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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, 05 May 15
OVERSUPPLY PUTTING INDONESIAN COAL PRICES UNDER PRESSURE
COALspot.com: Indonesian coal swap for delivery Q3 2015 lost week over week and month on month, this past week.
The Q3 swap was declined US$ 1 ...
Tuesday, 05 May 15
FOB RICHARDS BAY COAL SWAPS MOVE NORTH THIS PAST WEEK
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 ...
Monday, 04 May 15
FOB NEWCASTLE COAL SWAP Q1'16 PRICES SLIGHTLY LOWER COMPARED TO Q3'15 PRICE
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery gained US$ 1.38 per MT (3.12%) month over month and US$ 0.93 week on week. ...
Monday, 04 May 15
Q1' 2016 CFR SOUTH CHINA THERMAL COAL SWAP CLOSED HIGH THAN 2015 DERIVATIVES
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery declined US$ 0.15 (-0.29%) per MT month over month and increased US$ 0.07 ...
Sunday, 03 May 15
DRY BULK INDICES WEAKEN SLIGHTLY THIS WEEK
COALspot.com: The freight market was flat to weak for the week starting from 27 April. The BDI was fell around 2.17% closed at 580 points.
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- Australian Commodity Traders Exchange
- Karbindo Abesyapradhi - Indoneisa
- CNBM International Corporation - China
- Minerals Council of Australia
- Global Business Power Corporation, Philippines
- Aditya Birla Group - India
- Globalindo Alam Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Price Waterhouse Coopers - Russia
- Sinarmas Energy and Mining - Indonesia
- McConnell Dowell - Australia
- Petron Corporation, Philippines
- Dalmia Cement Bharat India
- Coastal Gujarat Power Limited - India
- Simpson Spence & Young - Indonesia
- Kumho Petrochemical, South Korea
- Siam City Cement PLC, Thailand
- Ceylon Electricity Board - Sri Lanka
- Deloitte Consulting - India
- Siam City Cement - Thailand
- Formosa Plastics Group - Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Jaiprakash Power Ventures ltd
- Star Paper Mills Limited - India
- Sakthi Sugars Limited - India
- Latin American Coal - Colombia
- Manunggal Multi Energi - Indonesia
- Ministry of Transport, Egypt
- Attock Cement Pakistan Limited
- Billiton Holdings Pty Ltd - Australia
- Planning Commission, India
- Lanco Infratech Ltd - India
- GMR Energy Limited - India
- Altura Mining Limited, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bhoruka Overseas - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Carbofer General Trading SA - India
- Meralco Power Generation, Philippines
- Central Electricity Authority - India
- Indonesian Coal Mining Association
- European Bulk Services B.V. - Netherlands
- Global Coal Blending Company Limited - Australia
- Mercator Lines Limited - India
- Chettinad Cement Corporation Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Tata Chemicals Ltd - India
- Bulk Trading Sa - Switzerland
- Miang Besar Coal Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Cement Manufacturers Association - India
- Sical Logistics Limited - India
- Merrill Lynch Commodities Europe
- IEA Clean Coal Centre - UK
- Kalimantan Lumbung Energi - Indonesia
- Marubeni Corporation - India
- Energy Development Corp, Philippines
- Indian Energy Exchange, India
- Semirara Mining Corp, Philippines
- Riau Bara Harum - Indonesia
- Thiess Contractors Indonesia
- Madhucon Powers Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Jindal Steel & Power Ltd - India
- Standard Chartered Bank - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhatia International Limited - India
- White Energy Company Limited
- Goldman Sachs - Singapore
- Bukit Makmur.PT - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Eastern Energy - Thailand
- Heidelberg Cement - Germany
- Bukit Baiduri Energy - Indonesia
- Mercuria Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- PowerSource Philippines DevCo
- Samtan Co., Ltd - South Korea
- The University of Queensland
- Orica Mining Services - Indonesia
- Chamber of Mines of South Africa
- OPG Power Generation Pvt Ltd - India
- Georgia Ports Authority, United States
- Anglo American - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Mjunction Services Limited - India
- Tamil Nadu electricity Board
- Barasentosa Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Indogreen Group - Indonesia
- Larsen & Toubro Limited - India
- CIMB Investment Bank - Malaysia
- Romanian Commodities Exchange
- Independent Power Producers Association of India
- San Jose City I Power Corp, Philippines
- Grasim Industreis Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Generating Authority of Thailand
- GAC Shipping (India) Pvt Ltd
- Videocon Industries ltd - India
- Sree Jayajothi Cements Limited - India
- Bayan Resources Tbk. - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Salva Resources Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Kaltim Prima Coal - Indonesia
- Energy Link Ltd, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Indika Energy - Indonesia
- Central Java Power - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Pipit Mutiara Jaya. PT, Indonesia
- India Bulls Power Limited - India
- Agrawal Coal Company - India
- SN Aboitiz Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Wood Mackenzie - Singapore
- MS Steel International - UAE
- Banpu Public Company Limited - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wilmar Investment Holdings
- Indian Oil Corporation Limited
- SMG Consultants - Indonesia
- Commonwealth Bank - Australia
- Electricity Authority, New Zealand
- Eastern Coal Council - USA
- AsiaOL BioFuels Corp., Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- London Commodity Brokers - England
- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Singapore Mercantile Exchange
- Meenaskhi Energy Private Limited - India
- Toyota Tsusho Corporation, Japan
- Mintek Dendrill Indonesia
- Ministry of Mines - Canada
- Coalindo Energy - Indonesia
- PTC India Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Sarangani Energy Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Karaikal Port Pvt Ltd - India
- Interocean Group of Companies - India
- Alfred C Toepfer International GmbH - Germany
- VISA Power Limited - India
- IHS Mccloskey Coal Group - USA
- The Treasury - Australian Government
- Bangladesh Power Developement Board
- Africa Commodities Group - South Africa
- Ind-Barath Power Infra Limited - India
- Thai Mozambique Logistica
- Ambuja Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parry Sugars Refinery, India
- ASAPP Information Group - India
- Directorate Of Revenue Intelligence - India
- Global Green Power PLC Corporation, Philippines
- Uttam Galva Steels Limited - India
- SMC Global Power, Philippines
- Therma Luzon, Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Antam Resourcindo - Indonesia
- Gujarat Sidhee Cement - India
- TeaM Sual Corporation - Philippines
- Coal and Oil Company - UAE
- Savvy Resources Ltd - HongKong
- GVK Power & Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Trasteel International SA, Italy
- Borneo Indobara - Indonesia
- Bharathi Cement Corporation - India
- Sojitz Corporation - Japan
- Leighton Contractors Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Kohat Cement Company Ltd. - Pakistan
- Oldendorff Carriers - Singapore
- Rio Tinto Coal - Australia
- LBH Netherlands Bv - Netherlands
- Port Waratah Coal Services - Australia
- Kartika Selabumi Mining - Indonesia
- Australian Coal Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Makarim & Taira - Indonesia
- Malabar Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Baramulti Group, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Pendopo Energi Batubara - Indonesia
- Parliament of New Zealand
- Ministry of Finance - Indonesia
- Renaissance Capital - South Africa
- Aboitiz Power Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Posco Energy - South Korea
- Power Finance Corporation Ltd., India
- ICICI Bank Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Timah Investasi Mineral - Indoneisa
- Bhushan Steel Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Medco Energi Mining Internasional
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kideco Jaya Agung - Indonesia
- Economic Council, Georgia
- Intertek Mineral Services - Indonesia
- Metalloyd Limited - United Kingdom
- Vedanta Resources Plc - India
- Xindia Steels Limited - India
- Edison Trading Spa - Italy
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