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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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Saturday, 28 March 15
THE DRY BULK FLEET AT BREAKING POINT - CLARKSONS
The severe oversupply in the bulkcarrier fleet has contributed to the current trough in the dry bulk market, putting considerable financial pressur ...
Friday, 27 March 15
INDONESIA: NEW REGULATION REQUIRES LETTER OF CREDIT FOR EXPORT OF PRODUCTS FROM NATURAL RESOURCES
The Minister of Trade issued Ministerial Regulation No. 04/M-DAG/PER/1/2015 (“Regulation No. 4/2015”) on 5 January 2015. Regulati ...
Friday, 27 March 15
WEEKLY U.S COAL OUTPUT FALLS 1.7% W-W; 7.9% Y-Y
COALspot.com – United States the world's one of the largest coal producers, produced approximately totaled an estimated 18.2 million ...
Thursday, 26 March 15
CHINA IRON ORE IMPORT FOR THE FIRST 2 MONTHS DECLINED BY 1.2 % Y-O-Y; PANAMAX AUSSIE/CHINA ROUNDS BEING FIXED IN THE $4 -5K RANGE - FEARNLEYS
Handy
There has been more activity in both hemispheres this week. Especially the USG market has picked up with more cargoes for prompter dates en ...
Thursday, 26 March 15
RATES FOR THE SMALLER SIZE SEGMENT CONTINUED TO IMPROVE LAST WEEK - INTERMODAL
To see green across the board is a rare occurrence in the Dry Bulk market nowadays and while the upside in which last week closed off is not of the ...
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- The State Trading Corporation of India Ltd
- Standard Chartered Bank - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Deloitte Consulting - India
- Siam City Cement PLC, Thailand
- Tamil Nadu electricity Board
- Kumho Petrochemical, South Korea
- Antam Resourcindo - Indonesia
- Bulk Trading Sa - Switzerland
- Gujarat Sidhee Cement - India
- International Coal Ventures Pvt Ltd - India
- Coal and Oil Company - UAE
- McConnell Dowell - Australia
- Latin American Coal - Colombia
- Videocon Industries ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Altura Mining Limited, Indonesia
- Electricity Generating Authority of Thailand
- Timah Investasi Mineral - Indoneisa
- Toyota Tsusho Corporation, Japan
- Krishnapatnam Port Company Ltd. - India
- Kalimantan Lumbung Energi - Indonesia
- Sakthi Sugars Limited - India
- Petron Corporation, Philippines
- Wood Mackenzie - Singapore
- Australian Commodity Traders Exchange
- Medco Energi Mining Internasional
- Ambuja Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Vizag Seaport Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Global Business Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- New Zealand Coal & Carbon
- ICICI Bank Limited - India
- Agrawal Coal Company - India
- Larsen & Toubro Limited - India
- Gujarat Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Indonesian Coal Mining Association
- Vijayanagar Sugar Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Jindal Steel & Power Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Kideco Jaya Agung - Indonesia
- SMG Consultants - Indonesia
- Australian Coal Association
- Formosa Plastics Group - Taiwan
- Xindia Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Attock Cement Pakistan Limited
- LBH Netherlands Bv - Netherlands
- Eastern Energy - Thailand
- Vedanta Resources Plc - India
- Heidelberg Cement - Germany
- SN Aboitiz Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Trasteel International SA, Italy
- GVK Power & Infra Limited - India
- Minerals Council of Australia
- Tata Chemicals Ltd - India
- ASAPP Information Group - India
- Electricity Authority, New Zealand
- Bhoruka Overseas - Indonesia
- Maheswari Brothers Coal Limited - India
- Mintek Dendrill Indonesia
- Global Coal Blending Company Limited - Australia
- London Commodity Brokers - England
- The University of Queensland
- Globalindo Alam Lestari - Indonesia
- Madhucon Powers Ltd - India
- Parliament of New Zealand
- Indika Energy - Indonesia
- Meralco Power Generation, Philippines
- Sical Logistics Limited - India
- Mercator Lines Limited - India
- Kartika Selabumi Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Posco Energy - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- IHS Mccloskey Coal Group - USA
- Thiess Contractors Indonesia
- Banpu Public Company Limited - Thailand
- Ministry of Finance - Indonesia
- Holcim Trading Pte Ltd - Singapore
- India Bulls Power Limited - India
- SMC Global Power, Philippines
- Sarangani Energy Corporation, Philippines
- VISA Power Limited - India
- Georgia Ports Authority, United States
- Sree Jayajothi Cements Limited - India
- Simpson Spence & Young - Indonesia
- Bharathi Cement Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Pendopo Energi Batubara - Indonesia
- Rio Tinto Coal - Australia
- Port Waratah Coal Services - Australia
- Savvy Resources Ltd - HongKong
- Indian Oil Corporation Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Africa Commodities Group - South Africa
- Riau Bara Harum - Indonesia
- Bhatia International Limited - India
- Central Java Power - Indonesia
- Cigading International Bulk Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Energy Development Corp, Philippines
- Sindya Power Generating Company Private Ltd
- OPG Power Generation Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Mercuria Energy - Indonesia
- White Energy Company Limited
- Indo Tambangraya Megah - Indonesia
- Intertek Mineral Services - Indonesia
- Jaiprakash Power Ventures ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Essar Steel Hazira Ltd - India
- San Jose City I Power Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Anglo American - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Directorate Of Revenue Intelligence - India
- Metalloyd Limited - United Kingdom
- CNBM International Corporation - China
- Indogreen Group - Indonesia
- Marubeni Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Chamber of Mines of South Africa
- Baramulti Group, Indonesia
- Ministry of Mines - Canada
- Coastal Gujarat Power Limited - India
- Therma Luzon, Inc, Philippines
- Thai Mozambique Logistica
- Carbofer General Trading SA - India
- Salva Resources Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Kapuas Tunggal Persada - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sinarmas Energy and Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
- Ind-Barath Power Infra Limited - India
- Sojitz Corporation - Japan
- MS Steel International - UAE
- Bahari Cakrawala Sebuku - Indonesia
- The Treasury - Australian Government
- Oldendorff Carriers - Singapore
- Iligan Light & Power Inc, Philippines
- Renaissance Capital - South Africa
- Power Finance Corporation Ltd., India
- Petrochimia International Co. Ltd.- Taiwan
- Uttam Galva Steels Limited - India
- Makarim & Taira - Indonesia
- PowerSource Philippines DevCo
- GMR Energy Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Energy Link Ltd, New Zealand
- Kaltim Prima Coal - Indonesia
- Edison Trading Spa - Italy
- Orica Australia Pty. Ltd.
- Star Paper Mills Limited - India
- Parry Sugars Refinery, India
- Cement Manufacturers Association - India
- Siam City Cement - Thailand
- Bukit Baiduri Energy - Indonesia
- Ministry of Transport, Egypt
- Grasim Industreis Ltd - India
- Dalmia Cement Bharat India
- Leighton Contractors Pty Ltd - Australia
- Bangladesh Power Developement Board
- CIMB Investment Bank - Malaysia
- Romanian Commodities Exchange
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- Mjunction Services Limited - India
- Commonwealth Bank - Australia
- Billiton Holdings Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Economic Council, Georgia
- Rashtriya Ispat Nigam Limited - India
- Aditya Birla Group - India
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining Corp, Philippines
- Independent Power Producers Association of India
- Goldman Sachs - Singapore
- Planning Commission, India
- Borneo Indobara - Indonesia
- Barasentosa Lestari - Indonesia
- Bhushan Steel Limited - India
- Singapore Mercantile Exchange
- Indian Energy Exchange, India
- Kohat Cement Company Ltd. - Pakistan
- Miang Besar Coal Terminal - Indonesia
- Malabar Cements Ltd - India
- Merrill Lynch Commodities Europe
- PTC India Limited - India
- Central Electricity Authority - India
- Orica Mining Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Wilmar Investment Holdings
- Straits Asia Resources Limited - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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