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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, 10 October 14
U.S. PRODUCED 83.2 MMST OF COAL IN SEPTEMBER, SAYS EIA
COALspot.com – United States the world's one of largest coal producers, produced approximately 18.6 million short tons (mmst) of coal in ...
Thursday, 09 October 14
CAPESIZE MARKET HAS CONTINUED TO SHOW WEAKNESS - FEARNLEYS
Handy
We mentioned last week that after several weeks of rate increase for the Supras, the bigger Panamaxes started to snap up better paying Supr ...
Thursday, 09 October 14
SHIPPING REMAINS CHALLENGED AS GLOBAL GROWTH DISAPPOINTS - BIMCO
The global shipping industry finds no grace from much stronger economic activity going forward, as the global recovery remains fragile and uneven. ...
Wednesday, 08 October 14
CAPES RATE FOR THE W. AUSTRALIA TO CHINA VOYAGE MOVED TO BELOW $8/MT - INTERMODAL
The Dry Bulk market remained under pressure last week, with rates for Capes remaining on the red while those for Panamaxes managed to outperform th ...
Wednesday, 08 October 14
OIL COULD FALL TO USD80 BEFORE SHALE SUPPLY RESPONSE - FITCH
COALspot.com: Brent oil could fall as low as USD80 a barrel before triggering a self-correcting supply response with shale-oil drillers cutting inv ...
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- Bangladesh Power Developement Board
- Sojitz Corporation - Japan
- Ind-Barath Power Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Energy Development Corp, Philippines
- Indika Energy - Indonesia
- Australian Commodity Traders Exchange
- Bharathi Cement Corporation - India
- Trasteel International SA, Italy
- Borneo Indobara - Indonesia
- Kobexindo Tractors - Indoneisa
- Savvy Resources Ltd - HongKong
- The University of Queensland
- Bukit Baiduri Energy - Indonesia
- Independent Power Producers Association of India
- Larsen & Toubro Limited - India
- Bhushan Steel Limited - India
- IHS Mccloskey Coal Group - USA
- Star Paper Mills Limited - India
- San Jose City I Power Corp, Philippines
- Price Waterhouse Coopers - Russia
- Goldman Sachs - Singapore
- Indian Energy Exchange, India
- Anglo American - United Kingdom
- McConnell Dowell - Australia
- Holcim Trading Pte Ltd - Singapore
- Indonesian Coal Mining Association
- Karaikal Port Pvt Ltd - India
- Orica Australia Pty. Ltd.
- TeaM Sual Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- SMC Global Power, Philippines
- Chettinad Cement Corporation Ltd - India
- Malabar Cements Ltd - India
- Rio Tinto Coal - Australia
- GVK Power & Infra Limited - India
- Chamber of Mines of South Africa
- Mintek Dendrill Indonesia
- Sical Logistics Limited - India
- Uttam Galva Steels Limited - India
- PowerSource Philippines DevCo
- Bukit Asam (Persero) Tbk - Indonesia
- Georgia Ports Authority, United States
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coal and Oil Company - UAE
- LBH Netherlands Bv - Netherlands
- South Luzon Thermal Energy Corporation
- Standard Chartered Bank - UAE
- The Treasury - Australian Government
- Central Java Power - Indonesia
- Samtan Co., Ltd - South Korea
- Barasentosa Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Medco Energi Mining Internasional
- Aditya Birla Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Commonwealth Bank - Australia
- Tamil Nadu electricity Board
- Gujarat Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Sidhee Cement - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Baramulti Group, Indonesia
- Jaiprakash Power Ventures ltd
- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- CIMB Investment Bank - Malaysia
- Global Business Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Kartika Selabumi Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Marubeni Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Generating Authority of Thailand
- Petron Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Ministry of Finance - Indonesia
- Sakthi Sugars Limited - India
- Latin American Coal - Colombia
- Jindal Steel & Power Ltd - India
- The State Trading Corporation of India Ltd
- Eastern Coal Council - USA
- Sindya Power Generating Company Private Ltd
- Metalloyd Limited - United Kingdom
- Formosa Plastics Group - Taiwan
- Carbofer General Trading SA - India
- Aboitiz Power Corporation - Philippines
- Vedanta Resources Plc - India
- White Energy Company Limited
- Thai Mozambique Logistica
- Altura Mining Limited, Indonesia
- Maheswari Brothers Coal Limited - India
- Central Electricity Authority - India
- Dalmia Cement Bharat India
- Parry Sugars Refinery, India
- Parliament of New Zealand
- Orica Mining Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Kumho Petrochemical, South Korea
- Deloitte Consulting - India
- Global Green Power PLC Corporation, Philippines
- Electricity Authority, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Bhatia International Limited - India
- International Coal Ventures Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Singapore Mercantile Exchange
- Mjunction Services Limited - India
- Karbindo Abesyapradhi - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Kalimantan Lumbung Energi - Indonesia
- Eastern Energy - Thailand
- Salva Resources Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meralco Power Generation, Philippines
- GMR Energy Limited - India
- Ministry of Transport, Egypt
- Semirara Mining and Power Corporation, Philippines
- Thiess Contractors Indonesia
- Madhucon Powers Ltd - India
- Edison Trading Spa - Italy
- Attock Cement Pakistan Limited
- Kaltim Prima Coal - Indonesia
- PTC India Limited - India
- Manunggal Multi Energi - Indonesia
- Africa Commodities Group - South Africa
- Wilmar Investment Holdings
- Rashtriya Ispat Nigam Limited - India
- Kepco SPC Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Merrill Lynch Commodities Europe
- Interocean Group of Companies - India
- Neyveli Lignite Corporation Ltd, - India
- IEA Clean Coal Centre - UK
- Ceylon Electricity Board - Sri Lanka
- Banpu Public Company Limited - Thailand
- Intertek Mineral Services - Indonesia
- Power Finance Corporation Ltd., India
- Videocon Industries ltd - India
- Sree Jayajothi Cements Limited - India
- Therma Luzon, Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Wood Mackenzie - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Indogreen Group - Indonesia
- SN Aboitiz Power Inc, Philippines
- Mercator Lines Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement - Thailand
- Heidelberg Cement - Germany
- Directorate Of Revenue Intelligence - India
- CNBM International Corporation - China
- Lanco Infratech Ltd - India
- Bulk Trading Sa - Switzerland
- Oldendorff Carriers - Singapore
- Grasim Industreis Ltd - India
- Siam City Cement PLC, Thailand
- Binh Thuan Hamico - Vietnam
- Mercuria Energy - Indonesia
- London Commodity Brokers - England
- Ambuja Cements Ltd - India
- Vizag Seaport Private Limited - India
- European Bulk Services B.V. - Netherlands
- Ministry of Mines - Canada
- ICICI Bank Limited - India
- Australian Coal Association
- Posco Energy - South Korea
- New Zealand Coal & Carbon
- Coastal Gujarat Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Alfred C Toepfer International GmbH - Germany
- Pendopo Energi Batubara - Indonesia
- Romanian Commodities Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- India Bulls Power Limited - India
- Tata Chemicals Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Renaissance Capital - South Africa
- Indo Tambangraya Megah - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Directorate General of MIneral and Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Indian Oil Corporation Limited
- Straits Asia Resources Limited - Singapore
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- OPG Power Generation Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Leighton Contractors Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- MS Steel International - UAE
- Economic Council, Georgia
- Antam Resourcindo - Indonesia
- Energy Link Ltd, New Zealand
- Minerals Council of Australia
- Simpson Spence & Young - Indonesia
- Makarim & Taira - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining Corp, Philippines
- Riau Bara Harum - Indonesia
- Sinarmas Energy and Mining - Indonesia
- ASAPP Information Group - India
- Miang Besar Coal Terminal - Indonesia
- SMG Consultants - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- VISA Power Limited - India
- Planning Commission, India
- Essar Steel Hazira Ltd - India
- Coalindo Energy - Indonesia
- Xindia Steels Limited - India
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