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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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Monday, 20 April 15
Q4' 2015 API 8 CFR SOUTH CHINA COAL SWAP CLOSED US$ 50.28 PMT
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery declined US$ 4.03 (-7.28%) per MT month over month and US$ 0.05 (-0 ...
Sunday, 19 April 15
THE OCEAN FREIGHT MARKET SHOWED STEADY THIS WEEK
COALspot.com: The freight market was fairly steady this week. The BDI was up 2.93% to 597 points week over week. The cape index was also increased ...
Friday, 17 April 15
IHS ENERGY EUROPEAN COAL OUTLOOK CONFERENCE
Attend the IHS Energy European Coal Outlook Conference 19-20 May in Nice, France and learn about timely concerns in today’s coal industry.
...
Friday, 17 April 15
COAL PRODUCTION IN THE U.S. UP THIS PAST WEEK - EIA
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 18.0 million short ...
Thursday, 16 April 15
NEW COMMODITY SUPERHIGHWAY WILL EMERGE IN CHINA, ALTERING ENERGY TRADE FLOWS - WOOD MACKENZIE
Wood Mackenzie says that China’s Go West strategy – encouraging coastal to inland flow of capital and people - will result in the forma ...
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- Sakthi Sugars Limited - India
- Oldendorff Carriers - Singapore
- Sindya Power Generating Company Private Ltd
- MS Steel International - UAE
- Eastern Coal Council - USA
- Global Green Power PLC Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Malabar Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Ministry of Transport, Egypt
- Renaissance Capital - South Africa
- Globalindo Alam Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- The University of Queensland
- Cigading International Bulk Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Coastal Gujarat Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Edison Trading Spa - Italy
- Georgia Ports Authority, United States
- Central Java Power - Indonesia
- Parliament of New Zealand
- Aboitiz Power Corporation - Philippines
- Parry Sugars Refinery, India
- Maharashtra Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- ASAPP Information Group - India
- PowerSource Philippines DevCo
- Baramulti Group, Indonesia
- Indian Energy Exchange, India
- Iligan Light & Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Ambuja Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The Treasury - Australian Government
- Sinarmas Energy and Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Mercator Lines Limited - India
- Electricity Generating Authority of Thailand
- Tata Chemicals Ltd - India
- Sical Logistics Limited - India
- Carbofer General Trading SA - India
- Goldman Sachs - Singapore
- Coal and Oil Company - UAE
- Orica Mining Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Singapore Mercantile Exchange
- Ministry of Finance - Indonesia
- Grasim Industreis Ltd - India
- Siam City Cement PLC, Thailand
- Eastern Energy - Thailand
- Global Coal Blending Company Limited - Australia
- Bahari Cakrawala Sebuku - Indonesia
- San Jose City I Power Corp, Philippines
- Madhucon Powers Ltd - India
- Heidelberg Cement - Germany
- Xindia Steels Limited - India
- CNBM International Corporation - China
- Central Electricity Authority - India
- European Bulk Services B.V. - Netherlands
- Bhoruka Overseas - Indonesia
- Global Business Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- ICICI Bank Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Agrawal Coal Company - India
- Standard Chartered Bank - UAE
- Australian Commodity Traders Exchange
- PetroVietnam Power Coal Import and Supply Company
- Neyveli Lignite Corporation Ltd, - India
- Pipit Mutiara Jaya. PT, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Maheswari Brothers Coal Limited - India
- Economic Council, Georgia
- Orica Australia Pty. Ltd.
- Indika Energy - Indonesia
- Deloitte Consulting - India
- Anglo American - United Kingdom
- TeaM Sual Corporation - Philippines
- IEA Clean Coal Centre - UK
- Energy Link Ltd, New Zealand
- Gujarat Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Videocon Industries ltd - India
- Makarim & Taira - Indonesia
- Bharathi Cement Corporation - India
- Bukit Baiduri Energy - Indonesia
- Energy Development Corp, Philippines
- Indian Oil Corporation Limited
- Simpson Spence & Young - Indonesia
- Directorate Of Revenue Intelligence - India
- Karaikal Port Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Uttam Galva Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Lanco Infratech Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Rio Tinto Coal - Australia
- Altura Mining Limited, Indonesia
- New Zealand Coal & Carbon
- Therma Luzon, Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Bhatia International Limited - India
- Samtan Co., Ltd - South Korea
- Essar Steel Hazira Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Cement Manufacturers Association - India
- Miang Besar Coal Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Chettinad Cement Corporation Ltd - India
- Kepco SPC Power Corporation, Philippines
- SMC Global Power, Philippines
- Thai Mozambique Logistica
- Alfred C Toepfer International GmbH - Germany
- White Energy Company Limited
- SMG Consultants - Indonesia
- Manunggal Multi Energi - Indonesia
- Electricity Authority, New Zealand
- Tamil Nadu electricity Board
- Petron Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Chamber of Mines of South Africa
- Ministry of Mines - Canada
- Sojitz Corporation - Japan
- Bangladesh Power Developement Board
- SN Aboitiz Power Inc, Philippines
- Coalindo Energy - Indonesia
- Power Finance Corporation Ltd., India
- Savvy Resources Ltd - HongKong
- CIMB Investment Bank - Malaysia
- India Bulls Power Limited - India
- Interocean Group of Companies - India
- Price Waterhouse Coopers - Russia
- Semirara Mining and Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Dalmia Cement Bharat India
- Thiess Contractors Indonesia
- Independent Power Producers Association of India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bulk Trading Sa - Switzerland
- Pendopo Energi Batubara - Indonesia
- Mercuria Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Intertek Mineral Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Barasentosa Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- London Commodity Brokers - England
- LBH Netherlands Bv - Netherlands
- Bayan Resources Tbk. - Indonesia
- Star Paper Mills Limited - India
- Minerals Council of Australia
- Medco Energi Mining Internasional
- Vedanta Resources Plc - India
- Meenaskhi Energy Private Limited - India
- Bukit Makmur.PT - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Attock Cement Pakistan Limited
- South Luzon Thermal Energy Corporation
- Trasteel International SA, Italy
- Africa Commodities Group - South Africa
- IHS Mccloskey Coal Group - USA
- Vizag Seaport Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Commonwealth Bank - Australia
- Jaiprakash Power Ventures ltd
- VISA Power Limited - India
- Ind-Barath Power Infra Limited - India
- GMR Energy Limited - India
- Borneo Indobara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Sree Jayajothi Cements Limited - India
- Larsen & Toubro Limited - India
- Meralco Power Generation, Philippines
- McConnell Dowell - Australia
- Romanian Commodities Exchange
- Indogreen Group - Indonesia
- Siam City Cement - Thailand
- Salva Resources Pvt Ltd - India
- Indonesian Coal Mining Association
- Mjunction Services Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Metalloyd Limited - United Kingdom
- Planning Commission, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Holcim Trading Pte Ltd - Singapore
- Aditya Birla Group - India
- Gujarat Sidhee Cement - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Coal Association
- Kumho Petrochemical, South Korea
- Bhushan Steel Limited - India
- Merrill Lynch Commodities Europe
- Riau Bara Harum - Indonesia
- GVK Power & Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Latin American Coal - Colombia
- Antam Resourcindo - Indonesia
- PTC India Limited - India
- Marubeni Corporation - India
- PNOC Exploration Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Kideco Jaya Agung - Indonesia
- Wood Mackenzie - Singapore
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- The State Trading Corporation of India Ltd
- Posco Energy - South Korea
- Wilmar Investment Holdings
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