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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, 23 March 15
CFR SOUTH CHINA COAL SWAP: Q3 DELIVERY HAS FALLEN 7.93% MONTH-ON-MONTH
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery declined US$ 4.09 (-7.06%) per MT month over month and US$ 2.00 (-3 ...
Monday, 23 March 15
SEABORNE WORLD COAL TRADE: GROWTH +5% - GERMAN COAL IMPORTER ASSOCIATION
Hard Coal Market 2014: Despite The Energy Turnaround, Hard Coal Imports To Germany Rise By More Than 6%, Although Hard Coal-Fired Power Generation ...
Sunday, 22 March 15
DRY BULK RATES CONTINUED TO RISE THIS WEEK
COALspot.com: The freight market was steady this week as all the segments increased after many weeks of weak trend.
The Baltic Dry Index (BDI) ...
Friday, 20 March 15
HARD COAL MARKET 2014: DESPITE THE ENERGY TURNAROUND, HARD COAL IMPORTS TO GERMANY RISE BY MORE THAN 6% (PART 1)
Hard Coal Market 2014: Despite The Energy Turnaround, Hard Coal Imports To Germany Rise By More Than 6%, Although Hard Coal-Fired Power Generation ...
Friday, 20 March 15
U.S. WEEKLY COAL PRODUCTION SHOWS 5.9% INCREASE WEEK OVER WEEK - EIA
COALspot.com – United States the world's one of the largest coal producers, produced approximately 18.5 million short tons (mmst) of coal ...
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CNBM International Corporation - China
- Georgia Ports Authority, United States
- Mercator Lines Limited - India
- MS Steel International - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- San Jose City I Power Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- PNOC Exploration Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Anglo American - United Kingdom
- Agrawal Coal Company - India
- Toyota Tsusho Corporation, Japan
- Petron Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Kideco Jaya Agung - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Posco Energy - South Korea
- GMR Energy Limited - India
- Merrill Lynch Commodities Europe
- SMG Consultants - Indonesia
- Heidelberg Cement - Germany
- Savvy Resources Ltd - HongKong
- Central Electricity Authority - India
- India Bulls Power Limited - India
- Global Coal Blending Company Limited - Australia
- Port Waratah Coal Services - Australia
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- Orica Australia Pty. Ltd.
- Electricity Authority, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining Corp, Philippines
- Aditya Birla Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Wood Mackenzie - Singapore
- Madhucon Powers Ltd - India
- CIMB Investment Bank - Malaysia
- Sindya Power Generating Company Private Ltd
- Parry Sugars Refinery, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Formosa Plastics Group - Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Eastern Coal Council - USA
- Kobexindo Tractors - Indoneisa
- Mercuria Energy - Indonesia
- Grasim Industreis Ltd - India
- Simpson Spence & Young - Indonesia
- Makarim & Taira - Indonesia
- The Treasury - Australian Government
- Larsen & Toubro Limited - India
- Wilmar Investment Holdings
- Bahari Cakrawala Sebuku - Indonesia
- Economic Council, Georgia
- Romanian Commodities Exchange
- Sakthi Sugars Limited - India
- Indonesian Coal Mining Association
- Standard Chartered Bank - UAE
- Cement Manufacturers Association - India
- Bayan Resources Tbk. - Indonesia
- Medco Energi Mining Internasional
- Mintek Dendrill Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Goldman Sachs - Singapore
- Power Finance Corporation Ltd., India
- ICICI Bank Limited - India
- Indika Energy - Indonesia
- Orica Mining Services - Indonesia
- VISA Power Limited - India
- Edison Trading Spa - Italy
- Rio Tinto Coal - Australia
- Indian Oil Corporation Limited
- The State Trading Corporation of India Ltd
- Global Green Power PLC Corporation, Philippines
- Ministry of Transport, Egypt
- Star Paper Mills Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Essar Steel Hazira Ltd - India
- Siam City Cement PLC, Thailand
- Xindia Steels Limited - India
- Bangladesh Power Developement Board
- Iligan Light & Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Intertek Mineral Services - Indonesia
- Thiess Contractors Indonesia
- Bukit Baiduri Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Mjunction Services Limited - India
- Eastern Energy - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Vizag Seaport Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Minerals Council of Australia
- Videocon Industries ltd - India
- Gujarat Sidhee Cement - India
- Globalindo Alam Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Sarangani Energy Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Kumho Petrochemical, South Korea
- SMC Global Power, Philippines
- Bhoruka Overseas - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Carbofer General Trading SA - India
- Directorate Of Revenue Intelligence - India
- TeaM Sual Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Energy Development Corp, Philippines
- Latin American Coal - Colombia
- Parliament of New Zealand
- Therma Luzon, Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Binh Thuan Hamico - Vietnam
- Interocean Group of Companies - India
- LBH Netherlands Bv - Netherlands
- Coalindo Energy - Indonesia
- Bhatia International Limited - India
- Electricity Generating Authority of Thailand
- Energy Link Ltd, New Zealand
- Antam Resourcindo - Indonesia
- Meenaskhi Energy Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Barasentosa Lestari - Indonesia
- Thai Mozambique Logistica
- White Energy Company Limited
- Vedanta Resources Plc - India
- Independent Power Producers Association of India
- GN Power Mariveles Coal Plant, Philippines
- GAC Shipping (India) Pvt Ltd
- London Commodity Brokers - England
- Lanco Infratech Ltd - India
- Bhushan Steel Limited - India
- Renaissance Capital - South Africa
- Tamil Nadu electricity Board
- Attock Cement Pakistan Limited
- Indogreen Group - Indonesia
- Indian Energy Exchange, India
- Riau Bara Harum - Indonesia
- OPG Power Generation Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Ministry of Mines - Canada
- Deloitte Consulting - India
- Planning Commission, India
- Semirara Mining and Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Singapore Mercantile Exchange
- Sical Logistics Limited - India
- Miang Besar Coal Terminal - Indonesia
- Sojitz Corporation - Japan
- Karaikal Port Pvt Ltd - India
- Dalmia Cement Bharat India
- Coal and Oil Company - UAE
- Billiton Holdings Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Bulk Trading Sa - Switzerland
- Gujarat Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- IHS Mccloskey Coal Group - USA
- Bharathi Cement Corporation - India
- Siam City Cement - Thailand
- Maheswari Brothers Coal Limited - India
- Commonwealth Bank - Australia
- Meralco Power Generation, Philippines
- Pendopo Energi Batubara - Indonesia
- International Coal Ventures Pvt Ltd - India
- ASAPP Information Group - India
- PTC India Limited - India
- Australian Coal Association
- Australian Commodity Traders Exchange
- Leighton Contractors Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- IEA Clean Coal Centre - UK
- Uttam Galva Steels Limited - India
- Samtan Co., Ltd - South Korea
- Aboitiz Power Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Timah Investasi Mineral - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Banpu Public Company Limited - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Ambuja Cements Ltd - India
- Borneo Indobara - Indonesia
- Ministry of Finance - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Chamber of Mines of South Africa
- PowerSource Philippines DevCo
- South Luzon Thermal Energy Corporation
- Kohat Cement Company Ltd. - Pakistan
- New Zealand Coal & Carbon
- McConnell Dowell - Australia
- Trasteel International SA, Italy
- The University of Queensland
- Baramulti Group, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Malabar Cements Ltd - India
- Marubeni Corporation - India
- Global Business Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Jindal Steel & Power Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Tata Chemicals Ltd - India
- Salva Resources Pvt Ltd - India
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