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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, 07 April 15
SUB-BIT FOB INDONESIA COAL SWAP KEEPS DROPPING; DROPPED 2% W-W
COALspot.com: Indonesian coal swap for delivery Q2 2015 declined month on month and week over week.
The Q2 swap was declined US$ 2.44 (5.14%) ...
Tuesday, 07 April 15
Q3 FOB RICHARDS BAY COAL SWAP CLOSED AT $ 55.96 PMT; DOWN 8.40% M-M
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q2' 2015 declined month over month and week on week.
The Q2 swap has declined U ...
Monday, 06 April 15
INDONESIA'S HBA FIXED AT US$ 64.48 PMT FOR APRIL DELIVERY; DOWN 4.84% M-M
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down Indonesian coal benchmark prices to US$ 64.48 per MT in Apr ...
Monday, 06 April 15
FOB NEWCASTLE COAL SWAP DECLINED 12% MONTH OVER MONTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery declined US$ 6.23 per MT (-12%) month over month and US$ 0.86 (-1.85%) week ...
Monday, 06 April 15
CFR SOUTH CHINA COAL SWAP FALL CONTINUES
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery declined US$ 5.96 (-10.37%) per MT month over month and US$ 0.98 (- ...
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- Timah Investasi Mineral - Indoneisa
- Renaissance Capital - South Africa
- Bharathi Cement Corporation - India
- Bangladesh Power Developement Board
- Global Business Power Corporation, Philippines
- Minerals Council of Australia
- Siam City Cement PLC, Thailand
- Dalmia Cement Bharat India
- Alfred C Toepfer International GmbH - Germany
- Eastern Coal Council - USA
- GN Power Mariveles Coal Plant, Philippines
- Australian Commodity Traders Exchange
- CIMB Investment Bank - Malaysia
- Carbofer General Trading SA - India
- Attock Cement Pakistan Limited
- Coalindo Energy - Indonesia
- Malabar Cements Ltd - India
- GVK Power & Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Development Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Jindal Steel & Power Ltd - India
- Larsen & Toubro Limited - India
- Madhucon Powers Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- SMG Consultants - Indonesia
- Thai Mozambique Logistica
- Therma Luzon, Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Latin American Coal - Colombia
- Tata Chemicals Ltd - India
- Tamil Nadu electricity Board
- Electricity Generating Authority of Thailand
- Kideco Jaya Agung - Indonesia
- Goldman Sachs - Singapore
- Interocean Group of Companies - India
- Essar Steel Hazira Ltd - India
- Bayan Resources Tbk. - Indonesia
- Aboitiz Power Corporation - Philippines
- Sical Logistics Limited - India
- Independent Power Producers Association of India
- Offshore Bulk Terminal Pte Ltd, Singapore
- San Jose City I Power Corp, Philippines
- Orica Australia Pty. Ltd.
- Anglo American - United Kingdom
- The University of Queensland
- Bukit Makmur.PT - Indonesia
- Power Finance Corporation Ltd., India
- Africa Commodities Group - South Africa
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Economic Council, Georgia
- Ministry of Transport, Egypt
- Kaltim Prima Coal - Indonesia
- Rio Tinto Coal - Australia
- Cement Manufacturers Association - India
- Toyota Tsusho Corporation, Japan
- Manunggal Multi Energi - Indonesia
- Star Paper Mills Limited - India
- Deloitte Consulting - India
- Marubeni Corporation - India
- Kobexindo Tractors - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Baramulti Group, Indonesia
- Mjunction Services Limited - India
- Coal and Oil Company - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Standard Chartered Bank - UAE
- Posco Energy - South Korea
- Makarim & Taira - Indonesia
- Vizag Seaport Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Port Waratah Coal Services - Australia
- Miang Besar Coal Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Xindia Steels Limited - India
- London Commodity Brokers - England
- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
- CNBM International Corporation - China
- Directorate Of Revenue Intelligence - India
- Pendopo Energi Batubara - Indonesia
- Wood Mackenzie - Singapore
- Orica Mining Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wilmar Investment Holdings
- Sinarmas Energy and Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Bulk Trading Sa - Switzerland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aditya Birla Group - India
- TeaM Sual Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- ASAPP Information Group - India
- Electricity Authority, New Zealand
- Edison Trading Spa - Italy
- Semirara Mining Corp, Philippines
- IEA Clean Coal Centre - UK
- Savvy Resources Ltd - HongKong
- Samtan Co., Ltd - South Korea
- Parry Sugars Refinery, India
- Singapore Mercantile Exchange
- Chamber of Mines of South Africa
- Kumho Petrochemical, South Korea
- Semirara Mining and Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Trasteel International SA, Italy
- Commonwealth Bank - Australia
- Neyveli Lignite Corporation Ltd, - India
- Intertek Mineral Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Lanco Infratech Ltd - India
- Sakthi Sugars Limited - India
- PNOC Exploration Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Indian Oil Corporation Limited
- Oldendorff Carriers - Singapore
- Ministry of Finance - Indonesia
- Parliament of New Zealand
- Mercator Lines Limited - India
- The Treasury - Australian Government
- Petron Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- McConnell Dowell - Australia
- PowerSource Philippines DevCo
- Energy Link Ltd, New Zealand
- Merrill Lynch Commodities Europe
- PetroVietnam Power Coal Import and Supply Company
- SMC Global Power, Philippines
- Global Green Power PLC Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Sree Jayajothi Cements Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Energy Exchange, India
- Medco Energi Mining Internasional
- Altura Mining Limited, Indonesia
- Uttam Galva Steels Limited - India
- Borneo Indobara - Indonesia
- Meralco Power Generation, Philippines
- IHS Mccloskey Coal Group - USA
- Leighton Contractors Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Sindya Power Generating Company Private Ltd
- Karbindo Abesyapradhi - Indoneisa
- MS Steel International - UAE
- Sojitz Corporation - Japan
- India Bulls Power Limited - India
- Indonesian Coal Mining Association
- ICICI Bank Limited - India
- Coastal Gujarat Power Limited - India
- New Zealand Coal & Carbon
- Meenaskhi Energy Private Limited - India
- Grasim Industreis Ltd - India
- Planning Commission, India
- Binh Thuan Hamico - Vietnam
- OPG Power Generation Pvt Ltd - India
- Romanian Commodities Exchange
- Formosa Plastics Group - Taiwan
- Banpu Public Company Limited - Thailand
- Ministry of Mines - Canada
- Kapuas Tunggal Persada - Indonesia
- GAC Shipping (India) Pvt Ltd
- PTC India Limited - India
- Bhatia International Limited - India
- Maheswari Brothers Coal Limited - India
- AsiaOL BioFuels Corp., Philippines
- Indika Energy - Indonesia
- Indogreen Group - Indonesia
- GMR Energy Limited - India
- Antam Resourcindo - Indonesia
- VISA Power Limited - India
- Mercuria Energy - Indonesia
- Bhoruka Overseas - Indonesia
- South Luzon Thermal Energy Corporation
- Georgia Ports Authority, United States
- Riau Bara Harum - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bhushan Steel Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Barasentosa Lestari - Indonesia
- Mintek Dendrill Indonesia
- Eastern Energy - Thailand
- Agrawal Coal Company - India
- Bukit Baiduri Energy - Indonesia
- Heidelberg Cement - Germany
- Rashtriya Ispat Nigam Limited - India
- Ambuja Cements Ltd - India
- Central Electricity Authority - India
- Globalindo Alam Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Thiess Contractors Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Price Waterhouse Coopers - Russia
- Sarangani Energy Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Billiton Holdings Pty Ltd - Australia
- Videocon Industries ltd - India
- SN Aboitiz Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- White Energy Company Limited
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement - Thailand
- Central Java Power - Indonesia
- Vedanta Resources Plc - India
- LBH Netherlands Bv - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
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