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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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Wednesday, 15 October 14
NEWCASTLE SHIPPED 13.96 MILLION TONS OF COAL IN SEPTEMBER; UP 5.72%
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1,227.7 wor ...
Tuesday, 14 October 14
KING COAL UNDER ATTACK? - EVA TZIMA
With the last quarter of the year being well underway and with no strong signs that the Dry Bulk market could be ready for a big positive reversal, ...
Tuesday, 14 October 14
THE NEW CHINESE TRANSPORTATION TAX LAW: WHAT DOES IT MEAN FOR GREEK SHIPPING? - DELOITTE
China has recently promulgated a new law which imposes tax on profits from freights of inbound routes. The objective of the new tax law titled &ldq ...
Monday, 13 October 14
CHINESE COAL IMPORT TARIFFS YET ANOTHER BLOW TO AUSTRALIAN COAL EXPORTS - TIM BUCKLEY
COALspot.com: China’s unexpected move to reintroduce thermal coal import tariffs of 6% will have a materially negative impact on the viabilit ...
Monday, 13 October 14
NEWCASTLE COAL SWAP FOR Q1' 2015 DELIVERY CLOSED AT US$ 54.92, SGX DATA SHOWS
COALspot.com: API 5 FOB Newcastle Coal swap for delivery Q4' 2014 decreased US$ 0.80 (-1.46%) month over month and US$ 0.52 (-0.95%) week over ...
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- Sakthi Sugars Limited - India
- Therma Luzon, Inc, Philippines
- Independent Power Producers Association of India
- Bulk Trading Sa - Switzerland
- Goldman Sachs - Singapore
- Romanian Commodities Exchange
- Global Green Power PLC Corporation, Philippines
- Sical Logistics Limited - India
- Xindia Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Meralco Power Generation, Philippines
- Ministry of Mines - Canada
- Indika Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- SMG Consultants - Indonesia
- Singapore Mercantile Exchange
- Bhushan Steel Limited - India
- Central Electricity Authority - India
- Economic Council, Georgia
- India Bulls Power Limited - India
- Ind-Barath Power Infra Limited - India
- Global Business Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Pendopo Energi Batubara - Indonesia
- Savvy Resources Ltd - HongKong
- Iligan Light & Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Coal and Oil Company - UAE
- Indogreen Group - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Larsen & Toubro Limited - India
- LBH Netherlands Bv - Netherlands
- IHS Mccloskey Coal Group - USA
- Orica Mining Services - Indonesia
- Australian Coal Association
- Kumho Petrochemical, South Korea
- Uttam Galva Steels Limited - India
- Bhoruka Overseas - Indonesia
- Renaissance Capital - South Africa
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Coal Council - USA
- Gujarat Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Simpson Spence & Young - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- Attock Cement Pakistan Limited
- Vedanta Resources Plc - India
- SMC Global Power, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Thiess Contractors Indonesia
- Standard Chartered Bank - UAE
- Central Java Power - Indonesia
- Energy Link Ltd, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Kobexindo Tractors - Indoneisa
- Metalloyd Limited - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Coastal Gujarat Power Limited - India
- European Bulk Services B.V. - Netherlands
- GAC Shipping (India) Pvt Ltd
- Wood Mackenzie - Singapore
- Siam City Cement - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Posco Energy - South Korea
- Electricity Authority, New Zealand
- Bharathi Cement Corporation - India
- Essar Steel Hazira Ltd - India
- Straits Asia Resources Limited - Singapore
- Grasim Industreis Ltd - India
- Formosa Plastics Group - Taiwan
- MS Steel International - UAE
- PowerSource Philippines DevCo
- Chettinad Cement Corporation Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Kohat Cement Company Ltd. - Pakistan
- Interocean Group of Companies - India
- Africa Commodities Group - South Africa
- International Coal Ventures Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Eastern Energy - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Oldendorff Carriers - Singapore
- Dalmia Cement Bharat India
- Merrill Lynch Commodities Europe
- Madhucon Powers Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GN Power Mariveles Coal Plant, Philippines
- Rio Tinto Coal - Australia
- Energy Development Corp, Philippines
- Chamber of Mines of South Africa
- Mjunction Services Limited - India
- Latin American Coal - Colombia
- Maheswari Brothers Coal Limited - India
- Kepco SPC Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- New Zealand Coal & Carbon
- Carbofer General Trading SA - India
- Timah Investasi Mineral - Indoneisa
- London Commodity Brokers - England
- Power Finance Corporation Ltd., India
- Mercator Lines Limited - India
- Edison Trading Spa - Italy
- The University of Queensland
- McConnell Dowell - Australia
- Port Waratah Coal Services - Australia
- PTC India Limited - India
- White Energy Company Limited
- ICICI Bank Limited - India
- Directorate Of Revenue Intelligence - India
- Thai Mozambique Logistica
- Heidelberg Cement - Germany
- Deloitte Consulting - India
- Commonwealth Bank - Australia
- Binh Thuan Hamico - Vietnam
- Kaltim Prima Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement PLC, Thailand
- Ministry of Transport, Egypt
- Mercuria Energy - Indonesia
- Electricity Generating Authority of Thailand
- Rashtriya Ispat Nigam Limited - India
- Tata Chemicals Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Ambuja Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Parry Sugars Refinery, India
- Malabar Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Anglo American - United Kingdom
- Planning Commission, India
- Indian Oil Corporation Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Intertek Mineral Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Minerals Council of Australia
- Bhatia International Limited - India
- PNOC Exploration Corporation - Philippines
- Vizag Seaport Private Limited - India
- Karaikal Port Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Ministry of Finance - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Indonesian Coal Mining Association
- Aditya Birla Group - India
- Gujarat Sidhee Cement - India
- CIMB Investment Bank - Malaysia
- Kartika Selabumi Mining - Indonesia
- Sojitz Corporation - Japan
- Videocon Industries ltd - India
- Indian Energy Exchange, India
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining Corp, Philippines
- Baramulti Group, Indonesia
- Jindal Steel & Power Ltd - India
- VISA Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Indo Tambangraya Megah - Indonesia
- CNBM International Corporation - China
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sree Jayajothi Cements Limited - India
- Petron Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Makarim & Taira - Indonesia
- IEA Clean Coal Centre - UK
- Globalindo Alam Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Petrochimia International Co. Ltd.- Taiwan
- The Treasury - Australian Government
- GVK Power & Infra Limited - India
- Riau Bara Harum - Indonesia
- ASAPP Information Group - India
- Mintek Dendrill Indonesia
- Trasteel International SA, Italy
- Barasentosa Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- San Jose City I Power Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- GMR Energy Limited - India
- Jaiprakash Power Ventures ltd
- Georgia Ports Authority, United States
- SN Aboitiz Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cement Manufacturers Association - India
- Orica Australia Pty. Ltd.
- Global Coal Blending Company Limited - Australia
- Marubeni Corporation - India
- Parliament of New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Borneo Indobara - Indonesia
- Medco Energi Mining Internasional
- The State Trading Corporation of India Ltd
- Samtan Co., Ltd - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Agrawal Coal Company - India
- Cigading International Bulk Terminal - Indonesia
- Bangladesh Power Developement Board
- Kideco Jaya Agung - Indonesia
- Tamil Nadu electricity Board
- Wilmar Investment Holdings
- Sindya Power Generating Company Private Ltd
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