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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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Wednesday, 20 May 15
TANKER MARKET INSIGHT - JOHN N. COTZIAS
Since Early October 2014 the tanker market has been experiencing a very positive momentum and has continued its strong performance so far in 2015. ...
Wednesday, 20 May 15
FOB RICHARDS BAY COAL SWAPS GAINED M-O-M, W-O-W
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 increased month over month and week over week.
The Q3 swap has increas ...
Wednesday, 20 May 15
BUKIT ASAM'S AVERAGE EXPORT PRICE WAS UNDER PRESSURE DURING Q1
COALspot.com: Indonesia’s state owned coal producer saw their profits fall in the first quarter of the year compared to the same period last ...
Wednesday, 20 May 15
IRON ORE PRICES TO REMAIN WEAK ON LOW DEMAND, HIGH OUTPUT - FITCH
Iron ore prices will stay low for several years due to increasing supply, weak demand growth in China and the slower-than-expected closure of high- ...
Tuesday, 19 May 15
KOMIPO IS SEEKING TOTAL 2.34 MMT OF HCV AND LCV COAL FOR 2015 - 2017
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender to buy total 2.34 million Metric Tons (MT) of HCV ...
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- Gujarat Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Mintek Dendrill Indonesia
- Global Coal Blending Company Limited - Australia
- PTC India Limited - India
- Altura Mining Limited, Indonesia
- Wilmar Investment Holdings
- Formosa Plastics Group - Taiwan
- Kideco Jaya Agung - Indonesia
- Goldman Sachs - Singapore
- Merrill Lynch Commodities Europe
- Uttam Galva Steels Limited - India
- Sojitz Corporation - Japan
- Salva Resources Pvt Ltd - India
- Power Finance Corporation Ltd., India
- AsiaOL BioFuels Corp., Philippines
- Bhushan Steel Limited - India
- Sindya Power Generating Company Private Ltd
- Billiton Holdings Pty Ltd - Australia
- PowerSource Philippines DevCo
- Indo Tambangraya Megah - Indonesia
- Grasim Industreis Ltd - India
- Latin American Coal - Colombia
- Maheswari Brothers Coal Limited - India
- Bangladesh Power Developement Board
- Kepco SPC Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Directorate Of Revenue Intelligence - India
- TNB Fuel Sdn Bhd - Malaysia
- Renaissance Capital - South Africa
- Ministry of Transport, Egypt
- Indika Energy - Indonesia
- Chamber of Mines of South Africa
- Vizag Seaport Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Kapuas Tunggal Persada - Indonesia
- South Luzon Thermal Energy Corporation
- Ministry of Finance - Indonesia
- Tata Chemicals Ltd - India
- Meenaskhi Energy Private Limited - India
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- Minerals Council of Australia
- Savvy Resources Ltd - HongKong
- Ministry of Mines - Canada
- Kartika Selabumi Mining - Indonesia
- Marubeni Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- MS Steel International - UAE
- Malabar Cements Ltd - India
- Anglo American - United Kingdom
- Oldendorff Carriers - Singapore
- Central Electricity Authority - India
- Cement Manufacturers Association - India
- Petron Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Sree Jayajothi Cements Limited - India
- Dalmia Cement Bharat India
- Vijayanagar Sugar Pvt Ltd - India
- Interocean Group of Companies - India
- Maharashtra Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Cigading International Bulk Terminal - Indonesia
- Madhucon Powers Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- The Treasury - Australian Government
- Jorong Barutama Greston.PT - Indonesia
- Sakthi Sugars Limited - India
- London Commodity Brokers - England
- Manunggal Multi Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement - Thailand
- Kaltim Prima Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Mercuria Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Bhatia International Limited - India
- Orica Mining Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kobexindo Tractors - Indoneisa
- Mjunction Services Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Romanian Commodities Exchange
- Meralco Power Generation, Philippines
- Indonesian Coal Mining Association
- VISA Power Limited - India
- Australian Commodity Traders Exchange
- Essar Steel Hazira Ltd - India
- White Energy Company Limited
- Coalindo Energy - Indonesia
- Baramulti Group, Indonesia
- Bukit Makmur.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Larsen & Toubro Limited - India
- Indian Energy Exchange, India
- Price Waterhouse Coopers - Russia
- Independent Power Producers Association of India
- Electricity Authority, New Zealand
- Coal and Oil Company - UAE
- Borneo Indobara - Indonesia
- Banpu Public Company Limited - Thailand
- Parry Sugars Refinery, India
- GVK Power & Infra Limited - India
- Rio Tinto Coal - Australia
- Mercator Lines Limited - India
- Intertek Mineral Services - Indonesia
- CIMB Investment Bank - Malaysia
- Energy Link Ltd, New Zealand
- Vedanta Resources Plc - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Pendopo Energi Batubara - Indonesia
- Edison Trading Spa - Italy
- Semirara Mining Corp, Philippines
- Star Paper Mills Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Generating Authority of Thailand
- Indogreen Group - Indonesia
- Chettinad Cement Corporation Ltd - India
- LBH Netherlands Bv - Netherlands
- TeaM Sual Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Commonwealth Bank - Australia
- Singapore Mercantile Exchange
- Videocon Industries ltd - India
- Leighton Contractors Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Economic Council, Georgia
- The State Trading Corporation of India Ltd
- Aditya Birla Group - India
- Central Java Power - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- India Bulls Power Limited - India
- McConnell Dowell - Australia
- Barasentosa Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Tamil Nadu electricity Board
- Bharathi Cement Corporation - India
- Thai Mozambique Logistica
- Samtan Co., Ltd - South Korea
- IEA Clean Coal Centre - UK
- SMC Global Power, Philippines
- Ceylon Electricity Board - Sri Lanka
- Xindia Steels Limited - India
- Attock Cement Pakistan Limited
- Makarim & Taira - Indonesia
- IHS Mccloskey Coal Group - USA
- Carbofer General Trading SA - India
- Ambuja Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Antam Resourcindo - Indonesia
- Eastern Coal Council - USA
- ICICI Bank Limited - India
- Africa Commodities Group - South Africa
- International Coal Ventures Pvt Ltd - India
- Medco Energi Mining Internasional
- GN Power Mariveles Coal Plant, Philippines
- Ind-Barath Power Infra Limited - India
- Standard Chartered Bank - UAE
- Siam City Cement PLC, Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Riau Bara Harum - Indonesia
- Indian Oil Corporation Limited
- Port Waratah Coal Services - Australia
- Agrawal Coal Company - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Binh Thuan Hamico - Vietnam
- Globalindo Alam Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- PNOC Exploration Corporation - Philippines
- Heidelberg Cement - Germany
- CNBM International Corporation - China
- Timah Investasi Mineral - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining and Power Corporation, Philippines
- SMG Consultants - Indonesia
- Therma Luzon, Inc, Philippines
- Parliament of New Zealand
- Wood Mackenzie - Singapore
- Energy Development Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Lanco Infratech Ltd - India
- Orica Australia Pty. Ltd.
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- Australian Coal Association
- Sical Logistics Limited - India
- Kumho Petrochemical, South Korea
- ASAPP Information Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Karaikal Port Pvt Ltd - India
- The University of Queensland
- Aboitiz Power Corporation - Philippines
- Eastern Energy - Thailand
- Trasteel International SA, Italy
- Iligan Light & Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- European Bulk Services B.V. - Netherlands
- GMR Energy Limited - India
- Planning Commission, India
- Posco Energy - South Korea
- New Zealand Coal & Carbon
- SN Aboitiz Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Metalloyd Limited - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
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