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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.
Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Wednesday, 11 March 15
DRY BULK MARKET CLOSED OFF ON THE GREEN FOR A SECOND WEEK IN A ROW - INTERMODAL
COALspot.com: The Dry Bulk market closed off on the green for a second week in a row, while the performance of Capesizes hindered a more substantia ...
Wednesday, 11 March 15
MARKET INSIGHT : NEWBUILDINGS - PANOS TSILINGIRIS
From a cost-based, buy-low perspective, there is currently a buying opportunity in the second-hand dry bulk market. I am an anti-cyclical (buy-low) ...
Wednesday, 11 March 15
DRY BULK MARKET: ALL IS NOT LOST FOR A RECOVERY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The low cost of commodities across the board could trigger an increase of trade among many countries, which in turn could lead to a recovery of the ...
Wednesday, 11 March 15
U.S. ELECTRIC GENERATING COMPANIES TO ADD MORE THAN 20 GW OF GENERATING CAPACITY IN 2015; 16 GW OF GENERATING CAPACITY IS EXPECTED TO RETIRE IN 2015
COALspot.com: In 2015, electric generating companies in U.S. expect to add more than 20 gigawatts (GW) of utility-scale generating capacity to the ...
Tuesday, 10 March 15
OIL PRICE FORECASTING - IGNORE THE EXPERTS: COLIN MARSHALL
KNOWLEDGE TO ELEVATE
Experts put themselves on a pedestal, making claims to have special forecasting abilities for oil price trends. They, too ...
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- CIMB Investment Bank - Malaysia
- Uttam Galva Steels Limited - India
- South Luzon Thermal Energy Corporation
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- The University of Queensland
- Miang Besar Coal Terminal - Indonesia
- Ministry of Finance - Indonesia
- White Energy Company Limited
- Gujarat Mineral Development Corp Ltd - India
- Makarim & Taira - Indonesia
- Rio Tinto Coal - Australia
- Indonesian Coal Mining Association
- New Zealand Coal & Carbon
- SMC Global Power, Philippines
- GMR Energy Limited - India
- GAC Shipping (India) Pvt Ltd
- Tamil Nadu electricity Board
- Bharathi Cement Corporation - India
- Price Waterhouse Coopers - Russia
- Mjunction Services Limited - India
- Bulk Trading Sa - Switzerland
- Therma Luzon, Inc, Philippines
- London Commodity Brokers - England
- GVK Power & Infra Limited - India
- Mercator Lines Limited - India
- Georgia Ports Authority, United States
- Altura Mining Limited, Indonesia
- Edison Trading Spa - Italy
- Mercuria Energy - Indonesia
- Interocean Group of Companies - India
- Ministry of Mines - Canada
- Vedanta Resources Plc - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Ambuja Cements Ltd - India
- Energy Development Corp, Philippines
- Medco Energi Mining Internasional
- Kapuas Tunggal Persada - Indonesia
- Sree Jayajothi Cements Limited - India
- PNOC Exploration Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- VISA Power Limited - India
- Parliament of New Zealand
- Krishnapatnam Port Company Ltd. - India
- Pipit Mutiara Jaya. PT, Indonesia
- Maheswari Brothers Coal Limited - India
- Goldman Sachs - Singapore
- Independent Power Producers Association of India
- Ind-Barath Power Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bhatia International Limited - India
- International Coal Ventures Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Bangladesh Power Developement Board
- Antam Resourcindo - Indonesia
- Eastern Energy - Thailand
- Wood Mackenzie - Singapore
- Planning Commission, India
- Star Paper Mills Limited - India
- Thiess Contractors Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Semirara Mining Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Indian Oil Corporation Limited
- AsiaOL BioFuels Corp., Philippines
- Merrill Lynch Commodities Europe
- Xindia Steels Limited - India
- Coastal Gujarat Power Limited - India
- Carbofer General Trading SA - India
- Globalindo Alam Lestari - Indonesia
- Sical Logistics Limited - India
- Eastern Coal Council - USA
- Bayan Resources Tbk. - Indonesia
- Pendopo Energi Batubara - Indonesia
- Deloitte Consulting - India
- The Treasury - Australian Government
- Indian Energy Exchange, India
- ICICI Bank Limited - India
- Sojitz Corporation - Japan
- Madhucon Powers Ltd - India
- Bhushan Steel Limited - India
- SMG Consultants - Indonesia
- Straits Asia Resources Limited - Singapore
- Coalindo Energy - Indonesia
- Riau Bara Harum - Indonesia
- Romanian Commodities Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aditya Birla Group - India
- Baramulti Group, Indonesia
- Global Coal Blending Company Limited - Australia
- Formosa Plastics Group - Taiwan
- Aboitiz Power Corporation - Philippines
- ASAPP Information Group - India
- Africa Commodities Group - South Africa
- Binh Thuan Hamico - Vietnam
- Wilmar Investment Holdings
- Cement Manufacturers Association - India
- Heidelberg Cement - Germany
- Sakthi Sugars Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Transport, Egypt
- PowerSource Philippines DevCo
- Banpu Public Company Limited - Thailand
- Larsen & Toubro Limited - India
- Australian Commodity Traders Exchange
- Commonwealth Bank - Australia
- Simpson Spence & Young - Indonesia
- Parry Sugars Refinery, India
- Global Business Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Jindal Steel & Power Ltd - India
- Singapore Mercantile Exchange
- IHS Mccloskey Coal Group - USA
- Ceylon Electricity Board - Sri Lanka
- Kideco Jaya Agung - Indonesia
- Port Waratah Coal Services - Australia
- Bukit Makmur.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Electricity Generating Authority of Thailand
- Grasim Industreis Ltd - India
- Posco Energy - South Korea
- Petron Corporation, Philippines
- India Bulls Power Limited - India
- Borneo Indobara - Indonesia
- Minerals Council of Australia
- Sarangani Energy Corporation, Philippines
- Renaissance Capital - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Meralco Power Generation, Philippines
- Essar Steel Hazira Ltd - India
- Kumho Petrochemical, South Korea
- Coal and Oil Company - UAE
- Meenaskhi Energy Private Limited - India
- Energy Link Ltd, New Zealand
- Intertek Mineral Services - Indonesia
- Central Java Power - Indonesia
- The State Trading Corporation of India Ltd
- OPG Power Generation Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Billiton Holdings Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- McConnell Dowell - Australia
- Vizag Seaport Private Limited - India
- Samtan Co., Ltd - South Korea
- Standard Chartered Bank - UAE
- Mintek Dendrill Indonesia
- Kartika Selabumi Mining - Indonesia
- Australian Coal Association
- Indika Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Sidhee Cement - India
- Manunggal Multi Energi - Indonesia
- Attock Cement Pakistan Limited
- Savvy Resources Ltd - HongKong
- Jaiprakash Power Ventures ltd
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement - Thailand
- Malabar Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- IEA Clean Coal Centre - UK
- Videocon Industries ltd - India
- Barasentosa Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Sindya Power Generating Company Private Ltd
- Salva Resources Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Bukit Baiduri Energy - Indonesia
- Tata Chemicals Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- CNBM International Corporation - China
- Kepco SPC Power Corporation, Philippines
- Latin American Coal - Colombia
- Alfred C Toepfer International GmbH - Germany
- Bhoruka Overseas - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Orica Mining Services - Indonesia
- Chamber of Mines of South Africa
- Kohat Cement Company Ltd. - Pakistan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Marubeni Corporation - India
- Central Electricity Authority - India
- Trasteel International SA, Italy
- Siam City Cement PLC, Thailand
- Karbindo Abesyapradhi - Indoneisa
- Dalmia Cement Bharat India
- Karaikal Port Pvt Ltd - India
- Agrawal Coal Company - India
- Anglo American - United Kingdom
- Indogreen Group - Indonesia
- MS Steel International - UAE
- Electricity Authority, New Zealand
- Economic Council, Georgia
- Holcim Trading Pte Ltd - Singapore
- Orica Australia Pty. Ltd.
- European Bulk Services B.V. - Netherlands
- San Jose City I Power Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thai Mozambique Logistica
- PTC India Limited - India
- Metalloyd Limited - United Kingdom
- Lanco Infratech Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
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