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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, 19 May 16
AUSTRALIAN IRON ORE CARGOES PUSHED UP THE FREIGHT RATES FOR CAPE THIS WEEK - FEARNLEYS
Cape
It has been a big jump in the freight rates for Cape size this week, says Fearnleys in its latest weekly report. All of the Australian iron ...
Thursday, 19 May 16
DISPUTE OVER VAT ON COAL DRAGS ON, CAUSING DOUBLE-BLOW TO MINERS - JP
The dispute over the value-added tax ( VAT ) mechanism between coal miners operating under third-generation contracts and the Finance Ministry&rsqu ...
Wednesday, 18 May 16
DRY BULK OUTLOOK REMAINS GLOOMY SAYS DANISH SHIP FINANCE, AS SHIPPING NEEDS TO RETHINK BUSINESS MODEL - HELLENIC SHIPPING
Our Shipping Market Review – May 2016 is devoted to the fourth industrial revolution. To understand the truly disruptive nature of the fourth ...
Wednesday, 18 May 16
LONG TERM FUNDAMENTALS ARE SLOWLY IMPROVING FOR THE DRY BULK MARKET - INTERMODAL
As we are approaching the end of the first half of the year, there is a number of market participants over at the dry bulk sector that have started ...
Tuesday, 17 May 16
INDONESIAN COAL PRICE REFERENCE DECLINE AGAIN
COALspot.com: The Indonesia Coal Benchmark Price declined in May 2016.
The Director General of Mineral and Coal of Indonesia, the regulator of ...
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- Salva Resources Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- McConnell Dowell - Australia
- Ministry of Mines - Canada
- PNOC Exploration Corporation - Philippines
- Semirara Mining Corp, Philippines
- Electricity Generating Authority of Thailand
- Africa Commodities Group - South Africa
- Savvy Resources Ltd - HongKong
- Directorate General of MIneral and Coal - Indonesia
- Sical Logistics Limited - India
- ASAPP Information Group - India
- Siam City Cement PLC, Thailand
- Ind-Barath Power Infra Limited - India
- Star Paper Mills Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Thai Mozambique Logistica
- Grasim Industreis Ltd - India
- Sindya Power Generating Company Private Ltd
- CIMB Investment Bank - Malaysia
- Chettinad Cement Corporation Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Xindia Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Petron Corporation, Philippines
- VISA Power Limited - India
- Iligan Light & Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- CNBM International Corporation - China
- Kartika Selabumi Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Edison Trading Spa - Italy
- PetroVietnam Power Coal Import and Supply Company
- Coalindo Energy - Indonesia
- Sojitz Corporation - Japan
- Indian Oil Corporation Limited
- IEA Clean Coal Centre - UK
- Mintek Dendrill Indonesia
- Rio Tinto Coal - Australia
- Straits Asia Resources Limited - Singapore
- Central Electricity Authority - India
- Australian Coal Association
- Essar Steel Hazira Ltd - India
- Riau Bara Harum - Indonesia
- Central Java Power - Indonesia
- Ministry of Finance - Indonesia
- Cement Manufacturers Association - India
- Global Green Power PLC Corporation, Philippines
- Romanian Commodities Exchange
- Tamil Nadu electricity Board
- Directorate Of Revenue Intelligence - India
- Global Coal Blending Company Limited - Australia
- New Zealand Coal & Carbon
- London Commodity Brokers - England
- Wood Mackenzie - Singapore
- Kobexindo Tractors - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Attock Cement Pakistan Limited
- Simpson Spence & Young - Indonesia
- Indian Energy Exchange, India
- Marubeni Corporation - India
- Interocean Group of Companies - India
- Globalindo Alam Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Orica Mining Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Trasteel International SA, Italy
- Dalmia Cement Bharat India
- Energy Link Ltd, New Zealand
- Kepco SPC Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Binh Thuan Hamico - Vietnam
- MS Steel International - UAE
- LBH Netherlands Bv - Netherlands
- Makarim & Taira - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Energy - Thailand
- Bangladesh Power Developement Board
- Price Waterhouse Coopers - Russia
- Kalimantan Lumbung Energi - Indonesia
- Indogreen Group - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- SMG Consultants - Indonesia
- Latin American Coal - Colombia
- Krishnapatnam Port Company Ltd. - India
- Parry Sugars Refinery, India
- Jorong Barutama Greston.PT - Indonesia
- PowerSource Philippines DevCo
- Vijayanagar Sugar Pvt Ltd - India
- Indonesian Coal Mining Association
- Bhatia International Limited - India
- Bayan Resources Tbk. - Indonesia
- Bukit Makmur.PT - Indonesia
- Port Waratah Coal Services - Australia
- Cigading International Bulk Terminal - Indonesia
- White Energy Company Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Transport, Egypt
- Mercator Lines Limited - India
- Sarangani Energy Corporation, Philippines
- Parliament of New Zealand
- Tata Chemicals Ltd - India
- Altura Mining Limited, Indonesia
- Australian Commodity Traders Exchange
- Goldman Sachs - Singapore
- Bharathi Cement Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- India Bulls Power Limited - India
- Gujarat Sidhee Cement - India
- Sakthi Sugars Limited - India
- GMR Energy Limited - India
- Georgia Ports Authority, United States
- PTC India Limited - India
- Coal and Oil Company - UAE
- Agrawal Coal Company - India
- Planning Commission, India
- Videocon Industries ltd - India
- Bhushan Steel Limited - India
- Posco Energy - South Korea
- Indika Energy - Indonesia
- The State Trading Corporation of India Ltd
- IHS Mccloskey Coal Group - USA
- Independent Power Producers Association of India
- SN Aboitiz Power Inc, Philippines
- Vedanta Resources Plc - India
- Metalloyd Limited - United Kingdom
- Eastern Coal Council - USA
- Heidelberg Cement - Germany
- Wilmar Investment Holdings
- Coastal Gujarat Power Limited - India
- The Treasury - Australian Government
- Samtan Co., Ltd - South Korea
- Renaissance Capital - South Africa
- Mercuria Energy - Indonesia
- Singapore Mercantile Exchange
- Oldendorff Carriers - Singapore
- South Luzon Thermal Energy Corporation
- Barasentosa Lestari - Indonesia
- GVK Power & Infra Limited - India
- Meralco Power Generation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- SMC Global Power, Philippines
- Miang Besar Coal Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Therma Luzon, Inc, Philippines
- TeaM Sual Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jindal Steel & Power Ltd - India
- Larsen & Toubro Limited - India
- Merrill Lynch Commodities Europe
- Standard Chartered Bank - UAE
- Maharashtra Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Holcim Trading Pte Ltd - Singapore
- AsiaOL BioFuels Corp., Philippines
- Chamber of Mines of South Africa
- Manunggal Multi Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Toyota Tsusho Corporation, Japan
- The University of Queensland
- Economic Council, Georgia
- Bhoruka Overseas - Indonesia
- Uttam Galva Steels Limited - India
- Ambuja Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Development Corp, Philippines
- Baramulti Group, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Deloitte Consulting - India
- Karaikal Port Pvt Ltd - India
- Minerals Council of Australia
- Sree Jayajothi Cements Limited - India
- Madhucon Powers Ltd - India
- Aboitiz Power Corporation - Philippines
- Anglo American - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Mjunction Services Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thiess Contractors Indonesia
- Aditya Birla Group - India
- Gujarat Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Orica Australia Pty. Ltd.
- Malabar Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Kumho Petrochemical, South Korea
- Antam Resourcindo - Indonesia
- Borneo Indobara - Indonesia
- Formosa Plastics Group - Taiwan
- Kideco Jaya Agung - Indonesia
- Carbofer General Trading SA - India
- Pendopo Energi Batubara - Indonesia
- Banpu Public Company Limited - Thailand
- Kaltim Prima Coal - Indonesia
- Vizag Seaport Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Siam City Cement - Thailand
- Electricity Authority, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Medco Energi Mining Internasional
- ICICI Bank Limited - India
- Intertek Mineral Services - Indonesia
- Commonwealth Bank - Australia
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