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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, 28 April 15
Q2' 15 FOB RICHARDS BAY COAL SWAP CLOSED 4.18% HIGHER FROM MONTH AGO
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q2' 2015 increased month over month and slightly week over week.
The Q2 swap ha ...
Monday, 27 April 15
U.S. COAL PRODUCTION FELL BELOW ONE BILLION SHORT TONS IN 2013 - EIA
COALspot.com: For the first time in two decades, U.S. coal production fell below one billion short tons to 984.8 million short tons in 2013 from 1, ...
Monday, 27 April 15
Q3' 2015 FOB NEWCASTLE COAL SWAP CLOSED 3.69% LOWER THAN Q2' 2015 PRICE OF $46.36
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery gained US$ 0.19 per MT (0.41%) month over month and US$ 0.78 week on week. ...
Monday, 27 April 15
CFR SOUTH CHINA COAL SWAP SLOWLY IMPROVED THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery declined US$ 0.74 (-1.41%) per MT month over month and increased US$ 0.43 ...
Sunday, 26 April 15
DRY BULK MARKET KEPT IMPROVING THIS WEEK; CAPES AND PANAMAXES SHOW A SLIGHT PICKUP IN RATES
COALspot.com: The freight market was stable this week as BDI closed at 600 points after improving 0.50 percent week over week.
The cape ...
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- Electricity Generating Authority of Thailand
- Anglo American - United Kingdom
- Sree Jayajothi Cements Limited - India
- Mercuria Energy - Indonesia
- Indian Energy Exchange, India
- Lanco Infratech Ltd - India
- Sical Logistics Limited - India
- Bhoruka Overseas - Indonesia
- Heidelberg Cement - Germany
- Ind-Barath Power Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kohat Cement Company Ltd. - Pakistan
- Indogreen Group - Indonesia
- Pendopo Energi Batubara - Indonesia
- Carbofer General Trading SA - India
- Global Green Power PLC Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- ICICI Bank Limited - India
- Planning Commission, India
- Xindia Steels Limited - India
- Bukit Makmur.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- New Zealand Coal & Carbon
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- Asmin Koalindo Tuhup - Indonesia
- Thai Mozambique Logistica
- Petrochimia International Co. Ltd.- Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Merrill Lynch Commodities Europe
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Wilmar Investment Holdings
- Romanian Commodities Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Interocean Group of Companies - India
- Toyota Tsusho Corporation, Japan
- Banpu Public Company Limited - Thailand
- Kobexindo Tractors - Indoneisa
- Singapore Mercantile Exchange
- The Treasury - Australian Government
- Latin American Coal - Colombia
- LBH Netherlands Bv - Netherlands
- Savvy Resources Ltd - HongKong
- Kumho Petrochemical, South Korea
- Mjunction Services Limited - India
- PowerSource Philippines DevCo
- Georgia Ports Authority, United States
- London Commodity Brokers - England
- South Luzon Thermal Energy Corporation
- Orica Mining Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Central Java Power - Indonesia
- Central Electricity Authority - India
- PTC India Limited - India
- Ministry of Mines - Canada
- Orica Australia Pty. Ltd.
- Bhushan Steel Limited - India
- Chettinad Cement Corporation Ltd - India
- Samtan Co., Ltd - South Korea
- Holcim Trading Pte Ltd - Singapore
- White Energy Company Limited
- Straits Asia Resources Limited - Singapore
- Indonesian Coal Mining Association
- Therma Luzon, Inc, Philippines
- Bhatia International Limited - India
- Barasentosa Lestari - Indonesia
- Coalindo Energy - Indonesia
- Independent Power Producers Association of India
- Iligan Light & Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Eastern Coal Council - USA
- ASAPP Information Group - India
- Sojitz Corporation - Japan
- Thiess Contractors Indonesia
- Meenaskhi Energy Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Madhucon Powers Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Tata Chemicals Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Transport, Egypt
- Siam City Cement PLC, Thailand
- Australian Coal Association
- Intertek Mineral Services - Indonesia
- Aboitiz Power Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Electricity Authority, New Zealand
- SMG Consultants - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Edison Trading Spa - Italy
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- Marubeni Corporation - India
- Australian Commodity Traders Exchange
- Kideco Jaya Agung - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- IHS Mccloskey Coal Group - USA
- Coal and Oil Company - UAE
- Neyveli Lignite Corporation Ltd, - India
- Cement Manufacturers Association - India
- VISA Power Limited - India
- Borneo Indobara - Indonesia
- Minerals Council of Australia
- Billiton Holdings Pty Ltd - Australia
- Eastern Energy - Thailand
- Videocon Industries ltd - India
- Wood Mackenzie - Singapore
- TeaM Sual Corporation - Philippines
- Goldman Sachs - Singapore
- Formosa Plastics Group - Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Standard Chartered Bank - UAE
- Dalmia Cement Bharat India
- Malabar Cements Ltd - India
- Aditya Birla Group - India
- Cigading International Bulk Terminal - Indonesia
- Indian Oil Corporation Limited
- Manunggal Multi Energi - Indonesia
- Bangladesh Power Developement Board
- IEA Clean Coal Centre - UK
- Star Paper Mills Limited - India
- Port Waratah Coal Services - Australia
- Energy Link Ltd, New Zealand
- Commonwealth Bank - Australia
- Leighton Contractors Pty Ltd - Australia
- GMR Energy Limited - India
- Price Waterhouse Coopers - Russia
- PetroVietnam Power Coal Import and Supply Company
- Maheswari Brothers Coal Limited - India
- Indo Tambangraya Megah - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Uttam Galva Steels Limited - India
- Bulk Trading Sa - Switzerland
- Ministry of Finance - Indonesia
- Tamil Nadu electricity Board
- Ceylon Electricity Board - Sri Lanka
- Kartika Selabumi Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kaltim Prima Coal - Indonesia
- Vedanta Resources Plc - India
- Makarim & Taira - Indonesia
- Sarangani Energy Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Posco Energy - South Korea
- Africa Commodities Group - South Africa
- Ambuja Cements Ltd - India
- Mintek Dendrill Indonesia
- Miang Besar Coal Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Siam City Cement - Thailand
- San Jose City I Power Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Chamber of Mines of South Africa
- Attock Cement Pakistan Limited
- Essar Steel Hazira Ltd - India
- Trasteel International SA, Italy
- The State Trading Corporation of India Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parliament of New Zealand
- SMC Global Power, Philippines
- McConnell Dowell - Australia
- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
- Deloitte Consulting - India
- Sakthi Sugars Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Vizag Seaport Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Bharathi Cement Corporation - India
- CIMB Investment Bank - Malaysia
- Larsen & Toubro Limited - India
- Antam Resourcindo - Indonesia
- India Bulls Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Meralco Power Generation, Philippines
- International Coal Ventures Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Economic Council, Georgia
- Simpson Spence & Young - Indonesia
- Petron Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- CNBM International Corporation - China
- Energy Development Corp, Philippines
- Altura Mining Limited, Indonesia
- Renaissance Capital - South Africa
- The University of Queensland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Riau Bara Harum - Indonesia
- SN Aboitiz Power Inc, Philippines
- Medco Energi Mining Internasional
- Semirara Mining Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Maharashtra Electricity Regulatory Commission - India
- MS Steel International - UAE
- Rio Tinto Coal - Australia
- Salva Resources Pvt Ltd - India
- Mercator Lines Limited - India
- Agrawal Coal Company - India
- Directorate Of Revenue Intelligence - India
- Grasim Industreis Ltd - India
- Bayan Resources Tbk. - Indonesia
- GVK Power & Infra Limited - India
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