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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, 24 April 15
CHINA IRON ORE MINE CLOSURES TO SLOW ON GOVERNMENT SUPPORT - FITCH
Fitch Ratings expects fewer Chinese iron ore mine closures in 2015 as the government takes steps to support the industry, which has been struggling ...
Friday, 24 April 15
IS INDIA THE 'NEW CHINA' WHEN IT COMES TO THE DRY BULK MARKET? - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has been feeling the “heat” of China’s slowdown and together with the industry’s own failings, with ove ...
Friday, 24 April 15
GLOBAL STEEL PRODUCTION OUTSIDE OF CHINA CONTINUES TO FARE VERY POORLY - JEFFREY LANDSBERG
COALspot.com: Data released this week showed that global crude steel production totaled approximately 138.05 million tons in March.
Wha ...
Friday, 24 April 15
WEEKLY U.S. COAL PRODUCTION ESTIMATE FALLS 5.7% FROM LAST WEEK
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 17.0 million short ...
Wednesday, 22 April 15
PANAMAX : ATLANTIC HOLDING ON TO THE GAINS OF THE PREVIOUS WEEK; PACIFIC BUSINESS SLID QUIETLY
COALspot.com: The Dry Bulk market managed to close off the week on a positive note last Friday, while as opposed to what we have been used to, it w ...
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- Sarangani Energy Corporation, Philippines
- Ambuja Cements Ltd - India
- Minerals Council of Australia
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Energy Link Ltd, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Chamber of Mines of South Africa
- Coalindo Energy - Indonesia
- Merrill Lynch Commodities Europe
- Sinarmas Energy and Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Mjunction Services Limited - India
- PNOC Exploration Corporation - Philippines
- Energy Development Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Maharashtra Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- London Commodity Brokers - England
- Alfred C Toepfer International GmbH - Germany
- Globalindo Alam Lestari - Indonesia
- Tamil Nadu electricity Board
- Price Waterhouse Coopers - Russia
- Vedanta Resources Plc - India
- Planning Commission, India
- Edison Trading Spa - Italy
- Manunggal Multi Energi - Indonesia
- Independent Power Producers Association of India
- Vijayanagar Sugar Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate Of Revenue Intelligence - India
- Neyveli Lignite Corporation Ltd, - India
- Sical Logistics Limited - India
- Videocon Industries ltd - India
- Bukit Makmur.PT - Indonesia
- Parliament of New Zealand
- Kepco SPC Power Corporation, Philippines
- Economic Council, Georgia
- Bhatia International Limited - India
- Therma Luzon, Inc, Philippines
- Indian Oil Corporation Limited
- CIMB Investment Bank - Malaysia
- Sindya Power Generating Company Private Ltd
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining Corp, Philippines
- Makarim & Taira - Indonesia
- Salva Resources Pvt Ltd - India
- Wood Mackenzie - Singapore
- The University of Queensland
- Tata Chemicals Ltd - India
- Bayan Resources Tbk. - Indonesia
- Savvy Resources Ltd - HongKong
- Pendopo Energi Batubara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Dalmia Cement Bharat India
- India Bulls Power Limited - India
- Ministry of Mines - Canada
- Aboitiz Power Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Orica Australia Pty. Ltd.
- Port Waratah Coal Services - Australia
- Sakthi Sugars Limited - India
- Iligan Light & Power Inc, Philippines
- Malabar Cements Ltd - India
- Trasteel International SA, Italy
- Thiess Contractors Indonesia
- Kideco Jaya Agung - Indonesia
- Power Finance Corporation Ltd., India
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Metalloyd Limited - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Essar Steel Hazira Ltd - India
- Chettinad Cement Corporation Ltd - India
- Baramulti Group, Indonesia
- New Zealand Coal & Carbon
- Timah Investasi Mineral - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Australian Coal Association
- Barasentosa Lestari - Indonesia
- Romanian Commodities Exchange
- Global Business Power Corporation, Philippines
- Parry Sugars Refinery, India
- Jorong Barutama Greston.PT - Indonesia
- The State Trading Corporation of India Ltd
- Medco Energi Mining Internasional
- SN Aboitiz Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Mercator Lines Limited - India
- Agrawal Coal Company - India
- Electricity Generating Authority of Thailand
- Riau Bara Harum - Indonesia
- Indian Energy Exchange, India
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- Cement Manufacturers Association - India
- Commonwealth Bank - Australia
- GMR Energy Limited - India
- VISA Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Meralco Power Generation, Philippines
- Binh Thuan Hamico - Vietnam
- International Coal Ventures Pvt Ltd - India
- Marubeni Corporation - India
- Billiton Holdings Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
- Orica Mining Services - Indonesia
- GVK Power & Infra Limited - India
- Bhushan Steel Limited - India
- Wilmar Investment Holdings
- Ministry of Finance - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Banpu Public Company Limited - Thailand
- Kapuas Tunggal Persada - Indonesia
- Indika Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- ICICI Bank Limited - India
- Jindal Steel & Power Ltd - India
- Interocean Group of Companies - India
- Bangladesh Power Developement Board
- Meenaskhi Energy Private Limited - India
- Star Paper Mills Limited - India
- Altura Mining Limited, Indonesia
- Gujarat Sidhee Cement - India
- Heidelberg Cement - Germany
- Maheswari Brothers Coal Limited - India
- Australian Commodity Traders Exchange
- Indonesian Coal Mining Association
- Thai Mozambique Logistica
- Sree Jayajothi Cements Limited - India
- Rashtriya Ispat Nigam Limited - India
- Indogreen Group - Indonesia
- Bukit Baiduri Energy - Indonesia
- Goldman Sachs - Singapore
- Toyota Tsusho Corporation, Japan
- Attock Cement Pakistan Limited
- Formosa Plastics Group - Taiwan
- Mintek Dendrill Indonesia
- Intertek Mineral Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CNBM International Corporation - China
- Vizag Seaport Private Limited - India
- Larsen & Toubro Limited - India
- PowerSource Philippines DevCo
- Bharathi Cement Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Eastern Energy - Thailand
- Miang Besar Coal Terminal - Indonesia
- Sojitz Corporation - Japan
- Latin American Coal - Colombia
- MS Steel International - UAE
- Indo Tambangraya Megah - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- GN Power Mariveles Coal Plant, Philippines
- Bulk Trading Sa - Switzerland
- PetroVietnam Power Coal Import and Supply Company
- Bank of Tokyo Mitsubishi UFJ Ltd
- Madhucon Powers Ltd - India
- Eastern Coal Council - USA
- PTC India Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Posco Energy - South Korea
- Bhoruka Overseas - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Xindia Steels Limited - India
- Uttam Galva Steels Limited - India
- White Energy Company Limited
- Rio Tinto Coal - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Carbofer General Trading SA - India
- Grasim Industreis Ltd - India
- Singapore Mercantile Exchange
- Cigading International Bulk Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Deloitte Consulting - India
- Mercuria Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Jaiprakash Power Ventures ltd
- TeaM Sual Corporation - Philippines
- SMG Consultants - Indonesia
- Ministry of Transport, Egypt
- Simpson Spence & Young - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Aditya Birla Group - India
- Anglo American - United Kingdom
- Borneo Indobara - Indonesia
- IEA Clean Coal Centre - UK
- The Treasury - Australian Government
- McConnell Dowell - Australia
- Petron Corporation, Philippines
- Standard Chartered Bank - UAE
- Kumho Petrochemical, South Korea
- Electricity Authority, New Zealand
- Coal and Oil Company - UAE
- South Luzon Thermal Energy Corporation
- Kartika Selabumi Mining - Indonesia
- Lanco Infratech Ltd - India
- San Jose City I Power Corp, Philippines
- Antam Resourcindo - Indonesia
- Georgia Ports Authority, United States
- Oldendorff Carriers - Singapore
- Straits Asia Resources Limited - Singapore
- ASAPP Information Group - India
- IHS Mccloskey Coal Group - USA
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