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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, 04 November 14
FOB NEWCASTLE COAL SWAPS GAINED WEEK OVER WEEK
COALspot.com: API 5 FOB Newcastle Coal swap for Q4’ 2014 delivery decreased US$ 1.09 (-1.99%) month over month and increased US$ 0.31 (+0.58% ...
Monday, 03 November 14
ADARO PRODUCED 41.90MT OF COAL FOR FIRST 9 MONTHS OF 2014
COALspot.com: Adaro’s coal production in the third quarter reached 14.03 Mt, a 2% increase compared to the same period of last year. Accordin ...
Monday, 03 November 14
CFR SOUTH CHINA COAL SWAP FOR Q4' 2014 DELIVERY LOST 2.80% MONTH OVER MONTH
COALspot.com: API 8 CFR South China Coal swap for Q4’ 2014 delivery has decreased US$ 1.86 (-2.80%) month over month and increased US$ 0.37 ( ...
Monday, 03 November 14
INDONESIAN'S COAL EXPORTS JUMP IN SEPTEMBER
COALspot.com: Indonesia, one of the world's largest coal producers and the global leading multi grade coal exporter shipped around $1.50 ...
Sunday, 02 November 14
CAPE INDEX WAS UP 46.65% WEEK ON WEEK
COALspot.com: The BDI and Cape index continued the strong upward trend this week. The BDI was up 19.80 pct and Cape index was up by 46.65 per ...
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- Rio Tinto Coal - Australia
- Karaikal Port Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bangladesh Power Developement Board
- Uttam Galva Steels Limited - India
- Baramulti Group, Indonesia
- Salva Resources Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Miang Besar Coal Terminal - Indonesia
- Thai Mozambique Logistica
- Siam City Cement - Thailand
- Kobexindo Tractors - Indoneisa
- Chamber of Mines of South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Coalindo Energy - Indonesia
- Eastern Energy - Thailand
- San Jose City I Power Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Kapuas Tunggal Persada - Indonesia
- Bhatia International Limited - India
- Global Coal Blending Company Limited - Australia
- Iligan Light & Power Inc, Philippines
- Videocon Industries ltd - India
- South Luzon Thermal Energy Corporation
- Petron Corporation, Philippines
- Coal and Oil Company - UAE
- Price Waterhouse Coopers - Russia
- Medco Energi Mining Internasional
- Aboitiz Power Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Trasteel International SA, Italy
- New Zealand Coal & Carbon
- Bukit Asam (Persero) Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Madhucon Powers Ltd - India
- Indonesian Coal Mining Association
- Maheswari Brothers Coal Limited - India
- Makarim & Taira - Indonesia
- Marubeni Corporation - India
- Mercuria Energy - Indonesia
- Economic Council, Georgia
- Vedanta Resources Plc - India
- Gujarat Mineral Development Corp Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Ind-Barath Power Infra Limited - India
- PowerSource Philippines DevCo
- Standard Chartered Bank - UAE
- Goldman Sachs - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Sinarmas Energy and Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Electricity Generating Authority of Thailand
- Bhushan Steel Limited - India
- Australian Commodity Traders Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- MS Steel International - UAE
- Wilmar Investment Holdings
- Planning Commission, India
- Sree Jayajothi Cements Limited - India
- Africa Commodities Group - South Africa
- PTC India Limited - India
- Kideco Jaya Agung - Indonesia
- Georgia Ports Authority, United States
- Indika Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Siam City Cement PLC, Thailand
- Tata Chemicals Ltd - India
- Heidelberg Cement - Germany
- Binh Thuan Hamico - Vietnam
- Coastal Gujarat Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Borneo Indobara - Indonesia
- Renaissance Capital - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- TeaM Sual Corporation - Philippines
- Electricity Authority, New Zealand
- Altura Mining Limited, Indonesia
- The Treasury - Australian Government
- Energy Link Ltd, New Zealand
- Bukit Baiduri Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- SMG Consultants - Indonesia
- Dalmia Cement Bharat India
- Jorong Barutama Greston.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Gujarat Sidhee Cement - India
- Cigading International Bulk Terminal - Indonesia
- The University of Queensland
- White Energy Company Limited
- Mjunction Services Limited - India
- Kartika Selabumi Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Thiess Contractors Indonesia
- Wood Mackenzie - Singapore
- Sakthi Sugars Limited - India
- Deloitte Consulting - India
- Essar Steel Hazira Ltd - India
- Directorate Of Revenue Intelligence - India
- CIMB Investment Bank - Malaysia
- Malabar Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- International Coal Ventures Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Ministry of Transport, Egypt
- Singapore Mercantile Exchange
- Orica Mining Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sojitz Corporation - Japan
- Kumho Petrochemical, South Korea
- Port Waratah Coal Services - Australia
- ICICI Bank Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Larsen & Toubro Limited - India
- GMR Energy Limited - India
- Kaltim Prima Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Edison Trading Spa - Italy
- Mercator Lines Limited - India
- Sindya Power Generating Company Private Ltd
- Merrill Lynch Commodities Europe
- GVK Power & Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Bharathi Cement Corporation - India
- Formosa Plastics Group - Taiwan
- Banpu Public Company Limited - Thailand
- Barasentosa Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Xindia Steels Limited - India
- Aditya Birla Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Central Java Power - Indonesia
- Sical Logistics Limited - India
- Grasim Industreis Ltd - India
- Romanian Commodities Exchange
- Riau Bara Harum - Indonesia
- Latin American Coal - Colombia
- Cement Manufacturers Association - India
- CNBM International Corporation - China
- SMC Global Power, Philippines
- Lanco Infratech Ltd - India
- Eastern Coal Council - USA
- LBH Netherlands Bv - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Rashtriya Ispat Nigam Limited - India
- Holcim Trading Pte Ltd - Singapore
- Antam Resourcindo - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- ASAPP Information Group - India
- Sarangani Energy Corporation, Philippines
- Meralco Power Generation, Philippines
- Anglo American - United Kingdom
- Ministry of Mines - Canada
- Manunggal Multi Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Central Electricity Authority - India
- Agrawal Coal Company - India
- IHS Mccloskey Coal Group - USA
- Leighton Contractors Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Parliament of New Zealand
- Indian Oil Corporation Limited
- Attock Cement Pakistan Limited
- Oldendorff Carriers - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Star Paper Mills Limited - India
- Commonwealth Bank - Australia
- Vijayanagar Sugar Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Krishnapatnam Port Company Ltd. - India
- Simpson Spence & Young - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- London Commodity Brokers - England
- Tamil Nadu electricity Board
- OPG Power Generation Pvt Ltd - India
- Indian Energy Exchange, India
- Ambuja Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Global Business Power Corporation, Philippines
- Carbofer General Trading SA - India
- Posco Energy - South Korea
- Semirara Mining Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Mintek Dendrill Indonesia
- Minerals Council of Australia
- Jindal Steel & Power Ltd - India
- Power Finance Corporation Ltd., India
- Orica Australia Pty. Ltd.
- Pipit Mutiara Jaya. PT, Indonesia
- The State Trading Corporation of India Ltd
- VISA Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Australian Coal Association
- Parry Sugars Refinery, India
- Independent Power Producers Association of India
- Bhoruka Overseas - Indonesia
- Ministry of Finance - Indonesia
- Interocean Group of Companies - India
- Savvy Resources Ltd - HongKong
- Indogreen Group - Indonesia
- Gujarat Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Samtan Co., Ltd - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- India Bulls Power Limited - India
- Energy Development Corp, Philippines
- Intertek Mineral Services - Indonesia
- Jaiprakash Power Ventures ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- McConnell Dowell - Australia
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