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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, 26 May 15
MINING ASSOCIATION PERHAPI PUSHES FOR 35,000 MEGAWATT ELECTRICITY PROGRAM - JG
The Indonesian Mining Professionals Association, or Perhapi, has announced its support for a 35,000-megawatt national electricity program, saying i ...
Tuesday, 26 May 15
FOB INDONESIA COAL SWAP; UP WEEK OVER WEEK
COALspot.com: Indonesian coal swap for delivery Q3 2015 gains week over week and lost month on month, this past week.
The Q3 swap was declined ...
Monday, 25 May 15
FOB NEWCASTLE COAL SWAP Q1'16 CLOSED LOWER THAN Q3'15 CLOSING
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery gained US$ 0.92 per MT (2.07%) month over month and US$ 0.70 week on week. ...
Monday, 25 May 15
CFR SOUTH CHINA COAL SWAP : Q3, Q4'15 & Q1'16 INCREASED M-O-M AND W-O-W
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery up US$ 1.55 (3.09%) per MT month over month and US$ 0.72 (1.41%) pe ...
Sunday, 24 May 15
INDONESIA TO INDIA PANAMAX CHARTER RATES WERE RATING AT AROUND US$ 5500
COALspot.com: The freight market softened in all segments this past week.
The BDI was dropped 7.57 percent week over week and closed at 586 po ...
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Showing 3006 to 3010 news of total 6871 |
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- Romanian Commodities Exchange
- Dalmia Cement Bharat India
- Orica Australia Pty. Ltd.
- Gujarat Mineral Development Corp Ltd - India
- Australian Coal Association
- Alfred C Toepfer International GmbH - Germany
- Renaissance Capital - South Africa
- Kapuas Tunggal Persada - Indonesia
- Gujarat Sidhee Cement - India
- Jindal Steel & Power Ltd - India
- Mercuria Energy - Indonesia
- Semirara Mining Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Heidelberg Cement - Germany
- Essar Steel Hazira Ltd - India
- Toyota Tsusho Corporation, Japan
- Videocon Industries ltd - India
- Cigading International Bulk Terminal - Indonesia
- Aditya Birla Group - India
- CIMB Investment Bank - Malaysia
- European Bulk Services B.V. - Netherlands
- Mjunction Services Limited - India
- ASAPP Information Group - India
- Indogreen Group - Indonesia
- Coal and Oil Company - UAE
- Tamil Nadu electricity Board
- South Luzon Thermal Energy Corporation
- Leighton Contractors Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Wood Mackenzie - Singapore
- OPG Power Generation Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Star Paper Mills Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Coalindo Energy - Indonesia
- Cement Manufacturers Association - India
- Billiton Holdings Pty Ltd - Australia
- Goldman Sachs - Singapore
- Carbofer General Trading SA - India
- Indian Energy Exchange, India
- India Bulls Power Limited - India
- IEA Clean Coal Centre - UK
- Petrochimia International Co. Ltd.- Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Georgia Ports Authority, United States
- Baramulti Group, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhushan Steel Limited - India
- Therma Luzon, Inc, Philippines
- Central Java Power - Indonesia
- Thiess Contractors Indonesia
- Altura Mining Limited, Indonesia
- PNOC Exploration Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Ambuja Cements Ltd - India
- Kumho Petrochemical, South Korea
- Meenaskhi Energy Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Karaikal Port Pvt Ltd - India
- ICICI Bank Limited - India
- Indian Oil Corporation Limited
- The Treasury - Australian Government
- Borneo Indobara - Indonesia
- Kaltim Prima Coal - Indonesia
- Eastern Energy - Thailand
- Barasentosa Lestari - Indonesia
- PTC India Limited - India
- Ministry of Mines - Canada
- Samtan Co., Ltd - South Korea
- Global Business Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- VISA Power Limited - India
- Parry Sugars Refinery, India
- PetroVietnam Power Coal Import and Supply Company
- Xindia Steels Limited - India
- Ministry of Finance - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Makarim & Taira - Indonesia
- Agrawal Coal Company - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sinarmas Energy and Mining - Indonesia
- Mintek Dendrill Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Vizag Seaport Private Limited - India
- Sical Logistics Limited - India
- Tata Chemicals Ltd - India
- Timah Investasi Mineral - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Antam Resourcindo - Indonesia
- Chettinad Cement Corporation Ltd - India
- Uttam Galva Steels Limited - India
- London Commodity Brokers - England
- Bangladesh Power Developement Board
- Bulk Trading Sa - Switzerland
- Mercator Lines Limited - India
- Kohat Cement Company Ltd. - Pakistan
- GN Power Mariveles Coal Plant, Philippines
- Petron Corporation, Philippines
- GMR Energy Limited - India
- Ministry of Transport, Egypt
- Kalimantan Lumbung Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Jaiprakash Power Ventures ltd
- Sakthi Sugars Limited - India
- Binh Thuan Hamico - Vietnam
- CNBM International Corporation - China
- Pipit Mutiara Jaya. PT, Indonesia
- Kideco Jaya Agung - Indonesia
- Africa Commodities Group - South Africa
- Coastal Gujarat Power Limited - India
- Madhucon Powers Ltd - India
- Australian Commodity Traders Exchange
- Kartika Selabumi Mining - Indonesia
- Edison Trading Spa - Italy
- Sree Jayajothi Cements Limited - India
- Siam City Cement PLC, Thailand
- The State Trading Corporation of India Ltd
- IHS Mccloskey Coal Group - USA
- GVK Power & Infra Limited - India
- Independent Power Producers Association of India
- Price Waterhouse Coopers - Russia
- Pendopo Energi Batubara - Indonesia
- Deloitte Consulting - India
- Electricity Authority, New Zealand
- Bukit Makmur.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Metalloyd Limited - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Energy Development Corp, Philippines
- Marubeni Corporation - India
- Chamber of Mines of South Africa
- Bhoruka Overseas - Indonesia
- Wilmar Investment Holdings
- Bhatia International Limited - India
- Aboitiz Power Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Electricity Generating Authority of Thailand
- Rio Tinto Coal - Australia
- Interocean Group of Companies - India
- Sindya Power Generating Company Private Ltd
- Gujarat Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Trasteel International SA, Italy
- Economic Council, Georgia
- AsiaOL BioFuels Corp., Philippines
- Vedanta Resources Plc - India
- LBH Netherlands Bv - Netherlands
- Planning Commission, India
- Grasim Industreis Ltd - India
- Iligan Light & Power Inc, Philippines
- Latin American Coal - Colombia
- Power Finance Corporation Ltd., India
- Bukit Asam (Persero) Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Globalindo Alam Lestari - Indonesia
- SMC Global Power, Philippines
- Energy Link Ltd, New Zealand
- Lanco Infratech Ltd - India
- Indonesian Coal Mining Association
- Bukit Baiduri Energy - Indonesia
- Commonwealth Bank - Australia
- Siam City Cement - Thailand
- GAC Shipping (India) Pvt Ltd
- Riau Bara Harum - Indonesia
- The University of Queensland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Larsen & Toubro Limited - India
- Formosa Plastics Group - Taiwan
- Medco Energi Mining Internasional
- Simpson Spence & Young - Indonesia
- Global Green Power PLC Corporation, Philippines
- Standard Chartered Bank - UAE
- White Energy Company Limited
- Merrill Lynch Commodities Europe
- Thai Mozambique Logistica
- Kobexindo Tractors - Indoneisa
- McConnell Dowell - Australia
- Bharathi Cement Corporation - India
- Oldendorff Carriers - Singapore
- Malabar Cements Ltd - India
- PowerSource Philippines DevCo
- MS Steel International - UAE
- Indika Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Posco Energy - South Korea
- Savvy Resources Ltd - HongKong
- Port Waratah Coal Services - Australia
- Global Coal Blending Company Limited - Australia
- Banpu Public Company Limited - Thailand
- SN Aboitiz Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Parliament of New Zealand
- Meralco Power Generation, Philippines
- Central Electricity Authority - India
- Intertek Mineral Services - Indonesia
- San Jose City I Power Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Sojitz Corporation - Japan
- Krishnapatnam Port Company Ltd. - India
- Ind-Barath Power Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Singapore Mercantile Exchange
- Anglo American - United Kingdom
- Attock Cement Pakistan Limited
- Minerals Council of Australia
- Rashtriya Ispat Nigam Limited - India
- Maheswari Brothers Coal Limited - India
- Eastern Coal Council - USA
- New Zealand Coal & Carbon
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