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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, 11 May 15
API 5 FOB NEWCASTLE COAL SWAP; INCREASED M-O-M; DECLINED W-O-W
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery gained US$ 0.62 per MT (1.41%) month over month and lost US$ 0.88 week on w ...
Monday, 11 May 15
CFR SOUTH CHINA COAL SWAP: DECLINED MOM AND WOW
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery declined US$ 0.46 (-0.90%) per MT month over month and US$ 0.28 (0. ...
Monday, 11 May 15
KOREA MIDLAND POWER INVITES BIDS FOR 140K MT OF 4600 NAR COAL
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued a new tender to buy total 140,000 Metric Tons (MT) of Sub-bitumi ...
Sunday, 10 May 15
FREIGHT RATES TO REMAIN SOFT NEXT WEEK
COALspot.com: The freight market was flat to soft week over week except for the Cape Index which was up 7.32%. Cape index was closed at 616 p ...
Friday, 08 May 15
BUSIEST CAPESIZE DEMOLITION MARKET EVER - BIMCO
The activity on the demolition market is off to a good start in 2015 when looking at dry bulk tonnage.
The dry bulk market has long suffered f ...
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- VISA Power Limited - India
- Salva Resources Pvt Ltd - India
- ICICI Bank Limited - India
- Attock Cement Pakistan Limited
- Karbindo Abesyapradhi - Indoneisa
- Jaiprakash Power Ventures ltd
- Anglo American - United Kingdom
- Ambuja Cements Ltd - India
- Chamber of Mines of South Africa
- Larsen & Toubro Limited - India
- Petron Corporation, Philippines
- Deloitte Consulting - India
- Kepco SPC Power Corporation, Philippines
- Sical Logistics Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Coal and Oil Company - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bharathi Cement Corporation - India
- Makarim & Taira - Indonesia
- Siam City Cement - Thailand
- PTC India Limited - India
- Edison Trading Spa - Italy
- Meenaskhi Energy Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Samtan Co., Ltd - South Korea
- Indian Oil Corporation Limited
- ASAPP Information Group - India
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- Trasteel International SA, Italy
- Binh Thuan Hamico - Vietnam
- Sree Jayajothi Cements Limited - India
- London Commodity Brokers - England
- Petrochimia International Co. Ltd.- Taiwan
- Bayan Resources Tbk. - Indonesia
- Tata Chemicals Ltd - India
- LBH Netherlands Bv - Netherlands
- McConnell Dowell - Australia
- Coalindo Energy - Indonesia
- Orica Mining Services - Indonesia
- Jindal Steel & Power Ltd - India
- CNBM International Corporation - China
- TNB Fuel Sdn Bhd - Malaysia
- Bulk Trading Sa - Switzerland
- Jorong Barutama Greston.PT - Indonesia
- Dalmia Cement Bharat India
- Manunggal Multi Energi - Indonesia
- Central Java Power - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- The State Trading Corporation of India Ltd
- CIMB Investment Bank - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Authority, New Zealand
- Siam City Cement PLC, Thailand
- Kaltim Prima Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Indogreen Group - Indonesia
- Standard Chartered Bank - UAE
- Metalloyd Limited - United Kingdom
- South Luzon Thermal Energy Corporation
- Indian Energy Exchange, India
- Wilmar Investment Holdings
- Eastern Coal Council - USA
- Star Paper Mills Limited - India
- Sinarmas Energy and Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Tamil Nadu electricity Board
- Mercator Lines Limited - India
- Global Coal Blending Company Limited - Australia
- Commonwealth Bank - Australia
- Heidelberg Cement - Germany
- Borneo Indobara - Indonesia
- European Bulk Services B.V. - Netherlands
- Sarangani Energy Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bhatia International Limited - India
- Essar Steel Hazira Ltd - India
- Vizag Seaport Private Limited - India
- Sojitz Corporation - Japan
- Ministry of Transport, Egypt
- Kobexindo Tractors - Indoneisa
- Georgia Ports Authority, United States
- Agrawal Coal Company - India
- Oldendorff Carriers - Singapore
- Ind-Barath Power Infra Limited - India
- Banpu Public Company Limited - Thailand
- Pendopo Energi Batubara - Indonesia
- IHS Mccloskey Coal Group - USA
- International Coal Ventures Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Malabar Cements Ltd - India
- Interocean Group of Companies - India
- Gujarat Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Parliament of New Zealand
- Barasentosa Lestari - Indonesia
- Latin American Coal - Colombia
- Bhushan Steel Limited - India
- TeaM Sual Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Mintek Dendrill Indonesia
- White Energy Company Limited
- The Treasury - Australian Government
- Rio Tinto Coal - Australia
- Altura Mining Limited, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Global Business Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Ministry of Finance - Indonesia
- MS Steel International - UAE
- Independent Power Producers Association of India
- Kalimantan Lumbung Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Chettinad Cement Corporation Ltd - India
- Maheswari Brothers Coal Limited - India
- The University of Queensland
- Lanco Infratech Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- GAC Shipping (India) Pvt Ltd
- Wood Mackenzie - Singapore
- Energy Development Corp, Philippines
- Merrill Lynch Commodities Europe
- GVK Power & Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Romanian Commodities Exchange
- SMG Consultants - Indonesia
- Posco Energy - South Korea
- Marubeni Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Renaissance Capital - South Africa
- Aboitiz Power Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Vedanta Resources Plc - India
- Ministry of Mines - Canada
- Holcim Trading Pte Ltd - Singapore
- Indika Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Orica Australia Pty. Ltd.
- GN Power Mariveles Coal Plant, Philippines
- Sakthi Sugars Limited - India
- IEA Clean Coal Centre - UK
- Billiton Holdings Pty Ltd - Australia
- Medco Energi Mining Internasional
- Mercuria Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Singapore Mercantile Exchange
- Krishnapatnam Port Company Ltd. - India
- New Zealand Coal & Carbon
- Alfred C Toepfer International GmbH - Germany
- Port Waratah Coal Services - Australia
- Rashtriya Ispat Nigam Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thai Mozambique Logistica
- Antam Resourcindo - Indonesia
- GMR Energy Limited - India
- Africa Commodities Group - South Africa
- Australian Coal Association
- Cigading International Bulk Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Videocon Industries ltd - India
- OPG Power Generation Pvt Ltd - India
- Eastern Energy - Thailand
- Thiess Contractors Indonesia
- Aditya Birla Group - India
- SMC Global Power, Philippines
- Bangladesh Power Developement Board
- Parry Sugars Refinery, India
- Goldman Sachs - Singapore
- Semirara Mining and Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Minerals Council of Australia
- Price Waterhouse Coopers - Russia
- Carbofer General Trading SA - India
- India Bulls Power Limited - India
- Straits Asia Resources Limited - Singapore
- Planning Commission, India
- Baramulti Group, Indonesia
- SN Aboitiz Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Global Green Power PLC Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Xindia Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Australian Commodity Traders Exchange
- Uttam Galva Steels Limited - India
- Power Finance Corporation Ltd., India
- PowerSource Philippines DevCo
- Cement Manufacturers Association - India
- Madhucon Powers Ltd - India
- Simpson Spence & Young - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Kapuas Tunggal Persada - Indonesia
- Indonesian Coal Mining Association
- Bhoruka Overseas - Indonesia
- Directorate Of Revenue Intelligence - India
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