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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, 23 June 15
Q3 FOB INDONESIA COAL SWAP FALL $1.12 IN ONE 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, 23 June 15
FOB RICHARDS BAY COAL SWAP HAS REMAINED STEADY OVER THE PAST WEEK
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 rose month over month and week over week.
The Q3 swap was up US$ 2.32 ...
Monday, 22 June 15
BORYEONG POWER PLANT TO IMPORT 140K MT OF LCV COAL FOR AUGUST - SEPTEMBER 2015
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender to purchase 140K Metric Tons (MT) of LCV coal for ...
Monday, 22 June 15
CFR SOUTH CHINA COAL SWAP: UP MONTH OVER MONTH; DOWN WEEK OVER WEEK
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery rose US$ 0.30 (0.58%) per MT month over month.
A commodity swap is a ...
Monday, 22 June 15
FOB NEWCASTLE COAL SWAP: UP WEEK OVER WEEK AND MONTH OVER MONTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery up $ 0.54 per MT (1.19%) month over month to US$ 45.87 per mt. The swap was ...
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- Simpson Spence & Young - Indonesia
- Aboitiz Power Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Tamil Nadu electricity Board
- Coalindo Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Vedanta Resources Plc - India
- Coal and Oil Company - UAE
- White Energy Company Limited
- Videocon Industries ltd - India
- Timah Investasi Mineral - Indoneisa
- Deloitte Consulting - India
- Power Finance Corporation Ltd., India
- Bhushan Steel Limited - India
- The State Trading Corporation of India Ltd
- Commonwealth Bank - Australia
- Maharashtra Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Indonesian Coal Mining Association
- IHS Mccloskey Coal Group - USA
- Coastal Gujarat Power Limited - India
- Carbofer General Trading SA - India
- OPG Power Generation Pvt Ltd - India
- Planning Commission, India
- VISA Power Limited - India
- London Commodity Brokers - England
- Orica Australia Pty. Ltd.
- Oldendorff Carriers - Singapore
- Miang Besar Coal Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- The Treasury - Australian Government
- Sojitz Corporation - Japan
- Latin American Coal - Colombia
- Mercator Lines Limited - India
- ICICI Bank Limited - India
- Salva Resources Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Xindia Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Savvy Resources Ltd - HongKong
- Merrill Lynch Commodities Europe
- Semirara Mining Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Baramulti Group, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Romanian Commodities Exchange
- Binh Thuan Hamico - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Marubeni Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Energy Exchange, India
- Price Waterhouse Coopers - Russia
- Australian Coal Association
- Bukit Makmur.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Dalmia Cement Bharat India
- Straits Asia Resources Limited - Singapore
- GAC Shipping (India) Pvt Ltd
- PTC India Limited - India
- Siam City Cement PLC, Thailand
- TNB Fuel Sdn Bhd - Malaysia
- CNBM International Corporation - China
- Ministry of Mines - Canada
- Barasentosa Lestari - Indonesia
- Larsen & Toubro Limited - India
- South Luzon Thermal Energy Corporation
- Ind-Barath Power Infra Limited - India
- San Jose City I Power Corp, Philippines
- Georgia Ports Authority, United States
- Ministry of Finance - Indonesia
- Australian Commodity Traders Exchange
- Maheswari Brothers Coal Limited - India
- Rio Tinto Coal - Australia
- Jaiprakash Power Ventures ltd
- Uttam Galva Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Thai Mozambique Logistica
- Star Paper Mills Limited - India
- Electricity Authority, New Zealand
- Indo Tambangraya Megah - Indonesia
- Jindal Steel & Power Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- GMR Energy Limited - India
- Formosa Plastics Group - Taiwan
- Samtan Co., Ltd - South Korea
- SMG Consultants - Indonesia
- Anglo American - United Kingdom
- Borneo Indobara - Indonesia
- Trasteel International SA, Italy
- Attock Cement Pakistan Limited
- Sree Jayajothi Cements Limited - India
- PowerSource Philippines DevCo
- Offshore Bulk Terminal Pte Ltd, Singapore
- Billiton Holdings Pty Ltd - Australia
- Parry Sugars Refinery, India
- Indika Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- India Bulls Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Minerals Council of Australia
- Central Java Power - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Bangladesh Power Developement Board
- Interocean Group of Companies - India
- Parliament of New Zealand
- Eastern Coal Council - USA
- Meenaskhi Energy Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Energy Link Ltd, New Zealand
- GVK Power & Infra Limited - India
- Vizag Seaport Private Limited - India
- Agrawal Coal Company - India
- Holcim Trading Pte Ltd - Singapore
- International Coal Ventures Pvt Ltd - India
- Standard Chartered Bank - UAE
- Gujarat Sidhee Cement - India
- MS Steel International - UAE
- Aditya Birla Group - India
- Banpu Public Company Limited - Thailand
- Kideco Jaya Agung - Indonesia
- LBH Netherlands Bv - Netherlands
- The University of Queensland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- New Zealand Coal & Carbon
- Makarim & Taira - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- ASAPP Information Group - India
- Economic Council, Georgia
- Asmin Koalindo Tuhup - Indonesia
- Thiess Contractors Indonesia
- Wood Mackenzie - Singapore
- Kaltim Prima Coal - Indonesia
- Africa Commodities Group - South Africa
- Semirara Mining and Power Corporation, Philippines
- Eastern Energy - Thailand
- Global Green Power PLC Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Independent Power Producers Association of India
- Pendopo Energi Batubara - Indonesia
- Sakthi Sugars Limited - India
- Port Waratah Coal Services - Australia
- Mintek Dendrill Indonesia
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Lanco Infratech Ltd - India
- Metalloyd Limited - United Kingdom
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cement Manufacturers Association - India
- Altura Mining Limited, Indonesia
- Edison Trading Spa - Italy
- Directorate Of Revenue Intelligence - India
- Iligan Light & Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Siam City Cement - Thailand
- Karbindo Abesyapradhi - Indoneisa
- McConnell Dowell - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mjunction Services Limited - India
- Petron Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Electricity Generating Authority of Thailand
- CIMB Investment Bank - Malaysia
- Renaissance Capital - South Africa
- Global Business Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Bharathi Cement Corporation - India
- Ambuja Cements Ltd - India
- IEA Clean Coal Centre - UK
- Goldman Sachs - Singapore
- Posco Energy - South Korea
- Therma Luzon, Inc, Philippines
- Sical Logistics Limited - India
- Orica Mining Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Sindya Power Generating Company Private Ltd
- Bulk Trading Sa - Switzerland
- Antam Resourcindo - Indonesia
- Chamber of Mines of South Africa
- Bhatia International Limited - India
- Wilmar Investment Holdings
- Krishnapatnam Port Company Ltd. - India
- TeaM Sual Corporation - Philippines
- Central Electricity Authority - India
- Globalindo Alam Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- Bhoruka Overseas - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Mercuria Energy - Indonesia
- Energy Development Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Kumho Petrochemical, South Korea
- Grasim Industreis Ltd - India
- Singapore Mercantile Exchange
- Global Coal Blending Company Limited - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Malabar Cements Ltd - India
- Ministry of Transport, Egypt
- Kapuas Tunggal Persada - Indonesia
- Medco Energi Mining Internasional
- Heidelberg Cement - Germany
- Leighton Contractors Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
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