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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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Monday, 30 March 15
WORST IS OVER FOR THE DRY BULK MARKET, BUT THE PAIN WILL REMAIN FOR YEARS TO COME, SAYS BIMCO CHIEF ANALYST - HELLENIC SHIPPING
The current demise of the dry bulk market isn’t one to go away anytime soon. That doesn’t mean that it can’t improve, with all sh ...
Monday, 30 March 15
Q3' 15 CFR SOUTH CHINA COAL SWAP: DECLINED 8.7% M-M; 12.77% Y-TO-D
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery declined US$ 5.00 (-8.70%) per MT month over month and US$ 1.33 (-2 ...
Monday, 30 March 15
Q2' FOB NEWCASTLE COAL SWAP CLOSED 4.47% HIGHER THAN Q4' CLOSING PRICE
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery declined US$ 5.42 per MT (-10.43%) month over month and US$ 1.60 (-3.32%) w ...
Sunday, 29 March 15
INDO - INDIA: SUPRAMAX & PANAMAX FREIGHT MARKET STEADY
COALspot.com: The freight market was almost stable as all segments slightly up except Panamax sector.
The BDI was up by just 0.85% week over w ...
Saturday, 28 March 15
IS NORTHERN EUROPE THE NEW MINING ELDORADO?
The Europe Mining 2015 Summit, organised by Global Summits organizer IRN on 17-18 June in Amsterdam, The Netherlands, will gather senior level repr ...
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- Simpson Spence & Young - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Larsen & Toubro Limited - India
- Manunggal Multi Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Tamil Nadu electricity Board
- GAC Shipping (India) Pvt Ltd
- Kalimantan Lumbung Energi - Indonesia
- Sakthi Sugars Limited - India
- Electricity Authority, New Zealand
- Savvy Resources Ltd - HongKong
- Kobexindo Tractors - Indoneisa
- GVK Power & Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Wilmar Investment Holdings
- Oldendorff Carriers - Singapore
- Bharathi Cement Corporation - India
- Pendopo Energi Batubara - Indonesia
- Madhucon Powers Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Coastal Gujarat Power Limited - India
- CIMB Investment Bank - Malaysia
- Samtan Co., Ltd - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Banpu Public Company Limited - Thailand
- Aboitiz Power Corporation - Philippines
- Minerals Council of Australia
- AsiaOL BioFuels Corp., Philippines
- CNBM International Corporation - China
- Neyveli Lignite Corporation Ltd, - India
- Maharashtra Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Energy Link Ltd, New Zealand
- IHS Mccloskey Coal Group - USA
- Sarangani Energy Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Sindya Power Generating Company Private Ltd
- Leighton Contractors Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Economic Council, Georgia
- Interocean Group of Companies - India
- Energy Development Corp, Philippines
- Australian Commodity Traders Exchange
- International Coal Ventures Pvt Ltd - India
- Planning Commission, India
- LBH Netherlands Bv - Netherlands
- Karaikal Port Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- McConnell Dowell - Australia
- Asmin Koalindo Tuhup - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Global Green Power PLC Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Gujarat Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Latin American Coal - Colombia
- ASAPP Information Group - India
- GMR Energy Limited - India
- Independent Power Producers Association of India
- London Commodity Brokers - England
- Ministry of Mines - Canada
- Bhatia International Limited - India
- The University of Queensland
- Siam City Cement PLC, Thailand
- Kepco SPC Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Wood Mackenzie - Singapore
- Mjunction Services Limited - India
- Global Business Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Tata Chemicals Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- SMC Global Power, Philippines
- Bhoruka Overseas - Indonesia
- Central Electricity Authority - India
- The Treasury - Australian Government
- Indika Energy - Indonesia
- SMG Consultants - Indonesia
- Attock Cement Pakistan Limited
- Globalindo Alam Lestari - Indonesia
- Singapore Mercantile Exchange
- Intertek Mineral Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Cement Manufacturers Association - India
- Xindia Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Riau Bara Harum - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Metalloyd Limited - United Kingdom
- Essar Steel Hazira Ltd - India
- Mercuria Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Africa Commodities Group - South Africa
- White Energy Company Limited
- Bukit Baiduri Energy - Indonesia
- New Zealand Coal & Carbon
- Grasim Industreis Ltd - India
- Dalmia Cement Bharat India
- San Jose City I Power Corp, Philippines
- Mintek Dendrill Indonesia
- Aditya Birla Group - India
- Gujarat Sidhee Cement - India
- Vizag Seaport Private Limited - India
- Australian Coal Association
- IEA Clean Coal Centre - UK
- Indian Energy Exchange, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jindal Steel & Power Ltd - India
- Petron Corporation, Philippines
- ICICI Bank Limited - India
- Renaissance Capital - South Africa
- Electricity Generating Authority of Thailand
- South Luzon Thermal Energy Corporation
- Indonesian Coal Mining Association
- Rio Tinto Coal - Australia
- Bangladesh Power Developement Board
- Jaiprakash Power Ventures ltd
- Gujarat Mineral Development Corp Ltd - India
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- Chettinad Cement Corporation Ltd - India
- Indogreen Group - Indonesia
- Chamber of Mines of South Africa
- Eastern Coal Council - USA
- Orica Mining Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Lanco Infratech Ltd - India
- European Bulk Services B.V. - Netherlands
- Deloitte Consulting - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- VISA Power Limited - India
- Semirara Mining Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Ministry of Finance - Indonesia
- The State Trading Corporation of India Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Meralco Power Generation, Philippines
- Parliament of New Zealand
- Heidelberg Cement - Germany
- Power Finance Corporation Ltd., India
- PTC India Limited - India
- Ind-Barath Power Infra Limited - India
- Eastern Energy - Thailand
- Ministry of Transport, Egypt
- Bayan Resources Tbk. - Indonesia
- Bukit Makmur.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kapuas Tunggal Persada - Indonesia
- PowerSource Philippines DevCo
- Edison Trading Spa - Italy
- Uttam Galva Steels Limited - India
- Makarim & Taira - Indonesia
- Vedanta Resources Plc - India
- Parry Sugars Refinery, India
- PNOC Exploration Corporation - Philippines
- Ambuja Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Standard Chartered Bank - UAE
- PetroVietnam Power Coal Import and Supply Company
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cigading International Bulk Terminal - Indonesia
- Georgia Ports Authority, United States
- Kaltim Prima Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Mercator Lines Limited - India
- Therma Luzon, Inc, Philippines
- Siam City Cement - Thailand
- Thai Mozambique Logistica
- Posco Energy - South Korea
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- Romanian Commodities Exchange
- Toyota Tsusho Corporation, Japan
- Sree Jayajothi Cements Limited - India
- Trasteel International SA, Italy
- Global Coal Blending Company Limited - Australia
- Agrawal Coal Company - India
- Barasentosa Lestari - Indonesia
- Medco Energi Mining Internasional
- Merrill Lynch Commodities Europe
- TNB Fuel Sdn Bhd - Malaysia
- Altura Mining Limited, Indonesia
- Orica Australia Pty. Ltd.
- Baramulti Group, Indonesia
- Anglo American - United Kingdom
- Indian Oil Corporation Limited
- Miang Besar Coal Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- Sinarmas Energy and Mining - Indonesia
- Central Java Power - Indonesia
- Kartika Selabumi Mining - Indonesia
- Coal and Oil Company - UAE
- Salva Resources Pvt Ltd - India
- MS Steel International - UAE
- TeaM Sual Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Timah Investasi Mineral - Indoneisa
- Goldman Sachs - Singapore
- Malabar Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Commonwealth Bank - Australia
- Borneo Indobara - Indonesia
- India Bulls Power Limited - India
- Maheswari Brothers Coal Limited - India
- Directorate Of Revenue Intelligence - India
- Meenaskhi Energy Private Limited - India
- Antam Resourcindo - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sojitz Corporation - Japan
- Bhushan Steel Limited - India
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