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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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Wednesday, 22 April 15
TANKER MARKET INSIGHT - STRATOS TINIAKOS
The current environment we experience as a result of low crude oil prices is characterized by the increased demand for petroleum products in OECD c ...
Tuesday, 21 April 15
SUB-BIT FOB INDONESIA COAL SWAP: GAINED W-O-W; DECLINED M-O-M
COALspot.com: Indonesian coal swap for delivery Q2 2015 gained week over week and declined month on month.
The Q2 swap was declined US$ 1.75 ( ...
Tuesday, 21 April 15
FOB RICHARDS BAY COAL SWAP MOVE UP SLIGHTLY
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q2' 2015 increased slightly month over month.
The Q2 swap has increased US$ 0.2 ...
Monday, 20 April 15
BUKIT ASAM TAKES OVER STAKE IN JV FROM RAJAWALI - JP
State-owned coal miner PT Bukit Asam (PTBA) announced Friday that it had taken over almost the entire stake in a joint venture (JV) that it created ...
Monday, 20 April 15
FOB NEWCASTLE COAL SWAP GAINED WEEK ON WEEK
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery declined US$ 3.54 per MT (-7.21%) month over month and gained US$ 0.30 week ...
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- Electricity Authority, New Zealand
- CIMB Investment Bank - Malaysia
- San Jose City I Power Corp, Philippines
- Power Finance Corporation Ltd., India
- Eastern Energy - Thailand
- Price Waterhouse Coopers - Russia
- Banpu Public Company Limited - Thailand
- Minerals Council of Australia
- Oldendorff Carriers - Singapore
- Lanco Infratech Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate General of MIneral and Coal - Indonesia
- Larsen & Toubro Limited - India
- India Bulls Power Limited - India
- Riau Bara Harum - Indonesia
- Directorate Of Revenue Intelligence - India
- Marubeni Corporation - India
- Cigading International Bulk Terminal - Indonesia
- GMR Energy Limited - India
- Kumho Petrochemical, South Korea
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Madhucon Powers Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Offshore Bulk Terminal Pte Ltd, Singapore
- Uttam Galva Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Electricity Generating Authority of Thailand
- SMG Consultants - Indonesia
- Sical Logistics Limited - India
- Jorong Barutama Greston.PT - Indonesia
- VISA Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Barasentosa Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Jaiprakash Power Ventures ltd
- White Energy Company Limited
- Kohat Cement Company Ltd. - Pakistan
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- LBH Netherlands Bv - Netherlands
- Planning Commission, India
- Indo Tambangraya Megah - Indonesia
- Posco Energy - South Korea
- Commonwealth Bank - Australia
- Sindya Power Generating Company Private Ltd
- Dalmia Cement Bharat India
- Global Coal Blending Company Limited - Australia
- Essar Steel Hazira Ltd - India
- Wilmar Investment Holdings
- Petrochimia International Co. Ltd.- Taiwan
- Thai Mozambique Logistica
- Altura Mining Limited, Indonesia
- Metalloyd Limited - United Kingdom
- Independent Power Producers Association of India
- Coal and Oil Company - UAE
- Therma Luzon, Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Samtan Co., Ltd - South Korea
- GVK Power & Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Indian Oil Corporation Limited
- Kaltim Prima Coal - Indonesia
- Aditya Birla Group - India
- Star Paper Mills Limited - India
- Mjunction Services Limited - India
- Simpson Spence & Young - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- New Zealand Coal & Carbon
- Parry Sugars Refinery, India
- South Luzon Thermal Energy Corporation
- Wood Mackenzie - Singapore
- Timah Investasi Mineral - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Coal Association
- Vizag Seaport Private Limited - India
- Coastal Gujarat Power Limited - India
- Kobexindo Tractors - Indoneisa
- Chamber of Mines of South Africa
- Pendopo Energi Batubara - Indonesia
- Bangladesh Power Developement Board
- PowerSource Philippines DevCo
- Central Java Power - Indonesia
- Bulk Trading Sa - Switzerland
- Siam City Cement PLC, Thailand
- Thiess Contractors Indonesia
- Rio Tinto Coal - Australia
- Holcim Trading Pte Ltd - Singapore
- OPG Power Generation Pvt Ltd - India
- Economic Council, Georgia
- Karaikal Port Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Globalindo Alam Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- MS Steel International - UAE
- Kideco Jaya Agung - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Gujarat Sidhee Cement - India
- Deloitte Consulting - India
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- McConnell Dowell - Australia
- Malabar Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- The University of Queensland
- Cement Manufacturers Association - India
- Indika Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Grasim Industreis Ltd - India
- Aboitiz Power Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SN Aboitiz Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Mercator Lines Limited - India
- Kartika Selabumi Mining - Indonesia
- Ministry of Mines - Canada
- Global Green Power PLC Corporation, Philippines
- IEA Clean Coal Centre - UK
- Standard Chartered Bank - UAE
- PetroVietnam Power Coal Import and Supply Company
- The Treasury - Australian Government
- Energy Link Ltd, New Zealand
- Makarim & Taira - Indonesia
- Xindia Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Petron Corporation, Philippines
- London Commodity Brokers - England
- Borneo Indobara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Georgia Ports Authority, United States
- Bhatia International Limited - India
- Ministry of Finance - Indonesia
- PTC India Limited - India
- Bhushan Steel Limited - India
- Vedanta Resources Plc - India
- Indian Energy Exchange, India
- Ind-Barath Power Infra Limited - India
- Mercuria Energy - Indonesia
- Orica Mining Services - Indonesia
- Agrawal Coal Company - India
- Bukit Asam (Persero) Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Sakthi Sugars Limited - India
- Renaissance Capital - South Africa
- Baramulti Group, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Edison Trading Spa - Italy
- Formosa Plastics Group - Taiwan
- Tamil Nadu electricity Board
- AsiaOL BioFuels Corp., Philippines
- Global Business Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Coalindo Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Meenaskhi Energy Private Limited - India
- SMC Global Power, Philippines
- Bukit Makmur.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Manunggal Multi Energi - Indonesia
- Eastern Coal Council - USA
- Jindal Steel & Power Ltd - India
- ASAPP Information Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Sojitz Corporation - Japan
- Port Waratah Coal Services - Australia
- Videocon Industries ltd - India
- Siam City Cement - Thailand
- GAC Shipping (India) Pvt Ltd
- Interocean Group of Companies - India
- Mintek Dendrill Indonesia
- European Bulk Services B.V. - Netherlands
- Latin American Coal - Colombia
- Goldman Sachs - Singapore
- Alfred C Toepfer International GmbH - Germany
- Leighton Contractors Pty Ltd - Australia
- Energy Development Corp, Philippines
- Bharathi Cement Corporation - India
- Meralco Power Generation, Philippines
- Trasteel International SA, Italy
- The State Trading Corporation of India Ltd
- Heidelberg Cement - Germany
- Tata Chemicals Ltd - India
- Anglo American - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Singapore Mercantile Exchange
- Straits Asia Resources Limited - Singapore
- Ministry of Transport, Egypt
- Binh Thuan Hamico - Vietnam
- Carbofer General Trading SA - India
- Romanian Commodities Exchange
- Parliament of New Zealand
- Gujarat Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Rashtriya Ispat Nigam Limited - India
- Attock Cement Pakistan Limited
- Iligan Light & Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Australian Commodity Traders Exchange
- Indonesian Coal Mining Association
- ICICI Bank Limited - India
- Semirara Mining Corp, Philippines
- Indogreen Group - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Ambuja Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Gujarat Mineral Development Corp Ltd - India
- Medco Energi Mining Internasional
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