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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, 16 April 15
SHIPPING DEMAND TO SUFFER AS CHINESE SLOWDOWN CONFIRMED SAYS BIMCO'S CHIEF SHIPPING ANALYST - BIMCO
The Chinese economy grew by 7.0% y-o-y in the first quarter of 2015, according to National Bureau of Statistics in China. This is the weakest overa ...
Thursday, 16 April 15
INDIA: COAL IMPORTS RISE BY 33 PC TO 240 MT IN FY'15 - PTI
India’s coal imports in the just concluded FY 2015 increased by 33 per cent to about 240 million tonnes.
“Coal import have gone up ...
Thursday, 16 April 15
CAPESIZE: THE SUPPLY AND DEMAND SIDE ARE NOW SUFFERING HEAVILY - FEARNLEYS
Handy
It seems to be some standoff between owners and charterers in both hemispheres this week. Owners are raising their rates while charterers a ...
Thursday, 16 April 15
Q3 FOB RICHARDS BAY COAL SWAP CLOSED AT $ 55.67 PMT
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q2' 2015 declined month over month.
The Q2 swap has declined US$ 1.90 (3.17%) m ...
Wednesday, 15 April 15
PORT OF NEWCASTLE SHIPPED 13.63 MMT OF COAL IN MARCH; UP 4.41% M-O-M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1.227 billi ...
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- Parliament of New Zealand
- Tamil Nadu electricity Board
- Indonesian Coal Mining Association
- Miang Besar Coal Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Binh Thuan Hamico - Vietnam
- GAC Shipping (India) Pvt Ltd
- Indian Oil Corporation Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chamber of Mines of South Africa
- The Treasury - Australian Government
- San Jose City I Power Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- VISA Power Limited - India
- Bharathi Cement Corporation - India
- Kideco Jaya Agung - Indonesia
- European Bulk Services B.V. - Netherlands
- Metalloyd Limited - United Kingdom
- Borneo Indobara - Indonesia
- Antam Resourcindo - Indonesia
- Dalmia Cement Bharat India
- Port Waratah Coal Services - Australia
- Intertek Mineral Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Leighton Contractors Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Bulk Trading Sa - Switzerland
- New Zealand Coal & Carbon
- Price Waterhouse Coopers - Russia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Mining Services - Indonesia
- The University of Queensland
- Kapuas Tunggal Persada - Indonesia
- Bangladesh Power Developement Board
- Thiess Contractors Indonesia
- Planning Commission, India
- Jorong Barutama Greston.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Manunggal Multi Energi - Indonesia
- Bhushan Steel Limited - India
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- Australian Coal Association
- Energy Link Ltd, New Zealand
- Indian Energy Exchange, India
- Madhucon Powers Ltd - India
- Sindya Power Generating Company Private Ltd
- Karaikal Port Pvt Ltd - India
- Heidelberg Cement - Germany
- SMC Global Power, Philippines
- Mercuria Energy - Indonesia
- Sakthi Sugars Limited - India
- Simpson Spence & Young - Indonesia
- Thai Mozambique Logistica
- Bhatia International Limited - India
- OPG Power Generation Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Posco Energy - South Korea
- Globalindo Alam Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Kumho Petrochemical, South Korea
- LBH Netherlands Bv - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Mines - Canada
- Electricity Authority, New Zealand
- Lanco Infratech Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Commonwealth Bank - Australia
- Sree Jayajothi Cements Limited - India
- Orica Australia Pty. Ltd.
- Chettinad Cement Corporation Ltd - India
- Petron Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Independent Power Producers Association of India
- Global Green Power PLC Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Jaiprakash Power Ventures ltd
- Meenaskhi Energy Private Limited - India
- Central Java Power - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kartika Selabumi Mining - Indonesia
- Meralco Power Generation, Philippines
- Indo Tambangraya Megah - Indonesia
- Bhoruka Overseas - Indonesia
- Australian Commodity Traders Exchange
- GMR Energy Limited - India
- Formosa Plastics Group - Taiwan
- Singapore Mercantile Exchange
- Trasteel International SA, Italy
- Sinarmas Energy and Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- Eastern Coal Council - USA
- Directorate General of MIneral and Coal - Indonesia
- Cement Manufacturers Association - India
- Pipit Mutiara Jaya. PT, Indonesia
- IEA Clean Coal Centre - UK
- Renaissance Capital - South Africa
- GVK Power & Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement - Thailand
- Parry Sugars Refinery, India
- PTC India Limited - India
- Toyota Tsusho Corporation, Japan
- MS Steel International - UAE
- McConnell Dowell - Australia
- Videocon Industries ltd - India
- Aditya Birla Group - India
- CNBM International Corporation - China
- IHS Mccloskey Coal Group - USA
- Wood Mackenzie - Singapore
- Wilmar Investment Holdings
- Xindia Steels Limited - India
- Sical Logistics Limited - India
- Sojitz Corporation - Japan
- Medco Energi Mining Internasional
- Economic Council, Georgia
- Iligan Light & Power Inc, Philippines
- Tata Chemicals Ltd - India
- Altura Mining Limited, Indonesia
- Mercator Lines Limited - India
- Grasim Industreis Ltd - India
- Kobexindo Tractors - Indoneisa
- PowerSource Philippines DevCo
- Mintek Dendrill Indonesia
- Jindal Steel & Power Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Attock Cement Pakistan Limited
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement PLC, Thailand
- London Commodity Brokers - England
- Interocean Group of Companies - India
- TeaM Sual Corporation - Philippines
- Georgia Ports Authority, United States
- CIMB Investment Bank - Malaysia
- Coalindo Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Latin American Coal - Colombia
- Uttam Galva Steels Limited - India
- Energy Development Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- White Energy Company Limited
- Vizag Seaport Private Limited - India
- Makarim & Taira - Indonesia
- Sarangani Energy Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Gujarat Sidhee Cement - India
- Romanian Commodities Exchange
- Semirara Mining Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Salva Resources Pvt Ltd - India
- Baramulti Group, Indonesia
- Straits Asia Resources Limited - Singapore
- Anglo American - United Kingdom
- Barasentosa Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- Merrill Lynch Commodities Europe
- Kohat Cement Company Ltd. - Pakistan
- PNOC Exploration Corporation - Philippines
- Malabar Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Deloitte Consulting - India
- Coastal Gujarat Power Limited - India
- Indogreen Group - Indonesia
- The State Trading Corporation of India Ltd
- International Coal Ventures Pvt Ltd - India
- Agrawal Coal Company - India
- Ministry of Finance - Indonesia
- Alfred C Toepfer International GmbH - Germany
- South Luzon Thermal Energy Corporation
- Karbindo Abesyapradhi - Indoneisa
- Goldman Sachs - Singapore
- Eastern Energy - Thailand
- Power Finance Corporation Ltd., India
- Mjunction Services Limited - India
- Riau Bara Harum - Indonesia
- Larsen & Toubro Limited - India
- ICICI Bank Limited - India
- Essar Steel Hazira Ltd - India
- Africa Commodities Group - South Africa
- SMG Consultants - Indonesia
- Samtan Co., Ltd - South Korea
- Rio Tinto Coal - Australia
- Coal and Oil Company - UAE
- ASAPP Information Group - India
- Vedanta Resources Plc - India
- Therma Luzon, Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Central Electricity Authority - India
- Ind-Barath Power Infra Limited - India
- Carbofer General Trading SA - India
- Kaltim Prima Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Semirara Mining and Power Corporation, Philippines
- Edison Trading Spa - Italy
- Savvy Resources Ltd - HongKong
- Kepco SPC Power Corporation, Philippines
- India Bulls Power Limited - India
- Ministry of Transport, Egypt
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