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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, 21 October 14
INDIA'S DIESEL DEREGULATION POSITIVE FOR OIL COMPANIES - FITCH
The Indian government's 18 October decision to deregulate diesel prices will have a positive effect on the national oil marketing companies tha ...
Tuesday, 21 October 14
LOW DEMAND PUTTING COAL SWAPS UNDER PRESSURE
COALspot.com: Indonesian coal swaps for delivery Q4' 2014 lost on day, week and month.
The swap has lost US$ 1.57 (-3.04%) month on month ...
Monday, 20 October 14
CHINA'S ENVIRONMENTAL POLICIES DO NOT SPELL THE END FOR COAL - WOOD MACKENZIE
China's environmental policies do not spell the end for coal Analysis across energy commodities show coal still accounting for 64% of power mix ...
Monday, 20 October 14
CFR SOUTH CHINA COAL SWAPS FAILED TO PERFORM POSITIVE
COALspot.com: API 8 CFR South China Coal swap for Q4’ 2014 delivery decreased US$ 3.04 (-4.57%) month over month and US$ 1.75 (-2.68%) week o ...
Sunday, 19 October 14
LOW DEMAND PUSHES DOWN COAL FREIGHT RATES; VOLATILITY CONTINUES
COALspot.com: This week all the segments softened including BDI except for Panamax index.
The BDI was down by1.70 pct and clsoed at 944 points ...
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- Standard Chartered Bank - UAE
- Sojitz Corporation - Japan
- Star Paper Mills Limited - India
- IEA Clean Coal Centre - UK
- Straits Asia Resources Limited - Singapore
- Ceylon Electricity Board - Sri Lanka
- Eastern Energy - Thailand
- OPG Power Generation Pvt Ltd - India
- India Bulls Power Limited - India
- San Jose City I Power Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Intertek Mineral Services - Indonesia
- Sarangani Energy Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Krishnapatnam Port Company Ltd. - India
- GN Power Mariveles Coal Plant, Philippines
- Coalindo Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Rio Tinto Coal - Australia
- Carbofer General Trading SA - India
- The University of Queensland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Semirara Mining Corp, Philippines
- CIMB Investment Bank - Malaysia
- Agrawal Coal Company - India
- Mercator Lines Limited - India
- Kumho Petrochemical, South Korea
- Simpson Spence & Young - Indonesia
- Chamber of Mines of South Africa
- New Zealand Coal & Carbon
- Posco Energy - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Deloitte Consulting - India
- Bahari Cakrawala Sebuku - Indonesia
- Bangladesh Power Developement Board
- Iligan Light & Power Inc, Philippines
- Xindia Steels Limited - India
- Therma Luzon, Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Lanco Infratech Ltd - India
- Antam Resourcindo - Indonesia
- Marubeni Corporation - India
- Maheswari Brothers Coal Limited - India
- Parliament of New Zealand
- London Commodity Brokers - England
- Tata Chemicals Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Sindya Power Generating Company Private Ltd
- Mintek Dendrill Indonesia
- ICICI Bank Limited - India
- Singapore Mercantile Exchange
- Orica Australia Pty. Ltd.
- Siam City Cement - Thailand
- Globalindo Alam Lestari - Indonesia
- Dalmia Cement Bharat India
- Larsen & Toubro Limited - India
- PNOC Exploration Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Miang Besar Coal Terminal - Indonesia
- Planning Commission, India
- PTC India Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indo Tambangraya Megah - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Price Waterhouse Coopers - Russia
- Riau Bara Harum - Indonesia
- Pendopo Energi Batubara - Indonesia
- Australian Commodity Traders Exchange
- Kaltim Prima Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Wilmar Investment Holdings
- The State Trading Corporation of India Ltd
- Interocean Group of Companies - India
- CNBM International Corporation - China
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- The Treasury - Australian Government
- Global Coal Blending Company Limited - Australia
- Tamil Nadu electricity Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mjunction Services Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Independent Power Producers Association of India
- VISA Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Bhoruka Overseas - Indonesia
- Bhatia International Limited - India
- Vizag Seaport Private Limited - India
- Binh Thuan Hamico - Vietnam
- White Energy Company Limited
- GVK Power & Infra Limited - India
- Eastern Coal Council - USA
- Toyota Tsusho Corporation, Japan
- Madhucon Powers Ltd - India
- ASAPP Information Group - India
- European Bulk Services B.V. - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kartika Selabumi Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Neyveli Lignite Corporation Ltd, - India
- Edison Trading Spa - Italy
- Kideco Jaya Agung - Indonesia
- Grasim Industreis Ltd - India
- Ministry of Transport, Egypt
- Attock Cement Pakistan Limited
- PetroVietnam Power Coal Import and Supply Company
- Samtan Co., Ltd - South Korea
- Renaissance Capital - South Africa
- Thai Mozambique Logistica
- IHS Mccloskey Coal Group - USA
- Jorong Barutama Greston.PT - Indonesia
- PowerSource Philippines DevCo
- Central Electricity Authority - India
- Minerals Council of Australia
- Africa Commodities Group - South Africa
- Commonwealth Bank - Australia
- Directorate Of Revenue Intelligence - India
- Petron Corporation, Philippines
- GMR Energy Limited - India
- Parry Sugars Refinery, India
- Medco Energi Mining Internasional
- Kapuas Tunggal Persada - Indonesia
- Romanian Commodities Exchange
- Anglo American - United Kingdom
- Electricity Authority, New Zealand
- Energy Development Corp, Philippines
- Uttam Galva Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- McConnell Dowell - Australia
- AsiaOL BioFuels Corp., Philippines
- Videocon Industries ltd - India
- Central Java Power - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- SMG Consultants - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Banpu Public Company Limited - Thailand
- Siam City Cement PLC, Thailand
- Goldman Sachs - Singapore
- Timah Investasi Mineral - Indoneisa
- SMC Global Power, Philippines
- Essar Steel Hazira Ltd - India
- MS Steel International - UAE
- Australian Coal Association
- Gujarat Mineral Development Corp Ltd - India
- Mercuria Energy - Indonesia
- Power Finance Corporation Ltd., India
- LBH Netherlands Bv - Netherlands
- Cement Manufacturers Association - India
- Ambuja Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- TeaM Sual Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Baramulti Group, Indonesia
- Thiess Contractors Indonesia
- Aboitiz Power Corporation - Philippines
- Trasteel International SA, Italy
- Metalloyd Limited - United Kingdom
- South Luzon Thermal Energy Corporation
- Meralco Power Generation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Salva Resources Pvt Ltd - India
- Sakthi Sugars Limited - India
- Savvy Resources Ltd - HongKong
- Malabar Cements Ltd - India
- Port Waratah Coal Services - Australia
- Coal and Oil Company - UAE
- Orica Mining Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bukit Makmur.PT - Indonesia
- Altura Mining Limited, Indonesia
- Economic Council, Georgia
- Indogreen Group - Indonesia
- Ministry of Finance - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Wood Mackenzie - Singapore
- Indika Energy - Indonesia
- Indian Energy Exchange, India
- Georgia Ports Authority, United States
- Sinarmas Energy and Mining - Indonesia
- Global Business Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Indonesian Coal Mining Association
- Coastal Gujarat Power Limited - India
- Vedanta Resources Plc - India
- Jindal Steel & Power Ltd - India
- Gujarat Sidhee Cement - India
- Cigading International Bulk Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Borneo Indobara - Indonesia
- Manunggal Multi Energi - Indonesia
- Ministry of Mines - Canada
- Aditya Birla Group - India
- Oldendorff Carriers - Singapore
- Sical Logistics Limited - India
- Latin American Coal - Colombia
- Bhushan Steel Limited - India
- Indian Oil Corporation Limited
- Energy Link Ltd, New Zealand
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