - Indonesia
- Meenaskhi Energy Private Limited - India
- GAC Shipping (India) Pvt Ltd
- PNOC Exploration Corporation - Philippines
- Videocon Industries ltd - India
- Riau Bara Harum - Indonesia
- Kideco Jaya Agung - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Generating Authority of Thailand
- Manunggal Multi Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Orica Australia Pty. Ltd.
- Binh Thuan Hamico - Vietnam
- Price Waterhouse Coopers - Russia
- Bharathi Cement Corporation - India
- Indika Energy - Indonesia
- Global Business Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Savvy Resources Ltd - HongKong
- Standard Chartered Bank - UAE
- Sree Jayajothi Cements Limited - India
- Bhoruka Overseas - Indonesia
- Central Electricity Authority - India
- Miang Besar Coal Terminal - Indonesia
- Rio Tinto Coal - Australia
- Semirara Mining and Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Power Finance Corporation Ltd., India
- Mercator Lines Limited - India
- Bangladesh Power Developement Board
- Independent Power Producers Association of India
- Billiton Holdings Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Latin American Coal - Colombia
- Mintek Dendrill Indonesia
- ASAPP Information Group - India
- Formosa Plastics Group - Taiwan
- Bukit Baiduri Energy - Indonesia
- McConnell Dowell - Australia
- Trasteel International SA, Italy
- South Luzon Thermal Energy Corporation
- Chettinad Cement Corporation Ltd - India
- Barasentosa Lestari - Indonesia
- Thiess Contractors Indonesia
- MS Steel International - UAE
- Oldendorff Carriers - Singapore
- OPG Power Generation Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Attock Cement Pakistan Limited
- Kepco SPC Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Eastern Energy - Thailand
- Makarim & Taira - Indonesia
- Parliament of New Zealand
- Parry Sugars Refinery, India
- Mjunction Services Limited - India
- Global Green Power PLC Corporation, Philippines
- Indian Energy Exchange, India
- Bhushan Steel Limited - India
- The University of Queensland
- Australian Commodity Traders Exchange
- Directorate General of MIneral and Coal - Indonesia
- Larsen & Toubro Limited - India
- Commonwealth Bank - Australia
- Sical Logistics Limited - India
- Directorate Of Revenue Intelligence - India
- Banpu Public Company Limited - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Sidhee Cement - India
- Vijayanagar Sugar Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Samtan Co., Ltd - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sakthi Sugars Limited - India
- Romanian Commodities Exchange
- Sarangani Energy Corporation, Philippines
- Interocean Group of Companies - India
- Edison Trading Spa - Italy
- Altura Mining Limited, Indonesia
- Baramulti Group, Indonesia
- Madhucon Powers Ltd - India
- Coal and Oil Company - UAE
- Heidelberg Cement - Germany
- Dalmia Cement Bharat India
- Coastal Gujarat Power Limited - India
- Sojitz Corporation - Japan
- Electricity Authority, New Zealand
- White Energy Company Limited
- Gujarat Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Holcim Trading Pte Ltd - Singapore
- Ministry of Mines - Canada
- Lanco Infratech Ltd - India
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