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Wednesday, 12 April 17
SHIPPING MARKET INSIGHT - VASSILIS VASSILIOU
 The first quarter of 2017 started relatively busy for the ship repair sector, with most of the repair facilities being nearly fully occupied till the first half of the year. Compared to the very silent first half of the previous year, there is an enormous increase in the demand for dry-docking slots, which is more than justified. Apart from the obvious, i.e. that the physical number of vessels due for special survey is greater compared to last year past, we have also observed that some non-Greek shipping companies have the tendency to bring the dry-docking schedule earlier to avoid the imminent implementation of the ballast water management regulations.
On the other hand, as far as Greek shipping companies are concerned, this strategy has not found solid ground, as the great majority of the Owners have agreed to proceed with the de-harmonization of the IOPP certificate, as a way to avoid the BWMS regulation altogether. The first wave of the high demand for ship repairs came during the Chinese New Year. This was mainly due to the lack of good employment options for a number of dry bulk owners trading spot at that time, who took the advantage of the low market by using that period to repair their vessels.
Despite the increased demand for dry-docking slots, shipyards pricing policies have not changed. Price levels are maintained almost at the same record-low level as the year before. In some cases, shipyards’ prices have slightly increased their prices, but even in those cases the increase has not been proportional to the spike in slot demand. As a general observation therefore we can say that shipyards didn’t manage to get the full advantage of the increased demand during Q1 2017 and that since the repair market prices remain at record low levels, they still offer an excellent opportunity for repairs. Additionally, It is anticipated the second half of the year will be smoother, with the shipyards’ workload slightly lower compared to now.
As far as the Greek market is concerned, Chinese yards remain on top of Owners’ choice, with one out of two Greek vessels being repaired in that area. While the first-class Chinese shipyards are focusing in big projects and tanker vessels, the most ‘value for money’ Chinese shipyards offering are those to fill all of their slots first, giving by rule of thumb a 40 days’ notice requirement for a slot. Thus, the gap is filled by the medium, less-known shipyards, with relatively short reference list of foreign vessels, which are directly benefiting from the repair congestion. Those shipyards during the slack period of 2016 where unknown to the majority of ship-owners but they are now building up their reputation.
The investments on the repair facilities worldwide are at the same time moving onwards. There are several additional dry-docks to be delivered during 2017 in Turkey area. With last year’s speculations proving correct, Hyundai Heavy Industries has announced that their fifth dock at Ulsan will be used for repair works. In addition, a new repair shipyard is about to start operations in the Zhoushan area in China. All those expansions are about to put an extra pressure to the repair market sector, which will promote competition to higher levels and will squeeze further the repair prices.
Last but not least, the repair market, being always heavily concentrated on the IMO implementation of the Ballast Treatment System convention, is waiting the next convention (MEPC 71) to be materialized and to give further answers, the date of which was again pushed back, and is now expected to take place at the beginning of July 2017.
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, 10 April 17
THE CAPE INDEX WAS DOWN BY 16.32% WEEK OVER WEEK
COALspot.com: The Freight market was steady week over a week except for Cape. The cape index was down 16.32 percent week over week.
The Baltic ...
Friday, 07 April 17
INDONESIAN GOVERNMENT DECLARED SPOT COAL PRICES STAGE FIRST INCREASE OF THE YEAR
COALspot.com: Indonesian government declared coal benchmark price rose slightly in April, government data showed.
The benchmark price of Indon ...
Friday, 07 April 17
U.S WEEKLY COAL OUTPUT ALMOST FLAT WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.5 million short tons ...
Thursday, 06 April 17
PANAMAX: THE MARKET HAS CONTINUED THE FIRM SENTIMENT FROM LAST WEEK IN BOTH HEMISPHERES - FEARNLEYS
Supramax
With holidays in Asia, the week has started very slow in Pacific. Some fixtures have still been done and levels have remained quite stab ...
Wednesday, 05 April 17
THE AVERAGE SECOND HAND PANAMAXES AND CAPES PRICES FOR A 5-YR OLD VESSEL HAS INCREASED MORE THAN 19% AND 20% RESPECTIVELY M/M - INTERMODAL
With the help of what so far appears to be a very strong grain season together with the fact that imports from China have remained so far robust in ...
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- Energy Link Ltd, New Zealand
- San Jose City I Power Corp, Philippines
- Indogreen Group - Indonesia
- White Energy Company Limited
- Ministry of Mines - Canada
- Global Green Power PLC Corporation, Philippines
- Attock Cement Pakistan Limited
- Wood Mackenzie - Singapore
- Ceylon Electricity Board - Sri Lanka
- GN Power Mariveles Coal Plant, Philippines
- Kapuas Tunggal Persada - Indonesia
- South Luzon Thermal Energy Corporation
- Bangladesh Power Developement Board
- Indian Energy Exchange, India
- Petrochimia International Co. Ltd.- Taiwan
- Baramulti Group, Indonesia
- Global Business Power Corporation, Philippines
- Tamil Nadu electricity Board
- Eastern Energy - Thailand
- Romanian Commodities Exchange
- Kartika Selabumi Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- IEA Clean Coal Centre - UK
- Rio Tinto Coal - Australia
- Central Java Power - Indonesia
- European Bulk Services B.V. - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Salva Resources Pvt Ltd - India
- Bharathi Cement Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Globalindo Alam Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Mercator Lines Limited - India
- Metalloyd Limited - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- PNOC Exploration Corporation - Philippines
- Meralco Power Generation, Philippines
- Indo Tambangraya Megah - Indonesia
- Heidelberg Cement - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercuria Energy - Indonesia
- Sakthi Sugars Limited - India
- ASAPP Information Group - India
- Sarangani Energy Corporation, Philippines
- Thai Mozambique Logistica
- Directorate General of MIneral and Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kideco Jaya Agung - Indonesia
- Toyota Tsusho Corporation, Japan
- India Bulls Power Limited - India
- Bhatia International Limited - India
- Orica Mining Services - Indonesia
- Indonesian Coal Mining Association
- Coastal Gujarat Power Limited - India
- Sindya Power Generating Company Private Ltd
- Kepco SPC Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- New Zealand Coal & Carbon
- Sinarmas Energy and Mining - Indonesia
- McConnell Dowell - Australia
- Uttam Galva Steels Limited - India
- CNBM International Corporation - China
- Barasentosa Lestari - Indonesia
- Georgia Ports Authority, United States
- Power Finance Corporation Ltd., India
- Leighton Contractors Pty Ltd - Australia
- Malabar Cements Ltd - India
- Semirara Mining Corp, Philippines
- Goldman Sachs - Singapore
- Ind-Barath Power Infra Limited - India
- Mjunction Services Limited - India
- LBH Netherlands Bv - Netherlands
- Energy Development Corp, Philippines
- Commonwealth Bank - Australia
- Africa Commodities Group - South Africa
- Maheswari Brothers Coal Limited - India
- Formosa Plastics Group - Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Indian Oil Corporation Limited
- Bhushan Steel Limited - India
- Independent Power Producers Association of India
- Kumho Petrochemical, South Korea
- Therma Luzon, Inc, Philippines
- Petron Corporation, Philippines
- Cement Manufacturers Association - India
- Coalindo Energy - Indonesia
- Planning Commission, India
- Parry Sugars Refinery, India
- MS Steel International - UAE
- Straits Asia Resources Limited - Singapore
- Iligan Light & Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Borneo Indobara - Indonesia
- Binh Thuan Hamico - Vietnam
- Videocon Industries ltd - India
- Meenaskhi Energy Private Limited - India
- Aboitiz Power Corporation - Philippines
- Makarim & Taira - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Australian Commodity Traders Exchange
- Banpu Public Company Limited - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- GVK Power & Infra Limited - India
- Siam City Cement PLC, Thailand
- Riau Bara Harum - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Dalmia Cement Bharat India
- Madhucon Powers Ltd - India
- Singapore Mercantile Exchange
- Sical Logistics Limited - India
- PTC India Limited - India
- Asmin Koalindo Tuhup - Indonesia
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Medco Energi Mining Internasional
- Intertek Mineral Services - Indonesia
- Vizag Seaport Private Limited - India
- Ministry of Finance - Indonesia
- Minerals Council of Australia
- Central Electricity Authority - India
- GAC Shipping (India) Pvt Ltd
- Chamber of Mines of South Africa
- Jindal Steel & Power Ltd - India
- Standard Chartered Bank - UAE
- Antam Resourcindo - Indonesia
- Australian Coal Association
- CIMB Investment Bank - Malaysia
- Price Waterhouse Coopers - Russia
- Thiess Contractors Indonesia
- Posco Energy - South Korea
- Neyveli Lignite Corporation Ltd, - India
- GMR Energy Limited - India
- Gujarat Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Star Paper Mills Limited - India
- Oldendorff Carriers - Singapore
- SMC Global Power, Philippines
- Timah Investasi Mineral - Indoneisa
- Wilmar Investment Holdings
- Simpson Spence & Young - Indonesia
- Edison Trading Spa - Italy
- Interocean Group of Companies - India
- Siam City Cement - Thailand
- The Treasury - Australian Government
- Kohat Cement Company Ltd. - Pakistan
- Aditya Birla Group - India
- PowerSource Philippines DevCo
- Chettinad Cement Corporation Ltd - India
- The University of Queensland
- Global Coal Blending Company Limited - Australia
- Bukit Baiduri Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kaltim Prima Coal - Indonesia
- SMG Consultants - Indonesia
- Trasteel International SA, Italy
- Sojitz Corporation - Japan
- Carbofer General Trading SA - India
- Tata Chemicals Ltd - India
- Latin American Coal - Colombia
- Grasim Industreis Ltd - India
- Agrawal Coal Company - India
- Bulk Trading Sa - Switzerland
- Manunggal Multi Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- TeaM Sual Corporation - Philippines
- The State Trading Corporation of India Ltd
- International Coal Ventures Pvt Ltd - India
- VISA Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Billiton Holdings Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Deloitte Consulting - India
- Parliament of New Zealand
- Bhoruka Overseas - Indonesia
- IHS Mccloskey Coal Group - USA
- Renaissance Capital - South Africa
- Port Waratah Coal Services - Australia
- Xindia Steels Limited - India
- Coal and Oil Company - UAE
- Ambuja Cements Ltd - India
- Economic Council, Georgia
- Vedanta Resources Plc - India
- Indika Energy - Indonesia
- Ministry of Transport, Egypt
- Eastern Coal Council - USA
- Electricity Generating Authority of Thailand
- Krishnapatnam Port Company Ltd. - India
- Kalimantan Lumbung Energi - Indonesia
- Anglo American - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Lanco Infratech Ltd - India
- Savvy Resources Ltd - HongKong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Mintek Dendrill Indonesia
- Essar Steel Hazira Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- ICICI Bank Limited - India
- Marubeni Corporation - India
- Bukit Makmur.PT - Indonesia
- Electricity Authority, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Kobexindo Tractors - Indoneisa
- Samtan Co., Ltd - South Korea
- Karaikal Port Pvt Ltd - India
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