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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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Sunday, 05 April 15
FREIGHT RATES UNDER PRESSURE WEEK OVER WEEK
COALspot.com: The Indices fell on all segments and the market seemed to soften this week.
The BDI was almost lost 1.34% week over week and clo ...
Saturday, 04 April 15
BORYEONG POWER OF KOMIPO TO BUY TOTALED 695K MT OF HIGH AND LCV COAL
COALspot.com - Korea Midland Power Co. Ltd. (KOMIPO) is inviting bids from coal producers, marketing companies, or traders to supply of 500000 Metr ...
Friday, 03 April 15
U.S WEEKLY COAL PRODUCTION STAYS FLAT
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 18.3 million short ...
Friday, 03 April 15
TOBA BARA'S PANDU SJAHRIR ELECTED AS NEW CHAIRMAN OF THE INDONESIAN COAL MINING ASSOCIATION
COALspot.com: Pandu Sjahrir, the Vice President Director & CFO of the Jakarta-listed PT Toba Bara Sejahtra — a subsidiary of PT Toba Seja ...
Thursday, 02 April 15
GOVERNMENT MUST WORK WITH MINING, NOT AGAINST IT - PANDU SJAHRIR
The Coal Face: The coal price has hit its lowest point in recent memory
My father used to say to me that his children are his biggest inv ...
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- Indonesian Coal Mining Association
- Gujarat Sidhee Cement - India
- Miang Besar Coal Terminal - Indonesia
- Sical Logistics Limited - India
- Madhucon Powers Ltd - India
- Siam City Cement - Thailand
- Simpson Spence & Young - Indonesia
- Timah Investasi Mineral - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- ICICI Bank Limited - India
- Kalimantan Lumbung Energi - Indonesia
- White Energy Company Limited
- Petron Corporation, Philippines
- Anglo American - United Kingdom
- Deloitte Consulting - India
- Ministry of Mines - Canada
- Vizag Seaport Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- SMG Consultants - Indonesia
- Sree Jayajothi Cements Limited - India
- Coal and Oil Company - UAE
- Directorate General of MIneral and Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- CNBM International Corporation - China
- Eastern Energy - Thailand
- ASAPP Information Group - India
- Attock Cement Pakistan Limited
- Commonwealth Bank - Australia
- Central Java Power - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Makarim & Taira - Indonesia
- Manunggal Multi Energi - Indonesia
- Ministry of Transport, Egypt
- IEA Clean Coal Centre - UK
- Posco Energy - South Korea
- PowerSource Philippines DevCo
- Interocean Group of Companies - India
- Karaikal Port Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- San Jose City I Power Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Baramulti Group, Indonesia
- The Treasury - Australian Government
- Xindia Steels Limited - India
- Economic Council, Georgia
- Savvy Resources Ltd - HongKong
- LBH Netherlands Bv - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Wood Mackenzie - Singapore
- Ind-Barath Power Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Sinarmas Energy and Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Georgia Ports Authority, United States
- Latin American Coal - Colombia
- Mintek Dendrill Indonesia
- Tamil Nadu electricity Board
- Asmin Koalindo Tuhup - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sakthi Sugars Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Aditya Birla Group - India
- Lanco Infratech Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Pipit Mutiara Jaya. PT, Indonesia
- Banpu Public Company Limited - Thailand
- Renaissance Capital - South Africa
- The State Trading Corporation of India Ltd
- Energy Development Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Samtan Co., Ltd - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Ceylon Electricity Board - Sri Lanka
- South Luzon Thermal Energy Corporation
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Medco Energi Mining Internasional
- Altura Mining Limited, Indonesia
- Marubeni Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Merrill Lynch Commodities Europe
- Energy Link Ltd, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- McConnell Dowell - Australia
- Thiess Contractors Indonesia
- Wilmar Investment Holdings
- Goldman Sachs - Singapore
- Sojitz Corporation - Japan
- Vedanta Resources Plc - India
- Global Business Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Bangladesh Power Developement Board
- Edison Trading Spa - Italy
- Bukit Baiduri Energy - Indonesia
- Bhushan Steel Limited - India
- Krishnapatnam Port Company Ltd. - India
- Larsen & Toubro Limited - India
- Bulk Trading Sa - Switzerland
- Indogreen Group - Indonesia
- Kideco Jaya Agung - Indonesia
- Alfred C Toepfer International GmbH - Germany
- OPG Power Generation Pvt Ltd - India
- Cement Manufacturers Association - India
- Semirara Mining Corp, Philippines
- Agrawal Coal Company - India
- Jindal Steel & Power Ltd - India
- Africa Commodities Group - South Africa
- European Bulk Services B.V. - Netherlands
- Planning Commission, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bharathi Cement Corporation - India
- Coalindo Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Independent Power Producers Association of India
- Rashtriya Ispat Nigam Limited - India
- IHS Mccloskey Coal Group - USA
- PTC India Limited - India
- Parliament of New Zealand
- Formosa Plastics Group - Taiwan
- Cigading International Bulk Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Indian Oil Corporation Limited
- Price Waterhouse Coopers - Russia
- AsiaOL BioFuels Corp., Philippines
- Kobexindo Tractors - Indoneisa
- Parry Sugars Refinery, India
- Borneo Indobara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- VISA Power Limited - India
- Salva Resources Pvt Ltd - India
- Australian Coal Association
- Ministry of Finance - Indonesia
- Jaiprakash Power Ventures ltd
- Rio Tinto Coal - Australia
- London Commodity Brokers - England
- Star Paper Mills Limited - India
- Dalmia Cement Bharat India
- Central Electricity Authority - India
- Kumho Petrochemical, South Korea
- Therma Luzon, Inc, Philippines
- Mercuria Energy - Indonesia
- Chamber of Mines of South Africa
- International Coal Ventures Pvt Ltd - India
- Tata Chemicals Ltd - India
- New Zealand Coal & Carbon
- Chettinad Cement Corporation Ltd - India
- Minerals Council of Australia
- Meralco Power Generation, Philippines
- CIMB Investment Bank - Malaysia
- Siam City Cement PLC, Thailand
- Mjunction Services Limited - India
- Uttam Galva Steels Limited - India
- India Bulls Power Limited - India
- Riau Bara Harum - Indonesia
- Australian Commodity Traders Exchange
- Eastern Coal Council - USA
- Barasentosa Lestari - Indonesia
- MS Steel International - UAE
- Bayan Resources Tbk. - Indonesia
- TeaM Sual Corporation - Philippines
- Port Waratah Coal Services - Australia
- Coastal Gujarat Power Limited - India
- Standard Chartered Bank - UAE
- Meenaskhi Energy Private Limited - India
- Oldendorff Carriers - Singapore
- Indo Tambangraya Megah - Indonesia
- Bukit Makmur.PT - Indonesia
- Singapore Mercantile Exchange
- Gujarat Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kaltim Prima Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Power Finance Corporation Ltd., India
- GVK Power & Infra Limited - India
- Malabar Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Orica Mining Services - Indonesia
- Heidelberg Cement - Germany
- Romanian Commodities Exchange
- Bhatia International Limited - India
- GAC Shipping (India) Pvt Ltd
- Leighton Contractors Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Antam Resourcindo - Indonesia
- Sindya Power Generating Company Private Ltd
- Trasteel International SA, Italy
- Straits Asia Resources Limited - Singapore
- Global Coal Blending Company Limited - Australia
- Global Green Power PLC Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Carbofer General Trading SA - India
- Neyveli Lignite Corporation Ltd, - India
- Grasim Industreis Ltd - India
- Ambuja Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Indika Energy - Indonesia
- The University of Queensland
- Kapuas Tunggal Persada - Indonesia
- Orica Australia Pty. Ltd.
- TNB Fuel Sdn Bhd - Malaysia
- Sarangani Energy Corporation, Philippines
- GMR Energy Limited - India
- Mercator Lines Limited - India
- SMC Global Power, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Videocon Industries ltd - India
- Iligan Light & Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Thai Mozambique Logistica
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