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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, 28 July 16
FITCH RAISES CORPORATE OIL PRICE ASSUMPTION FOR 2016 TO USD42
Fitch Ratings has raised the 2016 oil price assumptions it uses when rating energy-sector corporates, but expects record high inventories to slow a ...
Thursday, 28 July 16
LAST WEEK ENDING UP WITH BUSIER TONES FOR SUPRAMAXES NOW COOLING DOWN - FEARNLEYS
Supramax
Last week ending up with busier tones for Supramaxes now cooling down as with index being down to 684. Average daily earnings for Supram ...
Wednesday, 27 July 16
RATES FOR THE SMALLER SIZES OVER-PERFORMED THE MARKET LAST WEEK - INTERMODAL
The decline the BDI noted last week was somewhat expected given the fact that the market has been overall firming for almost a month no ...
Wednesday, 27 July 16
GLOBAL OIL SUPPLY IS EXPECTED TO REMAIN HIGHER THAN GLOBAL CONSUMPTION IN 2016 - CHRISTOPHER WHITTY
Global oil supply is expected to remain higher than global consumption in 2016, keeping oil prices at relatively low levels this summer compared wi ...
Tuesday, 26 July 16
NORTH P&I CLUB EXPLAINS HOW TO AVOID CLAIMS FOR SELF-COOKING SOYA BEANS
KNOWLEDGE TO ELEVATE
North P&I Club has advised its members to be extra vigilant during loading and transport of soya beans to ensure they ...
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- Sakthi Sugars Limited - India
- Bhatia International Limited - India
- Gujarat Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Latin American Coal - Colombia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- India Bulls Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Bhushan Steel Limited - India
- Parliament of New Zealand
- Semirara Mining and Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Banpu Public Company Limited - Thailand
- Maheswari Brothers Coal Limited - India
- Krishnapatnam Port Company Ltd. - India
- Billiton Holdings Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- The State Trading Corporation of India Ltd
- LBH Netherlands Bv - Netherlands
- Antam Resourcindo - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- European Bulk Services B.V. - Netherlands
- Global Business Power Corporation, Philippines
- Indian Energy Exchange, India
- GN Power Mariveles Coal Plant, Philippines
- Merrill Lynch Commodities Europe
- Iligan Light & Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Meralco Power Generation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Renaissance Capital - South Africa
- Mintek Dendrill Indonesia
- Port Waratah Coal Services - Australia
- Bangladesh Power Developement Board
- Kepco SPC Power Corporation, Philippines
- PowerSource Philippines DevCo
- Ind-Barath Power Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Petron Corporation, Philippines
- Indika Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Medco Energi Mining Internasional
- Africa Commodities Group - South Africa
- Gujarat Sidhee Cement - India
- Central Java Power - Indonesia
- Bhoruka Overseas - Indonesia
- Tamil Nadu electricity Board
- Minerals Council of Australia
- Thiess Contractors Indonesia
- Coalindo Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- McConnell Dowell - Australia
- Marubeni Corporation - India
- Madhucon Powers Ltd - India
- Attock Cement Pakistan Limited
- CNBM International Corporation - China
- Dalmia Cement Bharat India
- Ministry of Transport, Egypt
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- Price Waterhouse Coopers - Russia
- Indian Oil Corporation Limited
- Alfred C Toepfer International GmbH - Germany
- Mjunction Services Limited - India
- Vedanta Resources Plc - India
- Leighton Contractors Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Cement Manufacturers Association - India
- Maharashtra Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- London Commodity Brokers - England
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement PLC, Thailand
- Singapore Mercantile Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Posco Energy - South Korea
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- Salva Resources Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- SMG Consultants - Indonesia
- Formosa Plastics Group - Taiwan
- Globalindo Alam Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Commonwealth Bank - Australia
- Parry Sugars Refinery, India
- San Jose City I Power Corp, Philippines
- Riau Bara Harum - Indonesia
- ICICI Bank Limited - India
- Cigading International Bulk Terminal - Indonesia
- Grasim Industreis Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Xindia Steels Limited - India
- GMR Energy Limited - India
- South Luzon Thermal Energy Corporation
- Lanco Infratech Ltd - India
- Eastern Energy - Thailand
- Indonesian Coal Mining Association
- PNOC Exploration Corporation - Philippines
- Australian Coal Association
- Kaltim Prima Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Siam City Cement - Thailand
- Borneo Indobara - Indonesia
- Star Paper Mills Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bayan Resources Tbk. - Indonesia
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- New Zealand Coal & Carbon
- Offshore Bulk Terminal Pte Ltd, Singapore
- Therma Luzon, Inc, Philippines
- Essar Steel Hazira Ltd - India
- Bharathi Cement Corporation - India
- SMC Global Power, Philippines
- Directorate Of Revenue Intelligence - India
- Mercuria Energy - Indonesia
- Economic Council, Georgia
- Bukit Baiduri Energy - Indonesia
- Kumho Petrochemical, South Korea
- SN Aboitiz Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Mercator Lines Limited - India
- The University of Queensland
- Independent Power Producers Association of India
- Indogreen Group - Indonesia
- Savvy Resources Ltd - HongKong
- Ministry of Mines - Canada
- International Coal Ventures Pvt Ltd - India
- Sical Logistics Limited - India
- Simpson Spence & Young - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Wilmar Investment Holdings
- Sree Jayajothi Cements Limited - India
- Rashtriya Ispat Nigam Limited - India
- The Treasury - Australian Government
- Anglo American - United Kingdom
- Electricity Authority, New Zealand
- Standard Chartered Bank - UAE
- Aditya Birla Group - India
- VISA Power Limited - India
- MS Steel International - UAE
- White Energy Company Limited
- Gujarat Mineral Development Corp Ltd - India
- Oldendorff Carriers - Singapore
- Semirara Mining Corp, Philippines
- ASAPP Information Group - India
- Australian Commodity Traders Exchange
- Larsen & Toubro Limited - India
- Metalloyd Limited - United Kingdom
- Vizag Seaport Private Limited - India
- Rio Tinto Coal - Australia
- Bulk Trading Sa - Switzerland
- Interocean Group of Companies - India
- GAC Shipping (India) Pvt Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Barasentosa Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Ambuja Cements Ltd - India
- Altura Mining Limited, Indonesia
- Kartika Selabumi Mining - Indonesia
- Makarim & Taira - Indonesia
- Electricity Generating Authority of Thailand
- Malabar Cements Ltd - India
- Power Finance Corporation Ltd., India
- Manunggal Multi Energi - Indonesia
- Central Electricity Authority - India
- Orica Australia Pty. Ltd.
- Kalimantan Lumbung Energi - Indonesia
- Carbofer General Trading SA - India
- Timah Investasi Mineral - Indoneisa
- Toyota Tsusho Corporation, Japan
- Energy Link Ltd, New Zealand
- Binh Thuan Hamico - Vietnam
- Indo Tambangraya Megah - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- GVK Power & Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Goldman Sachs - Singapore
- Energy Development Corp, Philippines
- Jindal Steel & Power Ltd - India
- Coastal Gujarat Power Limited - India
- Georgia Ports Authority, United States
- Eastern Coal Council - USA
- Agrawal Coal Company - India
- Miang Besar Coal Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Ceylon Electricity Board - Sri Lanka
- IEA Clean Coal Centre - UK
- Heidelberg Cement - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Uttam Galva Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Thai Mozambique Logistica
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
- Sinarmas Energy and Mining - Indonesia
- PTC India Limited - India
- Videocon Industries ltd - India
- Meenaskhi Energy Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Romanian Commodities Exchange
- PetroVietnam Power Coal Import and Supply Company
- Edison Trading Spa - Italy
- Aboitiz Power Corporation - Philippines
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- Sojitz Corporation - Japan
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