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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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Thursday, 18 June 15
MERCATOR'S KAMSARMAX FIXED WITH CLEARLAKE
COALspot.com: Mercator Lines (Singapore) Limited, a leading Indian-owned international dry bulk shipping company focused on markets such as India, ...
Wednesday, 17 June 15
PANAMAX RATE AVERAGED $22.82 PMT IN THE FIRST 10 DAYS OF JUNE FOR THE GRAIN ROUTE FROM SANTOS, BRAZIL, TO QINGDAO, CHINA - INTERMODAL
This year, Brazil will be exporting a record 96 million tons of soybean crop and starting in August the country will begin shipping a second corn c ...
Tuesday, 16 June 15
MERS: POTENTIAL CHARTERPARTY IMPLICATIONS - CLYDE & CO
KNOWLEDGE TO ELEVATE
South Korea's current outbreak of Middle East Respiratory Syndrome (MERS) has been the focus of much international at ...
Tuesday, 16 June 15
Q3 FOB INDONESIA COAL SWAP PRICE DOWN 50 CENTS OVER PAST WEEK
COALspot.com: Indonesian coal swap for delivery Q3 2015 gains month on month but declined week over week, this past week.
The Q3 swap was clim ...
Tuesday, 16 June 15
FOB RICHARDS BAY COAL SWAPS: PRICES MOVED UP ON THE WEEK
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 rose month over month and week over week.
The Q3 swap was up US$ 1.70 ...
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- Energy Development Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- GVK Power & Infra Limited - India
- Mintek Dendrill Indonesia
- Aditya Birla Group - India
- Salva Resources Pvt Ltd - India
- London Commodity Brokers - England
- Sakthi Sugars Limited - India
- Ministry of Finance - Indonesia
- Lanco Infratech Ltd - India
- San Jose City I Power Corp, Philippines
- The Treasury - Australian Government
- IHS Mccloskey Coal Group - USA
- Bhushan Steel Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Standard Chartered Bank - UAE
- Intertek Mineral Services - Indonesia
- Africa Commodities Group - South Africa
- Indogreen Group - Indonesia
- Economic Council, Georgia
- Grasim Industreis Ltd - India
- Barasentosa Lestari - Indonesia
- PowerSource Philippines DevCo
- Riau Bara Harum - Indonesia
- Edison Trading Spa - Italy
- LBH Netherlands Bv - Netherlands
- Samtan Co., Ltd - South Korea
- Georgia Ports Authority, United States
- Gujarat Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Australian Coal Association
- Tamil Nadu electricity Board
- VISA Power Limited - India
- Siam City Cement - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Coal and Oil Company - UAE
- Price Waterhouse Coopers - Russia
- TNB Fuel Sdn Bhd - Malaysia
- Bhoruka Overseas - Indonesia
- Tata Chemicals Ltd - India
- ICICI Bank Limited - India
- GMR Energy Limited - India
- GAC Shipping (India) Pvt Ltd
- Asmin Koalindo Tuhup - Indonesia
- Jindal Steel & Power Ltd - India
- Wood Mackenzie - Singapore
- Globalindo Alam Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- The State Trading Corporation of India Ltd
- Directorate General of MIneral and Coal - Indonesia
- Electricity Generating Authority of Thailand
- Mercator Lines Limited - India
- Goldman Sachs - Singapore
- Posco Energy - South Korea
- Larsen & Toubro Limited - India
- Thiess Contractors Indonesia
- Indo Tambangraya Megah - Indonesia
- Commonwealth Bank - Australia
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- Videocon Industries ltd - India
- Rashtriya Ispat Nigam Limited - India
- Renaissance Capital - South Africa
- White Energy Company Limited
- Parry Sugars Refinery, India
- Central Electricity Authority - India
- GN Power Mariveles Coal Plant, Philippines
- Thai Mozambique Logistica
- Bhatia International Limited - India
- Indian Oil Corporation Limited
- CNBM International Corporation - China
- Kumho Petrochemical, South Korea
- Eastern Coal Council - USA
- Coalindo Energy - Indonesia
- The University of Queensland
- Ind-Barath Power Infra Limited - India
- Carbofer General Trading SA - India
- Ministry of Transport, Egypt
- Bukit Asam (Persero) Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Port Waratah Coal Services - Australia
- Trasteel International SA, Italy
- Semirara Mining and Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Romanian Commodities Exchange
- Agrawal Coal Company - India
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- Maheswari Brothers Coal Limited - India
- Vedanta Resources Plc - India
- Indian Energy Exchange, India
- SMG Consultants - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Bharathi Cement Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Sical Logistics Limited - India
- India Bulls Power Limited - India
- Mercuria Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Orica Australia Pty. Ltd.
- Therma Luzon, Inc, Philippines
- Bangladesh Power Developement Board
- McConnell Dowell - Australia
- Kaltim Prima Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining Corp, Philippines
- Borneo Indobara - Indonesia
- Parliament of New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Savvy Resources Ltd - HongKong
- Kepco SPC Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Bukit Baiduri Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Australian Commodity Traders Exchange
- Energy Link Ltd, New Zealand
- Malabar Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Medco Energi Mining Internasional
- Coastal Gujarat Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Bayan Resources Tbk. - Indonesia
- MS Steel International - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Merrill Lynch Commodities Europe
- Kobexindo Tractors - Indoneisa
- Chamber of Mines of South Africa
- SN Aboitiz Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Singapore Mercantile Exchange
- Attock Cement Pakistan Limited
- Alfred C Toepfer International GmbH - Germany
- Miang Besar Coal Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- SMC Global Power, Philippines
- Global Coal Blending Company Limited - Australia
- Latin American Coal - Colombia
- Jaiprakash Power Ventures ltd
- Mjunction Services Limited - India
- Siam City Cement PLC, Thailand
- Kapuas Tunggal Persada - Indonesia
- IEA Clean Coal Centre - UK
- Rio Tinto Coal - Australia
- Independent Power Producers Association of India
- Ambuja Cements Ltd - India
- Anglo American - United Kingdom
- ASAPP Information Group - India
- Straits Asia Resources Limited - Singapore
- Gujarat Sidhee Cement - India
- Indika Energy - Indonesia
- Dalmia Cement Bharat India
- Central Java Power - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Simpson Spence & Young - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Ministry of Mines - Canada
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- Xindia Steels Limited - India
- Deloitte Consulting - India
- Star Paper Mills Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sindya Power Generating Company Private Ltd
- Baramulti Group, Indonesia
- Bulk Trading Sa - Switzerland
- International Coal Ventures Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- PetroVietnam Power Coal Import and Supply Company
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Energy - Thailand
- Kartika Selabumi Mining - Indonesia
- Altura Mining Limited, Indonesia
- European Bulk Services B.V. - Netherlands
- Heidelberg Cement - Germany
- Electricity Authority, New Zealand
- Antam Resourcindo - Indonesia
- Ceylon Electricity Board - Sri Lanka
- PNOC Exploration Corporation - Philippines
- PTC India Limited - India
- Pendopo Energi Batubara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Sojitz Corporation - Japan
- Kideco Jaya Agung - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Interocean Group of Companies - India
- Iligan Light & Power Inc, Philippines
- New Zealand Coal & Carbon
- Oldendorff Carriers - Singapore
- Karaikal Port Pvt Ltd - India
- Wilmar Investment Holdings
- Indonesian Coal Mining Association
- Aboitiz Power Corporation - Philippines
- Global Business Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Uttam Galva Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Marubeni Corporation - India
- TeaM Sual Corporation - Philippines
- Banpu Public Company Limited - Thailand
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