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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, 02 April 15
NEWBUILDING ORDERS FOR DRY BULK CARRIERS "DRY" UP
Newbuilding ordering activity remained subdued over the course of the past week, as ship owners are wary of adding further tonnage to an already pr ...
Wednesday, 01 April 15
SUPRAMAX & HANDY: RATES HELD STEADY TOWARDS THE WEEKEND
“Despite the fact that the Dry Bulk market closed off on the green last week, sentiment didn't improve by any means, not only because of ...
Wednesday, 01 April 15
WEEKLY SHIPPING MARKET UPDATE - INTERMODAL
There is no doubt that we are still witnessing a very challenging and at the same time very uncertain market, both with respect to dry chartering a ...
Wednesday, 01 April 15
Q4' 15 INDONESIA COAL SWAP CLOSED AT $45.15 W/E 27 MARCH 2015
COALspot.com: Indonesian coal swap for delivery Q2' 2015 drops month on month and week over week.
The Q2 swap declined US$ 1.54 (3.24%) mo ...
Tuesday, 31 March 15
RICHARDS BAY COAL SWAPS GAIN WEEK OVER WEEK
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q2' 2015 declined month over month but increased week on week.
The Q2 swap has ...
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- PTC India Limited - India
- Australian Commodity Traders Exchange
- Kobexindo Tractors - Indoneisa
- Wood Mackenzie - Singapore
- The Treasury - Australian Government
- Simpson Spence & Young - Indonesia
- Jaiprakash Power Ventures ltd
- GAC Shipping (India) Pvt Ltd
- Karbindo Abesyapradhi - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Standard Chartered Bank - UAE
- Kumho Petrochemical, South Korea
- New Zealand Coal & Carbon
- Holcim Trading Pte Ltd - Singapore
- Sojitz Corporation - Japan
- Electricity Generating Authority of Thailand
- Coastal Gujarat Power Limited - India
- IHS Mccloskey Coal Group - USA
- Indonesian Coal Mining Association
- CIMB Investment Bank - Malaysia
- Star Paper Mills Limited - India
- Global Coal Blending Company Limited - Australia
- European Bulk Services B.V. - Netherlands
- Bukit Baiduri Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Sindya Power Generating Company Private Ltd
- Siam City Cement PLC, Thailand
- Gujarat Sidhee Cement - India
- Leighton Contractors Pty Ltd - Australia
- Indian Oil Corporation Limited
- Kohat Cement Company Ltd. - Pakistan
- SMC Global Power, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- VISA Power Limited - India
- Ambuja Cements Ltd - India
- London Commodity Brokers - England
- Posco Energy - South Korea
- Cement Manufacturers Association - India
- Maheswari Brothers Coal Limited - India
- Orica Mining Services - Indonesia
- Malabar Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Orica Australia Pty. Ltd.
- Sical Logistics Limited - India
- Latin American Coal - Colombia
- Uttam Galva Steels Limited - India
- Chamber of Mines of South Africa
- Central Java Power - Indonesia
- Barasentosa Lestari - Indonesia
- Mercuria Energy - Indonesia
- Port Waratah Coal Services - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tata Chemicals Ltd - India
- Salva Resources Pvt Ltd - India
- Trasteel International SA, Italy
- Straits Asia Resources Limited - Singapore
- Bhoruka Overseas - Indonesia
- Savvy Resources Ltd - HongKong
- Manunggal Multi Energi - Indonesia
- Eastern Coal Council - USA
- Ministry of Mines - Canada
- Edison Trading Spa - Italy
- Parliament of New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Baramulti Group, Indonesia
- CNBM International Corporation - China
- Pipit Mutiara Jaya. PT, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thiess Contractors Indonesia
- Medco Energi Mining Internasional
- Pendopo Energi Batubara - Indonesia
- The University of Queensland
- Intertek Mineral Services - Indonesia
- Australian Coal Association
- Larsen & Toubro Limited - India
- Makarim & Taira - Indonesia
- PowerSource Philippines DevCo
- Binh Thuan Hamico - Vietnam
- ASAPP Information Group - India
- MS Steel International - UAE
- Sakthi Sugars Limited - India
- Economic Council, Georgia
- Kaltim Prima Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Videocon Industries ltd - India
- The State Trading Corporation of India Ltd
- Therma Luzon, Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining Corp, Philippines
- Petron Corporation, Philippines
- Dalmia Cement Bharat India
- SMG Consultants - Indonesia
- India Bulls Power Limited - India
- Parry Sugars Refinery, India
- Marubeni Corporation - India
- Iligan Light & Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Anglo American - United Kingdom
- McConnell Dowell - Australia
- Timah Investasi Mineral - Indoneisa
- Energy Development Corp, Philippines
- Commonwealth Bank - Australia
- Carbofer General Trading SA - India
- Aboitiz Power Corporation - Philippines
- Independent Power Producers Association of India
- AsiaOL BioFuels Corp., Philippines
- Madhucon Powers Ltd - India
- Meralco Power Generation, Philippines
- Coal and Oil Company - UAE
- Africa Commodities Group - South Africa
- Rio Tinto Coal - Australia
- Altura Mining Limited, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Attock Cement Pakistan Limited
- Indo Tambangraya Megah - Indonesia
- Aditya Birla Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Bayan Resources Tbk. - Indonesia
- Metalloyd Limited - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Planning Commission, India
- Ind-Barath Power Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Banpu Public Company Limited - Thailand
- Bhatia International Limited - India
- Directorate Of Revenue Intelligence - India
- Global Business Power Corporation, Philippines
- Central Electricity Authority - India
- Riau Bara Harum - Indonesia
- Ministry of Finance - Indonesia
- Electricity Authority, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Energy Link Ltd, New Zealand
- San Jose City I Power Corp, Philippines
- Interocean Group of Companies - India
- Heidelberg Cement - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vedanta Resources Plc - India
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- Kartika Selabumi Mining - Indonesia
- Power Finance Corporation Ltd., India
- Eastern Energy - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining and Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Merrill Lynch Commodities Europe
- Sinarmas Energy and Mining - Indonesia
- Indian Energy Exchange, India
- Thai Mozambique Logistica
- Deloitte Consulting - India
- Romanian Commodities Exchange
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Georgia Ports Authority, United States
- Siam City Cement - Thailand
- Toyota Tsusho Corporation, Japan
- Borneo Indobara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bhushan Steel Limited - India
- Indogreen Group - Indonesia
- PNOC Exploration Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Coalindo Energy - Indonesia
- IEA Clean Coal Centre - UK
- Petrochimia International Co. Ltd.- Taiwan
- Krishnapatnam Port Company Ltd. - India
- Formosa Plastics Group - Taiwan
- Kepco SPC Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Xindia Steels Limited - India
- Oldendorff Carriers - Singapore
- Chettinad Cement Corporation Ltd - India
- Indika Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- GMR Energy Limited - India
- Renaissance Capital - South Africa
- Singapore Mercantile Exchange
- Meenaskhi Energy Private Limited - India
- Antam Resourcindo - Indonesia
- Bharathi Cement Corporation - India
- Goldman Sachs - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Mercator Lines Limited - India
- Karaikal Port Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Tamil Nadu electricity Board
- Minerals Council of Australia
- Mintek Dendrill Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Cigading International Bulk Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Wilmar Investment Holdings
- GVK Power & Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Agrawal Coal Company - India
- Ceylon Electricity Board - Sri Lanka
- Price Waterhouse Coopers - Russia
- Alfred C Toepfer International GmbH - Germany
- Bulk Trading Sa - Switzerland
- Jorong Barutama Greston.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Essar Steel Hazira Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- White Energy Company Limited
- Ministry of Transport, Egypt
- Bangladesh Power Developement Board
- Lanco Infratech Ltd - India
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