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Wednesday, 06 July 16
MARKET INSIGHT - VASSILIS VASSILIOU
 After a fairly silent first half of the year in the ship repair sector, we have finally a harmonized workload in the shipyards around the world. Massive discounts offered by the repair facilities and aggressive commercial strategies are still present, while in most cases a reduced maintenance program is followed by Owners.
Shipping companies show almost no flexibility to the extend of service suggested by repair yards, trying to maximize the efficiency and effectiveness in all repair dilemmas such as deviation cost, way and extend of repairs, dry-docking timing. On the other hand, shipyards are trying and to control contractors’ cost in order to handle this negative downturn by minimizing the overtime cost, while at the same time they are providing sophisticated solutions as an ultimate way to tackle competitiveness. As a result of the above situation was the bankruptcy of well established subcontractors after offering good service for decades. The repair market is also facing a slight increase on the afloat and underwater works that are being carried out at anchorages. This is also the result of accumulated low-level maintenance during the previous years and the softer number of dry-dockings this year.
As far as the Greek market is concerned, Chinese yards remain on top of Owner’s choice. If we divide the Chinese region into three areas – south, middle and north – increase on the Greek share is witnessed in the FUJIAN HUADONG shipyard in south China, the XINYA shipyard in the middle Zhoushan area and SHANHAIGUAN shipyard in the northern part. The remainder of the southern shipyards seem to have focused into more niche markets like gas and oil carriers, with the majority of their customers coming from North Europe. A very common choice for the Greek market remains to the COSCO group of shipyards as well and particularly COSCO Zhoushan. Since the merge of COSCO with CIC CHINA SHIPPING a few months back, there has been no visible change in the repair market. For the time being, both groups are maintaining separate commercial headquarters with COSCO tendering unified for all the shipyards and CIC individually. Saying that, as far as the presence of both companies in the Posidonia exhibition is concerned, both groups were sharing the same booth.
Apart from China, Singapore and MEG shipyards are leading the niche vessels’ repair market. Following the merger of ex ‘Sembawang’ with ex ‘Jurong’, the competition between the two major groups, KEPPEL and SEMBCORP MARINE in Singapore remains fierce, resulting in significant discount from both sides. With the discounted prices offered by Singaporean yards and the overall proven expertise in terms of efficiency, quality and time, this region has also attracted the attention of Owners with conventional types of vessels when projects are free from major steel renewal. In Europe, Turkish shipyards are expanding their dry-docking capacity by purchasing new floating docks, with the millstone of a new VLCC dry-dock, which is doubling the capacity of the existing VLCC docks in the region. Finally, following the Turkish shipyards expansion, a new Brazilian shipyard in Vitoria with facilities to accommodate up to Capesize/Suezmax vessels is about to start its operation heating up the competition within the existing local regime.
Following up on recent trends, we can say that the laying up scheme has faded as a result of dry bulk freights covering marginally their OPEX and most of the laying up anchorages have been getting slimmer. As far as the ratification of the forthcoming ballast treatment regulations is concerned, with the exception of rumors, no solid policy has been announced yet, while the shipping market reaction to such ratification remains disputable.
By Vassilis Vassiliou
Ship-repair Broker, Interyards S. A.
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 reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Thursday, 29 September 16
FREIGHT RATES MIGHT CONTINUE TO SLIDE NEXT WEEK DUE TO HOLIDAYS IN CHINA
Supramax
Flat start to week followed by a slight gain in rates for Supramaxes, says Fearnleys in its latest weekly report.
According to Fear ...
Wednesday, 28 September 16
WITHOUT A DOUBT FREIGHT RATES HAVE MOVED UP A BIT TO HEALTHIER LEVELS - INTERMODAL
As we are approaching Q4, it is interesting to perform a review of the last nine months with respect to the second-hand prices of Supramax and Pana ...
Tuesday, 27 September 16
THE CAPESIZE RATE OF INCREASE HAS BEEN IMPRESSIVE, UP 39% W/W AND 123% MONTH TO DATE - ALLIED
The Dry bulk market has seen a rare shine in its performance as the capesize sector manages to rally at an unprecedented rate compared to its perfo ...
Monday, 26 September 16
COAL PRICES HAVE BEEN MOVING STEADILY HIGHER AFTER YEARS OF DECLINE
COALspot.com: A rally in thermal coal prices over the past few months, after years of decline, is still continuing and it is expected to rally at l ...
Monday, 26 September 16
THE FREIGHT MARKET WAS FIRM; ALL SEGMENTS WERE UP THIS PAST WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose and ending in a positive note this past week. The BD ...
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- OPG Power Generation Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Rio Tinto Coal - Australia
- Ind-Barath Power Infra Limited - India
- Riau Bara Harum - Indonesia
- VISA Power Limited - India
- CNBM International Corporation - China
- Electricity Authority, New Zealand
- Binh Thuan Hamico - Vietnam
- Sakthi Sugars Limited - India
- Kideco Jaya Agung - Indonesia
- Indogreen Group - Indonesia
- Bulk Trading Sa - Switzerland
- Trasteel International SA, Italy
- Intertek Mineral Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Africa Commodities Group - South Africa
- Edison Trading Spa - Italy
- Attock Cement Pakistan Limited
- Straits Asia Resources Limited - Singapore
- Bharathi Cement Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- International Coal Ventures Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Malabar Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Georgia Ports Authority, United States
- Kaltim Prima Coal - Indonesia
- Central Electricity Authority - India
- Ministry of Finance - Indonesia
- South Luzon Thermal Energy Corporation
- Maharashtra Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Australian Commodity Traders Exchange
- Thai Mozambique Logistica
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Minerals Council of Australia
- Simpson Spence & Young - Indonesia
- Timah Investasi Mineral - Indoneisa
- Coastal Gujarat Power Limited - India
- Metalloyd Limited - United Kingdom
- Jaiprakash Power Ventures ltd
- Krishnapatnam Port Company Ltd. - India
- White Energy Company Limited
- Borneo Indobara - Indonesia
- Bayan Resources Tbk. - Indonesia
- SN Aboitiz Power Inc, Philippines
- Commonwealth Bank - Australia
- Videocon Industries ltd - India
- Antam Resourcindo - Indonesia
- Tata Chemicals Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Karaikal Port Pvt Ltd - India
- Orica Mining Services - Indonesia
- Global Business Power Corporation, Philippines
- Romanian Commodities Exchange
- Meralco Power Generation, Philippines
- San Jose City I Power Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Directorate Of Revenue Intelligence - India
- Aditya Birla Group - India
- The State Trading Corporation of India Ltd
- Pendopo Energi Batubara - Indonesia
- Eastern Energy - Thailand
- Grasim Industreis Ltd - India
- Latin American Coal - Colombia
- Bhatia International Limited - India
- Kartika Selabumi Mining - Indonesia
- Anglo American - United Kingdom
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- Interocean Group of Companies - India
- Vedanta Resources Plc - India
- Dalmia Cement Bharat India
- Coal and Oil Company - UAE
- MS Steel International - UAE
- Makarim & Taira - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Merrill Lynch Commodities Europe
- Gujarat Mineral Development Corp Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Renaissance Capital - South Africa
- Indonesian Coal Mining Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Goldman Sachs - Singapore
- Agrawal Coal Company - India
- Bhoruka Overseas - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Mjunction Services Limited - India
- Bukit Makmur.PT - Indonesia
- Parliament of New Zealand
- Iligan Light & Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Ministry of Transport, Egypt
- Singapore Mercantile Exchange
- Power Finance Corporation Ltd., India
- PNOC Exploration Corporation - Philippines
- The University of Queensland
- Savvy Resources Ltd - HongKong
- Indika Energy - Indonesia
- London Commodity Brokers - England
- Lanco Infratech Ltd - India
- Vizag Seaport Private Limited - India
- Salva Resources Pvt Ltd - India
- Mintek Dendrill Indonesia
- Eastern Coal Council - USA
- Xindia Steels Limited - India
- Kumho Petrochemical, South Korea
- Directorate General of MIneral and Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Globalindo Alam Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Chamber of Mines of South Africa
- Coalindo Energy - Indonesia
- India Bulls Power Limited - India
- Therma Luzon, Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Carbofer General Trading SA - India
- The Treasury - Australian Government
- Ceylon Electricity Board - Sri Lanka
- CIMB Investment Bank - Malaysia
- TNB Fuel Sdn Bhd - Malaysia
- GMR Energy Limited - India
- IHS Mccloskey Coal Group - USA
- PTC India Limited - India
- GVK Power & Infra Limited - India
- Global Coal Blending Company Limited - Australia
- New Zealand Coal & Carbon
- Petron Corporation, Philippines
- Energy Link Ltd, New Zealand
- Wood Mackenzie - Singapore
- Indo Tambangraya Megah - Indonesia
- Larsen & Toubro Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Mercator Lines Limited - India
- Essar Steel Hazira Ltd - India
- Independent Power Producers Association of India
- Orica Australia Pty. Ltd.
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Kobexindo Tractors - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Chettinad Cement Corporation Ltd - India
- Alfred C Toepfer International GmbH - Germany
- GAC Shipping (India) Pvt Ltd
- IEA Clean Coal Centre - UK
- Sojitz Corporation - Japan
- Sical Logistics Limited - India
- Formosa Plastics Group - Taiwan
- Kepco SPC Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- LBH Netherlands Bv - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Leighton Contractors Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Ministry of Mines - Canada
- Bangladesh Power Developement Board
- ICICI Bank Limited - India
- Meenaskhi Energy Private Limited - India
- ASAPP Information Group - India
- Ambuja Cements Ltd - India
- Economic Council, Georgia
- Medco Energi Mining Internasional
- Toyota Tsusho Corporation, Japan
- Siam City Cement - Thailand
- Electricity Generating Authority of Thailand
- Banpu Public Company Limited - Thailand
- Deloitte Consulting - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- Indian Energy Exchange, India
- Oldendorff Carriers - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Neyveli Lignite Corporation Ltd, - India
- Baramulti Group, Indonesia
- Planning Commission, India
- PowerSource Philippines DevCo
- Thiess Contractors Indonesia
- Mercuria Energy - Indonesia
- SMG Consultants - Indonesia
- Uttam Galva Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Heidelberg Cement - Germany
- Posco Energy - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Central Java Power - Indonesia
- TeaM Sual Corporation - Philippines
- Standard Chartered Bank - UAE
- SMC Global Power, Philippines
- Jindal Steel & Power Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Barasentosa Lestari - Indonesia
- Tamil Nadu electricity Board
- Gujarat Sidhee Cement - India
- Siam City Cement PLC, Thailand
- Wilmar Investment Holdings
- Parry Sugars Refinery, India
- McConnell Dowell - Australia
- Madhucon Powers Ltd - India
- Bhushan Steel Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kalimantan Lumbung Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Gujarat Electricity Regulatory Commission - India
- Australian Coal Association
- Port Waratah Coal Services - Australia
- Cement Manufacturers Association - India
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