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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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Friday, 01 July 16
BREXIT SET TO HURT SHIPPING IN THE LONG-TERM AS IT WILL TAKE ITS TOLL IN THE GLOBAL ECONOMY'S GROWTH - HELLENIC SHIPPING
Setting aside the short-term negative impact of the Brexit, in terms of stock market and currency volatility, it’s more than evident that the ...
Friday, 01 July 16
U.S'S COAL EXPORTS HAVE DECLINED FOR TWELVE QUARTERS IN A ROW - EIA
COALspot.com – U.S, world’s one of the largest coal producers has produced approximately totalled an estimated 13.7 million short t ...
Thursday, 30 June 16
CAPE - THIS WEEK'S FREIGHT AND ACTIVITY LEVEL HAVE KEPT STABLE - FEARNLEYS
Cape
This week’s freight and activity level have kept stable. It is support at the present levels and despite a volatile market the freight ...
Thursday, 30 June 16
OIL PRODUCT TANKERS EARNINGS DECLINE AS STOCKBUILDING SLOWS DOWN - BIMCO
BIMCO’s expectations remain as the oil product tanker fleet continues to grow with earnings at the lowest since Q3 in 2014. But there is stil ...
Wednesday, 29 June 16
THE DRY BULK INDICES, OPPOSITE TO MOST GLOBAL MARKET INDICES, ROSE END OF LAST WEEK
Last week closed off with a massive shockwave for markets across the world following the British referendum, the result of which will mark the begi ...
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- Deloitte Consulting - India
- Global Green Power PLC Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Ministry of Finance - Indonesia
- Bukit Baiduri Energy - Indonesia
- IEA Clean Coal Centre - UK
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Mintek Dendrill Indonesia
- Electricity Authority, New Zealand
- Barasentosa Lestari - Indonesia
- Attock Cement Pakistan Limited
- Orica Australia Pty. Ltd.
- Oldendorff Carriers - Singapore
- Bhushan Steel Limited - India
- GAC Shipping (India) Pvt Ltd
- Sical Logistics Limited - India
- European Bulk Services B.V. - Netherlands
- Goldman Sachs - Singapore
- Global Business Power Corporation, Philippines
- New Zealand Coal & Carbon
- ICICI Bank Limited - India
- Heidelberg Cement - Germany
- SMG Consultants - Indonesia
- Metalloyd Limited - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Georgia Ports Authority, United States
- Meenaskhi Energy Private Limited - India
- Power Finance Corporation Ltd., India
- Australian Coal Association
- SMC Global Power, Philippines
- GVK Power & Infra Limited - India
- PowerSource Philippines DevCo
- TNB Fuel Sdn Bhd - Malaysia
- Antam Resourcindo - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Mercator Lines Limited - India
- Bulk Trading Sa - Switzerland
- Maheswari Brothers Coal Limited - India
- Essar Steel Hazira Ltd - India
- Eastern Coal Council - USA
- CIMB Investment Bank - Malaysia
- Singapore Mercantile Exchange
- Tamil Nadu electricity Board
- Electricity Generating Authority of Thailand
- Alfred C Toepfer International GmbH - Germany
- Chettinad Cement Corporation Ltd - India
- Energy Link Ltd, New Zealand
- Baramulti Group, Indonesia
- Central Java Power - Indonesia
- Holcim Trading Pte Ltd - Singapore
- The University of Queensland
- Karaikal Port Pvt Ltd - India
- Latin American Coal - Colombia
- Planning Commission, India
- LBH Netherlands Bv - Netherlands
- Bayan Resources Tbk. - Indonesia
- Simpson Spence & Young - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- McConnell Dowell - Australia
- Port Waratah Coal Services - Australia
- Indonesian Coal Mining Association
- Petron Corporation, Philippines
- Grasim Industreis Ltd - India
- Ind-Barath Power Infra Limited - India
- The State Trading Corporation of India Ltd
- Cement Manufacturers Association - India
- Bukit Makmur.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Minerals Council of Australia
- Vizag Seaport Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Economic Council, Georgia
- Kalimantan Lumbung Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- GMR Energy Limited - India
- Global Coal Blending Company Limited - Australia
- Dalmia Cement Bharat India
- Madhucon Powers Ltd - India
- Intertek Mineral Services - Indonesia
- Xindia Steels Limited - India
- PTC India Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Parliament of New Zealand
- Star Paper Mills Limited - India
- Siam City Cement PLC, Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Videocon Industries ltd - India
- Mercuria Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Sree Jayajothi Cements Limited - India
- Anglo American - United Kingdom
- South Luzon Thermal Energy Corporation
- Jaiprakash Power Ventures ltd
- Gujarat Sidhee Cement - India
- Posco Energy - South Korea
- Medco Energi Mining Internasional
- Asmin Koalindo Tuhup - Indonesia
- Jindal Steel & Power Ltd - India
- Aditya Birla Group - India
- Interocean Group of Companies - India
- Thiess Contractors Indonesia
- Kideco Jaya Agung - Indonesia
- Borneo Indobara - Indonesia
- Formosa Plastics Group - Taiwan
- Bangladesh Power Developement Board
- Semirara Mining Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- PNOC Exploration Corporation - Philippines
- Riau Bara Harum - Indonesia
- Marubeni Corporation - India
- Straits Asia Resources Limited - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Kaltim Prima Coal - Indonesia
- Standard Chartered Bank - UAE
- Kepco SPC Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Kumho Petrochemical, South Korea
- Indian Energy Exchange, India
- Kapuas Tunggal Persada - Indonesia
- Bhatia International Limited - India
- Coal and Oil Company - UAE
- White Energy Company Limited
- Uttam Galva Steels Limited - India
- Mjunction Services Limited - India
- Semirara Mining and Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Edison Trading Spa - Italy
- Romanian Commodities Exchange
- Agrawal Coal Company - India
- The Treasury - Australian Government
- International Coal Ventures Pvt Ltd - India
- Renaissance Capital - South Africa
- Commonwealth Bank - Australia
- Globalindo Alam Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Indian Oil Corporation Limited
- Chamber of Mines of South Africa
- Sakthi Sugars Limited - India
- ASAPP Information Group - India
- Gujarat Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Parry Sugars Refinery, India
- Rio Tinto Coal - Australia
- Tata Chemicals Ltd - India
- Wood Mackenzie - Singapore
- TeaM Sual Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Krishnapatnam Port Company Ltd. - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement - Thailand
- Ambuja Cements Ltd - India
- VISA Power Limited - India
- Merrill Lynch Commodities Europe
- Ministry of Mines - Canada
- India Bulls Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Energy Development Corp, Philippines
- Malabar Cements Ltd - India
- Independent Power Producers Association of India
- Central Electricity Authority - India
- Larsen & Toubro Limited - India
- Bharathi Cement Corporation - India
- Sojitz Corporation - Japan
- Coalindo Energy - Indonesia
- CNBM International Corporation - China
- Neyveli Lignite Corporation Ltd, - India
- AsiaOL BioFuels Corp., Philippines
- Toyota Tsusho Corporation, Japan
- Indo Tambangraya Megah - Indonesia
- Carbofer General Trading SA - India
- Africa Commodities Group - South Africa
- Eastern Energy - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SN Aboitiz Power Inc, Philippines
- Vedanta Resources Plc - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wilmar Investment Holdings
- Makarim & Taira - Indonesia
- Price Waterhouse Coopers - Russia
- OPG Power Generation Pvt Ltd - India
- Lanco Infratech Ltd - India
- Thai Mozambique Logistica
- Orica Mining Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Savvy Resources Ltd - HongKong
- San Jose City I Power Corp, Philippines
- Australian Commodity Traders Exchange
- Jorong Barutama Greston.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indogreen Group - Indonesia
- Trasteel International SA, Italy
- Coastal Gujarat Power Limited - India
- Sindya Power Generating Company Private Ltd
- Binh Thuan Hamico - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Ministry of Transport, Egypt
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Iligan Light & Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- London Commodity Brokers - England
- Meralco Power Generation, Philippines
- Altura Mining Limited, Indonesia
- MS Steel International - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Indika Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
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