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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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Tuesday, 17 May 16
CHINA THERMAL-POWER OVERSUPPLY TO WORSEN - FITCH
COALspot.com: The overcapacity in thermal-power generation in China is likely to worsen in 2016 to 2017, Fitch Ratings says in a new report.
F ...
Tuesday, 17 May 16
ON YOUR MARKS: TRACKING CHINESE TRADE - CLARKSONS
One of the major drivers behind the challenges currently facing many of the shipping markets has been slower demand growth. World seaborne trade gr ...
Monday, 16 May 16
INDONESIAN WEEKLY COAL INDICES AT POSITIVE LEVELS - CS (I) COAL INDEX
COALspot.com: Average 5000 GAR coal index of Indonesian origin up 0.31 percent week over week to averaging $38.94 per ton this past week, shows CS ...
Monday, 16 May 16
OPEC SEES RIVAL OIL PRODUCTION DECLINING
Crude Oil Price Movements
The OPEC Reference Basket averaged $37.86/b in April, a gain of $3.21 or 9.3%. This was 40% higher than the lows reache ...
Monday, 16 May 16
THE FREIGHT MARKET WAS WEAK AND ALL SEGMENTS EXCEPT PANAMAX WERE DOWN
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline this week.
The freight market was weak and a ...
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- Gujarat Sidhee Cement - India
- Jindal Steel & Power Ltd - India
- Metalloyd Limited - United Kingdom
- Toyota Tsusho Corporation, Japan
- Therma Luzon, Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Orica Mining Services - Indonesia
- Australian Commodity Traders Exchange
- Wood Mackenzie - Singapore
- Essar Steel Hazira Ltd - India
- Parliament of New Zealand
- Makarim & Taira - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Commonwealth Bank - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Intertek Mineral Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Malabar Cements Ltd - India
- Marubeni Corporation - India
- Kumho Petrochemical, South Korea
- Planning Commission, India
- Aboitiz Power Corporation - Philippines
- Antam Resourcindo - Indonesia
- Mjunction Services Limited - India
- Miang Besar Coal Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- SMG Consultants - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Borneo Indobara - Indonesia
- Africa Commodities Group - South Africa
- Port Waratah Coal Services - Australia
- ASAPP Information Group - India
- Holcim Trading Pte Ltd - Singapore
- Sree Jayajothi Cements Limited - India
- Banpu Public Company Limited - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Xindia Steels Limited - India
- Chamber of Mines of South Africa
- Asmin Koalindo Tuhup - Indonesia
- GVK Power & Infra Limited - India
- Bukit Makmur.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Ministry of Mines - Canada
- Videocon Industries ltd - India
- Jorong Barutama Greston.PT - Indonesia
- PTC India Limited - India
- MS Steel International - UAE
- Chettinad Cement Corporation Ltd - India
- VISA Power Limited - India
- Goldman Sachs - Singapore
- Central Java Power - Indonesia
- Tata Chemicals Ltd - India
- Meenaskhi Energy Private Limited - India
- Carbofer General Trading SA - India
- Siam City Cement - Thailand
- Larsen & Toubro Limited - India
- Krishnapatnam Port Company Ltd. - India
- Sical Logistics Limited - India
- Karaikal Port Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- Bhatia International Limited - India
- Petron Corporation, Philippines
- Mercator Lines Limited - India
- LBH Netherlands Bv - Netherlands
- European Bulk Services B.V. - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Bangladesh Power Developement Board
- Price Waterhouse Coopers - Russia
- Directorate General of MIneral and Coal - Indonesia
- Dalmia Cement Bharat India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Renaissance Capital - South Africa
- Siam City Cement PLC, Thailand
- Coalindo Energy - Indonesia
- Cement Manufacturers Association - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Star Paper Mills Limited - India
- PowerSource Philippines DevCo
- Energy Link Ltd, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Power Finance Corporation Ltd., India
- Kideco Jaya Agung - Indonesia
- Agrawal Coal Company - India
- Orica Australia Pty. Ltd.
- Maheswari Brothers Coal Limited - India
- Semirara Mining and Power Corporation, Philippines
- Energy Development Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Global Green Power PLC Corporation, Philippines
- Coal and Oil Company - UAE
- International Coal Ventures Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Oldendorff Carriers - Singapore
- Electricity Generating Authority of Thailand
- Kohat Cement Company Ltd. - Pakistan
- Samtan Co., Ltd - South Korea
- Jaiprakash Power Ventures ltd
- Vizag Seaport Private Limited - India
- Singapore Mercantile Exchange
- Neyveli Lignite Corporation Ltd, - India
- Electricity Authority, New Zealand
- Ambuja Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Kaltim Prima Coal - Indonesia
- Indonesian Coal Mining Association
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- GMR Energy Limited - India
- Thai Mozambique Logistica
- ICICI Bank Limited - India
- The State Trading Corporation of India Ltd
- OPG Power Generation Pvt Ltd - India
- Standard Chartered Bank - UAE
- Ministry of Transport, Egypt
- Baramulti Group, Indonesia
- Uttam Galva Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Madhucon Powers Ltd - India
- Bhushan Steel Limited - India
- Vedanta Resources Plc - India
- Bharathi Cement Corporation - India
- Timah Investasi Mineral - Indoneisa
- Simpson Spence & Young - Indonesia
- GAC Shipping (India) Pvt Ltd
- McConnell Dowell - Australia
- Posco Energy - South Korea
- Kobexindo Tractors - Indoneisa
- South Luzon Thermal Energy Corporation
- Globalindo Alam Lestari - Indonesia
- Meralco Power Generation, Philippines
- Thiess Contractors Indonesia
- Barasentosa Lestari - Indonesia
- Interocean Group of Companies - India
- Independent Power Producers Association of India
- IEA Clean Coal Centre - UK
- Vijayanagar Sugar Pvt Ltd - India
- India Bulls Power Limited - India
- Global Coal Blending Company Limited - Australia
- Deloitte Consulting - India
- Karbindo Abesyapradhi - Indoneisa
- Central Electricity Authority - India
- Parry Sugars Refinery, India
- Ministry of Finance - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Rio Tinto Coal - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sinarmas Energy and Mining - Indonesia
- Bhoruka Overseas - Indonesia
- London Commodity Brokers - England
- Bayan Resources Tbk. - Indonesia
- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CNBM International Corporation - China
- Australian Coal Association
- CIMB Investment Bank - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Riau Bara Harum - Indonesia
- Pendopo Energi Batubara - Indonesia
- Mercuria Energy - Indonesia
- Georgia Ports Authority, United States
- Aditya Birla Group - India
- Indo Tambangraya Megah - Indonesia
- Kepco SPC Power Corporation, Philippines
- Sojitz Corporation - Japan
- Tamil Nadu electricity Board
- Salva Resources Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Latin American Coal - Colombia
- Grasim Industreis Ltd - India
- The University of Queensland
- Iligan Light & Power Inc, Philippines
- White Energy Company Limited
- Manunggal Multi Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Edison Trading Spa - Italy
- Economic Council, Georgia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Business Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- SMC Global Power, Philippines
- Romanian Commodities Exchange
- Formosa Plastics Group - Taiwan
- Rashtriya Ispat Nigam Limited - India
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Wilmar Investment Holdings
- Indian Oil Corporation Limited
- Merrill Lynch Commodities Europe
- Ceylon Electricity Board - Sri Lanka
- Bukit Baiduri Energy - Indonesia
- Medco Energi Mining Internasional
- Altura Mining Limited, Indonesia
- Sakthi Sugars Limited - India
- Trasteel International SA, Italy
- Savvy Resources Ltd - HongKong
- The Treasury - Australian Government
- Billiton Holdings Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Indian Energy Exchange, India
- Minerals Council of Australia
- Maharashtra Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Semirara Mining Corp, Philippines
- Lanco Infratech Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Bulk Trading Sa - Switzerland
- Heidelberg Cement - Germany
- AsiaOL BioFuels Corp., Philippines
- TeaM Sual Corporation - Philippines
- Mintek Dendrill Indonesia
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