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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, 01 June 15
35,000 MW POWER PLANTS TO BOOST COAL CONSUMPTION - JP
The government’s program to develop 35,000 megawatt (MW) power plants will increase domestic coal consumption, which currently stands at arou ...
Monday, 01 June 15
API 5 FOB NEWCASTLE COAL SWAP; Q1'16 CLOSED LOWER COMPARED TO Q3'15
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery gained US$ 0.36 per MT (0.80%) month over month. The swap was closed at US$ ...
Monday, 01 June 15
CFR SOUTH CHINA COAL SWAP: GAINED W-W, M-M; Q1'16 CLOSED HIGHER THAN Q3'15
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery up US$ 1.15 (2.26%) per MT month over month.
A commodity swap is a f ...
Sunday, 31 May 15
CAPE AND PANAMAX SEGMENTS SLIDE CONTINUES
COALspot.com: The BDI was up about 0.5 pct week on week and closed at 589 points while the cape index was fell 0.73 pct and closed at 810 po ...
Friday, 29 May 15
DRY BULK MARKET IS THE VICTIM OF A SHIFT IN DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The fall in dry bulk freight rates is attributed, in large part, to the substantial decrease of China’s thermal coal imports, a major commodi ...
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- Vijayanagar Sugar Pvt Ltd - India
- Mercuria Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- ICICI Bank Limited - India
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- TNB Fuel Sdn Bhd - Malaysia
- Chamber of Mines of South Africa
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- Commonwealth Bank - Australia
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- Petron Corporation, Philippines
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- Salva Resources Pvt Ltd - India
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- Bahari Cakrawala Sebuku - Indonesia
- Binh Thuan Hamico - Vietnam
- SN Aboitiz Power Inc, Philippines
- Mintek Dendrill Indonesia
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- Indonesian Coal Mining Association
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- Globalindo Alam Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Aditya Birla Group - India
- Metalloyd Limited - United Kingdom
- Mjunction Services Limited - India
- Sinarmas Energy and Mining - Indonesia
- Lanco Infratech Ltd - India
- Georgia Ports Authority, United States
- Marubeni Corporation - India
- Chettinad Cement Corporation Ltd - India
- Thai Mozambique Logistica
- IEA Clean Coal Centre - UK
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- Petrochimia International Co. Ltd.- Taiwan
- Therma Luzon, Inc, Philippines
- Global Business Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Price Waterhouse Coopers - Russia
- Independent Power Producers Association of India
- Billiton Holdings Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- European Bulk Services B.V. - Netherlands
- GMR Energy Limited - India
- Agrawal Coal Company - India
- The Treasury - Australian Government
- The University of Queensland
- VISA Power Limited - India
- Merrill Lynch Commodities Europe
- Xindia Steels Limited - India
- Parliament of New Zealand
- Semirara Mining Corp, Philippines
- Central Electricity Authority - India
- McConnell Dowell - Australia
- Pendopo Energi Batubara - Indonesia
- LBH Netherlands Bv - Netherlands
- Energy Link Ltd, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GVK Power & Infra Limited - India
- Barasentosa Lestari - Indonesia
- Bangladesh Power Developement Board
- GN Power Mariveles Coal Plant, Philippines
- Ceylon Electricity Board - Sri Lanka
- Edison Trading Spa - Italy
- Larsen & Toubro Limited - India
- Coastal Gujarat Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Malabar Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Formosa Plastics Group - Taiwan
- Australian Coal Association
- Borneo Indobara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Anglo American - United Kingdom
- Rio Tinto Coal - Australia
- Coal and Oil Company - UAE
- Tamil Nadu electricity Board
- Sojitz Corporation - Japan
- Directorate Of Revenue Intelligence - India
- Ministry of Transport, Egypt
- Vedanta Resources Plc - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tata Chemicals Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Jindal Steel & Power Ltd - India
- White Energy Company Limited
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- Carbofer General Trading SA - India
- Sindya Power Generating Company Private Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Energy Development Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Wilmar Investment Holdings
- Miang Besar Coal Terminal - Indonesia
- Central Java Power - Indonesia
- International Coal Ventures Pvt Ltd - India
- MS Steel International - UAE
- Port Waratah Coal Services - Australia
- Romanian Commodities Exchange
- Videocon Industries ltd - India
- Medco Energi Mining Internasional
- Madhucon Powers Ltd - India
- Power Finance Corporation Ltd., India
- Cigading International Bulk Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indogreen Group - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Africa Commodities Group - South Africa
- Uttam Galva Steels Limited - India
- Bhatia International Limited - India
- Bayan Resources Tbk. - Indonesia
- Electricity Generating Authority of Thailand
- Indian Energy Exchange, India
- Leighton Contractors Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Ministry of Mines - Canada
- Kaltim Prima Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- Toyota Tsusho Corporation, Japan
- Ministry of Finance - Indonesia
- Posco Energy - South Korea
- Siam City Cement PLC, Thailand
- Simpson Spence & Young - Indonesia
- Economic Council, Georgia
- Global Coal Blending Company Limited - Australia
- Renaissance Capital - South Africa
- Indika Energy - Indonesia
- Thiess Contractors Indonesia
- CNBM International Corporation - China
- Wood Mackenzie - Singapore
- PTC India Limited - India
- Trasteel International SA, Italy
- Cement Manufacturers Association - India
- Interocean Group of Companies - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Indian Oil Corporation Limited
- SMC Global Power, Philippines
- Sree Jayajothi Cements Limited - India
- Heidelberg Cement - Germany
- Meralco Power Generation, Philippines
- Kumho Petrochemical, South Korea
- South Luzon Thermal Energy Corporation
- Banpu Public Company Limited - Thailand
- Ambuja Cements Ltd - India
- Sakthi Sugars Limited - India
- Straits Asia Resources Limited - Singapore
- PNOC Exploration Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Latin American Coal - Colombia
- India Bulls Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Oldendorff Carriers - Singapore
- Orica Mining Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Minerals Council of Australia
- Ind-Barath Power Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Planning Commission, India
- Essar Steel Hazira Ltd - India
- Samtan Co., Ltd - South Korea
- Kartika Selabumi Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Standard Chartered Bank - UAE
- Grasim Industreis Ltd - India
- Sarangani Energy Corporation, Philippines
- Attock Cement Pakistan Limited
- San Jose City I Power Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Coalindo Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Iligan Light & Power Inc, Philippines
- Siam City Cement - Thailand
- Mercator Lines Limited - India
- Eastern Coal Council - USA
- The State Trading Corporation of India Ltd
- Orica Australia Pty. Ltd.
- Alfred C Toepfer International GmbH - Germany
- Electricity Authority, New Zealand
- Kideco Jaya Agung - Indonesia
- GAC Shipping (India) Pvt Ltd
- Antam Resourcindo - Indonesia
- London Commodity Brokers - England
- Vizag Seaport Private Limited - India
- Bharathi Cement Corporation - India
- Bhoruka Overseas - Indonesia
- PowerSource Philippines DevCo
- Singapore Mercantile Exchange
- Goldman Sachs - Singapore
- Jaiprakash Power Ventures ltd
- Australian Commodity Traders Exchange
- TeaM Sual Corporation - Philippines
- New Zealand Coal & Carbon
- Kalimantan Lumbung Energi - Indonesia
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