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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, 07 November 14
U.S. PRODUCED 85.60 MILLION SHORT TONS OF COAL IN OCTOBER, UP 2.88% M-O-M
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.0 million short tons (mmst) of coal ...
Thursday, 06 November 14
THE ATLANTIC HAS REMAINED STRONG WITH A HEALTHY SUPPLY OF NEW CARGOES
Handy
This week has continued its slow trend in both hemispheres and even though rates are a bit up w-o-w it is not a clear sign for any improvem ...
Wednesday, 05 November 14
CAPESIZE SEGMENT ENJOYED FIRMING RATES ACROSS BOTH BASINS
Following a fantastic week in terms of rate performance for Capes, the Dry Bulk market managed to note another positive weekly closing, which stron ...
Wednesday, 05 November 14
SHIPPING MARKET INSIGHT - PANOS TSILINGIRIS
COALspot.com: The steep appreciation in dry bulker values between late 2012 and March 2014 resulted in unrealistically expensive ship values compar ...
Tuesday, 04 November 14
INDONESIAN COAL SWAPS FOR 2015 DELIVERIES SHOW A WEAK TREND
COALspot.com: Indonesian coal swaps for delivery Q4' 2014 lost month on month and gained day on day and week on week, the trend was same as las ...
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- Sical Logistics Limited - India
- Bhoruka Overseas - Indonesia
- IEA Clean Coal Centre - UK
- Meenaskhi Energy Private Limited - India
- Kepco SPC Power Corporation, Philippines
- ICICI Bank Limited - India
- IHS Mccloskey Coal Group - USA
- Australian Coal Association
- Romanian Commodities Exchange
- Bulk Trading Sa - Switzerland
- Globalindo Alam Lestari - Indonesia
- SMC Global Power, Philippines
- AsiaOL BioFuels Corp., Philippines
- Miang Besar Coal Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- VISA Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement - Thailand
- Electricity Generating Authority of Thailand
- Therma Luzon, Inc, Philippines
- Posco Energy - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Kumho Petrochemical, South Korea
- Petron Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Bharathi Cement Corporation - India
- Attock Cement Pakistan Limited
- European Bulk Services B.V. - Netherlands
- Trasteel International SA, Italy
- Videocon Industries ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Commonwealth Bank - Australia
- Georgia Ports Authority, United States
- Dalmia Cement Bharat India
- Timah Investasi Mineral - Indoneisa
- PNOC Exploration Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Maheswari Brothers Coal Limited - India
- Indian Energy Exchange, India
- Intertek Mineral Services - Indonesia
- Gujarat Sidhee Cement - India
- Oldendorff Carriers - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Straits Asia Resources Limited - Singapore
- Sree Jayajothi Cements Limited - India
- Savvy Resources Ltd - HongKong
- Binh Thuan Hamico - Vietnam
- Medco Energi Mining Internasional
- GN Power Mariveles Coal Plant, Philippines
- Thiess Contractors Indonesia
- Indian Oil Corporation Limited
- Minerals Council of Australia
- Cigading International Bulk Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Marubeni Corporation - India
- Rio Tinto Coal - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Wood Mackenzie - Singapore
- Indo Tambangraya Megah - Indonesia
- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Independent Power Producers Association of India
- Coastal Gujarat Power Limited - India
- Energy Development Corp, Philippines
- Coal and Oil Company - UAE
- GVK Power & Infra Limited - India
- Malabar Cements Ltd - India
- Larsen & Toubro Limited - India
- Latin American Coal - Colombia
- Energy Link Ltd, New Zealand
- Pendopo Energi Batubara - Indonesia
- Mercator Lines Limited - India
- Central Java Power - Indonesia
- Ceylon Electricity Board - Sri Lanka
- India Bulls Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- PowerSource Philippines DevCo
- The State Trading Corporation of India Ltd
- Sakthi Sugars Limited - India
- Bhushan Steel Limited - India
- Makarim & Taira - Indonesia
- Eastern Energy - Thailand
- South Luzon Thermal Energy Corporation
- The Treasury - Australian Government
- Iligan Light & Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Wilmar Investment Holdings
- Global Business Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Essar Steel Hazira Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sarangani Energy Corporation, Philippines
- Riau Bara Harum - Indonesia
- GMR Energy Limited - India
- London Commodity Brokers - England
- Jorong Barutama Greston.PT - Indonesia
- Ambuja Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Agrawal Coal Company - India
- Aditya Birla Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Baiduri Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- TeaM Sual Corporation - Philippines
- McConnell Dowell - Australia
- Kalimantan Lumbung Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Xindia Steels Limited - India
- Altura Mining Limited, Indonesia
- Baramulti Group, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kartika Selabumi Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- SMG Consultants - Indonesia
- Jaiprakash Power Ventures ltd
- Heidelberg Cement - Germany
- Leighton Contractors Pty Ltd - Australia
- Chamber of Mines of South Africa
- Neyveli Lignite Corporation Ltd, - India
- Toyota Tsusho Corporation, Japan
- Metalloyd Limited - United Kingdom
- Electricity Authority, New Zealand
- Grasim Industreis Ltd - India
- Australian Commodity Traders Exchange
- Aboitiz Power Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Planning Commission, India
- Parliament of New Zealand
- Mjunction Services Limited - India
- Jindal Steel & Power Ltd - India
- Eastern Coal Council - USA
- Kaltim Prima Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Ministry of Mines - Canada
- Orica Mining Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- CIMB Investment Bank - Malaysia
- Ind-Barath Power Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asmin Koalindo Tuhup - Indonesia
- Global Coal Blending Company Limited - Australia
- Parry Sugars Refinery, India
- Lanco Infratech Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Sojitz Corporation - Japan
- Bahari Cakrawala Sebuku - Indonesia
- Kobexindo Tractors - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Singapore Mercantile Exchange
- Tamil Nadu electricity Board
- Formosa Plastics Group - Taiwan
- Indonesian Coal Mining Association
- Bayan Resources Tbk. - Indonesia
- Uttam Galva Steels Limited - India
- MS Steel International - UAE
- Sindya Power Generating Company Private Ltd
- Anglo American - United Kingdom
- Interocean Group of Companies - India
- Ministry of Finance - Indonesia
- Orica Australia Pty. Ltd.
- Rashtriya Ispat Nigam Limited - India
- Economic Council, Georgia
- The University of Queensland
- Merrill Lynch Commodities Europe
- Meralco Power Generation, Philippines
- Deloitte Consulting - India
- CNBM International Corporation - China
- Ministry of Transport, Egypt
- Carbofer General Trading SA - India
- Indika Energy - Indonesia
- Standard Chartered Bank - UAE
- Tata Chemicals Ltd - India
- Antam Resourcindo - Indonesia
- PTC India Limited - India
- Coalindo Energy - Indonesia
- Central Electricity Authority - India
- New Zealand Coal & Carbon
- Indogreen Group - Indonesia
- Siam City Cement PLC, Thailand
- Vedanta Resources Plc - India
- White Energy Company Limited
- Chettinad Cement Corporation Ltd - India
- San Jose City I Power Corp, Philippines
- Bhatia International Limited - India
- Port Waratah Coal Services - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Price Waterhouse Coopers - Russia
- Alfred C Toepfer International GmbH - Germany
- Bangladesh Power Developement Board
- Directorate Of Revenue Intelligence - India
- Mintek Dendrill Indonesia
- Semirara Mining Corp, Philippines
- Star Paper Mills Limited - India
- Thai Mozambique Logistica
- ASAPP Information Group - India
- Edison Trading Spa - Italy
- Mercuria Energy - Indonesia
- Goldman Sachs - Singapore
- Borneo Indobara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Renaissance Capital - South Africa
- Kideco Jaya Agung - Indonesia
- Vizag Seaport Private Limited - India
- Africa Commodities Group - South Africa
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