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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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Thursday, 16 October 14
ARE WE GOING TO SHOOT OURSELVES IN THE FOOT ONCE AGAIN? - PANOS MAKRINOS
As the East part of our globe was coming back from its October holidays last week, everyone expected that the Dry Bulk market would follow suit and ...
Wednesday, 15 October 14
PANAMAX: ACTIVITY IN THE PACIFIC WAS UNIMPRESSIVE
The Dry Bulk market noted another weekly decline last week, while the BDI moved below 1,000 points taking down with it expectations that a post hol ...
Wednesday, 15 October 14
INDONESIAN COAL PRICE REFERENCE FELL TO FRESH MULTI-YEAR LOWS IN OCTOBER
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down the coal bench mark price once again in October 2014.
...
Wednesday, 15 October 14
DRY BULK SHIPPING: RATE IMPROVEMENTS ARRIVED AS FORECAST, BUT UNCERTAINTY MOUNTS FOR 2015 DEMAND - BIMCO
BIMCO released its latest short term assessment of the dry bulk market, estimating that over the October-November period, the level of Capesize TC ...
Wednesday, 15 October 14
SHIPOWNER NOT LIABLE FOR CARGO DAMAGE RESULTING FROM POOR STOWAGE - CLYDE & CO
KNOWLEDGE TO ELEVATE
Russian metal trading company Yuzhny Zavod Metall Profil (YZMP), the holder of a CONGEN 1994 bill of lading, took delivery o ...
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Showing 3426 to 3430 news of total 6871 |
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- Therma Luzon, Inc, Philippines
- Latin American Coal - Colombia
- Coalindo Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sojitz Corporation - Japan
- Barasentosa Lestari - Indonesia
- London Commodity Brokers - England
- Lanco Infratech Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Indian Oil Corporation Limited
- Semirara Mining Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Java Power - Indonesia
- SMC Global Power, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- European Bulk Services B.V. - Netherlands
- Goldman Sachs - Singapore
- Kumho Petrochemical, South Korea
- Meenaskhi Energy Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- PTC India Limited - India
- Energy Link Ltd, New Zealand
- Ministry of Finance - Indonesia
- Commonwealth Bank - Australia
- Georgia Ports Authority, United States
- Oldendorff Carriers - Singapore
- Aditya Birla Group - India
- Economic Council, Georgia
- Formosa Plastics Group - Taiwan
- Maheswari Brothers Coal Limited - India
- Simpson Spence & Young - Indonesia
- GMR Energy Limited - India
- Vizag Seaport Private Limited - India
- The University of Queensland
- Kapuas Tunggal Persada - Indonesia
- PNOC Exploration Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Gujarat Mineral Development Corp Ltd - India
- New Zealand Coal & Carbon
- AsiaOL BioFuels Corp., Philippines
- Carbofer General Trading SA - India
- Kepco SPC Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Xindia Steels Limited - India
- Parliament of New Zealand
- Banpu Public Company Limited - Thailand
- Kobexindo Tractors - Indoneisa
- Mercator Lines Limited - India
- Siam City Cement PLC, Thailand
- Riau Bara Harum - Indonesia
- Global Business Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Sical Logistics Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Australian Commodity Traders Exchange
- Larsen & Toubro Limited - India
- Straits Asia Resources Limited - Singapore
- Essar Steel Hazira Ltd - India
- Wood Mackenzie - Singapore
- Kartika Selabumi Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Videocon Industries ltd - India
- Pendopo Energi Batubara - Indonesia
- Indika Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Sakthi Sugars Limited - India
- TeaM Sual Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Trasteel International SA, Italy
- Ambuja Cements Ltd - India
- Attock Cement Pakistan Limited
- Bayan Resources Tbk. - Indonesia
- Sinarmas Energy and Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Edison Trading Spa - Italy
- Merrill Lynch Commodities Europe
- IEA Clean Coal Centre - UK
- Pipit Mutiara Jaya. PT, Indonesia
- Standard Chartered Bank - UAE
- LBH Netherlands Bv - Netherlands
- Central Electricity Authority - India
- Kohat Cement Company Ltd. - Pakistan
- Bharathi Cement Corporation - India
- Kaltim Prima Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Samtan Co., Ltd - South Korea
- Thai Mozambique Logistica
- PetroVietnam Power Coal Import and Supply Company
- Electricity Authority, New Zealand
- Manunggal Multi Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Altura Mining Limited, Indonesia
- Meralco Power Generation, Philippines
- Singapore Mercantile Exchange
- Orica Australia Pty. Ltd.
- Deloitte Consulting - India
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parry Sugars Refinery, India
- Indogreen Group - Indonesia
- Indonesian Coal Mining Association
- Asmin Koalindo Tuhup - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- ICICI Bank Limited - India
- McConnell Dowell - Australia
- India Bulls Power Limited - India
- Malabar Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Metalloyd Limited - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Uttam Galva Steels Limited - India
- Eastern Coal Council - USA
- Sarangani Energy Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- OPG Power Generation Pvt Ltd - India
- Medco Energi Mining Internasional
- Independent Power Producers Association of India
- Vijayanagar Sugar Pvt Ltd - India
- Vedanta Resources Plc - India
- Makarim & Taira - Indonesia
- Ministry of Transport, Egypt
- Toyota Tsusho Corporation, Japan
- Minerals Council of Australia
- The Treasury - Australian Government
- South Luzon Thermal Energy Corporation
- Rashtriya Ispat Nigam Limited - India
- Global Coal Blending Company Limited - Australia
- PowerSource Philippines DevCo
- Binh Thuan Hamico - Vietnam
- Ind-Barath Power Infra Limited - India
- Marubeni Corporation - India
- Mercuria Energy - Indonesia
- Bangladesh Power Developement Board
- Tata Chemicals Ltd - India
- Indo Tambangraya Megah - Indonesia
- Africa Commodities Group - South Africa
- Ministry of Mines - Canada
- Wilmar Investment Holdings
- Dalmia Cement Bharat India
- Electricity Generating Authority of Thailand
- Jindal Steel & Power Ltd - India
- Australian Coal Association
- Savvy Resources Ltd - HongKong
- Grasim Industreis Ltd - India
- Petron Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- MS Steel International - UAE
- Chamber of Mines of South Africa
- Mintek Dendrill Indonesia
- Billiton Holdings Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Tamil Nadu electricity Board
- Romanian Commodities Exchange
- Madhucon Powers Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Karaikal Port Pvt Ltd - India
- Heidelberg Cement - Germany
- Bhushan Steel Limited - India
- White Energy Company Limited
- Siam City Cement - Thailand
- International Coal Ventures Pvt Ltd - India
- Interocean Group of Companies - India
- ASAPP Information Group - India
- Mjunction Services Limited - India
- Energy Development Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Anglo American - United Kingdom
- The State Trading Corporation of India Ltd
- Eastern Energy - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate General of MIneral and Coal - Indonesia
- CIMB Investment Bank - Malaysia
- VISA Power Limited - India
- Bulk Trading Sa - Switzerland
- Sindya Power Generating Company Private Ltd
- Renaissance Capital - South Africa
- Cement Manufacturers Association - India
- Aboitiz Power Corporation - Philippines
- Borneo Indobara - Indonesia
- Agrawal Coal Company - India
- Power Finance Corporation Ltd., India
- GVK Power & Infra Limited - India
- Salva Resources Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- SMG Consultants - Indonesia
- Star Paper Mills Limited - India
- Holcim Trading Pte Ltd - Singapore
- Port Waratah Coal Services - Australia
- Rio Tinto Coal - Australia
- Iligan Light & Power Inc, Philippines
- Indian Energy Exchange, India
- Posco Energy - South Korea
- Global Green Power PLC Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Sree Jayajothi Cements Limited - India
- Bhatia International Limited - India
- Gujarat Sidhee Cement - India
- GAC Shipping (India) Pvt Ltd
- Coastal Gujarat Power Limited - India
- Price Waterhouse Coopers - Russia
- Bukit Baiduri Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Directorate Of Revenue Intelligence - India
- Thiess Contractors Indonesia
- Planning Commission, India
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