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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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Tuesday, 07 July 15
FOB NEWCASTLE COAL SWAP ADVANCED MONTH OVER MONTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery up $ 0.28 per MT (-0.61%) month over month to US$ 45.85 per mt. The swap wa ...
Monday, 06 July 15
KOREA MIDLAND POWER COMPANY LIMITED ISSUED A TENDER FOR 250K MT BITUMINOUS COAL
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender for 250K Metric Tons (MT) of 5300 kcal/kg NAR coal ...
Monday, 06 July 15
COAL TRADING & RISK MANAGEMENT TRAINING COURSE
Are you ready to invest in yourself and take your trading and risk management strategy to the next level? The Coal Trading & Risk Management Tr ...
Monday, 06 July 15
CFR SOUTH CHINA COAL SWAP; DECLINED D-O-D,W-O-W AND M-O-M
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery declined US$ 0.53 (1.01%) per MT month over month.
A commodity swap ...
Sunday, 05 July 15
THE BALTIC DRY INDEX WAS DOWN 18%; PANAMAX UP 9%
COALspot.com: The freight market was soft during this week. However indices closed slightly firmer end of the week on 3rd July.
The BDI was do ...
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- Oldendorff Carriers - Singapore
- Independent Power Producers Association of India
- Asmin Koalindo Tuhup - Indonesia
- European Bulk Services B.V. - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- India Bulls Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Development Corp, Philippines
- Thiess Contractors Indonesia
- Kapuas Tunggal Persada - Indonesia
- Intertek Mineral Services - Indonesia
- Indogreen Group - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kumho Petrochemical, South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vijayanagar Sugar Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- The Treasury - Australian Government
- Altura Mining Limited, Indonesia
- Salva Resources Pvt Ltd - India
- Malabar Cements Ltd - India
- Grasim Industreis Ltd - India
- Bhatia International Limited - India
- Semirara Mining and Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- CIMB Investment Bank - Malaysia
- Thai Mozambique Logistica
- Maharashtra Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Metalloyd Limited - United Kingdom
- TeaM Sual Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Bukit Makmur.PT - Indonesia
- Mercuria Energy - Indonesia
- Star Paper Mills Limited - India
- Videocon Industries ltd - India
- Global Business Power Corporation, Philippines
- Planning Commission, India
- Antam Resourcindo - Indonesia
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Trasteel International SA, Italy
- Baramulti Group, Indonesia
- LBH Netherlands Bv - Netherlands
- Carbofer General Trading SA - India
- Merrill Lynch Commodities Europe
- Maheswari Brothers Coal Limited - India
- Kartika Selabumi Mining - Indonesia
- Vizag Seaport Private Limited - India
- New Zealand Coal & Carbon
- Jindal Steel & Power Ltd - India
- Electricity Generating Authority of Thailand
- Renaissance Capital - South Africa
- Parliament of New Zealand
- Jorong Barutama Greston.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Heidelberg Cement - Germany
- Petron Corporation, Philippines
- Siam City Cement - Thailand
- GAC Shipping (India) Pvt Ltd
- Bangladesh Power Developement Board
- Essar Steel Hazira Ltd - India
- Sree Jayajothi Cements Limited - India
- PowerSource Philippines DevCo
- South Luzon Thermal Energy Corporation
- Straits Asia Resources Limited - Singapore
- Savvy Resources Ltd - HongKong
- Barasentosa Lestari - Indonesia
- Meralco Power Generation, Philippines
- Price Waterhouse Coopers - Russia
- Globalindo Alam Lestari - Indonesia
- SMG Consultants - Indonesia
- Ministry of Finance - Indonesia
- Formosa Plastics Group - Taiwan
- Posco Energy - South Korea
- Karaikal Port Pvt Ltd - India
- Sojitz Corporation - Japan
- Deloitte Consulting - India
- Mintek Dendrill Indonesia
- Bayan Resources Tbk. - Indonesia
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chettinad Cement Corporation Ltd - India
- Aboitiz Power Corporation - Philippines
- The University of Queensland
- Timah Investasi Mineral - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Africa Commodities Group - South Africa
- Madhucon Powers Ltd - India
- MS Steel International - UAE
- Kohat Cement Company Ltd. - Pakistan
- Rashtriya Ispat Nigam Limited - India
- SMC Global Power, Philippines
- Cigading International Bulk Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Orica Australia Pty. Ltd.
- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Rio Tinto Coal - Australia
- GMR Energy Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Mining Services - Indonesia
- Coastal Gujarat Power Limited - India
- London Commodity Brokers - England
- Central Java Power - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Singapore Mercantile Exchange
- Anglo American - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Kepco SPC Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Electricity Authority, New Zealand
- Sarangani Energy Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Minerals Council of Australia
- Jaiprakash Power Ventures ltd
- VISA Power Limited - India
- Meenaskhi Energy Private Limited - India
- Eastern Energy - Thailand
- Edison Trading Spa - Italy
- Bharathi Cement Corporation - India
- Ministry of Mines - Canada
- ASAPP Information Group - India
- Bukit Baiduri Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- SN Aboitiz Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Kobexindo Tractors - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Xindia Steels Limited - India
- McConnell Dowell - Australia
- Pendopo Energi Batubara - Indonesia
- Borneo Indobara - Indonesia
- Agrawal Coal Company - India
- San Jose City I Power Corp, Philippines
- Australian Commodity Traders Exchange
- Energy Link Ltd, New Zealand
- PTC India Limited - India
- Riau Bara Harum - Indonesia
- Mjunction Services Limited - India
- AsiaOL BioFuels Corp., Philippines
- Directorate General of MIneral and Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Miang Besar Coal Terminal - Indonesia
- Romanian Commodities Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Commonwealth Bank - Australia
- ICICI Bank Limited - India
- Iligan Light & Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Central Electricity Authority - India
- Global Green Power PLC Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Oil Corporation Limited
- GVK Power & Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Global Coal Blending Company Limited - Australia
- PNOC Exploration Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Makarim & Taira - Indonesia
- Dalmia Cement Bharat India
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Tamil Nadu electricity Board
- Medco Energi Mining Internasional
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- Banpu Public Company Limited - Thailand
- Indian Energy Exchange, India
- Interocean Group of Companies - India
- Latin American Coal - Colombia
- Bulk Trading Sa - Switzerland
- Georgia Ports Authority, United States
- Sical Logistics Limited - India
- Wood Mackenzie - Singapore
- Vedanta Resources Plc - India
- Tata Chemicals Ltd - India
- Wilmar Investment Holdings
- Parry Sugars Refinery, India
- Bhoruka Overseas - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Economic Council, Georgia
- Ind-Barath Power Infra Limited - India
- Sakthi Sugars Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Indonesian Coal Mining Association
- Aditya Birla Group - India
- Samtan Co., Ltd - South Korea
- Manunggal Multi Energi - Indonesia
- Standard Chartered Bank - UAE
- Chamber of Mines of South Africa
- Bhushan Steel Limited - India
- Ministry of Transport, Egypt
- White Energy Company Limited
- Karbindo Abesyapradhi - Indoneisa
- The State Trading Corporation of India Ltd
- Lanco Infratech Ltd - India
- Mercator Lines Limited - India
- Goldman Sachs - Singapore
- Coal and Oil Company - UAE
- Gujarat Sidhee Cement - India
- Kaltim Prima Coal - Indonesia
- Attock Cement Pakistan Limited
- CNBM International Corporation - China
- International Coal Ventures Pvt Ltd - India
- Australian Coal Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Therma Luzon, Inc, Philippines
- Ambuja Cements Ltd - India
- Uttam Galva Steels Limited - India
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