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Wednesday, 16 January 19
SHIPPING MARKET INSIGHT - INTERMODAL
 As we go through the first days of the year and just a few weeks before the Chinese New Year, the ship repair sector is witnessing a big difference between the current workload and the one expected a few months down the line. Indeed, shipyards around the world are going through a relatively slack beginning of the year, which includes also includes backlog from the end of 2018, while at the same time they are expecting the start of one of the busiest periods for ship repair sector within the next couple of months. The workload, which is anticipated to be well above the working capacity of yards, is estimated to last till mid-2020.
After almost 4 years of recession in ship repair sector, we are looking at an obvious upturn which is going to pencil a full year and a half of clear benefit to the shipyards. Additionally, shipyards are looking into allocating their work force into the most efficient way, securing the slots for repeated customers and trying to select projects which will give them maximum returns.
Knowing that the boosting factor for the booming repair market derives from the scrubber retrofit wave, the main challenges for the yards are the specialized piping workforce required and of course the long-lasting occupancy of shipyard’s berthing facilities. With regards to the piping workforce, respective certified pipe workers with relatively adequate workmanship are required in order to ensure the success of the respective project. If this requirement is not met, Owners will most likely face delays during installation and post refit malfunctions.
While accessing the overall trend for scrubber retrofits, demand for further retrofits has slowed down, with the number of owners investing in retrofits pretty much defined. Owners that have already purchased scrubber units are those giving almost the full picture of the current scrubber market, which is not likely to expand a lot. Nevertheless, those Owners already involved are still considering
retrofitting more of their ships based on speculation or charterer demands.
Once more, projections in regards to the fuel price spread are also highly diversified. Following the conservative side, some predict the fuel spread price will become more and narrower. The one thing that hasn’t changed is the commitment made by Oil Majors that they will be ready by 2020, but without disclosing the exact technicalities on how they will achieve a stable fuel. This is adding into the uncertainty in regards to the range of the fuel price spread.
After the decision of the Singaporean and Chinese port authorities to not accept open loop scrubbers, another option Owners are taking into consideration is the hybrid or closed loop scrubbers. However, with hybrid scrubber retrofits being a much more expensive solution when it comes both to OPEX and CAPEX compared to open loop, Owners are trying to avoid this more complicated and expensive investment. A good choice for Owners remains the hybrid-ready scrubbers, which can be converted to hybrid in case of need but initially are planned to be used as open loop, having this way all the advantages of the open loop.
By Vassilis Vassiliou
Ship-repair Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
George Panagopoulos
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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Sunday, 20 January 19
OIL MARKET REPORT: A MARATHON, NOT A SPRINT - IEA
Last month, we asked if there was a floor under prices following the signing of a new Vienna Agreement that aims to re-balance the oil market. Foll ...
Thursday, 17 January 19
EIA ESTIMATES THAT U.S. COAL EXPORTS WERE 116 MMST IN 2018, 20% HIGHER THAN THE AMOUNT EXPORTED IN 2017
Coal Supply
EIA estimates that coal production declined by 20 million short tons (MMst) (3%) in 2018, despite a 19 MMst increase in U.S. coal e ...
Thursday, 17 January 19
U.S COAL OUTPUT IS EXPECTED TO FALL BY 3 PER CENT IN 2019 - EIA
EIA forecasts that U.S. coal production will total 729 million short tons (MMst) in 2019, down by 25 MMst (3%) from 2018.
Acco ...
Monday, 14 January 19
KOREA SOUTHERN POWER INVITES BIDS FOR 320,000 MT OF MIN 3,800 NCV COAL
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 320,000 MT of min 3,800 kcal/kg NCV coal for ...
Friday, 11 January 19
SUPRAMAX: THE ASIAN ARENA HAD A MIXED START; LIMITED ACTION IN SOUTHEAST ASIA - THE BALTIC BRIEFING
Capesize
Dashed hopes summed up the first full week of the New Year. A slow start followed by a busy 24 hours of improving rates and a firming ...
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- The State Trading Corporation of India Ltd
- Sinarmas Energy and Mining - Indonesia
- Madhucon Powers Ltd - India
- Indo Tambangraya Megah - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Banpu Public Company Limited - Thailand
- London Commodity Brokers - England
- Wood Mackenzie - Singapore
- Economic Council, Georgia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coastal Gujarat Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Sakthi Sugars Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Renaissance Capital - South Africa
- Dalmia Cement Bharat India
- Asmin Koalindo Tuhup - Indonesia
- Salva Resources Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Kalimantan Lumbung Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Energy Link Ltd, New Zealand
- LBH Netherlands Bv - Netherlands
- Energy Development Corp, Philippines
- ICICI Bank Limited - India
- Coalindo Energy - Indonesia
- Parry Sugars Refinery, India
- Georgia Ports Authority, United States
- Latin American Coal - Colombia
- GVK Power & Infra Limited - India
- Africa Commodities Group - South Africa
- Indian Energy Exchange, India
- PowerSource Philippines DevCo
- Electricity Generating Authority of Thailand
- Heidelberg Cement - Germany
- Jorong Barutama Greston.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Pendopo Energi Batubara - Indonesia
- Jindal Steel & Power Ltd - India
- Merrill Lynch Commodities Europe
- The Treasury - Australian Government
- Trasteel International SA, Italy
- Chettinad Cement Corporation Ltd - India
- Bulk Trading Sa - Switzerland
- Xindia Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Sarangani Energy Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Vizag Seaport Private Limited - India
- SMG Consultants - Indonesia
- Oldendorff Carriers - Singapore
- Lanco Infratech Ltd - India
- Thiess Contractors Indonesia
- Aditya Birla Group - India
- Australian Commodity Traders Exchange
- TeaM Sual Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Coal and Oil Company - UAE
- Antam Resourcindo - Indonesia
- Sindya Power Generating Company Private Ltd
- Kepco SPC Power Corporation, Philippines
- McConnell Dowell - Australia
- Uttam Galva Steels Limited - India
- Australian Coal Association
- Central Electricity Authority - India
- Indogreen Group - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karaikal Port Pvt Ltd - India
- Edison Trading Spa - Italy
- Gujarat Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Bhatia International Limited - India
- Formosa Plastics Group - Taiwan
- PNOC Exploration Corporation - Philippines
- Planning Commission, India
- Ministry of Transport, Egypt
- Toyota Tsusho Corporation, Japan
- Meenaskhi Energy Private Limited - India
- Malabar Cements Ltd - India
- Ambuja Cements Ltd - India
- Semirara Mining Corp, Philippines
- Mjunction Services Limited - India
- Electricity Authority, New Zealand
- Global Coal Blending Company Limited - Australia
- Kideco Jaya Agung - Indonesia
- Mercator Lines Limited - India
- Petron Corporation, Philippines
- Kumho Petrochemical, South Korea
- Minerals Council of Australia
- Sojitz Corporation - Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Star Paper Mills Limited - India
- IHS Mccloskey Coal Group - USA
- PTC India Limited - India
- Medco Energi Mining Internasional
- TNB Fuel Sdn Bhd - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Deloitte Consulting - India
- Siam City Cement - Thailand
- AsiaOL BioFuels Corp., Philippines
- Carbofer General Trading SA - India
- Maheswari Brothers Coal Limited - India
- Jaiprakash Power Ventures ltd
- Posco Energy - South Korea
- Directorate Of Revenue Intelligence - India
- Gujarat Sidhee Cement - India
- Maharashtra Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Krishnapatnam Port Company Ltd. - India
- Rio Tinto Coal - Australia
- IEA Clean Coal Centre - UK
- Iligan Light & Power Inc, Philippines
- Borneo Indobara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- OPG Power Generation Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Altura Mining Limited, Indonesia
- Commonwealth Bank - Australia
- Thai Mozambique Logistica
- CIMB Investment Bank - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Larsen & Toubro Limited - India
- Ministry of Mines - Canada
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sical Logistics Limited - India
- Power Finance Corporation Ltd., India
- Grasim Industreis Ltd - India
- Mintek Dendrill Indonesia
- MS Steel International - UAE
- Simpson Spence & Young - Indonesia
- Meralco Power Generation, Philippines
- Bangladesh Power Developement Board
- European Bulk Services B.V. - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Indika Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Wilmar Investment Holdings
- Mercuria Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Anglo American - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Baramulti Group, Indonesia
- Eastern Coal Council - USA
- Holcim Trading Pte Ltd - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Vedanta Resources Plc - India
- Riau Bara Harum - Indonesia
- Makarim & Taira - Indonesia
- Aboitiz Power Corporation - Philippines
- SMC Global Power, Philippines
- Alfred C Toepfer International GmbH - Germany
- Orica Mining Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Global Business Power Corporation, Philippines
- White Energy Company Limited
- San Jose City I Power Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- CNBM International Corporation - China
- Central Java Power - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- ASAPP Information Group - India
- Tamil Nadu electricity Board
- Bhushan Steel Limited - India
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- Videocon Industries ltd - India
- Binh Thuan Hamico - Vietnam
- The University of Queensland
- Romanian Commodities Exchange
- Bharathi Cement Corporation - India
- Bukit Baiduri Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Independent Power Producers Association of India
- Eastern Energy - Thailand
- International Coal Ventures Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Parliament of New Zealand
- Siam City Cement PLC, Thailand
- Tata Chemicals Ltd - India
- Interocean Group of Companies - India
- Kobexindo Tractors - Indoneisa
- Sree Jayajothi Cements Limited - India
- South Luzon Thermal Energy Corporation
- GMR Energy Limited - India
- Kartika Selabumi Mining - Indonesia
- India Bulls Power Limited - India
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- VISA Power Limited - India
- Orica Australia Pty. Ltd.
- Singapore Mercantile Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Marubeni Corporation - India
- Globalindo Alam Lestari - Indonesia
- Agrawal Coal Company - India
- Indonesian Coal Mining Association
- Samtan Co., Ltd - South Korea
- Goldman Sachs - Singapore
- Cement Manufacturers Association - India
- Manunggal Multi Energi - Indonesia
- Chamber of Mines of South Africa
- GAC Shipping (India) Pvt Ltd
- Kaltim Prima Coal - Indonesia
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