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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, 08 October 14
IS THERE ANY BRIGHT SIDE ON THE DRY BULK SEGMENT? - YANNIS OLZIERSKY
In the movie “Life Of Brian”, a character on a nearby cross was singing the famous “Always look on the bright side of life” ...
Tuesday, 07 October 14
TAIPOWER TO IMPORT 525K MT OF LOW ASH AND EXTRA LOW SULFUR SUB-BITUMINOUS COAL
COALspot.com: Taiwan Power Company intends to procure 525,000 metric tons of low ash and extra low sulfur sub-bituminous coal for Taipower thermal ...
Tuesday, 07 October 14
SUB-BIT FOB INDONESIA COAL SWAP SHOWS A FLAT TO WEAK TREND THIS PAST WEEK
COALspot.com: Indonesian coal swaps November 2014 delivery flat week on week and gained US$ 0.10 (-0.20%) per mt day on day. The swap also lost US$ ...
Tuesday, 07 October 14
THE RIO TINTO CONFIRMS THAT NO DISCUSSIONS ARE TAKING PLACE WITH GLENCORE
COALspot.com: The board of Rio Tinto notes the recent press speculation regarding a possible combination of Rio Tinto and Glencore.The Rio Tinto bo ...
Tuesday, 07 October 14
API 8 CFR SOUTH CHINA COAL SWAP HEADED SOUTH
COALspot.com: API 8 CFR South China Coal swap for delivery in November 2014 decreased US$ 1.10 (-1.64%) month over month and US$ 0.25 (-0.38%) ...
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- Planning Commission, India
- Aditya Birla Group - India
- International Coal Ventures Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Globalindo Alam Lestari - Indonesia
- MS Steel International - UAE
- Indogreen Group - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Global Green Power PLC Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Tamil Nadu electricity Board
- Karbindo Abesyapradhi - Indoneisa
- Orica Mining Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Merrill Lynch Commodities Europe
- Ministry of Finance - Indonesia
- Energy Development Corp, Philippines
- PowerSource Philippines DevCo
- Antam Resourcindo - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Parry Sugars Refinery, India
- LBH Netherlands Bv - Netherlands
- Bhatia International Limited - India
- Eastern Energy - Thailand
- Holcim Trading Pte Ltd - Singapore
- Cement Manufacturers Association - India
- Altura Mining Limited, Indonesia
- TeaM Sual Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Posco Energy - South Korea
- Kohat Cement Company Ltd. - Pakistan
- White Energy Company Limited
- Latin American Coal - Colombia
- Bayan Resources Tbk. - Indonesia
- CIMB Investment Bank - Malaysia
- The Treasury - Australian Government
- Alfred C Toepfer International GmbH - Germany
- India Bulls Power Limited - India
- GVK Power & Infra Limited - India
- Savvy Resources Ltd - HongKong
- Barasentosa Lestari - Indonesia
- Wilmar Investment Holdings
- Dalmia Cement Bharat India
- Sakthi Sugars Limited - India
- Bhoruka Overseas - Indonesia
- Thiess Contractors Indonesia
- Power Finance Corporation Ltd., India
- Mjunction Services Limited - India
- Independent Power Producers Association of India
- Semirara Mining and Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Orica Australia Pty. Ltd.
- Malabar Cements Ltd - India
- Mercuria Energy - Indonesia
- Port Waratah Coal Services - Australia
- Meralco Power Generation, Philippines
- Aboitiz Power Corporation - Philippines
- Coal and Oil Company - UAE
- Price Waterhouse Coopers - Russia
- GAC Shipping (India) Pvt Ltd
- Siam City Cement - Thailand
- Australian Coal Association
- Trasteel International SA, Italy
- Ceylon Electricity Board - Sri Lanka
- Bulk Trading Sa - Switzerland
- Kaltim Prima Coal - Indonesia
- Central Java Power - Indonesia
- Deloitte Consulting - India
- Chettinad Cement Corporation Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Economic Council, Georgia
- Bukit Baiduri Energy - Indonesia
- Attock Cement Pakistan Limited
- Marubeni Corporation - India
- VISA Power Limited - India
- Gujarat Sidhee Cement - India
- SN Aboitiz Power Inc, Philippines
- Grasim Industreis Ltd - India
- Manunggal Multi Energi - Indonesia
- Goldman Sachs - Singapore
- Salva Resources Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Indian Energy Exchange, India
- Global Business Power Corporation, Philippines
- New Zealand Coal & Carbon
- Coastal Gujarat Power Limited - India
- Mercator Lines Limited - India
- Binh Thuan Hamico - Vietnam
- South Luzon Thermal Energy Corporation
- Electricity Generating Authority of Thailand
- Ambuja Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Standard Chartered Bank - UAE
- Ind-Barath Power Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Wood Mackenzie - Singapore
- Energy Link Ltd, New Zealand
- Electricity Authority, New Zealand
- Carbofer General Trading SA - India
- The State Trading Corporation of India Ltd
- Kideco Jaya Agung - Indonesia
- Indian Oil Corporation Limited
- Simpson Spence & Young - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Global Coal Blending Company Limited - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rio Tinto Coal - Australia
- Jindal Steel & Power Ltd - India
- Petron Corporation, Philippines
- Ministry of Transport, Egypt
- Bangladesh Power Developement Board
- Ministry of Mines - Canada
- Pendopo Energi Batubara - Indonesia
- PTC India Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Sree Jayajothi Cements Limited - India
- Banpu Public Company Limited - Thailand
- Anglo American - United Kingdom
- McConnell Dowell - Australia
- Tata Chemicals Ltd - India
- Toyota Tsusho Corporation, Japan
- Vedanta Resources Plc - India
- Australian Commodity Traders Exchange
- Videocon Industries ltd - India
- Interocean Group of Companies - India
- Indika Energy - Indonesia
- Sical Logistics Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Vizag Seaport Private Limited - India
- Commonwealth Bank - Australia
- Krishnapatnam Port Company Ltd. - India
- Star Paper Mills Limited - India
- ASAPP Information Group - India
- San Jose City I Power Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Makarim & Taira - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GMR Energy Limited - India
- SMG Consultants - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Heidelberg Cement - Germany
- CNBM International Corporation - China
- Iligan Light & Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Minerals Council of Australia
- Baramulti Group, Indonesia
- Xindia Steels Limited - India
- Romanian Commodities Exchange
- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kapuas Tunggal Persada - Indonesia
- IHS Mccloskey Coal Group - USA
- Indonesian Coal Mining Association
- Parliament of New Zealand
- Georgia Ports Authority, United States
- Bharathi Cement Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Therma Luzon, Inc, Philippines
- Africa Commodities Group - South Africa
- Thai Mozambique Logistica
- Lanco Infratech Ltd - India
- Siam City Cement PLC, Thailand
- Riau Bara Harum - Indonesia
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Cigading International Bulk Terminal - Indonesia
- Renaissance Capital - South Africa
- Sindya Power Generating Company Private Ltd
- AsiaOL BioFuels Corp., Philippines
- Metalloyd Limited - United Kingdom
- Bhushan Steel Limited - India
- Leighton Contractors Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Chamber of Mines of South Africa
- Uttam Galva Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Eastern Coal Council - USA
- Jaiprakash Power Ventures ltd
- Kumho Petrochemical, South Korea
- Singapore Mercantile Exchange
- Larsen & Toubro Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- ICICI Bank Limited - India
- Mintek Dendrill Indonesia
- Sojitz Corporation - Japan
- Edison Trading Spa - Italy
- European Bulk Services B.V. - Netherlands
- Medco Energi Mining Internasional
- Meenaskhi Energy Private Limited - India
- Madhucon Powers Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Straits Asia Resources Limited - Singapore
- Agrawal Coal Company - India
- The University of Queensland
- Borneo Indobara - Indonesia
- Directorate Of Revenue Intelligence - India
- London Commodity Brokers - England
- Samtan Co., Ltd - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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