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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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Thursday, 09 July 15
CPP MARKET : POSITIVE IN THE SHORT TERM - GEORGE VASTARDIS
Despite the traditionally quieter summer period, the clean tanker market has so far experienced healthy activity especially East of Suez. Increased ...
Thursday, 09 July 15
LACK OF FRESH BUSINESS IN THE PACIFIC LEFT CAPESIZE RATES MOVING SIDEWAYS - INTERMODAL
COALspot.com: Intermodal ship broker says in its weekly report that, a different picture from what we saw the previous week was painted during the ...
Wednesday, 08 July 15
RIO TINTO'S MODERNISED KITIMAT SMELTER BEGINS PRODUCTION; KITIMAT BECOMING ONE OF THE LOWEST COST SMELTERS IN THE WORLD
COALspot.com: Rio Tinto is preparing its first shipments of metal from its world-class Kitimat aluminium smelter in Canada following an extensive m ...
Wednesday, 08 July 15
Q3'15 INDONESIA COAL SWAP DECLINED 3.14% MONTH OVER MONTH
COALspot.com: Indonesian coal swap for delivery Q3 2015 declined month on month and week over week, this past week.
The Q3 swap was declined $ ...
Tuesday, 07 July 15
FOB RICHARDS BAY COAL SWAPS DECLINED WEEK OVER WEEK
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 declined month over month and week over week.
The Q3 swap was down US$ ...
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- ASAPP Information Group - India
- Ministry of Transport, Egypt
- Bayan Resources Tbk. - Indonesia
- Electricity Generating Authority of Thailand
- VISA Power Limited - India
- Interocean Group of Companies - India
- PowerSource Philippines DevCo
- Ministry of Finance - Indonesia
- Global Green Power PLC Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Maheswari Brothers Coal Limited - India
- Mercator Lines Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Samtan Co., Ltd - South Korea
- Posco Energy - South Korea
- Central Electricity Authority - India
- PetroVietnam Power Coal Import and Supply Company
- Karaikal Port Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Kideco Jaya Agung - Indonesia
- Barasentosa Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- New Zealand Coal & Carbon
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- Simpson Spence & Young - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Power Finance Corporation Ltd., India
- Chettinad Cement Corporation Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Larsen & Toubro Limited - India
- MS Steel International - UAE
- Kobexindo Tractors - Indoneisa
- Banpu Public Company Limited - Thailand
- Globalindo Alam Lestari - Indonesia
- Bhushan Steel Limited - India
- Grasim Industreis Ltd - India
- Global Coal Blending Company Limited - Australia
- Latin American Coal - Colombia
- Deloitte Consulting - India
- Meralco Power Generation, Philippines
- Baramulti Group, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- McConnell Dowell - Australia
- Goldman Sachs - Singapore
- Ministry of Mines - Canada
- Orica Australia Pty. Ltd.
- Uttam Galva Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petron Corporation, Philippines
- Wood Mackenzie - Singapore
- Anglo American - United Kingdom
- SMC Global Power, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Thiess Contractors Indonesia
- PTC India Limited - India
- Metalloyd Limited - United Kingdom
- Madhucon Powers Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Planning Commission, India
- Trasteel International SA, Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Agrawal Coal Company - India
- Vijayanagar Sugar Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- GVK Power & Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Sojitz Corporation - Japan
- Meenaskhi Energy Private Limited - India
- PNOC Exploration Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Cement Manufacturers Association - India
- Bharathi Cement Corporation - India
- Africa Commodities Group - South Africa
- Parliament of New Zealand
- Australian Commodity Traders Exchange
- Neyveli Lignite Corporation Ltd, - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sical Logistics Limited - India
- Medco Energi Mining Internasional
- Xindia Steels Limited - India
- TeaM Sual Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- CNBM International Corporation - China
- Eastern Energy - Thailand
- Sakthi Sugars Limited - India
- IEA Clean Coal Centre - UK
- Indian Oil Corporation Limited
- International Coal Ventures Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Indika Energy - Indonesia
- Siam City Cement PLC, Thailand
- Marubeni Corporation - India
- Bulk Trading Sa - Switzerland
- Romanian Commodities Exchange
- Malabar Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kepco SPC Power Corporation, Philippines
- Aditya Birla Group - India
- Coalindo Energy - Indonesia
- Port Waratah Coal Services - Australia
- Parry Sugars Refinery, India
- Ambuja Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Essar Steel Hazira Ltd - India
- Heidelberg Cement - Germany
- SMG Consultants - Indonesia
- Aboitiz Power Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Antam Resourcindo - Indonesia
- Energy Link Ltd, New Zealand
- Mjunction Services Limited - India
- London Commodity Brokers - England
- Ind-Barath Power Infra Limited - India
- Commonwealth Bank - Australia
- Krishnapatnam Port Company Ltd. - India
- Leighton Contractors Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Sree Jayajothi Cements Limited - India
- Jaiprakash Power Ventures ltd
- Economic Council, Georgia
- South Luzon Thermal Energy Corporation
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- White Energy Company Limited
- Star Paper Mills Limited - India
- San Jose City I Power Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Iligan Light & Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Manunggal Multi Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Indogreen Group - Indonesia
- SN Aboitiz Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Orica Mining Services - Indonesia
- Chamber of Mines of South Africa
- Tata Chemicals Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Mintek Dendrill Indonesia
- Lanco Infratech Ltd - India
- GAC Shipping (India) Pvt Ltd
- IHS Mccloskey Coal Group - USA
- Karbindo Abesyapradhi - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- The State Trading Corporation of India Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Makarim & Taira - Indonesia
- Videocon Industries ltd - India
- Bangladesh Power Developement Board
- Singapore Mercantile Exchange
- Ceylon Electricity Board - Sri Lanka
- Coastal Gujarat Power Limited - India
- Borneo Indobara - Indonesia
- Renaissance Capital - South Africa
- Therma Luzon, Inc, Philippines
- Formosa Plastics Group - Taiwan
- Thai Mozambique Logistica
- Eastern Coal Council - USA
- Merrill Lynch Commodities Europe
- Carbofer General Trading SA - India
- Independent Power Producers Association of India
- Sarangani Energy Corporation, Philippines
- Central Java Power - Indonesia
- Straits Asia Resources Limited - Singapore
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- Coal and Oil Company - UAE
- ICICI Bank Limited - India
- Gujarat Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Indonesian Coal Mining Association
- Sinarmas Energy and Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Jindal Steel & Power Ltd - India
- Minerals Council of Australia
- Vedanta Resources Plc - India
- Bhatia International Limited - India
- The University of Queensland
- Australian Coal Association
- Vizag Seaport Private Limited - India
- GMR Energy Limited - India
- Kapuas Tunggal Persada - Indonesia
- Bukit Baiduri Energy - Indonesia
- Attock Cement Pakistan Limited
- Dalmia Cement Bharat India
- Indian Energy Exchange, India
- Wilmar Investment Holdings
- Energy Development Corp, Philippines
- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rio Tinto Coal - Australia
- Sindya Power Generating Company Private Ltd
- Indo Tambangraya Megah - Indonesia
- Altura Mining Limited, Indonesia
- Gujarat Sidhee Cement - India
- India Bulls Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Edison Trading Spa - Italy
- Siam City Cement - Thailand
- Oldendorff Carriers - Singapore
- Mercuria Energy - Indonesia
- Tamil Nadu electricity Board
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