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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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Tuesday, 24 March 15
A WEAK WEEK FOR FOB INDONESIA COAL SWAP
COALspot.com: Indonesian coal swaps for delivery Q2' 2015 drop month on month and week over week.
The Q2 swap fell US$ 2.48 (5.12%) month ...
Tuesday, 24 March 15
RICHARDS BAY COAL SWAP FOR DELIVERY Q2 CLOSED $ 1.87 HIGHER COMPARED TO Q3 CLOSING PRICE
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q2' 2015 declined month over month and week on week.
The Q2 swap has dropped U ...
Tuesday, 24 March 15
ARGUS MEDITERRANEAN SOLID FUELS 2015 CONFERENCE | 2-3 JUNE, ISTANBUL
Press Release: Argus Media is proud to announce Argus Mediterranean Solid Fuels, which will be held in Istanbul,on 2-3February.
Argus produces ...
Monday, 23 March 15
IS OIL GETTING READY TO PLUNGE BELOW $40? - FORBES
KNOWLEDGE TO ELEVATE
In my last crude oil market update in late-February, I expressed my skepticism toward the oil price rebound. Since then, ...
Monday, 23 March 15
Q4' 2015 FOB NEWCASTLE COAL SWAPS DECLINED 6.79% M-O-M; 2.55% W-O-W
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery declined US$ 3.42 per MT (-6.33%) month over month and US$ 1.37 (-2.77%) we ...
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- TNB Fuel Sdn Bhd - Malaysia
- Tata Chemicals Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chettinad Cement Corporation Ltd - India
- Binh Thuan Hamico - Vietnam
- Commonwealth Bank - Australia
- Mercuria Energy - Indonesia
- Central Java Power - Indonesia
- Manunggal Multi Energi - Indonesia
- Ministry of Transport, Egypt
- The State Trading Corporation of India Ltd
- Bulk Trading Sa - Switzerland
- Essar Steel Hazira Ltd - India
- Wood Mackenzie - Singapore
- Kartika Selabumi Mining - Indonesia
- Makarim & Taira - Indonesia
- European Bulk Services B.V. - Netherlands
- Riau Bara Harum - Indonesia
- Baramulti Group, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- VISA Power Limited - India
- OPG Power Generation Pvt Ltd - India
- London Commodity Brokers - England
- Singapore Mercantile Exchange
- Ministry of Finance - Indonesia
- Indonesian Coal Mining Association
- GN Power Mariveles Coal Plant, Philippines
- Electricity Authority, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Energy Link Ltd, New Zealand
- Medco Energi Mining Internasional
- SMC Global Power, Philippines
- Sree Jayajothi Cements Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Thiess Contractors Indonesia
- Barasentosa Lestari - Indonesia
- Sical Logistics Limited - India
- Videocon Industries ltd - India
- San Jose City I Power Corp, Philippines
- Jaiprakash Power Ventures ltd
- Globalindo Alam Lestari - Indonesia
- Dalmia Cement Bharat India
- Goldman Sachs - Singapore
- Maheswari Brothers Coal Limited - India
- Kaltim Prima Coal - Indonesia
- Jindal Steel & Power Ltd - India
- SN Aboitiz Power Inc, Philippines
- Agrawal Coal Company - India
- White Energy Company Limited
- Asmin Koalindo Tuhup - Indonesia
- Coal and Oil Company - UAE
- Sakthi Sugars Limited - India
- Bhatia International Limited - India
- AsiaOL BioFuels Corp., Philippines
- Attock Cement Pakistan Limited
- Miang Besar Coal Terminal - Indonesia
- Madhucon Powers Ltd - India
- Vedanta Resources Plc - India
- Orica Australia Pty. Ltd.
- Altura Mining Limited, Indonesia
- Metalloyd Limited - United Kingdom
- Ministry of Mines - Canada
- LBH Netherlands Bv - Netherlands
- Ambuja Cements Ltd - India
- South Luzon Thermal Energy Corporation
- ICICI Bank Limited - India
- Gujarat Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement PLC, Thailand
- Deloitte Consulting - India
- Indogreen Group - Indonesia
- Bhushan Steel Limited - India
- SMG Consultants - Indonesia
- Latin American Coal - Colombia
- Simpson Spence & Young - Indonesia
- Kideco Jaya Agung - Indonesia
- Global Green Power PLC Corporation, Philippines
- Lanco Infratech Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- PTC India Limited - India
- Directorate Of Revenue Intelligence - India
- Mintek Dendrill Indonesia
- CNBM International Corporation - China
- Kobexindo Tractors - Indoneisa
- Standard Chartered Bank - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Iligan Light & Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Aboitiz Power Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Grasim Industreis Ltd - India
- GVK Power & Infra Limited - India
- Aditya Birla Group - India
- Australian Coal Association
- Mjunction Services Limited - India
- Merrill Lynch Commodities Europe
- Eastern Energy - Thailand
- Alfred C Toepfer International GmbH - Germany
- Global Business Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Kapuas Tunggal Persada - Indonesia
- McConnell Dowell - Australia
- Renaissance Capital - South Africa
- Interocean Group of Companies - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Indian Energy Exchange, India
- Salva Resources Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Carbofer General Trading SA - India
- Savvy Resources Ltd - HongKong
- PetroVietnam Power Coal Import and Supply Company
- ASAPP Information Group - India
- Australian Commodity Traders Exchange
- Toyota Tsusho Corporation, Japan
- GMR Energy Limited - India
- Minerals Council of Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coastal Gujarat Power Limited - India
- Formosa Plastics Group - Taiwan
- Georgia Ports Authority, United States
- Jorong Barutama Greston.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Kumho Petrochemical, South Korea
- International Coal Ventures Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Trasteel International SA, Italy
- Ind-Barath Power Infra Limited - India
- Indian Oil Corporation Limited
- Gujarat Mineral Development Corp Ltd - India
- Antam Resourcindo - Indonesia
- Anglo American - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- PNOC Exploration Corporation - Philippines
- MS Steel International - UAE
- Independent Power Producers Association of India
- The Treasury - Australian Government
- Malabar Cements Ltd - India
- Central Electricity Authority - India
- TeaM Sual Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Samtan Co., Ltd - South Korea
- Borneo Indobara - Indonesia
- Larsen & Toubro Limited - India
- Timah Investasi Mineral - Indoneisa
- Uttam Galva Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sojitz Corporation - Japan
- Parry Sugars Refinery, India
- Intertek Mineral Services - Indonesia
- Indika Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Oldendorff Carriers - Singapore
- The University of Queensland
- Thai Mozambique Logistica
- Bangladesh Power Developement Board
- Energy Development Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Tamil Nadu electricity Board
- Power Finance Corporation Ltd., India
- Sinarmas Energy and Mining - Indonesia
- IEA Clean Coal Centre - UK
- Bharathi Cement Corporation - India
- Economic Council, Georgia
- Chamber of Mines of South Africa
- Port Waratah Coal Services - Australia
- Eastern Coal Council - USA
- Krishnapatnam Port Company Ltd. - India
- Bukit Asam (Persero) Tbk - Indonesia
- Marubeni Corporation - India
- Bhoruka Overseas - Indonesia
- Parliament of New Zealand
- Rio Tinto Coal - Australia
- Neyveli Lignite Corporation Ltd, - India
- Cigading International Bulk Terminal - Indonesia
- Romanian Commodities Exchange
- Pendopo Energi Batubara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Cement Manufacturers Association - India
- Xindia Steels Limited - India
- Planning Commission, India
- Heidelberg Cement - Germany
- Gujarat Sidhee Cement - India
- Coalindo Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karaikal Port Pvt Ltd - India
- Mercator Lines Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Bukit Baiduri Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Vizag Seaport Private Limited - India
- Star Paper Mills Limited - India
- Global Coal Blending Company Limited - Australia
- Wilmar Investment Holdings
- Karbindo Abesyapradhi - Indoneisa
- Price Waterhouse Coopers - Russia
- Ceylon Electricity Board - Sri Lanka
- Edison Trading Spa - Italy
- PowerSource Philippines DevCo
- Petron Corporation, Philippines
- New Zealand Coal & Carbon
- Banpu Public Company Limited - Thailand
- Meralco Power Generation, Philippines
- Holcim Trading Pte Ltd - Singapore
- India Bulls Power Limited - India
- Posco Energy - South Korea
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