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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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Monday, 12 September 16
THE CAPE MARKET HAS GAINS ON WEEK; THE CAPE INDEX SETTLING AT 1566 POINTS ON FRIDAY
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 ...
Friday, 09 September 16
U.S. WEEKLY COAL OUTPUT DECLINED SLIGHTLY TO 16.1 MMST, EIA SAYS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.1 million short ton ...
Friday, 09 September 16
CAPESIZE: THE SENTIMENT IS SOLID, SAYS FEARNLEYS
Supramax
A quiet start with Labour Day celebrations in the United States leading to very little being reported from the Atlantic basin. Supramaxe ...
Thursday, 08 September 16
U.S. COAL EXPORTS IN JUNE 2016 UP 29% COMPARED TO MAY 2016, SAYS EIA
U.S. coal production in August was 71 million short tons (MMst), which is 6 MMst (9%) higher than in the previous month and 12 MMst (14%) lower tha ...
Wednesday, 07 September 16
WEEKLY MARKET (TANKER) REPORT - INTERMODAL
What goes around comes around! The Shipping industry is infamous for its seasonality and cyclicality and the tanker sector is no exception to these ...
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- Energy Link Ltd, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Xindia Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Star Paper Mills Limited - India
- CNBM International Corporation - China
- Wood Mackenzie - Singapore
- Bukit Makmur.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Goldman Sachs - Singapore
- CIMB Investment Bank - Malaysia
- Minerals Council of Australia
- Indogreen Group - Indonesia
- Lanco Infratech Ltd - India
- Grasim Industreis Ltd - India
- The State Trading Corporation of India Ltd
- Pendopo Energi Batubara - Indonesia
- Coastal Gujarat Power Limited - India
- Parry Sugars Refinery, India
- Siam City Cement - Thailand
- Kepco SPC Power Corporation, Philippines
- New Zealand Coal & Carbon
- Coalindo Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Intertek Mineral Services - Indonesia
- Power Finance Corporation Ltd., India
- Agrawal Coal Company - India
- Electricity Authority, New Zealand
- Coal and Oil Company - UAE
- Uttam Galva Steels Limited - India
- Manunggal Multi Energi - Indonesia
- IEA Clean Coal Centre - UK
- Trasteel International SA, Italy
- Kaltim Prima Coal - Indonesia
- Vedanta Resources Plc - India
- Gujarat Sidhee Cement - India
- Aditya Birla Group - India
- Energy Development Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Larsen & Toubro Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Eastern Coal Council - USA
- OPG Power Generation Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Straits Asia Resources Limited - Singapore
- Borneo Indobara - Indonesia
- Maheswari Brothers Coal Limited - India
- Altura Mining Limited, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Standard Chartered Bank - UAE
- Baramulti Group, Indonesia
- Ministry of Mines - Canada
- Gujarat Mineral Development Corp Ltd - India
- Bulk Trading Sa - Switzerland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement PLC, Thailand
- Sindya Power Generating Company Private Ltd
- Carbofer General Trading SA - India
- Bangladesh Power Developement Board
- Rio Tinto Coal - Australia
- Madhucon Powers Ltd - India
- Dalmia Cement Bharat India
- Central Electricity Authority - India
- Central Java Power - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Indian Energy Exchange, India
- Pipit Mutiara Jaya. PT, Indonesia
- San Jose City I Power Corp, Philippines
- Ministry of Transport, Egypt
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Malabar Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Interocean Group of Companies - India
- Edison Trading Spa - Italy
- Global Coal Blending Company Limited - Australia
- Binh Thuan Hamico - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Banpu Public Company Limited - Thailand
- Jaiprakash Power Ventures ltd
- Marubeni Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Thiess Contractors Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- ASAPP Information Group - India
- Antam Resourcindo - Indonesia
- Merrill Lynch Commodities Europe
- Tamil Nadu electricity Board
- Videocon Industries ltd - India
- PTC India Limited - India
- Oldendorff Carriers - Singapore
- Anglo American - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Indika Energy - Indonesia
- Heidelberg Cement - Germany
- SMC Global Power, Philippines
- Global Business Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Price Waterhouse Coopers - Russia
- Bukit Asam (Persero) Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Directorate Of Revenue Intelligence - India
- Parliament of New Zealand
- Holcim Trading Pte Ltd - Singapore
- Bharathi Cement Corporation - India
- Formosa Plastics Group - Taiwan
- Petron Corporation, Philippines
- Eastern Energy - Thailand
- Orica Australia Pty. Ltd.
- Renaissance Capital - South Africa
- Essar Steel Hazira Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Cement Manufacturers Association - India
- Kohat Cement Company Ltd. - Pakistan
- European Bulk Services B.V. - Netherlands
- Riau Bara Harum - Indonesia
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- White Energy Company Limited
- AsiaOL BioFuels Corp., Philippines
- Directorate General of MIneral and Coal - Indonesia
- McConnell Dowell - Australia
- PetroVietnam Power Coal Import and Supply Company
- Australian Commodity Traders Exchange
- Economic Council, Georgia
- TeaM Sual Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Meralco Power Generation, Philippines
- Bhoruka Overseas - Indonesia
- Thai Mozambique Logistica
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- LBH Netherlands Bv - Netherlands
- Vizag Seaport Private Limited - India
- Sree Jayajothi Cements Limited - India
- Planning Commission, India
- Ministry of Finance - Indonesia
- Iligan Light & Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- PowerSource Philippines DevCo
- Kartika Selabumi Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Posco Energy - South Korea
- The University of Queensland
- Port Waratah Coal Services - Australia
- GVK Power & Infra Limited - India
- Salva Resources Pvt Ltd - India
- Georgia Ports Authority, United States
- Romanian Commodities Exchange
- Sakthi Sugars Limited - India
- Metalloyd Limited - United Kingdom
- MS Steel International - UAE
- Kapuas Tunggal Persada - Indonesia
- GAC Shipping (India) Pvt Ltd
- Sojitz Corporation - Japan
- IHS Mccloskey Coal Group - USA
- Bhushan Steel Limited - India
- South Luzon Thermal Energy Corporation
- London Commodity Brokers - England
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- Wilmar Investment Holdings
- Alfred C Toepfer International GmbH - Germany
- GN Power Mariveles Coal Plant, Philippines
- Singapore Mercantile Exchange
- Ceylon Electricity Board - Sri Lanka
- Commonwealth Bank - Australia
- Ind-Barath Power Infra Limited - India
- The Treasury - Australian Government
- Billiton Holdings Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- GMR Energy Limited - India
- Tata Chemicals Ltd - India
- Ambuja Cements Ltd - India
- Bhatia International Limited - India
- Attock Cement Pakistan Limited
- SMG Consultants - Indonesia
- Jindal Steel & Power Ltd - India
- Indian Oil Corporation Limited
- Mercator Lines Limited - India
- Orica Mining Services - Indonesia
- ICICI Bank Limited - India
- India Bulls Power Limited - India
- Electricity Generating Authority of Thailand
- International Coal Ventures Pvt Ltd - India
- Mjunction Services Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Africa Commodities Group - South Africa
- Indonesian Coal Mining Association
- Australian Coal Association
- Timah Investasi Mineral - Indoneisa
- Independent Power Producers Association of India
- Bayan Resources Tbk. - Indonesia
- Kobexindo Tractors - Indoneisa
- Medco Energi Mining Internasional
- Latin American Coal - Colombia
- Sical Logistics Limited - India
- Savvy Resources Ltd - HongKong
- Kumho Petrochemical, South Korea
- Leighton Contractors Pty Ltd - Australia
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