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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, 14 April 15
COAL OUTPUT FALLS AS PRICES CONTINUE TO LAG - JP
Coal output dropped by 21 percent in the first three months of the year as low prices for the commodity forced mining companies to reduce activitie ...
Tuesday, 14 April 15
SUB-BIT FOB INDONESIA COAL SWAPS FOR Q4 DELIVERY CRASHES THROUGH $44
COALspot.com: Indonesian coal swap for delivery Q2 2015 declined month on month and week over week.
The Q2 swap was declined US$ 2.25 (4.77%) ...
Monday, 13 April 15
Q2 FOB NEWCASTLE COAL SWAP CLOSED AT $45.28 PMT; DECLINED 7.50% M-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery declined US$ 3.67 per MT (-7.50%) month over month and US$ 0.39 week on wee ...
Monday, 13 April 15
Q4 CFR SOUTH CHINA COAL SWAP CLOSED AT US$ 50.97
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery declined US$ 4.50 (-8.05%) per MT month over month and US$ 0.12 (-0 ...
Sunday, 12 April 15
INDONESIA TO INDIA FREIGHT RATE IS EXPECTED TO BE SOFT
COALspot.com: The freight market was steady, however the BDI was declined slightly week over week.
BDI dropped 1.36 pct and closed at 580 poin ...
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- Kapuas Tunggal Persada - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Uttam Galva Steels Limited - India
- ASAPP Information Group - India
- Gujarat Mineral Development Corp Ltd - India
- Directorate Of Revenue Intelligence - India
- Antam Resourcindo - Indonesia
- OPG Power Generation Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Essar Steel Hazira Ltd - India
- Sojitz Corporation - Japan
- Deloitte Consulting - India
- Carbofer General Trading SA - India
- Sindya Power Generating Company Private Ltd
- Cigading International Bulk Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Chamber of Mines of South Africa
- Toyota Tsusho Corporation, Japan
- SN Aboitiz Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Medco Energi Mining Internasional
- Siam City Cement - Thailand
- Petron Corporation, Philippines
- The State Trading Corporation of India Ltd
- The University of Queensland
- Parliament of New Zealand
- Port Waratah Coal Services - Australia
- IHS Mccloskey Coal Group - USA
- Ministry of Transport, Egypt
- Bhoruka Overseas - Indonesia
- Wilmar Investment Holdings
- ICICI Bank Limited - India
- Banpu Public Company Limited - Thailand
- Altura Mining Limited, Indonesia
- The Treasury - Australian Government
- European Bulk Services B.V. - Netherlands
- Therma Luzon, Inc, Philippines
- Coalindo Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Planning Commission, India
- San Jose City I Power Corp, Philippines
- Vedanta Resources Plc - India
- Bayan Resources Tbk. - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sree Jayajothi Cements Limited - India
- India Bulls Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Latin American Coal - Colombia
- VISA Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- MS Steel International - UAE
- Sinarmas Energy and Mining - Indonesia
- White Energy Company Limited
- Australian Coal Association
- Ambuja Cements Ltd - India
- Marubeni Corporation - India
- Vizag Seaport Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Independent Power Producers Association of India
- GMR Energy Limited - India
- Semirara Mining and Power Corporation, Philippines
- McConnell Dowell - Australia
- Sakthi Sugars Limited - India
- Iligan Light & Power Inc, Philippines
- Cement Manufacturers Association - India
- Chettinad Cement Corporation Ltd - India
- Australian Commodity Traders Exchange
- Maharashtra Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Georgia Ports Authority, United States
- Pipit Mutiara Jaya. PT, Indonesia
- Xindia Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Barasentosa Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- PNOC Exploration Corporation - Philippines
- Interocean Group of Companies - India
- Kumho Petrochemical, South Korea
- Gujarat Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- New Zealand Coal & Carbon
- PetroVietnam Power Coal Import and Supply Company
- Minerals Council of Australia
- Jaiprakash Power Ventures ltd
- Indogreen Group - Indonesia
- Bharathi Cement Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Simpson Spence & Young - Indonesia
- Indonesian Coal Mining Association
- Bhushan Steel Limited - India
- Riau Bara Harum - Indonesia
- Intertek Mineral Services - Indonesia
- Indian Energy Exchange, India
- Karbindo Abesyapradhi - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- SMG Consultants - Indonesia
- Coal and Oil Company - UAE
- Aboitiz Power Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Trasteel International SA, Italy
- GVK Power & Infra Limited - India
- Mercuria Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Energy Link Ltd, New Zealand
- Ind-Barath Power Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Dalmia Cement Bharat India
- Miang Besar Coal Terminal - Indonesia
- Renaissance Capital - South Africa
- Orica Mining Services - Indonesia
- Thai Mozambique Logistica
- CIMB Investment Bank - Malaysia
- Global Green Power PLC Corporation, Philippines
- Edison Trading Spa - Italy
- Meralco Power Generation, Philippines
- Mintek Dendrill Indonesia
- Binh Thuan Hamico - Vietnam
- SMC Global Power, Philippines
- Sical Logistics Limited - India
- CNBM International Corporation - China
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- Aditya Birla Group - India
- Borneo Indobara - Indonesia
- Baramulti Group, Indonesia
- PowerSource Philippines DevCo
- Malabar Cements Ltd - India
- Lanco Infratech Ltd - India
- Mjunction Services Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Savvy Resources Ltd - HongKong
- Merrill Lynch Commodities Europe
- Global Coal Blending Company Limited - Australia
- Thiess Contractors Indonesia
- Kepco SPC Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Energy Development Corp, Philippines
- Gujarat Sidhee Cement - India
- Rio Tinto Coal - Australia
- Larsen & Toubro Limited - India
- Leighton Contractors Pty Ltd - Australia
- Singapore Mercantile Exchange
- Ministry of Mines - Canada
- IEA Clean Coal Centre - UK
- Parry Sugars Refinery, India
- Oldendorff Carriers - Singapore
- Maheswari Brothers Coal Limited - India
- Madhucon Powers Ltd - India
- Anglo American - United Kingdom
- Central Java Power - Indonesia
- London Commodity Brokers - England
- Star Paper Mills Limited - India
- Goldman Sachs - Singapore
- South Luzon Thermal Energy Corporation
- Bank of Tokyo Mitsubishi UFJ Ltd
- PTC India Limited - India
- Makarim & Taira - Indonesia
- Salva Resources Pvt Ltd - India
- Posco Energy - South Korea
- Timah Investasi Mineral - Indoneisa
- Tamil Nadu electricity Board
- Indika Energy - Indonesia
- Tata Chemicals Ltd - India
- Central Electricity Authority - India
- Pendopo Energi Batubara - Indonesia
- Semirara Mining Corp, Philippines
- Electricity Generating Authority of Thailand
- Bangladesh Power Developement Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Coal Council - USA
- Heidelberg Cement - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Indian Oil Corporation Limited
- Romanian Commodities Exchange
- Grasim Industreis Ltd - India
- Agrawal Coal Company - India
- Krishnapatnam Port Company Ltd. - India
- Metalloyd Limited - United Kingdom
- Sarangani Energy Corporation, Philippines
- Power Finance Corporation Ltd., India
- Commonwealth Bank - Australia
- Electricity Authority, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Attock Cement Pakistan Limited
- Siam City Cement PLC, Thailand
- Coastal Gujarat Power Limited - India
- Kideco Jaya Agung - Indonesia
- Manunggal Multi Energi - Indonesia
- Global Business Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Ministry of Finance - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Mercator Lines Limited - India
- Videocon Industries ltd - India
- Kaltim Prima Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Economic Council, Georgia
- Kartika Selabumi Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Standard Chartered Bank - UAE
- Eastern Energy - Thailand
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