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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, 31 October 14
BUKIT ASAM'S NET PROFIT ROSE 27.42% FOR THE PERIOD JANUARY - SEPTEMBER 2014
COALspot.com: Publicly listed coal miner Bukit Asam reported solid profits in the first nine months of 2014 year.
Coal miner Bukit Asam manage ...
Friday, 31 October 14
U.S PRODUCED AROUND 19.3 MMST OF COAL IN A WEEK
COALspot.com – United States the world's one of largest coal producers, produced approximately 19.3 million short tons (mmst) of coal in ...
Thursday, 30 October 14
COAL & GRAINS SUPPORT PANAMAX AND IRON ORE SUPPORTS CAPES
Handy
The Atlantic market has been flat this week. Rates are up about US$ 200 from last week on the TA´s, but the volumes are about the sam ...
Thursday, 30 October 14
DOES A LOU ARBITRATION AGREEMENT FOR THE UNDERLYING CARGO CLAIM COMPLETELY REPLACE THE BILL OF LADING ARBITRATION CLAUSE? - INCE &CO
KNOWLEDGE TO ELEVATE
In the context of cargo claims brought under four bills of lading, the Commercial Court has recently considered whether a ...
Wednesday, 29 October 14
GOOD REASON WHY Q4 CAPESIZE OUTLOOK WAS SO BULLISH AT START OF THE YEAR - COMMODORE RESEARCH
COALspot.com: There was good reason why so many analysts' capesize outlook for Q4 was so very strong at the start of this year. Brazilian ...
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- Carbofer General Trading SA - India
- The University of Queensland
- San Jose City I Power Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thai Mozambique Logistica
- Jaiprakash Power Ventures ltd
- Vijayanagar Sugar Pvt Ltd - India
- VISA Power Limited - India
- Coastal Gujarat Power Limited - India
- PTC India Limited - India
- Grasim Industreis Ltd - India
- Standard Chartered Bank - UAE
- Parry Sugars Refinery, India
- Dalmia Cement Bharat India
- Georgia Ports Authority, United States
- Metalloyd Limited - United Kingdom
- Samtan Co., Ltd - South Korea
- Leighton Contractors Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Barasentosa Lestari - Indonesia
- Commonwealth Bank - Australia
- Borneo Indobara - Indonesia
- London Commodity Brokers - England
- Essar Steel Hazira Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Star Paper Mills Limited - India
- Indika Energy - Indonesia
- Madhucon Powers Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Singapore Mercantile Exchange
- Eastern Energy - Thailand
- Deloitte Consulting - India
- Ministry of Finance - Indonesia
- Indian Energy Exchange, India
- Pendopo Energi Batubara - Indonesia
- Simpson Spence & Young - Indonesia
- Karaikal Port Pvt Ltd - India
- Meralco Power Generation, Philippines
- Coalindo Energy - Indonesia
- Price Waterhouse Coopers - Russia
- South Luzon Thermal Energy Corporation
- Sakthi Sugars Limited - India
- Malabar Cements Ltd - India
- Trasteel International SA, Italy
- Ministry of Transport, Egypt
- Riau Bara Harum - Indonesia
- Aditya Birla Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Mercator Lines Limited - India
- Petron Corporation, Philippines
- Romanian Commodities Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Mines - Canada
- Edison Trading Spa - Italy
- Renaissance Capital - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMC Global Power, Philippines
- Sarangani Energy Corporation, Philippines
- Coal and Oil Company - UAE
- International Coal Ventures Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Energy Development Corp, Philippines
- Posco Energy - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Semirara Mining and Power Corporation, Philippines
- Central Electricity Authority - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kaltim Prima Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Xindia Steels Limited - India
- Heidelberg Cement - Germany
- Anglo American - United Kingdom
- Thiess Contractors Indonesia
- Sical Logistics Limited - India
- Indonesian Coal Mining Association
- Global Coal Blending Company Limited - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- European Bulk Services B.V. - Netherlands
- Sree Jayajothi Cements Limited - India
- Rio Tinto Coal - Australia
- TeaM Sual Corporation - Philippines
- Bangladesh Power Developement Board
- Kalimantan Lumbung Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Manunggal Multi Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Larsen & Toubro Limited - India
- Global Business Power Corporation, Philippines
- Agrawal Coal Company - India
- Krishnapatnam Port Company Ltd. - India
- Cement Manufacturers Association - India
- Antam Resourcindo - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Medco Energi Mining Internasional
- Kobexindo Tractors - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Marubeni Corporation - India
- GVK Power & Infra Limited - India
- Independent Power Producers Association of India
- Holcim Trading Pte Ltd - Singapore
- Bukit Makmur.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Energy Link Ltd, New Zealand
- Vizag Seaport Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Bukit Baiduri Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Vedanta Resources Plc - India
- GMR Energy Limited - India
- Siam City Cement - Thailand
- Straits Asia Resources Limited - Singapore
- Eastern Coal Council - USA
- Bharathi Cement Corporation - India
- Tata Chemicals Ltd - India
- Wilmar Investment Holdings
- PowerSource Philippines DevCo
- Mintek Dendrill Indonesia
- Bhatia International Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Oldendorff Carriers - Singapore
- Minerals Council of Australia
- Timah Investasi Mineral - Indoneisa
- Power Finance Corporation Ltd., India
- Iligan Light & Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- McConnell Dowell - Australia
- The Treasury - Australian Government
- Ambuja Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Wood Mackenzie - Singapore
- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
- CIMB Investment Bank - Malaysia
- Globalindo Alam Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Siam City Cement PLC, Thailand
- Port Waratah Coal Services - Australia
- Semirara Mining Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Attock Cement Pakistan Limited
- Meenaskhi Energy Private Limited - India
- Electricity Authority, New Zealand
- Binh Thuan Hamico - Vietnam
- Central Java Power - Indonesia
- Chettinad Cement Corporation Ltd - India
- ICICI Bank Limited - India
- Alfred C Toepfer International GmbH - Germany
- Formosa Plastics Group - Taiwan
- The State Trading Corporation of India Ltd
- AsiaOL BioFuels Corp., Philippines
- Jorong Barutama Greston.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Sinarmas Energy and Mining - Indonesia
- Sojitz Corporation - Japan
- CNBM International Corporation - China
- Kumho Petrochemical, South Korea
- India Bulls Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Chamber of Mines of South Africa
- GAC Shipping (India) Pvt Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- ASAPP Information Group - India
- Interocean Group of Companies - India
- Australian Commodity Traders Exchange
- Indo Tambangraya Megah - Indonesia
- Directorate Of Revenue Intelligence - India
- Intertek Mineral Services - Indonesia
- Tamil Nadu electricity Board
- Goldman Sachs - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Africa Commodities Group - South Africa
- Latin American Coal - Colombia
- Kohat Cement Company Ltd. - Pakistan
- Baramulti Group, Indonesia
- SMG Consultants - Indonesia
- Lanco Infratech Ltd - India
- Uttam Galva Steels Limited - India
- Indogreen Group - Indonesia
- Merrill Lynch Commodities Europe
- Jindal Steel & Power Ltd - India
- Makarim & Taira - Indonesia
- Economic Council, Georgia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Coal Association
- Savvy Resources Ltd - HongKong
- Videocon Industries ltd - India
- Billiton Holdings Pty Ltd - Australia
- Parliament of New Zealand
- Mercuria Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Orica Mining Services - Indonesia
- Planning Commission, India
- Aboitiz Power Corporation - Philippines
- Mjunction Services Limited - India
- Kepco SPC Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Bhushan Steel Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Altura Mining Limited, Indonesia
- Electricity Generating Authority of Thailand
- MS Steel International - UAE
- Kideco Jaya Agung - Indonesia
- OPG Power Generation Pvt Ltd - India
- New Zealand Coal & Carbon
- Bukit Asam (Persero) Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Indian Oil Corporation Limited
- White Energy Company Limited
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