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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, 18 May 15
FOB NEWCASTLE COAL SWAPS SCORE MONTHLY GAINS
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery gained US$ 0.87 per MT (1.99%) month over month and lost US$ 0.03 week on w ...
Monday, 18 May 15
Q1' 16 API 8 CFR SOUTH CHINA COAL SWAP CLOSED HIGHER THAN Q3' 15 CLOSING PRICE
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery up US$ 1.05 (2.10%) per MT month over month and US$ 0.53 (1.05%) pe ...
Sunday, 17 May 15
INDONESIA - INDIA FREIGHTS RATES EXPECTED TO FLAT TO SOFT NEXT WEEK
COALspot.com: The BDI was up by 10.45% and closed at 634 points week on week, while the Cape index saws big jump or up almost 55% for the same peri ...
Friday, 15 May 15
DRY BULK AND CONTAINER SHIPPING TO REMAIN WEAK, OUTLOOK FOR PORTS AND TANKERS POSITIVE - DREWRY MARITIME EQUITY RESEARCH
Global economy is in a gradual recovery mode, sending mixed signals to investors. Chinese economic data continues to remain weak as economy transit ...
Friday, 15 May 15
COAL PRODUCTION IN U.S DOWN 1.4 MILLION TONS FOR THE WEEK ENDING MAY 8
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 16.0 million short ...
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- McConnell Dowell - Australia
- Price Waterhouse Coopers - Russia
- Global Coal Blending Company Limited - Australia
- Bayan Resources Tbk. - Indonesia
- Kumho Petrochemical, South Korea
- Planning Commission, India
- Deloitte Consulting - India
- Altura Mining Limited, Indonesia
- Heidelberg Cement - Germany
- ASAPP Information Group - India
- San Jose City I Power Corp, Philippines
- IEA Clean Coal Centre - UK
- Kapuas Tunggal Persada - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Central Electricity Authority - India
- Toyota Tsusho Corporation, Japan
- Samtan Co., Ltd - South Korea
- Wood Mackenzie - Singapore
- Carbofer General Trading SA - India
- Cement Manufacturers Association - India
- Maheswari Brothers Coal Limited - India
- Kideco Jaya Agung - Indonesia
- Straits Asia Resources Limited - Singapore
- Sojitz Corporation - Japan
- Malabar Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- India Bulls Power Limited - India
- Latin American Coal - Colombia
- Banpu Public Company Limited - Thailand
- Rashtriya Ispat Nigam Limited - India
- Bharathi Cement Corporation - India
- Bhushan Steel Limited - India
- MS Steel International - UAE
- Xindia Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- PTC India Limited - India
- OPG Power Generation Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Uttam Galva Steels Limited - India
- Indian Energy Exchange, India
- ICICI Bank Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Transport, Egypt
- Chettinad Cement Corporation Ltd - India
- White Energy Company Limited
- Manunggal Multi Energi - Indonesia
- Electricity Authority, New Zealand
- Meralco Power Generation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Finance - Indonesia
- Medco Energi Mining Internasional
- Bukit Asam (Persero) Tbk - Indonesia
- Mercuria Energy - Indonesia
- Baramulti Group, Indonesia
- Georgia Ports Authority, United States
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Vedanta Resources Plc - India
- Larsen & Toubro Limited - India
- Marubeni Corporation - India
- Borneo Indobara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- IHS Mccloskey Coal Group - USA
- Metalloyd Limited - United Kingdom
- Jindal Steel & Power Ltd - India
- Sindya Power Generating Company Private Ltd
- Kohat Cement Company Ltd. - Pakistan
- VISA Power Limited - India
- Thai Mozambique Logistica
- Essar Steel Hazira Ltd - India
- Thiess Contractors Indonesia
- Standard Chartered Bank - UAE
- Renaissance Capital - South Africa
- South Luzon Thermal Energy Corporation
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhatia International Limited - India
- Binh Thuan Hamico - Vietnam
- PNOC Exploration Corporation - Philippines
- Indian Oil Corporation Limited
- Mintek Dendrill Indonesia
- Australian Commodity Traders Exchange
- International Coal Ventures Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Grasim Industreis Ltd - India
- Anglo American - United Kingdom
- Dalmia Cement Bharat India
- Tamil Nadu electricity Board
- London Commodity Brokers - England
- Indonesian Coal Mining Association
- Merrill Lynch Commodities Europe
- Agrawal Coal Company - India
- Goldman Sachs - Singapore
- Gujarat Sidhee Cement - India
- Intertek Mineral Services - Indonesia
- The University of Queensland
- Independent Power Producers Association of India
- Star Paper Mills Limited - India
- CIMB Investment Bank - Malaysia
- Semirara Mining Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Bhoruka Overseas - Indonesia
- Riau Bara Harum - Indonesia
- SMC Global Power, Philippines
- Petron Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Singapore Mercantile Exchange
- Pendopo Energi Batubara - Indonesia
- GVK Power & Infra Limited - India
- Coal and Oil Company - UAE
- Makarim & Taira - Indonesia
- Energy Development Corp, Philippines
- Jaiprakash Power Ventures ltd
- Maharashtra Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Sakthi Sugars Limited - India
- Gujarat Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Indo Tambangraya Megah - Indonesia
- PowerSource Philippines DevCo
- Holcim Trading Pte Ltd - Singapore
- Edison Trading Spa - Italy
- Simpson Spence & Young - Indonesia
- CNBM International Corporation - China
- Siam City Cement PLC, Thailand
- Formosa Plastics Group - Taiwan
- LBH Netherlands Bv - Netherlands
- Globalindo Alam Lestari - Indonesia
- Attock Cement Pakistan Limited
- Antam Resourcindo - Indonesia
- The Treasury - Australian Government
- Aditya Birla Group - India
- Posco Energy - South Korea
- Economic Council, Georgia
- Mercator Lines Limited - India
- Global Green Power PLC Corporation, Philippines
- Interocean Group of Companies - India
- GN Power Mariveles Coal Plant, Philippines
- Ambuja Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Coastal Gujarat Power Limited - India
- Port Waratah Coal Services - Australia
- Oldendorff Carriers - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- GAC Shipping (India) Pvt Ltd
- Iligan Light & Power Inc, Philippines
- New Zealand Coal & Carbon
- PetroVietnam Power Coal Import and Supply Company
- Sarangani Energy Corporation, Philippines
- Parry Sugars Refinery, India
- Salva Resources Pvt Ltd - India
- Mjunction Services Limited - India
- Ministry of Mines - Canada
- Directorate General of MIneral and Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- GMR Energy Limited - India
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Mining Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- SMG Consultants - Indonesia
- Siam City Cement - Thailand
- Kobexindo Tractors - Indoneisa
- Bulk Trading Sa - Switzerland
- Karbindo Abesyapradhi - Indoneisa
- The State Trading Corporation of India Ltd
- Energy Link Ltd, New Zealand
- Chamber of Mines of South Africa
- Sinarmas Energy and Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Coalindo Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Australian Coal Association
- Kepco SPC Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Madhucon Powers Ltd - India
- European Bulk Services B.V. - Netherlands
- Directorate Of Revenue Intelligence - India
- Indika Energy - Indonesia
- Africa Commodities Group - South Africa
- Bukit Makmur.PT - Indonesia
- Videocon Industries ltd - India
- Electricity Generating Authority of Thailand
- Central Java Power - Indonesia
- Commonwealth Bank - Australia
- Aboitiz Power Corporation - Philippines
- Eastern Energy - Thailand
- Meenaskhi Energy Private Limited - India
- Therma Luzon, Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Wilmar Investment Holdings
- Barasentosa Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Baiduri Energy - Indonesia
- Orica Australia Pty. Ltd.
- Parliament of New Zealand
- Indogreen Group - Indonesia
- SN Aboitiz Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Eastern Coal Council - USA
- Bangladesh Power Developement Board
- Sical Logistics Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Lanco Infratech Ltd - India
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- Trasteel International SA, Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karaikal Port Pvt Ltd - India
- Savvy Resources Ltd - HongKong
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