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Wednesday, 23 October 19
SHIPPING MARKET INSIGHT - INTERMODAL
 Moving closer to the end of the year, we are facing what the market was expecting for quite a while, the ship repair sector booming with the shipyards stretching their capacity to the maximum possible. Their only task, to accommodate as many projects as possible despite the prevailing restrictions on berthing capacity, craneage lifting capacity and resources. At the same time, the mentality of owners has already adapted to the ‘new era’ with the majority of them demonstrating the maximum possible flexibility to help their projects move forward. Therefore, in most cases, projects are completed with Owner’s resilience on the retrofit time, on vessel’s ETA and at the initial overall budget.
Taking a closer glance to the Far East shipyards, we see that those are the one to encounter the heaviest workload worldwide. The reason of course is the ongoing scrubber retrofits, with Owners giving preference to Far East for their retrofits due to trading patterns for big size vessels and competitive retrofit rates. Therefore, we do have a clearly define orderbook for most of the shipyards there till July 2020, leaving limited remaining slots available.
Owners experiencing the worst impact of this congestion are those with small routine drydocks, which are the least sought after business by yards, as well as those owners that additionally have to proceed with the installation of the BWMS and are now being restricted by Charterers in regards to which area they can release their vessels, limiting their choice of yard as a result. Shipyards as a matter of fact are holding their valuable slots for projects with higher profit margin while also trying to sell the remaining slots at a premium.
Due to the above situation it is quite common to see vessels waiting for a week or more before entering the yard or being quadruple bank berthed waiting to be served. In some cases, Owners have been also considering repair shipyards or places which were previously considered non competent, as an ultimate effort to find a slot.
Another unexpected factor which has created an even bigger tremble into the repair market recently is the surge in VLCC freight rates. This has created a unilateral effort by Owners to postpone their scheduled dry docking or retrofits, in order to get the full benefit of the very firm market, which is obvious that won’t last long. These postponements come with very short notice and are expected to cause an even bigger bottleneck during the forthcoming Chinese New Year.
Psychological theory holds that early in life many people make personal and professional choices that conform to the expectations of their parents, friends and society, whereas in their middle years many feel a pressing need for individuation, or breaking free from these expectation and start rewriting their lives’ path. We could say that most yards are now going through a similar midlife crisis, with most of them moving away from the very specific mandate the ship repair market had up until recently and trying to pencil out an independent policy, vision, pricing and market share from what they were obliged to follow in the past.
By Vassilis Vassiliou
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Mr.George Panagopoulos
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 reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Friday, 26 January 24
HARD COAL GUARDIAN ANGEL OF THE ENERGY SUPPLY - GERMANY COAL IMPORTERS ASSOCIATION
- No security of supply without hard coal
- The Substitute Power Plant Provision Act (EKBG) must be extended
- Higher grid fees due to the ...
Thursday, 25 January 24
THE RED SEA ESCALATION IMPLICATIONS ON GLOBAL SEABORNE TRADE - MARIA BERTZELETOU
In recent days, discussions have intensified about the potential impact on the seaborne trade and ton-miles due to the evolving dynamics of market ...
Thursday, 25 January 24
RED SEA SHIPPING DISRUPTIONS KEEP GEOPOLITICAL PREMIUM FOR COMMODITIES - FITCH RATINGS
Shipping disruptions and re-routing away from the Red Sea will maintain the geopolitical premium in the main commodity markets, including for oil a ...
Friday, 19 January 24
INDONESIA TARGETS 710 MLN METRIC TONS COAL OUTPUT IN 2024 AFTER RECORD 2023 - REUTERS
Indonesia, a major thermal coal exporter, aims to produce 710 million metric tons of coal in 2024, its mining minister said on Monday, after postin ...
Friday, 19 January 24
DRUMMOND COLOMBIA COAL OUTPUT ROSE 7.1% IN 2023 - REUTERS
Coal production from miner Drummond’s Colombia operations rose 7.1% in 2023 to 29.5 million metric tons, while exports declined by 2.6% to 27 ...
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- Goldman Sachs - Singapore
- Carbofer General Trading SA - India
- Cigading International Bulk Terminal - Indonesia
- Marubeni Corporation - India
- Bukit Makmur.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- MS Steel International - UAE
- Kepco SPC Power Corporation, Philippines
- Dalmia Cement Bharat India
- CNBM International Corporation - China
- Borneo Indobara - Indonesia
- The State Trading Corporation of India Ltd
- TeaM Sual Corporation - Philippines
- Indonesian Coal Mining Association
- Bukit Baiduri Energy - Indonesia
- Malabar Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Thiess Contractors Indonesia
- South Luzon Thermal Energy Corporation
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Authority, New Zealand
- Posco Energy - South Korea
- IEA Clean Coal Centre - UK
- Makarim & Taira - Indonesia
- Xindia Steels Limited - India
- Jaiprakash Power Ventures ltd
- Barasentosa Lestari - Indonesia
- Sojitz Corporation - Japan
- San Jose City I Power Corp, Philippines
- Mintek Dendrill Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Maheswari Brothers Coal Limited - India
- Jindal Steel & Power Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Central Java Power - Indonesia
- Kobexindo Tractors - Indoneisa
- Vizag Seaport Private Limited - India
- Electricity Generating Authority of Thailand
- European Bulk Services B.V. - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Bangladesh Power Developement Board
- Agrawal Coal Company - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PowerSource Philippines DevCo
- Ministry of Transport, Egypt
- Banpu Public Company Limited - Thailand
- Price Waterhouse Coopers - Russia
- SMC Global Power, Philippines
- Chamber of Mines of South Africa
- Manunggal Multi Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Aboitiz Power Corporation - Philippines
- CIMB Investment Bank - Malaysia
- International Coal Ventures Pvt Ltd - India
- Planning Commission, India
- Power Finance Corporation Ltd., India
- Latin American Coal - Colombia
- GMR Energy Limited - India
- Parliament of New Zealand
- LBH Netherlands Bv - Netherlands
- Timah Investasi Mineral - Indoneisa
- Economic Council, Georgia
- Bhoruka Overseas - Indonesia
- ICICI Bank Limited - India
- Essar Steel Hazira Ltd - India
- Georgia Ports Authority, United States
- Semirara Mining and Power Corporation, Philippines
- Star Paper Mills Limited - India
- White Energy Company Limited
- Commonwealth Bank - Australia
- Jorong Barutama Greston.PT - Indonesia
- New Zealand Coal & Carbon
- Binh Thuan Hamico - Vietnam
- Savvy Resources Ltd - HongKong
- Sree Jayajothi Cements Limited - India
- Bhatia International Limited - India
- Ambuja Cements Ltd - India
- Wilmar Investment Holdings
- Riau Bara Harum - Indonesia
- Interocean Group of Companies - India
- Indika Energy - Indonesia
- Lanco Infratech Ltd - India
- Australian Coal Association
- Meenaskhi Energy Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Singapore Mercantile Exchange
- Bhushan Steel Limited - India
- Petron Corporation, Philippines
- Formosa Plastics Group - Taiwan
- McConnell Dowell - Australia
- Oldendorff Carriers - Singapore
- Simpson Spence & Young - Indonesia
- Directorate Of Revenue Intelligence - India
- Sical Logistics Limited - India
- IHS Mccloskey Coal Group - USA
- Larsen & Toubro Limited - India
- Energy Link Ltd, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Tamil Nadu electricity Board
- Bharathi Cement Corporation - India
- The University of Queensland
- Aditya Birla Group - India
- Thai Mozambique Logistica
- Global Business Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Africa Commodities Group - South Africa
- Siam City Cement PLC, Thailand
- AsiaOL BioFuels Corp., Philippines
- Meralco Power Generation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Commodity Traders Exchange
- Videocon Industries ltd - India
- Minerals Council of Australia
- Deloitte Consulting - India
- Madhucon Powers Ltd - India
- Coastal Gujarat Power Limited - India
- Kaltim Prima Coal - Indonesia
- India Bulls Power Limited - India
- PNOC Exploration Corporation - Philippines
- Tata Chemicals Ltd - India
- Altura Mining Limited, Indonesia
- Attock Cement Pakistan Limited
- Ind-Barath Power Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Indian Energy Exchange, India
- Ministry of Finance - Indonesia
- Independent Power Producers Association of India
- Vedanta Resources Plc - India
- SN Aboitiz Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Edison Trading Spa - Italy
- Siam City Cement - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Antam Resourcindo - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sakthi Sugars Limited - India
- Eastern Coal Council - USA
- Intertek Mineral Services - Indonesia
- Medco Energi Mining Internasional
- Salva Resources Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- PTC India Limited - India
- Orica Australia Pty. Ltd.
- Directorate General of MIneral and Coal - Indonesia
- Orica Mining Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Mercuria Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Wood Mackenzie - Singapore
- Coal and Oil Company - UAE
- Indo Tambangraya Megah - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Ministry of Mines - Canada
- Cement Manufacturers Association - India
- Alfred C Toepfer International GmbH - Germany
- Samtan Co., Ltd - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Port Waratah Coal Services - Australia
- PetroVietnam Power Coal Import and Supply Company
- GVK Power & Infra Limited - India
- Merrill Lynch Commodities Europe
- Metalloyd Limited - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- GN Power Mariveles Coal Plant, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Uttam Galva Steels Limited - India
- Bulk Trading Sa - Switzerland
- Therma Luzon, Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Indogreen Group - Indonesia
- London Commodity Brokers - England
- Sarangani Energy Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Anglo American - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Trasteel International SA, Italy
- SMG Consultants - Indonesia
- Krishnapatnam Port Company Ltd. - India
- The Treasury - Australian Government
- Mjunction Services Limited - India
- Chettinad Cement Corporation Ltd - India
- Grasim Industreis Ltd - India
- Eastern Energy - Thailand
- Standard Chartered Bank - UAE
- Sindya Power Generating Company Private Ltd
- Leighton Contractors Pty Ltd - Australia
- Baramulti Group, Indonesia
- Mercator Lines Limited - India
- Rio Tinto Coal - Australia
- Renaissance Capital - South Africa
- Billiton Holdings Pty Ltd - Australia
- Indian Oil Corporation Limited
- Romanian Commodities Exchange
- Sinarmas Energy and Mining - Indonesia
- Coalindo Energy - Indonesia
- Central Electricity Authority - India
- VISA Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Pendopo Energi Batubara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Energy Development Corp, Philippines
- Kideco Jaya Agung - Indonesia
- ASAPP Information Group - India
- Parry Sugars Refinery, India
- Iligan Light & Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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