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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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Thursday, 30 April 15
IRON ORE EXPORTS: A DANGEROUS RACE? - CLARKSONS
The surge in iron ore exports in recent years has resulted in a significant decrease in iron ore spot prices, which dipped to a ten year low of bel ...
Thursday, 30 April 15
IRON ORE PLAYS EXPECTED TO SHAPE UP MAY DRY BULK SCHEDULE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Market plays in the iron ore commodities’ markets, are expected to carve out the future demand for the shipping industry as well, said Allied ...
Wednesday, 29 April 15
MARKET INSIGHT - INTERMODAL
The figures of China’s slowing down imports of coking coal for the first quarter of the year are coming to confirm what everybody was expecti ...
Wednesday, 29 April 15
SHIPBUILDERS START OFFERING DISCOUNTS FOR DRY BULK NEWBUILDINGS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
It took a while, but now it appears that some shipbuilders are beginning to adjust their price lists to the new grim reality of the dry bulk market ...
Tuesday, 28 April 15
FOB INDONESIA COAL SWAP DECLINED M-O-M; INCREASED W-O-W
COALspot.com: Indonesian coal swap for delivery Q2 2015 gained week over week but declined month on month.
The Q2 swap was declined US$ 0.15 ( ...
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- Savvy Resources Ltd - HongKong
- Posco Energy - South Korea
- Altura Mining Limited, Indonesia
- Ind-Barath Power Infra Limited - India
- Uttam Galva Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Coalindo Energy - Indonesia
- Port Waratah Coal Services - Australia
- Parliament of New Zealand
- Merrill Lynch Commodities Europe
- GAC Shipping (India) Pvt Ltd
- Petron Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Alfred C Toepfer International GmbH - Germany
- Makarim & Taira - Indonesia
- Iligan Light & Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Billiton Holdings Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- European Bulk Services B.V. - Netherlands
- The University of Queensland
- GVK Power & Infra Limited - India
- Formosa Plastics Group - Taiwan
- Sindya Power Generating Company Private Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Larsen & Toubro Limited - India
- Semirara Mining Corp, Philippines
- Bhushan Steel Limited - India
- Karaikal Port Pvt Ltd - India
- Energy Development Corp, Philippines
- New Zealand Coal & Carbon
- GMR Energy Limited - India
- Globalindo Alam Lestari - Indonesia
- PTC India Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kumho Petrochemical, South Korea
- ICICI Bank Limited - India
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- Jaiprakash Power Ventures ltd
- LBH Netherlands Bv - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- International Coal Ventures Pvt Ltd - India
- London Commodity Brokers - England
- South Luzon Thermal Energy Corporation
- Vedanta Resources Plc - India
- Thai Mozambique Logistica
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- Bhoruka Overseas - Indonesia
- Global Coal Blending Company Limited - Australia
- Mercuria Energy - Indonesia
- Global Business Power Corporation, Philippines
- Singapore Mercantile Exchange
- Commonwealth Bank - Australia
- Electricity Generating Authority of Thailand
- Central Electricity Authority - India
- VISA Power Limited - India
- TeaM Sual Corporation - Philippines
- Australian Commodity Traders Exchange
- Economic Council, Georgia
- Aboitiz Power Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Energy Link Ltd, New Zealand
- Intertek Mineral Services - Indonesia
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- Interocean Group of Companies - India
- Renaissance Capital - South Africa
- Directorate Of Revenue Intelligence - India
- Metalloyd Limited - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Bhatia International Limited - India
- Samtan Co., Ltd - South Korea
- SN Aboitiz Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Indian Energy Exchange, India
- AsiaOL BioFuels Corp., Philippines
- Karbindo Abesyapradhi - Indoneisa
- Baramulti Group, Indonesia
- Star Paper Mills Limited - India
- PowerSource Philippines DevCo
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement - Thailand
- Planning Commission, India
- Ministry of Mines - Canada
- Timah Investasi Mineral - Indoneisa
- San Jose City I Power Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Xindia Steels Limited - India
- Agrawal Coal Company - India
- SMG Consultants - Indonesia
- Chamber of Mines of South Africa
- Vizag Seaport Private Limited - India
- Madhucon Powers Ltd - India
- Lanco Infratech Ltd - India
- Simpson Spence & Young - Indonesia
- Maheswari Brothers Coal Limited - India
- McConnell Dowell - Australia
- Gujarat Mineral Development Corp Ltd - India
- Independent Power Producers Association of India
- Tata Chemicals Ltd - India
- Mjunction Services Limited - India
- Sakthi Sugars Limited - India
- Medco Energi Mining Internasional
- Indonesian Coal Mining Association
- Salva Resources Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Aditya Birla Group - India
- Meralco Power Generation, Philippines
- Ministry of Transport, Egypt
- Oldendorff Carriers - Singapore
- Global Green Power PLC Corporation, Philippines
- Bangladesh Power Developement Board
- Electricity Authority, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Bharathi Cement Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Carbofer General Trading SA - India
- Orica Australia Pty. Ltd.
- Manunggal Multi Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Grasim Industreis Ltd - India
- Indika Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- White Energy Company Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Deloitte Consulting - India
- SMC Global Power, Philippines
- Coal and Oil Company - UAE
- Coastal Gujarat Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Kartika Selabumi Mining - Indonesia
- Heidelberg Cement - Germany
- Chettinad Cement Corporation Ltd - India
- Rio Tinto Coal - Australia
- Mintek Dendrill Indonesia
- The Treasury - Australian Government
- Directorate General of MIneral and Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Attock Cement Pakistan Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement PLC, Thailand
- Mercator Lines Limited - India
- Straits Asia Resources Limited - Singapore
- Minerals Council of Australia
- Indian Oil Corporation Limited
- Parry Sugars Refinery, India
- Wilmar Investment Holdings
- Standard Chartered Bank - UAE
- Asmin Koalindo Tuhup - Indonesia
- Trasteel International SA, Italy
- Banpu Public Company Limited - Thailand
- Toyota Tsusho Corporation, Japan
- Africa Commodities Group - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Ambuja Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Sojitz Corporation - Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Power Finance Corporation Ltd., India
- Essar Steel Hazira Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Tamil Nadu electricity Board
- Borneo Indobara - Indonesia
- Thiess Contractors Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Goldman Sachs - Singapore
- Central Java Power - Indonesia
- Eastern Coal Council - USA
- Edison Trading Spa - Italy
- Malabar Cements Ltd - India
- Wood Mackenzie - Singapore
- Bukit Makmur.PT - Indonesia
- IEA Clean Coal Centre - UK
- CNBM International Corporation - China
- Kohat Cement Company Ltd. - Pakistan
- Eastern Energy - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Neyveli Lignite Corporation Ltd, - India
- Kepco SPC Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- MS Steel International - UAE
- PetroVietnam Power Coal Import and Supply Company
- India Bulls Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Sarangani Energy Corporation, Philippines
- ASAPP Information Group - India
- Sical Logistics Limited - India
- Orica Mining Services - Indonesia
- The State Trading Corporation of India Ltd
- Riau Bara Harum - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indogreen Group - Indonesia
- Jindal Steel & Power Ltd - India
- PNOC Exploration Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Kideco Jaya Agung - Indonesia
- Videocon Industries ltd - India
- Australian Coal Association
- Ministry of Finance - Indonesia
- Romanian Commodities Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Latin American Coal - Colombia
- Binh Thuan Hamico - Vietnam
- Marubeni Corporation - India
- Bukit Baiduri Energy - Indonesia
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