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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, 29 May 15
COAL PRODUCTION IN THE U.S. ALMOST FLAT THIS PAST WEEK
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 16.1 million short ...
Friday, 29 May 15
SOUTH KOREAN STATE-OWNED UTILITY KOREA MIDLAND POWER INVITES BIDS FOR 780K MT OF COAL FOR H2' 15
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender to buy total 780K Metric Tons (MT) of HCV and LCV ...
Thursday, 28 May 15
TIMEBAR FOR DEMURRAGE CLAIMS - SKULD
KNOWLEDGE TO ELEVATE
English law has traditionally had a strict approach to contractually agreed time bars between commercial parties as well ...
Wednesday, 27 May 15
MARKET INSIGHT - TIMOS PAPADIMITRIOU
Earlier in the year I looked at how the market was reacting to the prolonged fall of the price of oil. Back then it was still unclear if the fallin ...
Tuesday, 26 May 15
HOW HAS THE DROP IN OIL PRICES AFFECTED OTHER COMMODITIES? - CLYDE & CO
KNOWLEDGE TO ELEVATE
The effects of the dramatic drop in the price of both Ice March Brent, the international oil marker, and its US counterpa ...
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wood Mackenzie - Singapore
- San Jose City I Power Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- PTC India Limited - India
- Holcim Trading Pte Ltd - Singapore
- Thiess Contractors Indonesia
- Orica Australia Pty. Ltd.
- White Energy Company Limited
- Maharashtra Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Kideco Jaya Agung - Indonesia
- Carbofer General Trading SA - India
- Rashtriya Ispat Nigam Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Samtan Co., Ltd - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- South Luzon Thermal Energy Corporation
- Karaikal Port Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Videocon Industries ltd - India
- Sree Jayajothi Cements Limited - India
- Kartika Selabumi Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Sical Logistics Limited - India
- GVK Power & Infra Limited - India
- Simpson Spence & Young - Indonesia
- Commonwealth Bank - Australia
- Salva Resources Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Vedanta Resources Plc - India
- Trasteel International SA, Italy
- Standard Chartered Bank - UAE
- Essar Steel Hazira Ltd - India
- Dalmia Cement Bharat India
- Meenaskhi Energy Private Limited - India
- VISA Power Limited - India
- Sakthi Sugars Limited - India
- Siam City Cement - Thailand
- SMC Global Power, Philippines
- Chamber of Mines of South Africa
- Wilmar Investment Holdings
- Bhoruka Overseas - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Petron Corporation, Philippines
- Altura Mining Limited, Indonesia
- Independent Power Producers Association of India
- PNOC Exploration Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Baiduri Energy - Indonesia
- Renaissance Capital - South Africa
- Heidelberg Cement - Germany
- Meralco Power Generation, Philippines
- Minerals Council of Australia
- Mercuria Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- LBH Netherlands Bv - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- London Commodity Brokers - England
- Parliament of New Zealand
- Tata Chemicals Ltd - India
- PowerSource Philippines DevCo
- Petrochimia International Co. Ltd.- Taiwan
- Xindia Steels Limited - India
- Mercator Lines Limited - India
- Chettinad Cement Corporation Ltd - India
- Parry Sugars Refinery, India
- Indika Energy - Indonesia
- Africa Commodities Group - South Africa
- SMG Consultants - Indonesia
- Borneo Indobara - Indonesia
- McConnell Dowell - Australia
- Globalindo Alam Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Energy Development Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kepco SPC Power Corporation, Philippines
- Indogreen Group - Indonesia
- Therma Luzon, Inc, Philippines
- Electricity Authority, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining and Power Corporation, Philippines
- Sojitz Corporation - Japan
- Neyveli Lignite Corporation Ltd, - India
- Malabar Cements Ltd - India
- Posco Energy - South Korea
- Oldendorff Carriers - Singapore
- Central Electricity Authority - India
- Coastal Gujarat Power Limited - India
- Eastern Energy - Thailand
- OPG Power Generation Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Orica Mining Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Link Ltd, New Zealand
- The State Trading Corporation of India Ltd
- Asmin Koalindo Tuhup - Indonesia
- Savvy Resources Ltd - HongKong
- Indo Tambangraya Megah - Indonesia
- Manunggal Multi Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- ICICI Bank Limited - India
- MS Steel International - UAE
- The University of Queensland
- Mintek Dendrill Indonesia
- New Zealand Coal & Carbon
- Gujarat Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- European Bulk Services B.V. - Netherlands
- Interocean Group of Companies - India
- Madhucon Powers Ltd - India
- IEA Clean Coal Centre - UK
- International Coal Ventures Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Latin American Coal - Colombia
- IHS Mccloskey Coal Group - USA
- Timah Investasi Mineral - Indoneisa
- Romanian Commodities Exchange
- CNBM International Corporation - China
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- Uttam Galva Steels Limited - India
- Rio Tinto Coal - Australia
- Pendopo Energi Batubara - Indonesia
- Jaiprakash Power Ventures ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Bangladesh Power Developement Board
- Banpu Public Company Limited - Thailand
- Global Business Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Star Paper Mills Limited - India
- Straits Asia Resources Limited - Singapore
- Edison Trading Spa - Italy
- Attock Cement Pakistan Limited
- Vizag Seaport Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Bhushan Steel Limited - India
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Tamil Nadu electricity Board
- Bukit Makmur.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Riau Bara Harum - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Oil Corporation Limited
- Bharathi Cement Corporation - India
- Deloitte Consulting - India
- Alfred C Toepfer International GmbH - Germany
- Karbindo Abesyapradhi - Indoneisa
- Ind-Barath Power Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Iligan Light & Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Singapore Mercantile Exchange
- Aditya Birla Group - India
- Ambuja Cements Ltd - India
- Australian Commodity Traders Exchange
- Maheswari Brothers Coal Limited - India
- Georgia Ports Authority, United States
- Metalloyd Limited - United Kingdom
- Mjunction Services Limited - India
- Gujarat Sidhee Cement - India
- Bahari Cakrawala Sebuku - Indonesia
- India Bulls Power Limited - India
- Agrawal Coal Company - India
- Siam City Cement PLC, Thailand
- Antam Resourcindo - Indonesia
- Electricity Generating Authority of Thailand
- Larsen & Toubro Limited - India
- Australian Coal Association
- Thai Mozambique Logistica
- Cigading International Bulk Terminal - Indonesia
- Goldman Sachs - Singapore
- Bayan Resources Tbk. - Indonesia
- Toyota Tsusho Corporation, Japan
- Indonesian Coal Mining Association
- ASAPP Information Group - India
- Grasim Industreis Ltd - India
- GMR Energy Limited - India
- Marubeni Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Anglo American - United Kingdom
- Ministry of Transport, Egypt
- Planning Commission, India
- Bhatia International Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Kumho Petrochemical, South Korea
- Power Finance Corporation Ltd., India
- TeaM Sual Corporation - Philippines
- Medco Energi Mining Internasional
- Lanco Infratech Ltd - India
- Formosa Plastics Group - Taiwan
- CIMB Investment Bank - Malaysia
- Ministry of Mines - Canada
- Economic Council, Georgia
- Vijayanagar Sugar Pvt Ltd - India
- Indian Energy Exchange, India
- Sinarmas Energy and Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Cement Manufacturers Association - India
- Baramulti Group, Indonesia
- The Treasury - Australian Government
- Coalindo Energy - Indonesia
- Makarim & Taira - Indonesia
- Barasentosa Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining Corp, Philippines
- Coal and Oil Company - UAE
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Finance - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
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