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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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Friday, 05 June 15
U.S PRODUCED 15.1 MMST OF COAL THIS PAST WEEK; LESS 20.7% COMPARED TO SAME PERIOD IN 2014
COALspot.com – United States the second largest coal producer in the world has produced approximately totalled an estimated 15.1 million shor ...
Thursday, 04 June 15
DRY BULK MARKET FAILED TO OFFER ANY POSITIVE SURPRISES - INTERMODAL
COALspot.com: This has been another week that the Dry Bulk market failed to offer any positive surprises, while the BDI, which is still faring belo ...
Wednesday, 03 June 15
SHIPPING MARKET INSIGHT - VASSILIS LOGOTHETIS
For some time now the Dry Bulk market has been severely affected by China’s slowing GDP growth rate that occurs in the background of increase ...
Tuesday, 02 June 15
FOB INDONESIA COAL Q3 SWAP ADVANCED 1.73% MONTH OVER MONTH
COALspot.com: Indonesian coal swap for delivery Q3 2015 gains month on month and lost week over week, this past week.
The Q3 swap was climbed ...
Tuesday, 02 June 15
FOB RICHARDS BAY COAL SWAPS; Q3'15 CLOSED HIGHER THAN Q1'16
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 up month over month and week over week.
The Q3 swap was up US$ 0.80 (1 ...
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- Energy Link Ltd, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Asmin Koalindo Tuhup - Indonesia
- Salva Resources Pvt Ltd - India
- Bangladesh Power Developement Board
- LBH Netherlands Bv - Netherlands
- Parry Sugars Refinery, India
- Tata Chemicals Ltd - India
- Altura Mining Limited, Indonesia
- Tamil Nadu electricity Board
- Bayan Resources Tbk. - Indonesia
- Mercator Lines Limited - India
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- Ministry of Mines - Canada
- Kohat Cement Company Ltd. - Pakistan
- San Jose City I Power Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Karaikal Port Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Holcim Trading Pte Ltd - Singapore
- Planning Commission, India
- Star Paper Mills Limited - India
- Indo Tambangraya Megah - Indonesia
- PTC India Limited - India
- GAC Shipping (India) Pvt Ltd
- Madhucon Powers Ltd - India
- Simpson Spence & Young - Indonesia
- Chettinad Cement Corporation Ltd - India
- Merrill Lynch Commodities Europe
- Gujarat Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Kaltim Prima Coal - Indonesia
- Thiess Contractors Indonesia
- Indika Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- GVK Power & Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Bhushan Steel Limited - India
- Medco Energi Mining Internasional
- Semirara Mining and Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Bharathi Cement Corporation - India
- The State Trading Corporation of India Ltd
- New Zealand Coal & Carbon
- Economic Council, Georgia
- Wood Mackenzie - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Green Power PLC Corporation, Philippines
- Eastern Energy - Thailand
- Timah Investasi Mineral - Indoneisa
- Iligan Light & Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Antam Resourcindo - Indonesia
- Singapore Mercantile Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Agrawal Coal Company - India
- Jorong Barutama Greston.PT - Indonesia
- Sojitz Corporation - Japan
- PowerSource Philippines DevCo
- Eastern Coal Council - USA
- Globalindo Alam Lestari - Indonesia
- The University of Queensland
- Formosa Plastics Group - Taiwan
- Samtan Co., Ltd - South Korea
- Independent Power Producers Association of India
- Commonwealth Bank - Australia
- IEA Clean Coal Centre - UK
- Borneo Indobara - Indonesia
- Edison Trading Spa - Italy
- Malabar Cements Ltd - India
- Siam City Cement PLC, Thailand
- Orica Mining Services - Indonesia
- CIMB Investment Bank - Malaysia
- SMG Consultants - Indonesia
- Thai Mozambique Logistica
- Chamber of Mines of South Africa
- ASAPP Information Group - India
- Xindia Steels Limited - India
- Sakthi Sugars Limited - India
- Interocean Group of Companies - India
- Coal and Oil Company - UAE
- Makarim & Taira - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Attock Cement Pakistan Limited
- MS Steel International - UAE
- Standard Chartered Bank - UAE
- Marubeni Corporation - India
- Bulk Trading Sa - Switzerland
- Siam City Cement - Thailand
- Global Business Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Coal Blending Company Limited - Australia
- Central Electricity Authority - India
- Pipit Mutiara Jaya. PT, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- South Luzon Thermal Energy Corporation
- Larsen & Toubro Limited - India
- Sindya Power Generating Company Private Ltd
- Jaiprakash Power Ventures ltd
- Trasteel International SA, Italy
- Straits Asia Resources Limited - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aditya Birla Group - India
- Uttam Galva Steels Limited - India
- Sical Logistics Limited - India
- Sarangani Energy Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Power Finance Corporation Ltd., India
- Meenaskhi Energy Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Carbofer General Trading SA - India
- Indonesian Coal Mining Association
- Wilmar Investment Holdings
- Essar Steel Hazira Ltd - India
- PNOC Exploration Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Bhoruka Overseas - Indonesia
- Alfred C Toepfer International GmbH - Germany
- SN Aboitiz Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- ICICI Bank Limited - India
- Indian Oil Corporation Limited
- Posco Energy - South Korea
- White Energy Company Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Cement Manufacturers Association - India
- VISA Power Limited - India
- Toyota Tsusho Corporation, Japan
- Price Waterhouse Coopers - Russia
- Australian Coal Association
- Vedanta Resources Plc - India
- Petrochimia International Co. Ltd.- Taiwan
- TeaM Sual Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Port Waratah Coal Services - Australia
- Kumho Petrochemical, South Korea
- Kalimantan Lumbung Energi - Indonesia
- Romanian Commodities Exchange
- Grasim Industreis Ltd - India
- Mercuria Energy - Indonesia
- Riau Bara Harum - Indonesia
- Indogreen Group - Indonesia
- Videocon Industries ltd - India
- Metalloyd Limited - United Kingdom
- Ministry of Transport, Egypt
- Jindal Steel & Power Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Anglo American - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Lanco Infratech Ltd - India
- Deloitte Consulting - India
- Billiton Holdings Pty Ltd - Australia
- Parliament of New Zealand
- Barasentosa Lestari - Indonesia
- Electricity Generating Authority of Thailand
- GN Power Mariveles Coal Plant, Philippines
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- The Treasury - Australian Government
- Therma Luzon, Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Minerals Council of Australia
- Energy Development Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Oldendorff Carriers - Singapore
- Baramulti Group, Indonesia
- IHS Mccloskey Coal Group - USA
- Leighton Contractors Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- SMC Global Power, Philippines
- GMR Energy Limited - India
- McConnell Dowell - Australia
- Mintek Dendrill Indonesia
- Coastal Gujarat Power Limited - India
- Savvy Resources Ltd - HongKong
- Dalmia Cement Bharat India
- Miang Besar Coal Terminal - Indonesia
- Bhatia International Limited - India
- Ind-Barath Power Infra Limited - India
- Indian Energy Exchange, India
- Renaissance Capital - South Africa
- India Bulls Power Limited - India
- Heidelberg Cement - Germany
- Central Java Power - Indonesia
- International Coal Ventures Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Meralco Power Generation, Philippines
- Banpu Public Company Limited - Thailand
- Rio Tinto Coal - Australia
- Georgia Ports Authority, United States
- Binh Thuan Hamico - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Maharashtra Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Coalindo Energy - Indonesia
- London Commodity Brokers - England
- Mjunction Services Limited - India
- Vizag Seaport Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Latin American Coal - Colombia
- Intertek Mineral Services - Indonesia
- Australian Commodity Traders Exchange
- Orica Australia Pty. Ltd.
- Gujarat Sidhee Cement - India
- Petron Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- European Bulk Services B.V. - Netherlands
- Ministry of Finance - Indonesia
- Kepco SPC Power Corporation, Philippines
- Goldman Sachs - Singapore
- Aboitiz Power Corporation - Philippines
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