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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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Monday, 15 June 15
API 5 FOB NEWCASTLE COAL SWAP: Q1'16 DELIVERY CLOSED 1.14% LOWER THAN Q4'15 DELIVERY PRICE
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery up $ 1.10 per MT (2.47%) month over month to US$ 45.67 per mt. The swap ...
Monday, 15 June 15
CFR SOUTH CHINA COAL SWAP: ROSE M-O-M; DECLINED W-O-W
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery rose US$ 1.43 (2.82%) per MT month over month.
A commodity swap is a ...
Sunday, 14 June 15
THE FREIGHT MARKET FINISHED THE WEEK UP COMPARED TO LAST WEEK
COALspot.com: The freight market finished the week up compared to last week. All the segments except for Cape index were up. Cape segment was ...
Friday, 12 June 15
EXPECTATIONS IN REGARDS TO THE SUMMER SEASON VARY ACROSS THE MARKET - INTERMODAL
The Dry Bulk market closed off last slightly up last week, with the BDI re-gaining the 600 points level, while the driving force behind the increas ...
Friday, 12 June 15
U.S. PRODUCED 15.1 MMST OF COAL THIS PAST WEEK - EIA
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 15.1 million short ...
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- Merrill Lynch Commodities Europe
- Barasentosa Lestari - Indonesia
- Heidelberg Cement - Germany
- International Coal Ventures Pvt Ltd - India
- Independent Power Producers Association of India
- Trasteel International SA, Italy
- Renaissance Capital - South Africa
- Thiess Contractors Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Kobexindo Tractors - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Indian Energy Exchange, India
- Pipit Mutiara Jaya. PT, Indonesia
- The Treasury - Australian Government
- Semirara Mining Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sojitz Corporation - Japan
- Indonesian Coal Mining Association
- Sical Logistics Limited - India
- Australian Commodity Traders Exchange
- Ambuja Cements Ltd - India
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
- Baramulti Group, Indonesia
- Wilmar Investment Holdings
- Kalimantan Lumbung Energi - Indonesia
- Energy Link Ltd, New Zealand
- PTC India Limited - India
- Alfred C Toepfer International GmbH - Germany
- Leighton Contractors Pty Ltd - Australia
- Xindia Steels Limited - India
- Uttam Galva Steels Limited - India
- Jaiprakash Power Ventures ltd
- AsiaOL BioFuels Corp., Philippines
- Toyota Tsusho Corporation, Japan
- Tamil Nadu electricity Board
- Power Finance Corporation Ltd., India
- Kepco SPC Power Corporation, Philippines
- Coal and Oil Company - UAE
- Maheswari Brothers Coal Limited - India
- Sinarmas Energy and Mining - Indonesia
- Parry Sugars Refinery, India
- Therma Luzon, Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aboitiz Power Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- San Jose City I Power Corp, Philippines
- Bulk Trading Sa - Switzerland
- Bharathi Cement Corporation - India
- Bhoruka Overseas - Indonesia
- IEA Clean Coal Centre - UK
- Eastern Energy - Thailand
- Borneo Indobara - Indonesia
- McConnell Dowell - Australia
- Latin American Coal - Colombia
- Bangladesh Power Developement Board
- Malabar Cements Ltd - India
- Star Paper Mills Limited - India
- SMC Global Power, Philippines
- Indian Oil Corporation Limited
- Deloitte Consulting - India
- Holcim Trading Pte Ltd - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dalmia Cement Bharat India
- Central Java Power - Indonesia
- Sakthi Sugars Limited - India
- Mercator Lines Limited - India
- Meenaskhi Energy Private Limited - India
- CNBM International Corporation - China
- Agrawal Coal Company - India
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Sidhee Cement - India
- Carbofer General Trading SA - India
- Bukit Makmur.PT - Indonesia
- Makarim & Taira - Indonesia
- Bhatia International Limited - India
- Australian Coal Association
- Minerals Council of Australia
- Timah Investasi Mineral - Indoneisa
- Marubeni Corporation - India
- Indika Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Thai Mozambique Logistica
- Vizag Seaport Private Limited - India
- Mercuria Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Central Electricity Authority - India
- Bukit Asam (Persero) Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Energy Development Corp, Philippines
- Grasim Industreis Ltd - India
- ASAPP Information Group - India
- Banpu Public Company Limited - Thailand
- Savvy Resources Ltd - HongKong
- Global Business Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Commonwealth Bank - Australia
- Madhucon Powers Ltd - India
- Chamber of Mines of South Africa
- VISA Power Limited - India
- Mjunction Services Limited - India
- Directorate Of Revenue Intelligence - India
- Kohat Cement Company Ltd. - Pakistan
- Kaltim Prima Coal - Indonesia
- Mintek Dendrill Indonesia
- Krishnapatnam Port Company Ltd. - India
- SN Aboitiz Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- IHS Mccloskey Coal Group - USA
- Standard Chartered Bank - UAE
- The University of Queensland
- Orica Australia Pty. Ltd.
- Coastal Gujarat Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Orica Mining Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Africa Commodities Group - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Riau Bara Harum - Indonesia
- Posco Energy - South Korea
- Interocean Group of Companies - India
- Chettinad Cement Corporation Ltd - India
- Kideco Jaya Agung - Indonesia
- Globalindo Alam Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Samtan Co., Ltd - South Korea
- Ministry of Finance - Indonesia
- LBH Netherlands Bv - Netherlands
- Anglo American - United Kingdom
- Price Waterhouse Coopers - Russia
- Directorate General of MIneral and Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Vedanta Resources Plc - India
- MS Steel International - UAE
- Economic Council, Georgia
- Gujarat Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Kumho Petrochemical, South Korea
- Rashtriya Ispat Nigam Limited - India
- Port Waratah Coal Services - Australia
- Bayan Resources Tbk. - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Meralco Power Generation, Philippines
- Altura Mining Limited, Indonesia
- GMR Energy Limited - India
- Electricity Authority, New Zealand
- Videocon Industries ltd - India
- Wood Mackenzie - Singapore
- New Zealand Coal & Carbon
- Siam City Cement - Thailand
- Antam Resourcindo - Indonesia
- Parliament of New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Singapore Mercantile Exchange
- Gujarat Mineral Development Corp Ltd - India
- Cement Manufacturers Association - India
- Jindal Steel & Power Ltd - India
- European Bulk Services B.V. - Netherlands
- Metalloyd Limited - United Kingdom
- Lanco Infratech Ltd - India
- Salva Resources Pvt Ltd - India
- Eastern Coal Council - USA
- Medco Energi Mining Internasional
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining and Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Aditya Birla Group - India
- Miang Besar Coal Terminal - Indonesia
- GVK Power & Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Goldman Sachs - Singapore
- Edison Trading Spa - Italy
- Straits Asia Resources Limited - Singapore
- Sarangani Energy Corporation, Philippines
- ICICI Bank Limited - India
- Indo Tambangraya Megah - Indonesia
- Coalindo Energy - Indonesia
- Petron Corporation, Philippines
- Ministry of Mines - Canada
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Transport, Egypt
- PetroVietnam Power Coal Import and Supply Company
- GAC Shipping (India) Pvt Ltd
- Bukit Baiduri Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Siam City Cement PLC, Thailand
- Tata Chemicals Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- TeaM Sual Corporation - Philippines
- London Commodity Brokers - England
- Electricity Generating Authority of Thailand
- Ind-Barath Power Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Attock Cement Pakistan Limited
- Jorong Barutama Greston.PT - Indonesia
- Oldendorff Carriers - Singapore
- White Energy Company Limited
- Cigading International Bulk Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Billiton Holdings Pty Ltd - Australia
- Indogreen Group - Indonesia
- Larsen & Toubro Limited - India
- Bhushan Steel Limited - India
- Romanian Commodities Exchange
- Planning Commission, India
- PowerSource Philippines DevCo
- Intertek Mineral Services - Indonesia
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