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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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Friday, 13 March 15
ADARO RECORDED A 7% INCREASE IN EBITDA OF $877 MILLION IN 2014
“Coal market continues to be difficult and challenging” – Adaro Energy
The world’s Top 5 thermal coal exporter, ...
Thursday, 12 March 15
CAPESIZE : ACTIVITY IS LOW; PANAMAX: BIT MORE ACTIVITY; HANDY: A FIRMING WEEK
Handy
It has been a firming week in both hemispheres this week and especially in the Pacific, says Fearnleys AS in its week's week report.
...
Thursday, 12 March 15
COAL MINERS REMAIN UNDER PRESSURE AS GLUT CONTINUES - THE JAKARTA POST
Indonesia’s major coal miners reported a significant drop in their earnings last year as the sharp drop in the global demand, mainly from Chi ...
Thursday, 12 March 15
FOB INDONESIA COAL SWAP DROP TO $47.33 A TON IN THE WEEK ENDED MAR.6
COALspot.com: Indonesian coal swaps for delivery Q2' 2015 drop month on month and week over week.
The Q2 swap fell US$ 0.37 (0.78%) month ...
Wednesday, 11 March 15
RICHARDS BAY COAL SWAPS DROP $ 3.65 - 4.0/T W-O-W
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 fell US$ ...
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- GAC Shipping (India) Pvt Ltd
- Indika Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- London Commodity Brokers - England
- Vijayanagar Sugar Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Billiton Holdings Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Bharathi Cement Corporation - India
- Global Green Power PLC Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Interocean Group of Companies - India
- Goldman Sachs - Singapore
- PTC India Limited - India
- Formosa Plastics Group - Taiwan
- Siam City Cement - Thailand
- Salva Resources Pvt Ltd - India
- Indian Oil Corporation Limited
- Thai Mozambique Logistica
- Heidelberg Cement - Germany
- Cement Manufacturers Association - India
- Bhatia International Limited - India
- Metalloyd Limited - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pendopo Energi Batubara - Indonesia
- CNBM International Corporation - China
- Intertek Mineral Services - Indonesia
- GVK Power & Infra Limited - India
- Altura Mining Limited, Indonesia
- Coastal Gujarat Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Agrawal Coal Company - India
- Vizag Seaport Private Limited - India
- Indogreen Group - Indonesia
- Larsen & Toubro Limited - India
- Electricity Generating Authority of Thailand
- Maheswari Brothers Coal Limited - India
- Singapore Mercantile Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Leighton Contractors Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Energy Link Ltd, New Zealand
- Power Finance Corporation Ltd., India
- India Bulls Power Limited - India
- Karaikal Port Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PowerSource Philippines DevCo
- Ind-Barath Power Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Georgia Ports Authority, United States
- Sojitz Corporation - Japan
- Kepco SPC Power Corporation, Philippines
- Mjunction Services Limited - India
- Eastern Coal Council - USA
- Rio Tinto Coal - Australia
- ASAPP Information Group - India
- Orica Australia Pty. Ltd.
- Tata Chemicals Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- TeaM Sual Corporation - Philippines
- Riau Bara Harum - Indonesia
- Indo Tambangraya Megah - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Xindia Steels Limited - India
- Medco Energi Mining Internasional
- Standard Chartered Bank - UAE
- Romanian Commodities Exchange
- Ambuja Cements Ltd - India
- Malabar Cements Ltd - India
- Independent Power Producers Association of India
- LBH Netherlands Bv - Netherlands
- Energy Development Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Ministry of Transport, Egypt
- Parliament of New Zealand
- Therma Luzon, Inc, Philippines
- Posco Energy - South Korea
- Sinarmas Energy and Mining - Indonesia
- Madhucon Powers Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMC Global Power, Philippines
- Australian Coal Association
- Baramulti Group, Indonesia
- Thiess Contractors Indonesia
- Electricity Authority, New Zealand
- Bhoruka Overseas - Indonesia
- GMR Energy Limited - India
- Renaissance Capital - South Africa
- Carbofer General Trading SA - India
- Gujarat Mineral Development Corp Ltd - India
- Bukit Baiduri Energy - Indonesia
- Edison Trading Spa - Italy
- Sical Logistics Limited - India
- Bangladesh Power Developement Board
- Kideco Jaya Agung - Indonesia
- The State Trading Corporation of India Ltd
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- Meralco Power Generation, Philippines
- Mercuria Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining Corp, Philippines
- Chamber of Mines of South Africa
- Kohat Cement Company Ltd. - Pakistan
- Krishnapatnam Port Company Ltd. - India
- Mercator Lines Limited - India
- Barasentosa Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Tamil Nadu electricity Board
- Lanco Infratech Ltd - India
- Grasim Industreis Ltd - India
- Aboitiz Power Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Indian Energy Exchange, India
- Kaltim Prima Coal - Indonesia
- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- PetroVietnam Power Coal Import and Supply Company
- VISA Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Gujarat Sidhee Cement - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Makarim & Taira - Indonesia
- Straits Asia Resources Limited - Singapore
- Globalindo Alam Lestari - Indonesia
- ICICI Bank Limited - India
- Banpu Public Company Limited - Thailand
- Siam City Cement PLC, Thailand
- CIMB Investment Bank - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
- Minerals Council of Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kobexindo Tractors - Indoneisa
- Orica Mining Services - Indonesia
- SMG Consultants - Indonesia
- Planning Commission, India
- Ministry of Finance - Indonesia
- IHS Mccloskey Coal Group - USA
- Bhushan Steel Limited - India
- Marubeni Corporation - India
- Toyota Tsusho Corporation, Japan
- Commonwealth Bank - Australia
- Sakthi Sugars Limited - India
- AsiaOL BioFuels Corp., Philippines
- Mintek Dendrill Indonesia
- Samtan Co., Ltd - South Korea
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- Latin American Coal - Colombia
- Central Electricity Authority - India
- Global Business Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- San Jose City I Power Corp, Philippines
- Indonesian Coal Mining Association
- Essar Steel Hazira Ltd - India
- Deloitte Consulting - India
- Jindal Steel & Power Ltd - India
- Anglo American - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Petron Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Bukit Makmur.PT - Indonesia
- Dalmia Cement Bharat India
- Maharashtra Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Neyveli Lignite Corporation Ltd, - India
- IEA Clean Coal Centre - UK
- Borneo Indobara - Indonesia
- Trasteel International SA, Italy
- Africa Commodities Group - South Africa
- The Treasury - Australian Government
- Bahari Cakrawala Sebuku - Indonesia
- SN Aboitiz Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Wilmar Investment Holdings
- Australian Commodity Traders Exchange
- Binh Thuan Hamico - Vietnam
- Coal and Oil Company - UAE
- Eastern Energy - Thailand
- Iligan Light & Power Inc, Philippines
- Parry Sugars Refinery, India
- Videocon Industries ltd - India
- Manunggal Multi Energi - Indonesia
- Wood Mackenzie - Singapore
- Merrill Lynch Commodities Europe
- Coalindo Energy - Indonesia
- New Zealand Coal & Carbon
- Central Java Power - Indonesia
- PNOC Exploration Corporation - Philippines
- Star Paper Mills Limited - India
- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- Vedanta Resources Plc - India
- The University of Queensland
- Holcim Trading Pte Ltd - Singapore
- MS Steel International - UAE
- Antam Resourcindo - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Jaiprakash Power Ventures ltd
- Economic Council, Georgia
- White Energy Company Limited
- Meenaskhi Energy Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Ministry of Mines - Canada
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