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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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Sunday, 26 October 14
CAPE'S STRONG PERFORMANCE PUSHES BDI INDEX UPWARDS
COALspot.com: The BDI was up by 26.27 pct and closed at 1192 points week and week. The Cape size performance has pushed up BDI and Cape size index ...
Friday, 24 October 14
WEEKLY U.S COAL PRODUCTION DOWN 2.7% FOR THE WEEK ENDING OCTOBER 18
COALspot.com – United States the world's one of largest coal producers, produced approximately 18.7 million short tons (mmst) of coal in ...
Thursday, 23 October 14
THE BEARS, HOWEVER, STILL CRY; FOR HOW LONG WILL IT LAST? - FEARNLEYS
Handy
"We experience a typical oversupply of ships in the Atlantic which causing rates to slide. In the USG it is just enough cargoes to kee ...
Wednesday, 22 October 14
MARKET INSIGHT - THEODORE NTALAKOS, INTERMODAL
ECO designs - revisited
The ECO vessels are already here but the oil and bunker prices are plummeting to their cheapest level since 2010. Is this ...
Wednesday, 22 October 14
CAPESIZE MARKET REMAINED UNDER PRESSURE
COALspot.com: The Dry Bulk market closed on the red for yet another week although following Friday sentiment has started to improve on the back of ...
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- Iligan Light & Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Romanian Commodities Exchange
- Borneo Indobara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Wilmar Investment Holdings
- Ceylon Electricity Board - Sri Lanka
- Marubeni Corporation - India
- Sical Logistics Limited - India
- Sree Jayajothi Cements Limited - India
- Savvy Resources Ltd - HongKong
- Makarim & Taira - Indonesia
- Coal and Oil Company - UAE
- Trasteel International SA, Italy
- Electricity Authority, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- PTC India Limited - India
- The University of Queensland
- Indian Energy Exchange, India
- Thiess Contractors Indonesia
- Wood Mackenzie - Singapore
- Indonesian Coal Mining Association
- Interocean Group of Companies - India
- Independent Power Producers Association of India
- Asmin Koalindo Tuhup - Indonesia
- Grasim Industreis Ltd - India
- Australian Commodity Traders Exchange
- Coastal Gujarat Power Limited - India
- TeaM Sual Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Lanco Infratech Ltd - India
- Directorate Of Revenue Intelligence - India
- Petrochimia International Co. Ltd.- Taiwan
- Sarangani Energy Corporation, Philippines
- Dalmia Cement Bharat India
- Bhoruka Overseas - Indonesia
- Ministry of Mines - Canada
- Latin American Coal - Colombia
- Uttam Galva Steels Limited - India
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- Sakthi Sugars Limited - India
- Anglo American - United Kingdom
- Bhushan Steel Limited - India
- Bukit Makmur.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Global Business Power Corporation, Philippines
- Carbofer General Trading SA - India
- Therma Luzon, Inc, Philippines
- MS Steel International - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Posco Energy - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Star Paper Mills Limited - India
- PNOC Exploration Corporation - Philippines
- ICICI Bank Limited - India
- San Jose City I Power Corp, Philippines
- White Energy Company Limited
- Leighton Contractors Pty Ltd - Australia
- Indogreen Group - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Globalindo Alam Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Manunggal Multi Energi - Indonesia
- Coalindo Energy - Indonesia
- Port Waratah Coal Services - Australia
- GVK Power & Infra Limited - India
- Energy Link Ltd, New Zealand
- Ind-Barath Power Infra Limited - India
- Banpu Public Company Limited - Thailand
- Merrill Lynch Commodities Europe
- Vijayanagar Sugar Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Bulk Trading Sa - Switzerland
- The Treasury - Australian Government
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Heidelberg Cement - Germany
- Australian Coal Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Electricity Generating Authority of Thailand
- Kumho Petrochemical, South Korea
- New Zealand Coal & Carbon
- Chamber of Mines of South Africa
- Miang Besar Coal Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jindal Steel & Power Ltd - India
- Siam City Cement PLC, Thailand
- Bharathi Cement Corporation - India
- Semirara Mining and Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Africa Commodities Group - South Africa
- Power Finance Corporation Ltd., India
- GMR Energy Limited - India
- Mercator Lines Limited - India
- Tata Chemicals Ltd - India
- Energy Development Corp, Philippines
- SMG Consultants - Indonesia
- Indo Tambangraya Megah - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Directorate General of MIneral and Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Cement Manufacturers Association - India
- Deloitte Consulting - India
- Central Electricity Authority - India
- Medco Energi Mining Internasional
- Simpson Spence & Young - Indonesia
- Minerals Council of Australia
- Salva Resources Pvt Ltd - India
- Bangladesh Power Developement Board
- Oldendorff Carriers - Singapore
- Parry Sugars Refinery, India
- Antam Resourcindo - Indonesia
- McConnell Dowell - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Formosa Plastics Group - Taiwan
- Sinarmas Energy and Mining - Indonesia
- Renaissance Capital - South Africa
- GAC Shipping (India) Pvt Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ASAPP Information Group - India
- Mjunction Services Limited - India
- Central Java Power - Indonesia
- Georgia Ports Authority, United States
- Thai Mozambique Logistica
- IHS Mccloskey Coal Group - USA
- Orica Mining Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Edison Trading Spa - Italy
- Kohat Cement Company Ltd. - Pakistan
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- Kideco Jaya Agung - Indonesia
- Goldman Sachs - Singapore
- London Commodity Brokers - England
- Vizag Seaport Private Limited - India
- Planning Commission, India
- Kartika Selabumi Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Eastern Coal Council - USA
- India Bulls Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Attock Cement Pakistan Limited
- Sindya Power Generating Company Private Ltd
- Timah Investasi Mineral - Indoneisa
- Vedanta Resources Plc - India
- Kapuas Tunggal Persada - Indonesia
- VISA Power Limited - India
- CNBM International Corporation - China
- Gujarat Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Mercuria Energy - Indonesia
- Eastern Energy - Thailand
- Maheswari Brothers Coal Limited - India
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Standard Chartered Bank - UAE
- SMC Global Power, Philippines
- Parliament of New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
- Aditya Birla Group - India
- Holcim Trading Pte Ltd - Singapore
- Ministry of Finance - Indonesia
- Price Waterhouse Coopers - Russia
- Maharashtra Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Meralco Power Generation, Philippines
- Pendopo Energi Batubara - Indonesia
- Sojitz Corporation - Japan
- Tamil Nadu electricity Board
- Mintek Dendrill Indonesia
- Agrawal Coal Company - India
- Bayan Resources Tbk. - Indonesia
- Essar Steel Hazira Ltd - India
- Toyota Tsusho Corporation, Japan
- Commonwealth Bank - Australia
- Krishnapatnam Port Company Ltd. - India
- Indika Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Semirara Mining Corp, Philippines
- Bhatia International Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petron Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- The State Trading Corporation of India Ltd
- Metalloyd Limited - United Kingdom
- PowerSource Philippines DevCo
- Chettinad Cement Corporation Ltd - India
- Riau Bara Harum - Indonesia
- IEA Clean Coal Centre - UK
- Rio Tinto Coal - Australia
- Baramulti Group, Indonesia
- Ministry of Transport, Egypt
- Offshore Bulk Terminal Pte Ltd, Singapore
- Larsen & Toubro Limited - India
- CIMB Investment Bank - Malaysia
- Global Green Power PLC Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Altura Mining Limited, Indonesia
- Barasentosa Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Jaiprakash Power Ventures ltd
- Videocon Industries ltd - India
- Xindia Steels Limited - India
- Ambuja Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Madhucon Powers Ltd - India
- Aboitiz Power Corporation - Philippines
- Singapore Mercantile Exchange
- Malabar Cements Ltd - India
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