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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, 26 March 15
KYUSHU ELECTRIC POWER OF JAPAN HAS JOINED GLOBALCOAL ONLINE COAL TRADING PLATFORM
globalCOAL® announced today that Kyushu Electric Power, one of Japan’s largest utility companies, has joined its online coal trading plat ...
Wednesday, 25 March 15
MARKET INSIGHT: TANKER CHARTERING - KATERINA RESTIS
The 1st of January 2015, as broadly reported, denoted the beginning date of new and progressive emission regulations for vessels operating within t ...
Wednesday, 25 March 15
AUSTRALIA SET TO ONCE AGAIN BE THE WORLD'S LARGEST COAL EXPORTER - COAL, MINERALS COUNCIL OF AUSTRALIA
Greg Evans, Executive Director - Coal, Minerals Council of Australia
Media Release: The latest Resources and Energy Quarterly published by the ...
Wednesday, 25 March 15
AUSTRALIA UPSTREAM ENERGY FIRMS FACE RISING OIL PRICE EXPOSURE - FITCH
Fitch Ratings says the Australian oil and gas companies involved in exploration and production face higher exposure to oil price-linked revenues, w ...
Wednesday, 25 March 15
2014 : UK COAL IMPORTS DECLINED 17%; GERMANY COAL IMPORTS UP 6%
Hard Coal Market 2014: Despite The Energy Turnaround, Hard Coal Imports To Germany Rise By More Than 6%, Although Hard Coal-Fired Power Generation ...
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- Wood Mackenzie - Singapore
- Metalloyd Limited - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- PTC India Limited - India
- LBH Netherlands Bv - Netherlands
- Jaiprakash Power Ventures ltd
- Tata Chemicals Ltd - India
- Mintek Dendrill Indonesia
- Sree Jayajothi Cements Limited - India
- TeaM Sual Corporation - Philippines
- Aditya Birla Group - India
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- Rio Tinto Coal - Australia
- Wilmar Investment Holdings
- Deloitte Consulting - India
- Energy Link Ltd, New Zealand
- Merrill Lynch Commodities Europe
- Bangladesh Power Developement Board
- Romanian Commodities Exchange
- Star Paper Mills Limited - India
- Ceylon Electricity Board - Sri Lanka
- Economic Council, Georgia
- Sical Logistics Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GMR Energy Limited - India
- Jindal Steel & Power Ltd - India
- Latin American Coal - Colombia
- Directorate Of Revenue Intelligence - India
- Oldendorff Carriers - Singapore
- Uttam Galva Steels Limited - India
- Samtan Co., Ltd - South Korea
- Tamil Nadu electricity Board
- London Commodity Brokers - England
- Malabar Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Renaissance Capital - South Africa
- Gujarat Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Singapore Mercantile Exchange
- Ind-Barath Power Infra Limited - India
- Savvy Resources Ltd - HongKong
- Ministry of Finance - Indonesia
- GVK Power & Infra Limited - India
- CIMB Investment Bank - Malaysia
- Indo Tambangraya Megah - Indonesia
- Standard Chartered Bank - UAE
- Gujarat Sidhee Cement - India
- Lanco Infratech Ltd - India
- Energy Development Corp, Philippines
- Thai Mozambique Logistica
- Leighton Contractors Pty Ltd - Australia
- Heidelberg Cement - Germany
- Timah Investasi Mineral - Indoneisa
- Antam Resourcindo - Indonesia
- Edison Trading Spa - Italy
- Indogreen Group - Indonesia
- Bharathi Cement Corporation - India
- Chamber of Mines of South Africa
- Attock Cement Pakistan Limited
- ASAPP Information Group - India
- Jorong Barutama Greston.PT - Indonesia
- Mjunction Services Limited - India
- Essar Steel Hazira Ltd - India
- Global Green Power PLC Corporation, Philippines
- Meralco Power Generation, Philippines
- Sindya Power Generating Company Private Ltd
- Karbindo Abesyapradhi - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Xindia Steels Limited - India
- Kumho Petrochemical, South Korea
- McConnell Dowell - Australia
- Intertek Mineral Services - Indonesia
- South Luzon Thermal Energy Corporation
- Coalindo Energy - Indonesia
- Australian Commodity Traders Exchange
- Mercator Lines Limited - India
- Ministry of Mines - Canada
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Anglo American - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Generating Authority of Thailand
- PNOC Exploration Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Madhucon Powers Ltd - India
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parliament of New Zealand
- Indian Oil Corporation Limited
- Formosa Plastics Group - Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Bukit Makmur.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Bhatia International Limited - India
- India Bulls Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Krishnapatnam Port Company Ltd. - India
- San Jose City I Power Corp, Philippines
- Sakthi Sugars Limited - India
- GAC Shipping (India) Pvt Ltd
- IHS Mccloskey Coal Group - USA
- Indika Energy - Indonesia
- New Zealand Coal & Carbon
- Goldman Sachs - Singapore
- Salva Resources Pvt Ltd - India
- Dalmia Cement Bharat India
- White Energy Company Limited
- Therma Luzon, Inc, Philippines
- Siam City Cement - Thailand
- Australian Coal Association
- Carbofer General Trading SA - India
- Baramulti Group, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Trasteel International SA, Italy
- Coal and Oil Company - UAE
- Sinarmas Energy and Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Interocean Group of Companies - India
- SMG Consultants - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Thiess Contractors Indonesia
- Petron Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Mercuria Energy - Indonesia
- Vedanta Resources Plc - India
- Ambuja Cements Ltd - India
- Vizag Seaport Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Directorate General of MIneral and Coal - Indonesia
- Price Waterhouse Coopers - Russia
- CNBM International Corporation - China
- Bukit Baiduri Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- IEA Clean Coal Centre - UK
- Holcim Trading Pte Ltd - Singapore
- Eastern Energy - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Bulk Trading Sa - Switzerland
- Siam City Cement PLC, Thailand
- Riau Bara Harum - Indonesia
- SMC Global Power, Philippines
- Commonwealth Bank - Australia
- Central Electricity Authority - India
- Iligan Light & Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Aboitiz Power Corporation - Philippines
- Medco Energi Mining Internasional
- Eastern Coal Council - USA
- Georgia Ports Authority, United States
- Bayan Resources Tbk. - Indonesia
- Banpu Public Company Limited - Thailand
- Kartika Selabumi Mining - Indonesia
- Planning Commission, India
- The University of Queensland
- Orica Mining Services - Indonesia
- Makarim & Taira - Indonesia
- ICICI Bank Limited - India
- Straits Asia Resources Limited - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Independent Power Producers Association of India
- Port Waratah Coal Services - Australia
- Kobexindo Tractors - Indoneisa
- Central Java Power - Indonesia
- Videocon Industries ltd - India
- Coastal Gujarat Power Limited - India
- Barasentosa Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
- Alfred C Toepfer International GmbH - Germany
- Electricity Authority, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Kalimantan Lumbung Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Meenaskhi Energy Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Manunggal Multi Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- MS Steel International - UAE
- Altura Mining Limited, Indonesia
- Parry Sugars Refinery, India
- Orica Australia Pty. Ltd.
- PowerSource Philippines DevCo
- Indonesian Coal Mining Association
- Chettinad Cement Corporation Ltd - India
- The Treasury - Australian Government
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Posco Energy - South Korea
- Indian Energy Exchange, India
- Marubeni Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Larsen & Toubro Limited - India
- The State Trading Corporation of India Ltd
- Kaltim Prima Coal - Indonesia
- Bhushan Steel Limited - India
- Borneo Indobara - Indonesia
- Karaikal Port Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Agrawal Coal Company - India
- Simpson Spence & Young - Indonesia
- Grasim Industreis Ltd - India
- VISA Power Limited - India
- Sojitz Corporation - Japan
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