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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, 28 October 14
SGX'S FOB RICHARDS BAY COAL SWAP FOR DELIVERY Q1' 2015 CLOSED AT $ 68.07 ON 24 OCT
COALspot.com: API 4 FOB Richards Bay coal swap for Q4’ 2014 delivery decreased US$ 0.65 (-0.96%) month over month and increased US$ 1.79 (+2. ...
Tuesday, 28 October 14
SUB-BIT FOB INDONESIA COAL SWAP FOR Q1' 15 DELIVERY CLOSED 3.68% LOWER MONTH ON MONTH
COALspot.com: Indonesian coal swaps for delivery Q4' 2014 lost month on month and gained day on day and week on week.
The swap has lost US ...
Monday, 27 October 14
GOVT PROMISES TO EASE LICENSING PROCEDURES IN MINING SECTOR - THE JAKARTA POST
The Energy and Mineral Resources Ministry’s directorate general for mineral and coal plans to simplify the complicated licensing procedures i ...
Monday, 27 October 14
FOB NEWCASTLE COAL SWAP FOR Q1' 15 DELIVERY CLOSED $ 0.10 LESSER THAN Q4' 14 CLOSING OF $ 53.27 PMT
COALspot.com: API 5 FOB Newcastle Coal swap for Q4’ 2014 delivery decreased US$ 1.43 (-2.61%) month over month and increased US$ 0.05 (+0.09% ...
Monday, 27 October 14
CFR SOUTH CHINA COAL SWAPS PERFORMED POSITIVE THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swap for Q4’ 2014 delivery decreased US$ 1.68 (-2.55%) month over month and increased US$ 0.87 (+1.3 ...
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- Indogreen Group - Indonesia
- Global Green Power PLC Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- SN Aboitiz Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Star Paper Mills Limited - India
- Indika Energy - Indonesia
- Eastern Coal Council - USA
- VISA Power Limited - India
- Romanian Commodities Exchange
- GVK Power & Infra Limited - India
- Banpu Public Company Limited - Thailand
- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
- Latin American Coal - Colombia
- Petrochimia International Co. Ltd.- Taiwan
- Barasentosa Lestari - Indonesia
- Parry Sugars Refinery, India
- PNOC Exploration Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Energy Development Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Energy Link Ltd, New Zealand
- MS Steel International - UAE
- Posco Energy - South Korea
- India Bulls Power Limited - India
- Orica Mining Services - Indonesia
- The University of Queensland
- Leighton Contractors Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Coalindo Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Salva Resources Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Bayan Resources Tbk. - Indonesia
- Straits Asia Resources Limited - Singapore
- Samtan Co., Ltd - South Korea
- Carbofer General Trading SA - India
- Bhoruka Overseas - Indonesia
- San Jose City I Power Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- SMC Global Power, Philippines
- Krishnapatnam Port Company Ltd. - India
- Ind-Barath Power Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Ministry of Finance - Indonesia
- Bhatia International Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Simpson Spence & Young - Indonesia
- Mercator Lines Limited - India
- Heidelberg Cement - Germany
- Vizag Seaport Private Limited - India
- European Bulk Services B.V. - Netherlands
- LBH Netherlands Bv - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Kobexindo Tractors - Indoneisa
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- Thiess Contractors Indonesia
- Oldendorff Carriers - Singapore
- Bukit Baiduri Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- PowerSource Philippines DevCo
- Price Waterhouse Coopers - Russia
- Kepco SPC Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- TeaM Sual Corporation - Philippines
- Agrawal Coal Company - India
- Formosa Plastics Group - Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Mineral Development Corp Ltd - India
- Bhushan Steel Limited - India
- Global Business Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Georgia Ports Authority, United States
- Vedanta Resources Plc - India
- Manunggal Multi Energi - Indonesia
- Commonwealth Bank - Australia
- GAC Shipping (India) Pvt Ltd
- Australian Coal Association
- Kartika Selabumi Mining - Indonesia
- Chamber of Mines of South Africa
- Petron Corporation, Philippines
- Baramulti Group, Indonesia
- Electricity Generating Authority of Thailand
- Altura Mining Limited, Indonesia
- Bulk Trading Sa - Switzerland
- Larsen & Toubro Limited - India
- Ministry of Transport, Egypt
- Kapuas Tunggal Persada - Indonesia
- ICICI Bank Limited - India
- New Zealand Coal & Carbon
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercuria Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- The State Trading Corporation of India Ltd
- Kalimantan Lumbung Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Mintek Dendrill Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- White Energy Company Limited
- Sinarmas Energy and Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Directorate Of Revenue Intelligence - India
- Sical Logistics Limited - India
- SMG Consultants - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Wood Mackenzie - Singapore
- Eastern Energy - Thailand
- Africa Commodities Group - South Africa
- Merrill Lynch Commodities Europe
- Chettinad Cement Corporation Ltd - India
- Trasteel International SA, Italy
- Tata Chemicals Ltd - India
- Dalmia Cement Bharat India
- Savvy Resources Ltd - HongKong
- Gujarat Sidhee Cement - India
- OPG Power Generation Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Videocon Industries ltd - India
- Semirara Mining and Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Lanco Infratech Ltd - India
- Independent Power Producers Association of India
- Ceylon Electricity Board - Sri Lanka
- Therma Luzon, Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Coal and Oil Company - UAE
- Globalindo Alam Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Bangladesh Power Developement Board
- Marubeni Corporation - India
- Mjunction Services Limited - India
- Bukit Makmur.PT - Indonesia
- Ministry of Mines - Canada
- Thai Mozambique Logistica
- McConnell Dowell - Australia
- Indian Oil Corporation Limited
- Antam Resourcindo - Indonesia
- Wilmar Investment Holdings
- Sindya Power Generating Company Private Ltd
- Essar Steel Hazira Ltd - India
- Kideco Jaya Agung - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Grasim Industreis Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- The Treasury - Australian Government
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- Electricity Authority, New Zealand
- Makarim & Taira - Indonesia
- Siam City Cement PLC, Thailand
- Kaltim Prima Coal - Indonesia
- Goldman Sachs - Singapore
- PTC India Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sarangani Energy Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Planning Commission, India
- Rio Tinto Coal - Australia
- London Commodity Brokers - England
- Indian Energy Exchange, India
- Directorate General of MIneral and Coal - Indonesia
- Edison Trading Spa - Italy
- Madhucon Powers Ltd - India
- Xindia Steels Limited - India
- Aditya Birla Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Jindal Steel & Power Ltd - India
- CNBM International Corporation - China
- Economic Council, Georgia
- Anglo American - United Kingdom
- Australian Commodity Traders Exchange
- Attock Cement Pakistan Limited
- IEA Clean Coal Centre - UK
- Central Electricity Authority - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karaikal Port Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- TNB Fuel Sdn Bhd - Malaysia
- Cement Manufacturers Association - India
- Power Finance Corporation Ltd., India
- Cigading International Bulk Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Minerals Council of Australia
- Tamil Nadu electricity Board
- Interocean Group of Companies - India
- Medco Energi Mining Internasional
- GMR Energy Limited - India
- Malabar Cements Ltd - India
- Borneo Indobara - Indonesia
- Metalloyd Limited - United Kingdom
- Central Java Power - Indonesia
- Meralco Power Generation, Philippines
- Singapore Mercantile Exchange
- Neyveli Lignite Corporation Ltd, - India
- Indonesian Coal Mining Association
- Maheswari Brothers Coal Limited - India
- ASAPP Information Group - India
- Deloitte Consulting - India
- Parliament of New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Coastal Gujarat Power Limited - India
- Renaissance Capital - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
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