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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, 08 May 15
COAL PRODUCTION IN U.S. UP 3.2% THIS PAST WEEK - EIA
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 17.4 million short ...
Wednesday, 06 May 15
COMBINATION OF HOLIDAYS AND A SHAKY MARKET PUT ADDITIONAL PRESSURE ON RATES
COALspot.com: The combination of holidays and a shaky market is always a recipe for additional pressure on rates and last week was no exception. Wi ...
Wednesday, 06 May 15
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS
The first four months of 2015 are now behind us and they make up for a decent amount of time to look back and assess how the year is evolving so fa ...
Tuesday, 05 May 15
MIFA BERSAUDARA UNIT OF ABM INVESTAMA STARTS OPERATING $200M COAL MINE IN ACEH
Reswara Minergi Hartama, a coal mining unit of coal miner ABM Investama known as known as Reswara, inaugurated a $200 million integrated coal minin ...
Tuesday, 05 May 15
FREIGHT DERIVATIVE VOLUMES REACHED TOTALED 14,154 CONTRACTS IN APRIL - SGX
COALspot.com: “Our unique suite of freight and bulk commodity products provides market participants with a wide range of trading strategies a ...
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- Indonesian Coal Mining Association
- Kumho Petrochemical, South Korea
- Trasteel International SA, Italy
- European Bulk Services B.V. - Netherlands
- Baramulti Group, Indonesia
- Coastal Gujarat Power Limited - India
- Energy Development Corp, Philippines
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- Ministry of Transport, Egypt
- Oldendorff Carriers - Singapore
- Bukit Baiduri Energy - Indonesia
- New Zealand Coal & Carbon
- Electricity Authority, New Zealand
- Kaltim Prima Coal - Indonesia
- ASAPP Information Group - India
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- Ceylon Electricity Board - Sri Lanka
- GN Power Mariveles Coal Plant, Philippines
- Tata Chemicals Ltd - India
- Ambuja Cements Ltd - India
- SMC Global Power, Philippines
- International Coal Ventures Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Central Java Power - Indonesia
- Energy Link Ltd, New Zealand
- PowerSource Philippines DevCo
- Mercator Lines Limited - India
- Coalindo Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Latin American Coal - Colombia
- Straits Asia Resources Limited - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Salva Resources Pvt Ltd - India
- Tamil Nadu electricity Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- Aditya Birla Group - India
- PTC India Limited - India
- Maheswari Brothers Coal Limited - India
- GMR Energy Limited - India
- Antam Resourcindo - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Thai Mozambique Logistica
- Bangladesh Power Developement Board
- Bukit Makmur.PT - Indonesia
- Xindia Steels Limited - India
- Bhoruka Overseas - Indonesia
- The Treasury - Australian Government
- Petrochimia International Co. Ltd.- Taiwan
- Ind-Barath Power Infra Limited - India
- ICICI Bank Limited - India
- Malabar Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining and Power Corporation, Philippines
- Medco Energi Mining Internasional
- Vedanta Resources Plc - India
- India Bulls Power Limited - India
- Indian Energy Exchange, India
- Sakthi Sugars Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- MS Steel International - UAE
- Simpson Spence & Young - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Formosa Plastics Group - Taiwan
- Siam City Cement PLC, Thailand
- IHS Mccloskey Coal Group - USA
- Goldman Sachs - Singapore
- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
- Uttam Galva Steels Limited - India
- Samtan Co., Ltd - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Rashtriya Ispat Nigam Limited - India
- Sical Logistics Limited - India
- Port Waratah Coal Services - Australia
- SN Aboitiz Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Eastern Energy - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- CIMB Investment Bank - Malaysia
- VISA Power Limited - India
- Singapore Mercantile Exchange
- Directorate Of Revenue Intelligence - India
- Africa Commodities Group - South Africa
- Planning Commission, India
- Rio Tinto Coal - Australia
- Savvy Resources Ltd - HongKong
- Electricity Generating Authority of Thailand
- Videocon Industries ltd - India
- Price Waterhouse Coopers - Russia
- Agrawal Coal Company - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PNOC Exploration Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Global Green Power PLC Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Georgia Ports Authority, United States
- Aboitiz Power Corporation - Philippines
- Mjunction Services Limited - India
- Leighton Contractors Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Coal Association
- Orica Mining Services - Indonesia
- Dalmia Cement Bharat India
- Parliament of New Zealand
- Globalindo Alam Lestari - Indonesia
- CNBM International Corporation - China
- OPG Power Generation Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Grasim Industreis Ltd - India
- Kartika Selabumi Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Kohat Cement Company Ltd. - Pakistan
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
- SMG Consultants - Indonesia
- Parry Sugars Refinery, India
- Central Electricity Authority - India
- Petron Corporation, Philippines
- Gujarat Sidhee Cement - India
- LBH Netherlands Bv - Netherlands
- Indogreen Group - Indonesia
- Semirara Mining Corp, Philippines
- Star Paper Mills Limited - India
- Vizag Seaport Private Limited - India
- Manunggal Multi Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Borneo Indobara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GVK Power & Infra Limited - India
- Eastern Coal Council - USA
- Billiton Holdings Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Timah Investasi Mineral - Indoneisa
- Carbofer General Trading SA - India
- Cement Manufacturers Association - India
- GAC Shipping (India) Pvt Ltd
- Thiess Contractors Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Pendopo Energi Batubara - Indonesia
- San Jose City I Power Corp, Philippines
- Australian Commodity Traders Exchange
- Riau Bara Harum - Indonesia
- Independent Power Producers Association of India
- Karaikal Port Pvt Ltd - India
- Interocean Group of Companies - India
- Madhucon Powers Ltd - India
- Wilmar Investment Holdings
- Bahari Cakrawala Sebuku - Indonesia
- Renaissance Capital - South Africa
- Romanian Commodities Exchange
- Bulk Trading Sa - Switzerland
- Commonwealth Bank - Australia
- Orica Australia Pty. Ltd.
- The University of Queensland
- Ministry of Mines - Canada
- Kapuas Tunggal Persada - Indonesia
- Makarim & Taira - Indonesia
- Indika Energy - Indonesia
- McConnell Dowell - Australia
- Intertek Mineral Services - Indonesia
- Bhatia International Limited - India
- Coal and Oil Company - UAE
- Mintek Dendrill Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Global Business Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Merrill Lynch Commodities Europe
- Siam City Cement - Thailand
- Marubeni Corporation - India
- Essar Steel Hazira Ltd - India
- Mercuria Energy - Indonesia
- Larsen & Toubro Limited - India
- Kobexindo Tractors - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Minerals Council of Australia
- Bhushan Steel Limited - India
- London Commodity Brokers - England
- Wood Mackenzie - Singapore
- Therma Luzon, Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Anglo American - United Kingdom
- Lanco Infratech Ltd - India
- Altura Mining Limited, Indonesia
- White Energy Company Limited
- Chamber of Mines of South Africa
- Chettinad Cement Corporation Ltd - India
- Ministry of Finance - Indonesia
- Bharathi Cement Corporation - India
- Toyota Tsusho Corporation, Japan
- Gujarat Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Sinarmas Energy and Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Attock Cement Pakistan Limited
- Power Finance Corporation Ltd., India
- Economic Council, Georgia
- Deloitte Consulting - India
- Metalloyd Limited - United Kingdom
- Edison Trading Spa - Italy
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