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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, 09 June 15
FOB RICHARDS BAY COAL SWAPS DECLINED M-O-M, W-O-W
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 declined month over month and week over week.
The Q3 swap was fell US$ ...
Monday, 08 June 15
SHIPPING FLEET GROWTH HAS STARTED TO SLOW DOWN, AS NEWBUILDINGS AMOUNT TO JUST 329 SHIPS OF ALL TYPES SINCE THE START OF 2015 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Challenging market conditions have led to the inevitable reconsideration of ship owners’ priorities. Uncertainty has been the norm over the p ...
Monday, 08 June 15
API 5 FOB NEWCASTLE COAL SWAPS ADVANCED M-O-M AND W-O-W
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery increased US$ 0.65 per MT (1.44%) month over month to US$ 45.65 per mt. The ...
Monday, 08 June 15
Q3'15 CFR SOUTH CHINA COAL SWAP ADVANCED 3.51% TO $52.48 PMT THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery rose US$ 1.78 (3.51%) per MT month over month.
A commodity swap is a ...
Sunday, 07 June 15
PANAMAX INDEX ROSE OVER 13% THIS WEEK
COALspot.com: The freight market was up on all segments this past week. The BDI was advanced 3.56% and closed at 610 points. The Cape Index was cli ...
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- Kapuas Tunggal Persada - Indonesia
- Coalindo Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Electricity Authority, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Cigading International Bulk Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Mjunction Services Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kohat Cement Company Ltd. - Pakistan
- Simpson Spence & Young - Indonesia
- Makarim & Taira - Indonesia
- Antam Resourcindo - Indonesia
- SN Aboitiz Power Inc, Philippines
- Posco Energy - South Korea
- Energy Link Ltd, New Zealand
- Binh Thuan Hamico - Vietnam
- Banpu Public Company Limited - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Karbindo Abesyapradhi - Indoneisa
- Manunggal Multi Energi - Indonesia
- Xindia Steels Limited - India
- San Jose City I Power Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Tamil Nadu electricity Board
- Altura Mining Limited, Indonesia
- Coastal Gujarat Power Limited - India
- Coal and Oil Company - UAE
- CIMB Investment Bank - Malaysia
- Price Waterhouse Coopers - Russia
- VISA Power Limited - India
- Trasteel International SA, Italy
- Sinarmas Energy and Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Directorate Of Revenue Intelligence - India
- Georgia Ports Authority, United States
- Essar Steel Hazira Ltd - India
- Indonesian Coal Mining Association
- Ambuja Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Bhushan Steel Limited - India
- Madhucon Powers Ltd - India
- Vedanta Resources Plc - India
- The University of Queensland
- Commonwealth Bank - Australia
- Kartika Selabumi Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Indika Energy - Indonesia
- Semirara Mining Corp, Philippines
- PTC India Limited - India
- Orica Australia Pty. Ltd.
- The Treasury - Australian Government
- Eastern Energy - Thailand
- Chamber of Mines of South Africa
- Singapore Mercantile Exchange
- New Zealand Coal & Carbon
- TNB Fuel Sdn Bhd - Malaysia
- Borneo Indobara - Indonesia
- Energy Development Corp, Philippines
- Goldman Sachs - Singapore
- ASAPP Information Group - India
- Eastern Coal Council - USA
- South Luzon Thermal Energy Corporation
- Semirara Mining and Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Bukit Asam (Persero) Tbk - Indonesia
- Bangladesh Power Developement Board
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- Riau Bara Harum - Indonesia
- Thai Mozambique Logistica
- Deloitte Consulting - India
- Sree Jayajothi Cements Limited - India
- Billiton Holdings Pty Ltd - Australia
- SMG Consultants - Indonesia
- Central Electricity Authority - India
- Chettinad Cement Corporation Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Edison Trading Spa - Italy
- Vijayanagar Sugar Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Medco Energi Mining Internasional
- Standard Chartered Bank - UAE
- Samtan Co., Ltd - South Korea
- Star Paper Mills Limited - India
- Indian Oil Corporation Limited
- Gujarat Mineral Development Corp Ltd - India
- GMR Energy Limited - India
- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
- Karaikal Port Pvt Ltd - India
- Ministry of Transport, Egypt
- Global Coal Blending Company Limited - Australia
- Anglo American - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Wood Mackenzie - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Latin American Coal - Colombia
- Iligan Light & Power Inc, Philippines
- Sojitz Corporation - Japan
- Mercuria Energy - Indonesia
- MS Steel International - UAE
- Central Java Power - Indonesia
- Larsen & Toubro Limited - India
- Asmin Koalindo Tuhup - Indonesia
- McConnell Dowell - Australia
- Gujarat Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Kepco SPC Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Gujarat Sidhee Cement - India
- Pipit Mutiara Jaya. PT, Indonesia
- London Commodity Brokers - England
- Jaiprakash Power Ventures ltd
- Bharathi Cement Corporation - India
- Tata Chemicals Ltd - India
- Economic Council, Georgia
- White Energy Company Limited
- Rio Tinto Coal - Australia
- Africa Commodities Group - South Africa
- Agrawal Coal Company - India
- Petrochimia International Co. Ltd.- Taiwan
- CNBM International Corporation - China
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Malabar Cements Ltd - India
- Electricity Generating Authority of Thailand
- Kumho Petrochemical, South Korea
- Baramulti Group, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Marubeni Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Finance - Indonesia
- Siam City Cement - Thailand
- Merrill Lynch Commodities Europe
- Savvy Resources Ltd - HongKong
- Pendopo Energi Batubara - Indonesia
- Minerals Council of Australia
- Global Green Power PLC Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Australian Commodity Traders Exchange
- Renaissance Capital - South Africa
- Bukit Makmur.PT - Indonesia
- Uttam Galva Steels Limited - India
- Indian Energy Exchange, India
- Bhatia International Limited - India
- Parry Sugars Refinery, India
- SMC Global Power, Philippines
- Power Finance Corporation Ltd., India
- Indogreen Group - Indonesia
- European Bulk Services B.V. - Netherlands
- Global Business Power Corporation, Philippines
- Mintek Dendrill Indonesia
- IEA Clean Coal Centre - UK
- Alfred C Toepfer International GmbH - Germany
- Ind-Barath Power Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Kobexindo Tractors - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Dalmia Cement Bharat India
- Salva Resources Pvt Ltd - India
- Meralco Power Generation, Philippines
- Toyota Tsusho Corporation, Japan
- ICICI Bank Limited - India
- LBH Netherlands Bv - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Petron Corporation, Philippines
- Sakthi Sugars Limited - India
- Meenaskhi Energy Private Limited - India
- Romanian Commodities Exchange
- Cement Manufacturers Association - India
- Timah Investasi Mineral - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Attock Cement Pakistan Limited
- Jindal Steel & Power Ltd - India
- Wilmar Investment Holdings
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Planning Commission, India
- Bukit Baiduri Energy - Indonesia
- Grasim Industreis Ltd - India
- Bhoruka Overseas - Indonesia
- Ministry of Mines - Canada
- Orica Mining Services - Indonesia
- Interocean Group of Companies - India
- Holcim Trading Pte Ltd - Singapore
- OPG Power Generation Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Lanco Infratech Ltd - India
- IHS Mccloskey Coal Group - USA
- Vizag Seaport Private Limited - India
- Straits Asia Resources Limited - Singapore
- Parliament of New Zealand
- Australian Coal Association
- Maheswari Brothers Coal Limited - India
- Mercator Lines Limited - India
- Thiess Contractors Indonesia
- Carbofer General Trading SA - India
- AsiaOL BioFuels Corp., Philippines
- Aboitiz Power Corporation - Philippines
- Videocon Industries ltd - India
- Heidelberg Cement - Germany
- GVK Power & Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Therma Luzon, Inc, Philippines
- Independent Power Producers Association of India
- India Bulls Power Limited - India
- Sical Logistics Limited - India
- PowerSource Philippines DevCo
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