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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, 17 October 14
INTERNATIONAL COAL PRICES ARE AT LOWEST LEVEL; COAL STOCKS AT INDIAN POWER PLANTS ARE ALSO AT LOWEST LEVEL
International coal prices as well as coal freights are falling and reaching to its lowest levels. According to PTI, fuel stockpiles at the thermal ...
Friday, 17 October 14
U.S. COAL PRODUCTION UP BY 3.6% WEEK - ON - WEEK
COALspot.com – United States the world's one of largest coal producers, produced approximately 19.20 million short tons (mmst) of coal in ...
Friday, 17 October 14
DRY BULK SHIPPING'S OUTLOOK NOW SHIFTING TO A LESS PROMISING ONE, SHIP PRICES EXPECTED TO FOLLOW SOON - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
China’s and other Asian countries’ return to the dry bulk market last week, didn’t trigger the hoped support towards the dry bulk ...
Thursday, 16 October 14
KOREA MIDLAND POWER TO BUY 490K MT OF LCV COAL FOR 1Q 2015
COALspot.com : Korea Midland Power Co., Ltd. has invited bids through International open bidding for 490,000 Metric Tons (MT) of LCV (Sub) Bitumino ...
Thursday, 16 October 14
PANAMAX OWNERS RECEIVE A PREMIUM FOR GOING TO INDIA VIA INDONESIA - FEARNLEYS AS
Handy
The Handy/Supra market continues to slide in both hemispheres, said Fearnleys AS in its latest week report. In the Atlantic we see rates co ...
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Showing 3421 to 3425 news of total 6871 |
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- San Jose City I Power Corp, Philippines
- Sojitz Corporation - Japan
- Riau Bara Harum - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indian Energy Exchange, India
- TNB Fuel Sdn Bhd - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Petron Corporation, Philippines
- Lanco Infratech Ltd - India
- Ministry of Mines - Canada
- Videocon Industries ltd - India
- Samtan Co., Ltd - South Korea
- Merrill Lynch Commodities Europe
- Parliament of New Zealand
- Mjunction Services Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Latin American Coal - Colombia
- Oldendorff Carriers - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Coalindo Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Carbofer General Trading SA - India
- Larsen & Toubro Limited - India
- Planning Commission, India
- Kepco SPC Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Bulk Trading Sa - Switzerland
- Global Green Power PLC Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Sinarmas Energy and Mining - Indonesia
- Sakthi Sugars Limited - India
- Ind-Barath Power Infra Limited - India
- Cement Manufacturers Association - India
- Indogreen Group - Indonesia
- Jaiprakash Power Ventures ltd
- ICICI Bank Limited - India
- Krishnapatnam Port Company Ltd. - India
- Gujarat Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Port Waratah Coal Services - Australia
- Attock Cement Pakistan Limited
- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- Malabar Cements Ltd - India
- Indika Energy - Indonesia
- India Bulls Power Limited - India
- Xindia Steels Limited - India
- Banpu Public Company Limited - Thailand
- Wood Mackenzie - Singapore
- Altura Mining Limited, Indonesia
- Eastern Energy - Thailand
- GVK Power & Infra Limited - India
- New Zealand Coal & Carbon
- Baramulti Group, Indonesia
- Simpson Spence & Young - Indonesia
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- The Treasury - Australian Government
- Bharathi Cement Corporation - India
- Bhatia International Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wilmar Investment Holdings
- Billiton Holdings Pty Ltd - Australia
- Bangladesh Power Developement Board
- Kartika Selabumi Mining - Indonesia
- Energy Link Ltd, New Zealand
- Jindal Steel & Power Ltd - India
- Miang Besar Coal Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Thai Mozambique Logistica
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PNOC Exploration Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chamber of Mines of South Africa
- Karbindo Abesyapradhi - Indoneisa
- Commonwealth Bank - Australia
- Indonesian Coal Mining Association
- Aditya Birla Group - India
- Meenaskhi Energy Private Limited - India
- PowerSource Philippines DevCo
- Bukit Asam (Persero) Tbk - Indonesia
- Parry Sugars Refinery, India
- Central Java Power - Indonesia
- Savvy Resources Ltd - HongKong
- Directorate Of Revenue Intelligence - India
- Central Electricity Authority - India
- Thiess Contractors Indonesia
- Electricity Generating Authority of Thailand
- Bukit Makmur.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Coal Council - USA
- Agrawal Coal Company - India
- Antam Resourcindo - Indonesia
- Posco Energy - South Korea
- Gujarat Mineral Development Corp Ltd - India
- The State Trading Corporation of India Ltd
- Mercator Lines Limited - India
- Gujarat Sidhee Cement - India
- Bayan Resources Tbk. - Indonesia
- Singapore Mercantile Exchange
- Essar Steel Hazira Ltd - India
- Africa Commodities Group - South Africa
- London Commodity Brokers - England
- SN Aboitiz Power Inc, Philippines
- Star Paper Mills Limited - India
- Iligan Light & Power Inc, Philippines
- Siam City Cement - Thailand
- Energy Development Corp, Philippines
- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
- Sarangani Energy Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Minerals Council of Australia
- Sical Logistics Limited - India
- GAC Shipping (India) Pvt Ltd
- Metalloyd Limited - United Kingdom
- Kideco Jaya Agung - Indonesia
- VISA Power Limited - India
- Tata Chemicals Ltd - India
- Anglo American - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Coal Blending Company Limited - Australia
- Goldman Sachs - Singapore
- Australian Coal Association
- Kobexindo Tractors - Indoneisa
- Borneo Indobara - Indonesia
- Ministry of Finance - Indonesia
- Barasentosa Lestari - Indonesia
- Orica Australia Pty. Ltd.
- White Energy Company Limited
- Alfred C Toepfer International GmbH - Germany
- Indo Tambangraya Megah - Indonesia
- Intertek Mineral Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining Corp, Philippines
- Independent Power Producers Association of India
- Price Waterhouse Coopers - Russia
- Australian Commodity Traders Exchange
- Grasim Industreis Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Mining Services - Indonesia
- Trasteel International SA, Italy
- Ministry of Transport, Egypt
- TeaM Sual Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Straits Asia Resources Limited - Singapore
- The University of Queensland
- Standard Chartered Bank - UAE
- Sree Jayajothi Cements Limited - India
- Sindya Power Generating Company Private Ltd
- Rashtriya Ispat Nigam Limited - India
- International Coal Ventures Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Heidelberg Cement - Germany
- Renaissance Capital - South Africa
- Medco Energi Mining Internasional
- Bhoruka Overseas - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bhushan Steel Limited - India
- Manunggal Multi Energi - Indonesia
- Madhucon Powers Ltd - India
- Global Business Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMG Consultants - Indonesia
- Coal and Oil Company - UAE
- Pendopo Energi Batubara - Indonesia
- Toyota Tsusho Corporation, Japan
- ASAPP Information Group - India
- Electricity Authority, New Zealand
- SMC Global Power, Philippines
- Romanian Commodities Exchange
- Uttam Galva Steels Limited - India
- South Luzon Thermal Energy Corporation
- Ambuja Cements Ltd - India
- Meralco Power Generation, Philippines
- Rio Tinto Coal - Australia
- Indian Oil Corporation Limited
- Coastal Gujarat Power Limited - India
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Deloitte Consulting - India
- PTC India Limited - India
- Ceylon Electricity Board - Sri Lanka
- GMR Energy Limited - India
- Power Finance Corporation Ltd., India
- Aboitiz Power Corporation - Philippines
- Dalmia Cement Bharat India
- IHS Mccloskey Coal Group - USA
- Edison Trading Spa - Italy
- Timah Investasi Mineral - Indoneisa
- Economic Council, Georgia
- Maharashtra Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Kumho Petrochemical, South Korea
- MS Steel International - UAE
- Binh Thuan Hamico - Vietnam
- Vedanta Resources Plc - India
- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- GN Power Mariveles Coal Plant, Philippines
- IEA Clean Coal Centre - UK
- Mintek Dendrill Indonesia
- Vizag Seaport Private Limited - India
- McConnell Dowell - Australia
- Marubeni Corporation - India
- Karaikal Port Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
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