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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, 03 July 15
U.S DELIVERS WEAK FIRST HALF COAL PRODUCTION; 8.8% LOWER Y-O-Y
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 15.5 million short ...
Friday, 03 July 15
SHIPPING CONFIDENCE EQUALS SEVEN-YEAR LOW - MOORE STEPHENS
Overall confidence levels in the shipping industry fell during the three months to May 2015 to a level equal to the lowest rating recorded in the p ...
Thursday, 02 July 15
TECHNOLOGY AND INNOVATION IN MINING 2015 - IXG
Information Exchange Group’s Technology and Innovation in Mining 2015- International Summit on Mining
Press Release: The inaugural editi ...
Thursday, 02 July 15
THE PERFORMANCE OF THE CAPESIZE SEGMENT PUSHED DRY BULK MARKET TO UPWARD LAST WEEK
COALspot.com: The Dry Bulk market continued its upward movement last week, with the BDI closing off on Friday (26 June) in excess of 800 points, wh ...
Wednesday, 01 July 15
Q4'15 AND Q1'16 FOB RICHARDS BAY COAL SWAPS ROSE W-O-W AND M-O-M
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 rose month over month and down week over week.
The Q3 swap was up US$ ...
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- Cement Manufacturers Association - India
- CNBM International Corporation - China
- Miang Besar Coal Terminal - Indonesia
- Thai Mozambique Logistica
- Xindia Steels Limited - India
- Sakthi Sugars Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Binh Thuan Hamico - Vietnam
- Indogreen Group - Indonesia
- Gujarat Sidhee Cement - India
- Africa Commodities Group - South Africa
- White Energy Company Limited
- Coalindo Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Karaikal Port Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Simpson Spence & Young - Indonesia
- Bharathi Cement Corporation - India
- Deloitte Consulting - India
- Meenaskhi Energy Private Limited - India
- Bhoruka Overseas - Indonesia
- McConnell Dowell - Australia
- TeaM Sual Corporation - Philippines
- Heidelberg Cement - Germany
- European Bulk Services B.V. - Netherlands
- Merrill Lynch Commodities Europe
- Rashtriya Ispat Nigam Limited - India
- Thiess Contractors Indonesia
- Price Waterhouse Coopers - Russia
- SN Aboitiz Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Kapuas Tunggal Persada - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Singapore Mercantile Exchange
- Metalloyd Limited - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Straits Asia Resources Limited - Singapore
- MS Steel International - UAE
- Mercator Lines Limited - India
- Anglo American - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Bangladesh Power Developement Board
- Marubeni Corporation - India
- GMR Energy Limited - India
- Orica Mining Services - Indonesia
- Independent Power Producers Association of India
- Chettinad Cement Corporation Ltd - India
- Minerals Council of Australia
- Indo Tambangraya Megah - Indonesia
- Altura Mining Limited, Indonesia
- GAC Shipping (India) Pvt Ltd
- Uttam Galva Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- OPG Power Generation Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Parliament of New Zealand
- Siam City Cement PLC, Thailand
- Mintek Dendrill Indonesia
- Sindya Power Generating Company Private Ltd
- Essar Steel Hazira Ltd - India
- Banpu Public Company Limited - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kumho Petrochemical, South Korea
- Global Green Power PLC Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- ICICI Bank Limited - India
- Ceylon Electricity Board - Sri Lanka
- Savvy Resources Ltd - HongKong
- Port Waratah Coal Services - Australia
- Bayan Resources Tbk. - Indonesia
- Medco Energi Mining Internasional
- Ind-Barath Power Infra Limited - India
- Bulk Trading Sa - Switzerland
- Siam City Cement - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Mjunction Services Limited - India
- Iligan Light & Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Star Paper Mills Limited - India
- Planning Commission, India
- Directorate Of Revenue Intelligence - India
- Bukit Asam (Persero) Tbk - Indonesia
- Borneo Indobara - Indonesia
- Bhushan Steel Limited - India
- Kartika Selabumi Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Australian Commodity Traders Exchange
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining and Power Corporation, Philippines
- Romanian Commodities Exchange
- International Coal Ventures Pvt Ltd - India
- Latin American Coal - Colombia
- Asmin Koalindo Tuhup - Indonesia
- Central Java Power - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Makarim & Taira - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Wilmar Investment Holdings
- Maharashtra Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Samtan Co., Ltd - South Korea
- Australian Coal Association
- Cigading International Bulk Terminal - Indonesia
- Eastern Coal Council - USA
- Ministry of Transport, Egypt
- Georgia Ports Authority, United States
- Therma Luzon, Inc, Philippines
- Coal and Oil Company - UAE
- Jindal Steel & Power Ltd - India
- GVK Power & Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Global Coal Blending Company Limited - Australia
- Antam Resourcindo - Indonesia
- Meralco Power Generation, Philippines
- Semirara Mining Corp, Philippines
- Indian Energy Exchange, India
- IEA Clean Coal Centre - UK
- Petron Corporation, Philippines
- Economic Council, Georgia
- Intertek Mineral Services - Indonesia
- Trasteel International SA, Italy
- Kaltim Prima Coal - Indonesia
- Central Electricity Authority - India
- Electricity Generating Authority of Thailand
- ASAPP Information Group - India
- Standard Chartered Bank - UAE
- Agrawal Coal Company - India
- Lanco Infratech Ltd - India
- Energy Link Ltd, New Zealand
- India Bulls Power Limited - India
- Globalindo Alam Lestari - Indonesia
- PowerSource Philippines DevCo
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- SMG Consultants - Indonesia
- Grasim Industreis Ltd - India
- Sical Logistics Limited - India
- Tamil Nadu electricity Board
- AsiaOL BioFuels Corp., Philippines
- Larsen & Toubro Limited - India
- Indonesian Coal Mining Association
- Barasentosa Lestari - Indonesia
- Eastern Energy - Thailand
- Rio Tinto Coal - Australia
- Aboitiz Power Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Alfred C Toepfer International GmbH - Germany
- Goldman Sachs - Singapore
- Electricity Authority, New Zealand
- San Jose City I Power Corp, Philippines
- Riau Bara Harum - Indonesia
- SMC Global Power, Philippines
- London Commodity Brokers - England
- VISA Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Development Corp, Philippines
- Ministry of Mines - Canada
- Madhucon Powers Ltd - India
- The University of Queensland
- Formosa Plastics Group - Taiwan
- IHS Mccloskey Coal Group - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kepco SPC Power Corporation, Philippines
- Malabar Cements Ltd - India
- Tata Chemicals Ltd - India
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- Orica Australia Pty. Ltd.
- Ministry of Finance - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Edison Trading Spa - Italy
- New Zealand Coal & Carbon
- PTC India Limited - India
- Global Business Power Corporation, Philippines
- Posco Energy - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wood Mackenzie - Singapore
- PNOC Exploration Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Parry Sugars Refinery, India
- Commonwealth Bank - Australia
- Indika Energy - Indonesia
- Indian Oil Corporation Limited
- Kideco Jaya Agung - Indonesia
- Dalmia Cement Bharat India
- Power Finance Corporation Ltd., India
- Chamber of Mines of South Africa
- Maheswari Brothers Coal Limited - India
- Vizag Seaport Private Limited - India
- Videocon Industries ltd - India
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- The State Trading Corporation of India Ltd
- Oldendorff Carriers - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Vedanta Resources Plc - India
- Manunggal Multi Energi - Indonesia
- Renaissance Capital - South Africa
- Ambuja Cements Ltd - India
- Mercuria Energy - Indonesia
- Carbofer General Trading SA - India
- Attock Cement Pakistan Limited
- Baramulti Group, Indonesia
- Interocean Group of Companies - India
- Toyota Tsusho Corporation, Japan
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