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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, 01 July 15
BEIJING HAS OFFICIALLY EXTENDED BY TWO YEARS ITS SUBSIDY PROGRAM TO SUPPORT LOCAL SHIPPING COMPANIES IN SCRAPPING THEIR OLD TONNAGE - INTERMODAL
Last week, Beijing has officially extended by two years its subsidy program to support local shipping companies in scrapping their old tonnage in w ...
Tuesday, 30 June 15
Q1'16 FOB INDONESIA COAL SWAP CLOSED $ 43.45 PER MT
COALspot.com: Indonesian coal swap for delivery Q3 2015 declined month on month and flat week over week, this past week.
The Q3 swap was decli ...
Monday, 29 June 15
CFR SOUTH CHINA COAL SWAPS UP SLIGHTLY MONTH OVER MONTH
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery rose US$ 0.57 (1.11%) per MT month over month.
A commodity swap is a ...
Monday, 29 June 15
FOB NEWCASTLE COAL SWAP SLIGHTLY UP MONTH OVER MONTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery up $ 0.49 per MT (1.08%) month over month to US$ 45.77 per mt. The swap was ...
Saturday, 27 June 15
THE FREIGHT MARKET WAS STEADY EARLIER IN THE WEEK; SOFTEN INTO WEEK'S END
COALspot.com: The freight market remain steady earlier in the week, but towards end of the week BDI and BCI shows some signs of softening.
The ...
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- Maheswari Brothers Coal Limited - India
- Vedanta Resources Plc - India
- Krishnapatnam Port Company Ltd. - India
- Wood Mackenzie - Singapore
- Thiess Contractors Indonesia
- ASAPP Information Group - India
- Orica Mining Services - Indonesia
- TeaM Sual Corporation - Philippines
- Indika Energy - Indonesia
- Riau Bara Harum - Indonesia
- Planning Commission, India
- Simpson Spence & Young - Indonesia
- Straits Asia Resources Limited - Singapore
- Lanco Infratech Ltd - India
- Central Java Power - Indonesia
- LBH Netherlands Bv - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Energy Development Corp, Philippines
- Therma Luzon, Inc, Philippines
- Wilmar Investment Holdings
- Billiton Holdings Pty Ltd - Australia
- Coal and Oil Company - UAE
- Makarim & Taira - Indonesia
- Ministry of Mines - Canada
- Parliament of New Zealand
- Ambuja Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- MS Steel International - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Borneo Indobara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Deloitte Consulting - India
- Chamber of Mines of South Africa
- Posco Energy - South Korea
- Kepco SPC Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Georgia Ports Authority, United States
- South Luzon Thermal Energy Corporation
- Sojitz Corporation - Japan
- Eastern Energy - Thailand
- Australian Coal Association
- Karaikal Port Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Larsen & Toubro Limited - India
- SN Aboitiz Power Inc, Philippines
- Interocean Group of Companies - India
- Miang Besar Coal Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Antam Resourcindo - Indonesia
- Meralco Power Generation, Philippines
- SMG Consultants - Indonesia
- Kideco Jaya Agung - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- India Bulls Power Limited - India
- Standard Chartered Bank - UAE
- Economic Council, Georgia
- Bukit Makmur.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Mercator Lines Limited - India
- Electricity Authority, New Zealand
- Intertek Mineral Services - Indonesia
- Bharathi Cement Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Sical Logistics Limited - India
- Mjunction Services Limited - India
- Sindya Power Generating Company Private Ltd
- Cigading International Bulk Terminal - Indonesia
- Mercuria Energy - Indonesia
- Rio Tinto Coal - Australia
- Altura Mining Limited, Indonesia
- Kaltim Prima Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Australian Commodity Traders Exchange
- Coastal Gujarat Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Global Green Power PLC Corporation, Philippines
- Port Waratah Coal Services - Australia
- Grasim Industreis Ltd - India
- Aditya Birla Group - India
- Samtan Co., Ltd - South Korea
- Minerals Council of Australia
- Medco Energi Mining Internasional
- Baramulti Group, Indonesia
- Tamil Nadu electricity Board
- Latin American Coal - Colombia
- Manunggal Multi Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- The Treasury - Australian Government
- Chettinad Cement Corporation Ltd - India
- Gujarat Sidhee Cement - India
- Ceylon Electricity Board - Sri Lanka
- White Energy Company Limited
- CNBM International Corporation - China
- International Coal Ventures Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Cement Manufacturers Association - India
- Dalmia Cement Bharat India
- Bahari Cakrawala Sebuku - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- CIMB Investment Bank - Malaysia
- Essar Steel Hazira Ltd - India
- ICICI Bank Limited - India
- Vizag Seaport Private Limited - India
- Iligan Light & Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Parry Sugars Refinery, India
- Kartika Selabumi Mining - Indonesia
- Carbofer General Trading SA - India
- Marubeni Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Sree Jayajothi Cements Limited - India
- Uttam Galva Steels Limited - India
- Madhucon Powers Ltd - India
- Videocon Industries ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Bangladesh Power Developement Board
- GMR Energy Limited - India
- Bayan Resources Tbk. - Indonesia
- Siam City Cement - Thailand
- Malabar Cements Ltd - India
- SMC Global Power, Philippines
- Xindia Steels Limited - India
- Indian Energy Exchange, India
- Aboitiz Power Corporation - Philippines
- PowerSource Philippines DevCo
- GAC Shipping (India) Pvt Ltd
- San Jose City I Power Corp, Philippines
- Indonesian Coal Mining Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Electricity Generating Authority of Thailand
- European Bulk Services B.V. - Netherlands
- VISA Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Oil Corporation Limited
- Sinarmas Energy and Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Binh Thuan Hamico - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Renaissance Capital - South Africa
- Power Finance Corporation Ltd., India
- Semirara Mining and Power Corporation, Philippines
- Central Electricity Authority - India
- Petron Corporation, Philippines
- Agrawal Coal Company - India
- Gujarat Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Heidelberg Cement - Germany
- The University of Queensland
- Vijayanagar Sugar Pvt Ltd - India
- Commonwealth Bank - Australia
- Savvy Resources Ltd - HongKong
- OPG Power Generation Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Romanian Commodities Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jindal Steel & Power Ltd - India
- Global Business Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Africa Commodities Group - South Africa
- Eastern Coal Council - USA
- Bukit Baiduri Energy - Indonesia
- Attock Cement Pakistan Limited
- Star Paper Mills Limited - India
- McConnell Dowell - Australia
- Neyveli Lignite Corporation Ltd, - India
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- Semirara Mining Corp, Philippines
- GVK Power & Infra Limited - India
- New Zealand Coal & Carbon
- Bank of Tokyo Mitsubishi UFJ Ltd
- Anglo American - United Kingdom
- Jaiprakash Power Ventures ltd
- IHS Mccloskey Coal Group - USA
- The State Trading Corporation of India Ltd
- PetroVietnam Power Coal Import and Supply Company
- Sakthi Sugars Limited - India
- Indogreen Group - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Orica Australia Pty. Ltd.
- Pipit Mutiara Jaya. PT, Indonesia
- Barasentosa Lestari - Indonesia
- Edison Trading Spa - Italy
- Ministry of Finance - Indonesia
- Trasteel International SA, Italy
- Merrill Lynch Commodities Europe
- Kapuas Tunggal Persada - Indonesia
- Mintek Dendrill Indonesia
- Energy Link Ltd, New Zealand
- PTC India Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Singapore Mercantile Exchange
- Coalindo Energy - Indonesia
- Thai Mozambique Logistica
- Oldendorff Carriers - Singapore
- Salva Resources Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Siam City Cement PLC, Thailand
- Bhushan Steel Limited - India
- Ind-Barath Power Infra Limited - India
- Tata Chemicals Ltd - India
- Bulk Trading Sa - Switzerland
- Independent Power Producers Association of India
- Bhoruka Overseas - Indonesia
- Bhatia International Limited - India
- London Commodity Brokers - England
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Goldman Sachs - Singapore
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