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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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Monday, 13 October 14
INDONESIAN COAL SWAPS FOR DELIVERY Q4' 2014 GAINED WEEK ON WEEK AND DAY ON DAY
COALspot.com: Indonesian coal swaps for delivery Q4' 2014 gained week on week and day on day.
The swap lost US$ 0.13 (-0.25%) month on mon ...
Monday, 13 October 14
Q1' 2015 CFR SOUTH CHINA COAL SWAP CLOSED US$ 0.31 PMT HIGHER THAN Q4' 2014 CLOSING
COALspot.com: API 8 CFR South China Coal swap for Q4’ 2014 delivery decreased US$ 0.66 (-1.00%) month over month and US$ 0.40 (-0.61%) ...
Sunday, 12 October 14
INDONESIA TO INDIA FREIGHT RATES ARE EXPECTED TO BE WEAK - VISTAAR
COALspot.com: This week all the segments softened. The BDI down 7.13 pct week on week and closed below 1000 points at 963 points.
The Cape ind ...
Saturday, 11 October 14
COAL PRODUCTION RISES ONLY SLIGHTLY AS GOVT LIMITS MINING OPERATIONS - THE JAKARTA POST
Indonesian coal production rose by only 4 percent in the first nine months of this year, a relatively low increase compared to previous years, as t ...
Friday, 10 October 14
INDONESIA TO DEVELOP DOWNSTREAM COAL INDUSTRY - JP
The government is planning to launch a program to develop the downstream coal industry to increase the commodity’s added value, an official h ...
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- Kepco SPC Power Corporation, Philippines
- The Treasury - Australian Government
- Therma Luzon, Inc, Philippines
- PTC India Limited - India
- Indian Energy Exchange, India
- Goldman Sachs - Singapore
- Petron Corporation, Philippines
- Star Paper Mills Limited - India
- Grasim Industreis Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Georgia Ports Authority, United States
- Ministry of Transport, Egypt
- ASAPP Information Group - India
- Toyota Tsusho Corporation, Japan
- Anglo American - United Kingdom
- Essar Steel Hazira Ltd - India
- The University of Queensland
- Directorate Of Revenue Intelligence - India
- Larsen & Toubro Limited - India
- Eastern Energy - Thailand
- Bangladesh Power Developement Board
- McConnell Dowell - Australia
- Kartika Selabumi Mining - Indonesia
- Carbofer General Trading SA - India
- Siam City Cement PLC, Thailand
- Iligan Light & Power Inc, Philippines
- Ambuja Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Latin American Coal - Colombia
- Jindal Steel & Power Ltd - India
- The State Trading Corporation of India Ltd
- PNOC Exploration Corporation - Philippines
- Aditya Birla Group - India
- Kohat Cement Company Ltd. - Pakistan
- AsiaOL BioFuels Corp., Philippines
- Gujarat Mineral Development Corp Ltd - India
- Lanco Infratech Ltd - India
- Uttam Galva Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- CNBM International Corporation - China
- Savvy Resources Ltd - HongKong
- Port Waratah Coal Services - Australia
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- India Bulls Power Limited - India
- Energy Development Corp, Philippines
- South Luzon Thermal Energy Corporation
- Electricity Authority, New Zealand
- IHS Mccloskey Coal Group - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement - Thailand
- Vedanta Resources Plc - India
- Electricity Generating Authority of Thailand
- Wood Mackenzie - Singapore
- Sarangani Energy Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- ICICI Bank Limited - India
- Kaltim Prima Coal - Indonesia
- Coalindo Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Singapore Mercantile Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Indo Tambangraya Megah - Indonesia
- Bhatia International Limited - India
- Edison Trading Spa - Italy
- Meralco Power Generation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Java Power - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining and Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Aboitiz Power Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Sical Logistics Limited - India
- Commonwealth Bank - Australia
- Banpu Public Company Limited - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Borneo Indobara - Indonesia
- Australian Coal Association
- Vizag Seaport Private Limited - India
- Eastern Coal Council - USA
- Rashtriya Ispat Nigam Limited - India
- Indika Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sree Jayajothi Cements Limited - India
- Cigading International Bulk Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Mjunction Services Limited - India
- Merrill Lynch Commodities Europe
- Xindia Steels Limited - India
- Wilmar Investment Holdings
- Thiess Contractors Indonesia
- Sakthi Sugars Limited - India
- Kideco Jaya Agung - Indonesia
- Kumho Petrochemical, South Korea
- Makarim & Taira - Indonesia
- Posco Energy - South Korea
- Bhoruka Overseas - Indonesia
- Global Business Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Leighton Contractors Pty Ltd - Australia
- White Energy Company Limited
- Maheswari Brothers Coal Limited - India
- Indian Oil Corporation Limited
- Tamil Nadu electricity Board
- Samtan Co., Ltd - South Korea
- Deloitte Consulting - India
- Price Waterhouse Coopers - Russia
- Sojitz Corporation - Japan
- Ceylon Electricity Board - Sri Lanka
- Vijayanagar Sugar Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Bhushan Steel Limited - India
- Binh Thuan Hamico - Vietnam
- Ind-Barath Power Infra Limited - India
- SMG Consultants - Indonesia
- San Jose City I Power Corp, Philippines
- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- Salva Resources Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Africa Commodities Group - South Africa
- Orica Australia Pty. Ltd.
- Independent Power Producers Association of India
- London Commodity Brokers - England
- PowerSource Philippines DevCo
- Intertek Mineral Services - Indonesia
- Economic Council, Georgia
- Orica Mining Services - Indonesia
- Madhucon Powers Ltd - India
- Bharathi Cement Corporation - India
- Semirara Mining Corp, Philippines
- Minerals Council of Australia
- CIMB Investment Bank - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Attock Cement Pakistan Limited
- Videocon Industries ltd - India
- VISA Power Limited - India
- Rio Tinto Coal - Australia
- Altura Mining Limited, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Kobexindo Tractors - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Thai Mozambique Logistica
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dalmia Cement Bharat India
- IEA Clean Coal Centre - UK
- Mintek Dendrill Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sindya Power Generating Company Private Ltd
- Meenaskhi Energy Private Limited - India
- Bukit Makmur.PT - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Antam Resourcindo - Indonesia
- Renaissance Capital - South Africa
- Gujarat Sidhee Cement - India
- Parliament of New Zealand
- Ministry of Mines - Canada
- Directorate General of MIneral and Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Trasteel International SA, Italy
- Heidelberg Cement - Germany
- Marubeni Corporation - India
- Mercuria Energy - Indonesia
- Parry Sugars Refinery, India
- Globalindo Alam Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- GMR Energy Limited - India
- Romanian Commodities Exchange
- Chamber of Mines of South Africa
- Neyveli Lignite Corporation Ltd, - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Coal and Oil Company - UAE
- Holcim Trading Pte Ltd - Singapore
- Ministry of Finance - Indonesia
- Barasentosa Lestari - Indonesia
- Medco Energi Mining Internasional
- Baramulti Group, Indonesia
- Indogreen Group - Indonesia
- Metalloyd Limited - United Kingdom
- Mercator Lines Limited - India
- Bulk Trading Sa - Switzerland
- MS Steel International - UAE
- Power Finance Corporation Ltd., India
- SMC Global Power, Philippines
- Kapuas Tunggal Persada - Indonesia
- European Bulk Services B.V. - Netherlands
- Standard Chartered Bank - UAE
- Global Coal Blending Company Limited - Australia
- Malabar Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Indonesian Coal Mining Association
- Global Green Power PLC Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Jaiprakash Power Ventures ltd
- Cement Manufacturers Association - India
- Pendopo Energi Batubara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Central Electricity Authority - India
- Planning Commission, India
- Sinarmas Energy and Mining - Indonesia
- Energy Link Ltd, New Zealand
- Tata Chemicals Ltd - India
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