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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, 15 August 16
THE SPOT FREIGHT MARKET STRENGTHEN OVER THIS WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose as Cape and Panamax segments ending in a positive no ...
Friday, 12 August 16
U.S. WEEKLY COAL OUTPUT ENDING AUGUST 6 FELL SLIGHTLY
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.9 million short ton ...
Thursday, 11 August 16
CAPESIZE THE PACIFIC SIDE IS LOOKING MORE POSITIVE, DRIVEN BY AUSTRALIAN IRON ORE - FEARNLEYS
Supramax
Rates continue to be under pressure with index ending up with 639 points and average TC value at USD6,680, said Fearnleys. Fearnleys A/S ...
Thursday, 11 August 16
EIA ESTIMATES THE DELIVERED COAL PRICE TO U.S. ELECTRIC UTILITIES IN 2017 AVERAGED $2.24/MMBTU; $0.05/MMBTU HIGHER THAN 2016 ESTIMATES
Coal Supply
U.S. coal production in July was 65 million short tons (MMst), an 8 MMst (14%) increase from the previous month but 11 MMst (15%) low ...
Wednesday, 10 August 16
THE DRY BULK MARKET KEPT SOFTENING LAST WEEK; WE CAN SEE MUCH HEALTHIER NUMBERS STARTING SEPTEMBER
The Dry Bulk market kept softening last week as we have now started going through the traditionally quieter days of the summer season peak period, ...
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- Altura Mining Limited, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kideco Jaya Agung - Indonesia
- Posco Energy - South Korea
- Bhushan Steel Limited - India
- The Treasury - Australian Government
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Minerals Council of Australia
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Transport, Egypt
- GMR Energy Limited - India
- Sinarmas Energy and Mining - Indonesia
- Carbofer General Trading SA - India
- GAC Shipping (India) Pvt Ltd
- Chamber of Mines of South Africa
- Medco Energi Mining Internasional
- Independent Power Producers Association of India
- Holcim Trading Pte Ltd - Singapore
- Kartika Selabumi Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Straits Asia Resources Limited - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Bharathi Cement Corporation - India
- Australian Commodity Traders Exchange
- Romanian Commodities Exchange
- Banpu Public Company Limited - Thailand
- Siam City Cement PLC, Thailand
- Gujarat Mineral Development Corp Ltd - India
- India Bulls Power Limited - India
- Deloitte Consulting - India
- Semirara Mining and Power Corporation, Philippines
- Electricity Authority, New Zealand
- Renaissance Capital - South Africa
- Energy Development Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Rio Tinto Coal - Australia
- Latin American Coal - Colombia
- IEA Clean Coal Centre - UK
- Commonwealth Bank - Australia
- Cigading International Bulk Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Bhatia International Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Marubeni Corporation - India
- Georgia Ports Authority, United States
- Madhucon Powers Ltd - India
- Indika Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Electricity Generating Authority of Thailand
- New Zealand Coal & Carbon
- Sree Jayajothi Cements Limited - India
- Star Paper Mills Limited - India
- Kumho Petrochemical, South Korea
- Directorate General of MIneral and Coal - Indonesia
- Mercuria Energy - Indonesia
- Wood Mackenzie - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Price Waterhouse Coopers - Russia
- Vedanta Resources Plc - India
- PowerSource Philippines DevCo
- Energy Link Ltd, New Zealand
- The University of Queensland
- Metalloyd Limited - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Australian Coal Association
- Indian Oil Corporation Limited
- Jaiprakash Power Ventures ltd
- AsiaOL BioFuels Corp., Philippines
- Savvy Resources Ltd - HongKong
- Krishnapatnam Port Company Ltd. - India
- Port Waratah Coal Services - Australia
- ASAPP Information Group - India
- Meralco Power Generation, Philippines
- Sindya Power Generating Company Private Ltd
- GVK Power & Infra Limited - India
- Riau Bara Harum - Indonesia
- Oldendorff Carriers - Singapore
- Borneo Indobara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Heidelberg Cement - Germany
- Edison Trading Spa - Italy
- Africa Commodities Group - South Africa
- European Bulk Services B.V. - Netherlands
- Kepco SPC Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Iligan Light & Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Grasim Industreis Ltd - India
- Karaikal Port Pvt Ltd - India
- Ambuja Cements Ltd - India
- Planning Commission, India
- Miang Besar Coal Terminal - Indonesia
- Cement Manufacturers Association - India
- Kobexindo Tractors - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Semirara Mining Corp, Philippines
- Aditya Birla Group - India
- Parry Sugars Refinery, India
- Siam City Cement - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PNOC Exploration Corporation - Philippines
- Essar Steel Hazira Ltd - India
- PTC India Limited - India
- Mintek Dendrill Indonesia
- Indogreen Group - Indonesia
- Sojitz Corporation - Japan
- Coastal Gujarat Power Limited - India
- Formosa Plastics Group - Taiwan
- Agrawal Coal Company - India
- Ministry of Mines - Canada
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Thai Mozambique Logistica
- Rashtriya Ispat Nigam Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Baiduri Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Baramulti Group, Indonesia
- Orica Mining Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Coal and Oil Company - UAE
- Larsen & Toubro Limited - India
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- Parliament of New Zealand
- Videocon Industries ltd - India
- Makarim & Taira - Indonesia
- Sical Logistics Limited - India
- Neyveli Lignite Corporation Ltd, - India
- SMG Consultants - Indonesia
- Xindia Steels Limited - India
- Global Business Power Corporation, Philippines
- Interocean Group of Companies - India
- Bukit Asam (Persero) Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Kaltim Prima Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- McConnell Dowell - Australia
- Kapuas Tunggal Persada - Indonesia
- Merrill Lynch Commodities Europe
- Manunggal Multi Energi - Indonesia
- Bangladesh Power Developement Board
- SN Aboitiz Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Alfred C Toepfer International GmbH - Germany
- Gujarat Sidhee Cement - India
- Economic Council, Georgia
- Sakthi Sugars Limited - India
- The State Trading Corporation of India Ltd
- CNBM International Corporation - China
- Intertek Mineral Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Indonesian Coal Mining Association
- CIMB Investment Bank - Malaysia
- Global Coal Blending Company Limited - Australia
- South Luzon Thermal Energy Corporation
- Tamil Nadu electricity Board
- Eastern Coal Council - USA
- Attock Cement Pakistan Limited
- Bhoruka Overseas - Indonesia
- Wilmar Investment Holdings
- Dalmia Cement Bharat India
- White Energy Company Limited
- Central Electricity Authority - India
- Standard Chartered Bank - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- San Jose City I Power Corp, Philippines
- London Commodity Brokers - England
- Binh Thuan Hamico - Vietnam
- Ind-Barath Power Infra Limited - India
- MS Steel International - UAE
- Thiess Contractors Indonesia
- Pendopo Energi Batubara - Indonesia
- Directorate Of Revenue Intelligence - India
- Indian Energy Exchange, India
- Tata Chemicals Ltd - India
- Coalindo Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Vijayanagar Sugar Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Singapore Mercantile Exchange
- Maharashtra Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Central Java Power - Indonesia
- Timah Investasi Mineral - Indoneisa
- Malabar Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Vizag Seaport Private Limited - India
- Therma Luzon, Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petron Corporation, Philippines
- Trasteel International SA, Italy
- Mercator Lines Limited - India
- VISA Power Limited - India
- Ministry of Finance - Indonesia
- Antam Resourcindo - Indonesia
- Orica Australia Pty. Ltd.
- Bank of Tokyo Mitsubishi UFJ Ltd
- Goldman Sachs - Singapore
- Bulk Trading Sa - Switzerland
- Gujarat Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- LBH Netherlands Bv - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- SMC Global Power, Philippines
- Uttam Galva Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Anglo American - United Kingdom
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