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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, 06 October 14
' COAL-BY-WIRE' FROM SUMATRA TO JAVA - THE JAKARTA POST
Coal from the island of Sumatra accounts for most of Indonesia’s low-grade lignite, a low-quality coal that receives a poor price in internat ...
Monday, 06 October 14
THE IRON ORE SHIPPING BUSINESS IS FACING SOME ROUGH SEAS - EAST ASIA FORUM
The impact of Chinese demand on global iron ore prices is well known. A less acknowledged consequence of China’s emergence is the transformat ...
Sunday, 05 October 14
BALTIC DRY INDEX SLIPS 1.14%; BALTIC PANAMAX INDEX GAINED 9.91% WEEK ON WEEK
COALspot.com: The BDI was down by 1.14 pct and closed at 1037 points this Friday.
The Cape index was down significantly week on week or lost 5 ...
Friday, 03 October 14
U.S. WEEKLY COAL PRODUCTION UP 5.8% TO 19.9 MMST
COALspot.com – United States the world's one of largest coal producers, produced approximately 19.9 million short tons (mmst) of co ...
Thursday, 02 October 14
CAPESIZE - DULL AND WITHOUT MUCH DIRECTION AS IRON ORE AND COAL VOLUMES FAIL TO LIVE UP EXPECTATIONS
Handy
After the recent weeks´ rate increase in the Atlantic we see Panamaxes snapping up handymax and Supra cargoes at much lower levels, p ...
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- Leighton Contractors Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Mintek Dendrill Indonesia
- Ministry of Transport, Egypt
- Rio Tinto Coal - Australia
- Neyveli Lignite Corporation Ltd, - India
- SMG Consultants - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Kepco SPC Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Ind-Barath Power Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Indonesian Coal Mining Association
- Georgia Ports Authority, United States
- Gujarat Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Eastern Coal Council - USA
- Sree Jayajothi Cements Limited - India
- Intertek Mineral Services - Indonesia
- Banpu Public Company Limited - Thailand
- Electricity Generating Authority of Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jindal Steel & Power Ltd - India
- Kideco Jaya Agung - Indonesia
- GAC Shipping (India) Pvt Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Sical Logistics Limited - India
- Krishnapatnam Port Company Ltd. - India
- New Zealand Coal & Carbon
- London Commodity Brokers - England
- Thai Mozambique Logistica
- Bukit Makmur.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Antam Resourcindo - Indonesia
- Aditya Birla Group - India
- MS Steel International - UAE
- The State Trading Corporation of India Ltd
- Indian Energy Exchange, India
- Minerals Council of Australia
- Edison Trading Spa - Italy
- Barasentosa Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Commonwealth Bank - Australia
- Mercuria Energy - Indonesia
- Africa Commodities Group - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Makarim & Taira - Indonesia
- Dalmia Cement Bharat India
- IEA Clean Coal Centre - UK
- Kumho Petrochemical, South Korea
- Gujarat Sidhee Cement - India
- Parliament of New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Xindia Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Central Java Power - Indonesia
- Bharathi Cement Corporation - India
- Siam City Cement - Thailand
- Billiton Holdings Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Videocon Industries ltd - India
- Deloitte Consulting - India
- Pendopo Energi Batubara - Indonesia
- Larsen & Toubro Limited - India
- Parry Sugars Refinery, India
- PTC India Limited - India
- Eastern Energy - Thailand
- Baramulti Group, Indonesia
- Medco Energi Mining Internasional
- Rashtriya Ispat Nigam Limited - India
- Jaiprakash Power Ventures ltd
- White Energy Company Limited
- Kobexindo Tractors - Indoneisa
- Sarangani Energy Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Goldman Sachs - Singapore
- Chettinad Cement Corporation Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Indian Oil Corporation Limited
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- VISA Power Limited - India
- Attock Cement Pakistan Limited
- McConnell Dowell - Australia
- Price Waterhouse Coopers - Russia
- ICICI Bank Limited - India
- Ministry of Finance - Indonesia
- Australian Coal Association
- Standard Chartered Bank - UAE
- Formosa Plastics Group - Taiwan
- Energy Link Ltd, New Zealand
- Iligan Light & Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Indika Energy - Indonesia
- India Bulls Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Tata Chemicals Ltd - India
- Star Paper Mills Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Petron Corporation, Philippines
- Altura Mining Limited, Indonesia
- Anglo American - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Samtan Co., Ltd - South Korea
- Timah Investasi Mineral - Indoneisa
- Agrawal Coal Company - India
- Oldendorff Carriers - Singapore
- Sojitz Corporation - Japan
- Directorate General of MIneral and Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Malabar Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Coalindo Energy - Indonesia
- Indogreen Group - Indonesia
- Bayan Resources Tbk. - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement PLC, Thailand
- PetroVietnam Power Coal Import and Supply Company
- Marubeni Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Carbofer General Trading SA - India
- TeaM Sual Corporation - Philippines
- Meralco Power Generation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Bhoruka Overseas - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Mercator Lines Limited - India
- Kaltim Prima Coal - Indonesia
- ASAPP Information Group - India
- Riau Bara Harum - Indonesia
- Energy Development Corp, Philippines
- Vedanta Resources Plc - India
- Central Electricity Authority - India
- OPG Power Generation Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Bhatia International Limited - India
- Toyota Tsusho Corporation, Japan
- Borneo Indobara - Indonesia
- Sakthi Sugars Limited - India
- Tamil Nadu electricity Board
- Australian Commodity Traders Exchange
- Kapuas Tunggal Persada - Indonesia
- Independent Power Producers Association of India
- Renaissance Capital - South Africa
- GMR Energy Limited - India
- Trasteel International SA, Italy
- Planning Commission, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Authority, New Zealand
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- Power Finance Corporation Ltd., India
- Coastal Gujarat Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Global Business Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Lanco Infratech Ltd - India
- European Bulk Services B.V. - Netherlands
- Cigading International Bulk Terminal - Indonesia
- SMC Global Power, Philippines
- Cement Manufacturers Association - India
- Miang Besar Coal Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- CNBM International Corporation - China
- The University of Queensland
- The Treasury - Australian Government
- Meenaskhi Energy Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Savvy Resources Ltd - HongKong
- Ambuja Cements Ltd - India
- Mjunction Services Limited - India
- AsiaOL BioFuels Corp., Philippines
- GVK Power & Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Simpson Spence & Young - Indonesia
- Global Green Power PLC Corporation, Philippines
- Romanian Commodities Exchange
- Singapore Mercantile Exchange
- Wood Mackenzie - Singapore
- Economic Council, Georgia
- Posco Energy - South Korea
- Grasim Industreis Ltd - India
- Heidelberg Cement - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Global Coal Blending Company Limited - Australia
- SN Aboitiz Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Salva Resources Pvt Ltd - India
- Interocean Group of Companies - India
- LBH Netherlands Bv - Netherlands
- Chamber of Mines of South Africa
- Vizag Seaport Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Bangladesh Power Developement Board
- Bhushan Steel Limited - India
- Thiess Contractors Indonesia
- International Coal Ventures Pvt Ltd - India
- Wilmar Investment Holdings
- Ministry of Mines - Canada
- Latin American Coal - Colombia
- PowerSource Philippines DevCo
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