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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, 19 March 15
HANDY: INDO COAL CARGOS DESTINED FOR INDIA BEING FIXED IN REGION OF $ 7-8K - FEARNLEYS
Handy
The Handy and Supra market has had a week with mixed signals. Although we see more activity in both hemispheres the rates are only up about ...
Thursday, 19 March 15
INDONESIAN COAL BENCHMARK SOAR 7.69% IN MARCH....!!!
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised up Indonesian coal benchmark prices to US$ 67.76 per MT in March ...
Wednesday, 18 March 15
AVERAGE RATE FOR CAPES MOVED TO BELOW $ 4K/DAY LAST WEEK - INTERMODAL
COALspot.com: The even heavier losses noted in the Capesize segment last week, denied the Dry Bulk market a third weekly positive, while the smalle ...
Wednesday, 18 March 15
CHINA-OWNED SHIPS: A RAPID RISE TO BECOME ONE OF THE WORLD'S LARGEST FLEETS - RICHARD SCOTT
Ships operated by owners based in China have become increasingly prominent on the world’s sea routes. China-owned container ships, bulk carri ...
Wednesday, 18 March 15
Q2 INDONESIAN COAL SWAP DROP 1.45% M-O-M; GAIN 0.63% W-O-W
COALspot.com: Indonesian coal swaps for delivery Q2' 2015 drop month on month and gained week over week.
The Q2 swap fell US$ 0.70 (1.45%) ...
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- India Bulls Power Limited - India
- IEA Clean Coal Centre - UK
- Marubeni Corporation - India
- Minerals Council of Australia
- Essar Steel Hazira Ltd - India
- Vizag Seaport Private Limited - India
- SMG Consultants - Indonesia
- Latin American Coal - Colombia
- Electricity Authority, New Zealand
- White Energy Company Limited
- Karbindo Abesyapradhi - Indoneisa
- GMR Energy Limited - India
- Formosa Plastics Group - Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Central Java Power - Indonesia
- Price Waterhouse Coopers - Russia
- Lanco Infratech Ltd - India
- Bukit Makmur.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kumho Petrochemical, South Korea
- Meralco Power Generation, Philippines
- Global Coal Blending Company Limited - Australia
- Sakthi Sugars Limited - India
- Global Business Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Carbofer General Trading SA - India
- Australian Commodity Traders Exchange
- Bulk Trading Sa - Switzerland
- Trasteel International SA, Italy
- Orica Australia Pty. Ltd.
- Indika Energy - Indonesia
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- Straits Asia Resources Limited - Singapore
- Riau Bara Harum - Indonesia
- GAC Shipping (India) Pvt Ltd
- Maheswari Brothers Coal Limited - India
- European Bulk Services B.V. - Netherlands
- Borneo Indobara - Indonesia
- Aditya Birla Group - India
- Renaissance Capital - South Africa
- Romanian Commodities Exchange
- Miang Besar Coal Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Tamil Nadu electricity Board
- Vedanta Resources Plc - India
- Posco Energy - South Korea
- Savvy Resources Ltd - HongKong
- Baramulti Group, Indonesia
- SMC Global Power, Philippines
- Madhucon Powers Ltd - India
- Standard Chartered Bank - UAE
- Rio Tinto Coal - Australia
- Mercator Lines Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Mercuria Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Krishnapatnam Port Company Ltd. - India
- PNOC Exploration Corporation - Philippines
- Makarim & Taira - Indonesia
- Bhatia International Limited - India
- The Treasury - Australian Government
- Sical Logistics Limited - India
- Energy Link Ltd, New Zealand
- Indonesian Coal Mining Association
- Siam City Cement - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Interocean Group of Companies - India
- Indo Tambangraya Megah - Indonesia
- Orica Mining Services - Indonesia
- MS Steel International - UAE
- Manunggal Multi Energi - Indonesia
- Parry Sugars Refinery, India
- Pipit Mutiara Jaya. PT, Indonesia
- Planning Commission, India
- Meenaskhi Energy Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Eastern Coal Council - USA
- Neyveli Lignite Corporation Ltd, - India
- Parliament of New Zealand
- Cement Manufacturers Association - India
- Vijayanagar Sugar Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mintek Dendrill Indonesia
- San Jose City I Power Corp, Philippines
- Indian Energy Exchange, India
- Gujarat Mineral Development Corp Ltd - India
- Energy Development Corp, Philippines
- Barasentosa Lestari - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Tata Chemicals Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Jindal Steel & Power Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Transport, Egypt
- Sojitz Corporation - Japan
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- Holcim Trading Pte Ltd - Singapore
- Australian Coal Association
- Ceylon Electricity Board - Sri Lanka
- The State Trading Corporation of India Ltd
- Independent Power Producers Association of India
- Toyota Tsusho Corporation, Japan
- Georgia Ports Authority, United States
- Thai Mozambique Logistica
- Bhushan Steel Limited - India
- Directorate General of MIneral and Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Salva Resources Pvt Ltd - India
- New Zealand Coal & Carbon
- Agrawal Coal Company - India
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining Corp, Philippines
- Therma Luzon, Inc, Philippines
- Deloitte Consulting - India
- Port Waratah Coal Services - Australia
- Simpson Spence & Young - Indonesia
- Chamber of Mines of South Africa
- Indian Oil Corporation Limited
- Central Electricity Authority - India
- Bharathi Cement Corporation - India
- Merrill Lynch Commodities Europe
- Kohat Cement Company Ltd. - Pakistan
- Sarangani Energy Corporation, Philippines
- Africa Commodities Group - South Africa
- Directorate Of Revenue Intelligence - India
- Heidelberg Cement - Germany
- Bayan Resources Tbk. - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coalindo Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bhoruka Overseas - Indonesia
- PowerSource Philippines DevCo
- Mjunction Services Limited - India
- Intertek Mineral Services - Indonesia
- Dalmia Cement Bharat India
- PTC India Limited - India
- The University of Queensland
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Uttam Galva Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- McConnell Dowell - Australia
- VISA Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Larsen & Toubro Limited - India
- GVK Power & Infra Limited - India
- Indogreen Group - Indonesia
- Petron Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- ICICI Bank Limited - India
- Commonwealth Bank - Australia
- Star Paper Mills Limited - India
- Eastern Energy - Thailand
- Chettinad Cement Corporation Ltd - India
- AsiaOL BioFuels Corp., Philippines
- IHS Mccloskey Coal Group - USA
- Altura Mining Limited, Indonesia
- Edison Trading Spa - Italy
- Billiton Holdings Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Attock Cement Pakistan Limited
- Timah Investasi Mineral - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Banpu Public Company Limited - Thailand
- Kideco Jaya Agung - Indonesia
- Sree Jayajothi Cements Limited - India
- Samtan Co., Ltd - South Korea
- Bukit Baiduri Energy - Indonesia
- Thiess Contractors Indonesia
- ASAPP Information Group - India
- Videocon Industries ltd - India
- Ind-Barath Power Infra Limited - India
- Bangladesh Power Developement Board
- Binh Thuan Hamico - Vietnam
- Sinarmas Energy and Mining - Indonesia
- CNBM International Corporation - China
- Wilmar Investment Holdings
- Maharashtra Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Gujarat Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Siam City Cement PLC, Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Anglo American - United Kingdom
- Xindia Steels Limited - India
- Malabar Cements Ltd - India
- Ministry of Mines - Canada
- Power Finance Corporation Ltd., India
- Coal and Oil Company - UAE
- Leighton Contractors Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Karaikal Port Pvt Ltd - India
- Grasim Industreis Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Iligan Light & Power Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Kobexindo Tractors - Indoneisa
- Medco Energi Mining Internasional
- South Luzon Thermal Energy Corporation
- CIMB Investment Bank - Malaysia
- Economic Council, Georgia
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