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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, 16 March 15
API 5 FOB NEWCASTLE COAL SWAPS: DECLINED
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery declined US$ 2.48 per MT (-4.77%) month over month and US$ 0.93 (-1.84%) we ...
Monday, 16 March 15
CFR SOUTH CHINA THERMAL COAL SWAP DECLINED 3.74% M-O-M
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery declined US$ 2.17 (-3.74%) per MT month over month and US$ 0.67 (-1 ...
Sunday, 15 March 15
BDI DECLINED LESSER THAN 1% WEEK OVER WEEK; INDO-INDIA FIRM
COALspot.com: The most of indices, including bulk dry index were falling this week. The BDI has been down by just 0.53 points and closing at 562 po ...
Saturday, 14 March 15
CAPESIZE DRY BULKERS TO AVERAGE BETWEEN $3,000 AND $9,000/DAY IN THE COMING WEEKS SAYS BIMCO
BIMCO issued its latest short-term estimates for the dry bulk market. For March/May: BIMCO assesses that the Capesize time charter (T/C) average ra ...
Friday, 13 March 15
U.S. COAL PRODUCTION UP 2.3% WEEK OVER WEEK
COALspot.com – United States the world's one of the largest coal producers, produced approximately 17.5 million short tons (mmst) of coal ...
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- Edison Trading Spa - Italy
- Mjunction Services Limited - India
- LBH Netherlands Bv - Netherlands
- Gujarat Sidhee Cement - India
- Goldman Sachs - Singapore
- Coastal Gujarat Power Limited - India
- Coalindo Energy - Indonesia
- ICICI Bank Limited - India
- GMR Energy Limited - India
- Metalloyd Limited - United Kingdom
- Kideco Jaya Agung - Indonesia
- PNOC Exploration Corporation - Philippines
- Baramulti Group, Indonesia
- South Luzon Thermal Energy Corporation
- Bangladesh Power Developement Board
- Planning Commission, India
- Orica Australia Pty. Ltd.
- Rashtriya Ispat Nigam Limited - India
- Economic Council, Georgia
- Billiton Holdings Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Indian Energy Exchange, India
- Lanco Infratech Ltd - India
- Mintek Dendrill Indonesia
- Globalindo Alam Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Riau Bara Harum - Indonesia
- Eastern Energy - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Agrawal Coal Company - India
- Kepco SPC Power Corporation, Philippines
- New Zealand Coal & Carbon
- Iligan Light & Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Coal and Oil Company - UAE
- Siam City Cement PLC, Thailand
- Gujarat Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Vedanta Resources Plc - India
- OPG Power Generation Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Manunggal Multi Energi - Indonesia
- Carbofer General Trading SA - India
- Alfred C Toepfer International GmbH - Germany
- Commonwealth Bank - Australia
- Asmin Koalindo Tuhup - Indonesia
- Madhucon Powers Ltd - India
- Jaiprakash Power Ventures ltd
- VISA Power Limited - India
- Indian Oil Corporation Limited
- Jindal Steel & Power Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- The University of Queensland
- Australian Commodity Traders Exchange
- Borneo Indobara - Indonesia
- Sakthi Sugars Limited - India
- San Jose City I Power Corp, Philippines
- SMC Global Power, Philippines
- Marubeni Corporation - India
- Toyota Tsusho Corporation, Japan
- Kartika Selabumi Mining - Indonesia
- Medco Energi Mining Internasional
- London Commodity Brokers - England
- Indogreen Group - Indonesia
- Maheswari Brothers Coal Limited - India
- Parliament of New Zealand
- Cigading International Bulk Terminal - Indonesia
- Central Java Power - Indonesia
- Sindya Power Generating Company Private Ltd
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- Bhushan Steel Limited - India
- Kapuas Tunggal Persada - Indonesia
- Malabar Cements Ltd - India
- Tamil Nadu electricity Board
- Minerals Council of Australia
- Bukit Baiduri Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Karaikal Port Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- PowerSource Philippines DevCo
- Directorate Of Revenue Intelligence - India
- GN Power Mariveles Coal Plant, Philippines
- Vizag Seaport Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Makarim & Taira - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Timah Investasi Mineral - Indoneisa
- Singapore Mercantile Exchange
- McConnell Dowell - Australia
- Neyveli Lignite Corporation Ltd, - India
- Bhatia International Limited - India
- Parry Sugars Refinery, India
- Bharathi Cement Corporation - India
- International Coal Ventures Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Power Finance Corporation Ltd., India
- Directorate General of MIneral and Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Transport, Egypt
- Energy Development Corp, Philippines
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- Petron Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Renaissance Capital - South Africa
- Xindia Steels Limited - India
- Eastern Coal Council - USA
- Videocon Industries ltd - India
- CNBM International Corporation - China
- Tata Chemicals Ltd - India
- Thiess Contractors Indonesia
- Attock Cement Pakistan Limited
- Holcim Trading Pte Ltd - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Independent Power Producers Association of India
- Sojitz Corporation - Japan
- Savvy Resources Ltd - HongKong
- Sree Jayajothi Cements Limited - India
- Posco Energy - South Korea
- AsiaOL BioFuels Corp., Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Grasim Industreis Ltd - India
- Africa Commodities Group - South Africa
- Samtan Co., Ltd - South Korea
- Oldendorff Carriers - Singapore
- Trasteel International SA, Italy
- Price Waterhouse Coopers - Russia
- Aditya Birla Group - India
- Siam City Cement - Thailand
- Kohat Cement Company Ltd. - Pakistan
- White Energy Company Limited
- The Treasury - Australian Government
- IHS Mccloskey Coal Group - USA
- Chamber of Mines of South Africa
- Krishnapatnam Port Company Ltd. - India
- Sarangani Energy Corporation, Philippines
- SMG Consultants - Indonesia
- GAC Shipping (India) Pvt Ltd
- Electricity Authority, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Australian Coal Association
- Heidelberg Cement - Germany
- Kobexindo Tractors - Indoneisa
- Cement Manufacturers Association - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Mining Services - Indonesia
- ASAPP Information Group - India
- Port Waratah Coal Services - Australia
- Mercator Lines Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dalmia Cement Bharat India
- IEA Clean Coal Centre - UK
- Ind-Barath Power Infra Limited - India
- The State Trading Corporation of India Ltd
- PTC India Limited - India
- Kaltim Prima Coal - Indonesia
- Deloitte Consulting - India
- Anglo American - United Kingdom
- GVK Power & Infra Limited - India
- Central Electricity Authority - India
- Romanian Commodities Exchange
- Antam Resourcindo - Indonesia
- Georgia Ports Authority, United States
- Salva Resources Pvt Ltd - India
- MS Steel International - UAE
- Meenaskhi Energy Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Semirara Mining Corp, Philippines
- Banpu Public Company Limited - Thailand
- Interocean Group of Companies - India
- Larsen & Toubro Limited - India
- Formosa Plastics Group - Taiwan
- European Bulk Services B.V. - Netherlands
- Bulk Trading Sa - Switzerland
- Indika Energy - Indonesia
- Global Business Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Kumho Petrochemical, South Korea
- SN Aboitiz Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kalimantan Lumbung Energi - Indonesia
- Ambuja Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Simpson Spence & Young - Indonesia
- Global Coal Blending Company Limited - Australia
- Latin American Coal - Colombia
- Indo Tambangraya Megah - Indonesia
- Ministry of Mines - Canada
- Meralco Power Generation, Philippines
- Straits Asia Resources Limited - Singapore
- Altura Mining Limited, Indonesia
- Chettinad Cement Corporation Ltd - India
- Standard Chartered Bank - UAE
- Wilmar Investment Holdings
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Star Paper Mills Limited - India
- Mercuria Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sical Logistics Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Bhoruka Overseas - Indonesia
- Binh Thuan Hamico - Vietnam
- Global Green Power PLC Corporation, Philippines
- Electricity Generating Authority of Thailand
- India Bulls Power Limited - India
- Intertek Mineral Services - Indonesia
- Rio Tinto Coal - Australia
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