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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, 26 June 15
INDONESIA COAL PRODUCTION FALLS BETWEEN JAN-MAY : JG
The Ministry of Energy and Mineral Resources announced that coal production declined to 166 million tons between January and May, a 19 percent drop ...
Friday, 26 June 15
COAL PRODUCTION IN THE U.S ROSE 6.0% WEEK OVER WEEK, SAYS EIA
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 16.3 million short ...
Thursday, 25 June 15
THE PORT OF NEWCASTLE SHIPPED 13.31% MORE COAL IN MAY 2015 COMPARED TO APRIL 2015
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1.18 billio ...
Thursday, 25 June 15
CAPESIZE: PERIOD INTEREST REMAINED STRONG FOR A SECOND WEEK - INTERMODAL
COALspot.com: Following those depressive last six months, the BDI closed off on last Friday noting a substantial weekly increase, which pushed the ...
Wednesday, 24 June 15
PANAMAXES: THE OUTLOOK REMAINS NEGATIVE AS DEMAND FOR COAL IS DIMINISHING - YANNIS OLZIERSKY
As we get closer to the end of June, we can safely say that the 1st half of the year is leaving the dry bulk market with a bitter taste that we all ...
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- Minerals Council of Australia
- Global Coal Blending Company Limited - Australia
- Indian Oil Corporation Limited
- Parliament of New Zealand
- Uttam Galva Steels Limited - India
- Sojitz Corporation - Japan
- Coalindo Energy - Indonesia
- Xindia Steels Limited - India
- Indogreen Group - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aditya Birla Group - India
- GVK Power & Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Thiess Contractors Indonesia
- Economic Council, Georgia
- Orica Australia Pty. Ltd.
- Miang Besar Coal Terminal - Indonesia
- PTC India Limited - India
- Meenaskhi Energy Private Limited - India
- Bhushan Steel Limited - India
- Bangladesh Power Developement Board
- South Luzon Thermal Energy Corporation
- Gujarat Mineral Development Corp Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Finance - Indonesia
- Siam City Cement PLC, Thailand
- Manunggal Multi Energi - Indonesia
- VISA Power Limited - India
- Electricity Authority, New Zealand
- Bukit Makmur.PT - Indonesia
- Orica Mining Services - Indonesia
- Coastal Gujarat Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Sakthi Sugars Limited - India
- Kideco Jaya Agung - Indonesia
- The State Trading Corporation of India Ltd
- The University of Queensland
- PNOC Exploration Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Carbofer General Trading SA - India
- Edison Trading Spa - Italy
- Malabar Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Kaltim Prima Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Merrill Lynch Commodities Europe
- Bhoruka Overseas - Indonesia
- Port Waratah Coal Services - Australia
- Formosa Plastics Group - Taiwan
- LBH Netherlands Bv - Netherlands
- Oldendorff Carriers - Singapore
- Madhucon Powers Ltd - India
- Medco Energi Mining Internasional
- Parry Sugars Refinery, India
- Therma Luzon, Inc, Philippines
- TeaM Sual Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Eastern Energy - Thailand
- SMG Consultants - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dalmia Cement Bharat India
- MS Steel International - UAE
- Aboitiz Power Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Pendopo Energi Batubara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Independent Power Producers Association of India
- Essar Steel Hazira Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- India Bulls Power Limited - India
- SMC Global Power, Philippines
- GAC Shipping (India) Pvt Ltd
- CNBM International Corporation - China
- Sree Jayajothi Cements Limited - India
- Banpu Public Company Limited - Thailand
- Larsen & Toubro Limited - India
- Bharathi Cement Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Coal Council - USA
- Standard Chartered Bank - UAE
- Ministry of Transport, Egypt
- Indonesian Coal Mining Association
- White Energy Company Limited
- Globalindo Alam Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Petron Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Energy Development Corp, Philippines
- Commonwealth Bank - Australia
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- Central Electricity Authority - India
- Wilmar Investment Holdings
- Jorong Barutama Greston.PT - Indonesia
- Chamber of Mines of South Africa
- Cement Manufacturers Association - India
- CIMB Investment Bank - Malaysia
- Power Finance Corporation Ltd., India
- Antam Resourcindo - Indonesia
- Interocean Group of Companies - India
- GMR Energy Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Pipit Mutiara Jaya. PT, Indonesia
- Singapore Mercantile Exchange
- Semirara Mining Corp, Philippines
- Sical Logistics Limited - India
- Bayan Resources Tbk. - Indonesia
- The Treasury - Australian Government
- Ceylon Electricity Board - Sri Lanka
- PowerSource Philippines DevCo
- Maharashtra Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Mjunction Services Limited - India
- Sindya Power Generating Company Private Ltd
- Price Waterhouse Coopers - Russia
- McConnell Dowell - Australia
- Samtan Co., Ltd - South Korea
- Attock Cement Pakistan Limited
- Indian Energy Exchange, India
- Siam City Cement - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Videocon Industries ltd - India
- Meralco Power Generation, Philippines
- Energy Link Ltd, New Zealand
- Directorate Of Revenue Intelligence - India
- IHS Mccloskey Coal Group - USA
- Makarim & Taira - Indonesia
- Latin American Coal - Colombia
- Global Green Power PLC Corporation, Philippines
- Renaissance Capital - South Africa
- Grasim Industreis Ltd - India
- Maheswari Brothers Coal Limited - India
- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- Bulk Trading Sa - Switzerland
- Ind-Barath Power Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercuria Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Goldman Sachs - Singapore
- Bhatia International Limited - India
- Semirara Mining and Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Australian Commodity Traders Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Mercator Lines Limited - India
- Kapuas Tunggal Persada - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Alfred C Toepfer International GmbH - Germany
- Central Java Power - Indonesia
- Ambuja Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mintek Dendrill Indonesia
- Savvy Resources Ltd - HongKong
- Barasentosa Lestari - Indonesia
- Ministry of Mines - Canada
- San Jose City I Power Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kepco SPC Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Riau Bara Harum - Indonesia
- Star Paper Mills Limited - India
- Timah Investasi Mineral - Indoneisa
- New Zealand Coal & Carbon
- Simpson Spence & Young - Indonesia
- Jindal Steel & Power Ltd - India
- Karaikal Port Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Romanian Commodities Exchange
- Africa Commodities Group - South Africa
- Billiton Holdings Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Trasteel International SA, Italy
- Agrawal Coal Company - India
- Sinarmas Energy and Mining - Indonesia
- Coal and Oil Company - UAE
- Chettinad Cement Corporation Ltd - India
- London Commodity Brokers - England
- Kumho Petrochemical, South Korea
- Lanco Infratech Ltd - India
- Thai Mozambique Logistica
- Baramulti Group, Indonesia
- Anglo American - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Australian Coal Association
- Rio Tinto Coal - Australia
- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- Heidelberg Cement - Germany
- Wood Mackenzie - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Marubeni Corporation - India
- Indika Energy - Indonesia
- Borneo Indobara - Indonesia
- Metalloyd Limited - United Kingdom
- Georgia Ports Authority, United States
- ICICI Bank Limited - India
- International Coal Ventures Pvt Ltd - India
- ASAPP Information Group - India
- Planning Commission, India
- Tata Chemicals Ltd - India
- Sarangani Energy Corporation, Philippines
- Vedanta Resources Plc - India
- Binh Thuan Hamico - Vietnam
- Posco Energy - South Korea
- Kohat Cement Company Ltd. - Pakistan
- OPG Power Generation Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Electricity Generating Authority of Thailand
- Toyota Tsusho Corporation, Japan
- Kartika Selabumi Mining - Indonesia
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