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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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Sunday, 21 June 15
SPOT RATE AVERAGES FOR FREIGHT FROM INDONESIA TO INDIA REMAIN STRONG THIS WEEK
COALspot.com: The freight market was quite firm this week compared to last week. The BDI was up 21% week on week and closed at 779 points. The cape ...
Friday, 19 June 15
U.S. WEEKLY COAL PRODUCTION UP SLIGHTLY COMPARED TO LAST WEEK; CONTINUES TO BE DOWN FROM LAST YEAR
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 15.4 million short ...
Friday, 19 June 15
INDONESIA'S COAL-TRAFFICKING PROBLEM REQUIRES IMPARTIAL INQUIRY - JAKARTA GLOBE
Indonesia, the leading supplier to the seaborne thermal coal market, produces 420 million tons of coal per year, according to its official tally.
...
Thursday, 18 June 15
DRY BULK SHIPPING: LOWEST FLEET GROWTH IN 10 YEARS MAY NOT PROVE ENOUGH AS DEMAND IS NOT KEEPING PACE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The demand side of things in the dry bulk market seems unable to keep pace with even the slightest fleet growth, a sign of the demise that the indu ...
Thursday, 18 June 15
THE FAR EAST HANDYSIZE, HANDYMAX, SUPRAMAX MARKET REMAINED STEADY LAST WEEK - INTERMODAL
COALspot.com: The Dry Bulk market closed off on Friday (last week) noting small gains on the back of stronger performance in the Panamax segment, w ...
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- Sree Jayajothi Cements Limited - India
- TeaM Sual Corporation - Philippines
- Energy Development Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Minerals Council of Australia
- Petron Corporation, Philippines
- Gujarat Sidhee Cement - India
- Bukit Asam (Persero) Tbk - Indonesia
- GVK Power & Infra Limited - India
- Renaissance Capital - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Standard Chartered Bank - UAE
- Jorong Barutama Greston.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Marubeni Corporation - India
- Attock Cement Pakistan Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sical Logistics Limited - India
- Siam City Cement - Thailand
- Power Finance Corporation Ltd., India
- Edison Trading Spa - Italy
- Energy Link Ltd, New Zealand
- Chettinad Cement Corporation Ltd - India
- Meralco Power Generation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Directorate Of Revenue Intelligence - India
- Directorate General of MIneral and Coal - Indonesia
- Romanian Commodities Exchange
- New Zealand Coal & Carbon
- Parry Sugars Refinery, India
- Videocon Industries ltd - India
- Coal and Oil Company - UAE
- Simpson Spence & Young - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Iligan Light & Power Inc, Philippines
- MS Steel International - UAE
- Kobexindo Tractors - Indoneisa
- SMC Global Power, Philippines
- Madhucon Powers Ltd - India
- San Jose City I Power Corp, Philippines
- South Luzon Thermal Energy Corporation
- Coalindo Energy - Indonesia
- Riau Bara Harum - Indonesia
- Merrill Lynch Commodities Europe
- Goldman Sachs - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- PTC India Limited - India
- Posco Energy - South Korea
- Orica Mining Services - Indonesia
- Semirara Mining Corp, Philippines
- Vedanta Resources Plc - India
- Price Waterhouse Coopers - Russia
- Global Green Power PLC Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Australian Coal Association
- Malabar Cements Ltd - India
- ICICI Bank Limited - India
- Meenaskhi Energy Private Limited - India
- Vizag Seaport Private Limited - India
- The University of Queensland
- Sakthi Sugars Limited - India
- Billiton Holdings Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Krishnapatnam Port Company Ltd. - India
- Kaltim Prima Coal - Indonesia
- Ministry of Mines - Canada
- Tamil Nadu electricity Board
- Altura Mining Limited, Indonesia
- Cement Manufacturers Association - India
- Kideco Jaya Agung - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Salva Resources Pvt Ltd - India
- Ambuja Cements Ltd - India
- Planning Commission, India
- Trasteel International SA, Italy
- Antam Resourcindo - Indonesia
- Mintek Dendrill Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pendopo Energi Batubara - Indonesia
- Mercuria Energy - Indonesia
- Makarim & Taira - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kartika Selabumi Mining - Indonesia
- Wilmar Investment Holdings
- Bayan Resources Tbk. - Indonesia
- The Treasury - Australian Government
- SMG Consultants - Indonesia
- Wood Mackenzie - Singapore
- Timah Investasi Mineral - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thiess Contractors Indonesia
- Africa Commodities Group - South Africa
- IEA Clean Coal Centre - UK
- Georgia Ports Authority, United States
- Ind-Barath Power Infra Limited - India
- Parliament of New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement PLC, Thailand
- Intertek Mineral Services - Indonesia
- Therma Luzon, Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Manunggal Multi Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Mjunction Services Limited - India
- Bhatia International Limited - India
- Agrawal Coal Company - India
- Sarangani Energy Corporation, Philippines
- Eastern Coal Council - USA
- Formosa Plastics Group - Taiwan
- PNOC Exploration Corporation - Philippines
- Oldendorff Carriers - Singapore
- Essar Steel Hazira Ltd - India
- Star Paper Mills Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Baramulti Group, Indonesia
- Global Business Power Corporation, Philippines
- Ministry of Transport, Egypt
- Aditya Birla Group - India
- Latin American Coal - Colombia
- Cigading International Bulk Terminal - Indonesia
- PowerSource Philippines DevCo
- Anglo American - United Kingdom
- Indonesian Coal Mining Association
- Bharathi Cement Corporation - India
- ASAPP Information Group - India
- Karaikal Port Pvt Ltd - India
- Economic Council, Georgia
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- Samtan Co., Ltd - South Korea
- Commonwealth Bank - Australia
- Karbindo Abesyapradhi - Indoneisa
- Toyota Tsusho Corporation, Japan
- Heidelberg Cement - Germany
- Uttam Galva Steels Limited - India
- Barasentosa Lestari - Indonesia
- Xindia Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Indogreen Group - Indonesia
- Australian Commodity Traders Exchange
- Kepco SPC Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Independent Power Producers Association of India
- Miang Besar Coal Terminal - Indonesia
- Deloitte Consulting - India
- Ceylon Electricity Board - Sri Lanka
- Carbofer General Trading SA - India
- SN Aboitiz Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Larsen & Toubro Limited - India
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- GAC Shipping (India) Pvt Ltd
- Indian Oil Corporation Limited
- Bangladesh Power Developement Board
- Medco Energi Mining Internasional
- Indian Energy Exchange, India
- Jindal Steel & Power Ltd - India
- India Bulls Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Alfred C Toepfer International GmbH - Germany
- Borneo Indobara - Indonesia
- Electricity Authority, New Zealand
- Jaiprakash Power Ventures ltd
- CNBM International Corporation - China
- GN Power Mariveles Coal Plant, Philippines
- Global Coal Blending Company Limited - Australia
- Asmin Koalindo Tuhup - Indonesia
- Globalindo Alam Lestari - Indonesia
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Rio Tinto Coal - Australia
- Indo Tambangraya Megah - Indonesia
- Sojitz Corporation - Japan
- Bhushan Steel Limited - India
- Lanco Infratech Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Neyveli Lignite Corporation Ltd, - India
- Interocean Group of Companies - India
- TNB Fuel Sdn Bhd - Malaysia
- Bhoruka Overseas - Indonesia
- Central Java Power - Indonesia
- Savvy Resources Ltd - HongKong
- VISA Power Limited - India
- Central Electricity Authority - India
- Kumho Petrochemical, South Korea
- OPG Power Generation Pvt Ltd - India
- Ministry of Finance - Indonesia
- Maheswari Brothers Coal Limited - India
- AsiaOL BioFuels Corp., Philippines
- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- Mercator Lines Limited - India
- Semirara Mining and Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Indika Energy - Indonesia
- Chamber of Mines of South Africa
- Electricity Generating Authority of Thailand
- White Energy Company Limited
- McConnell Dowell - Australia
- Singapore Mercantile Exchange
- Orica Australia Pty. Ltd.
- London Commodity Brokers - England
- Metalloyd Limited - United Kingdom
- Binh Thuan Hamico - Vietnam
- Port Waratah Coal Services - Australia
- Banpu Public Company Limited - Thailand
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