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Wednesday, 22 May 19
SHIPPING MARKET INSIGHT - INTERMODAL
 The ship repair sector is showing a constant and gradual increase on the workload throughout the past months, with almost all the shipyards worldwide having already reached close to their maximum capacity as we are heading towards the end of the first half of the year. It goes without saying that this is mainly due to the already prescribed scrubber retrofit demand, while the peak of these deliveries from most of the scrubber manufacturers is starting this May onwards.
A lot of difficulties are expected to be encountered from the shipyards into delivering the scrubber retrofit projects on time given the expected workmanship and considering the big spectrum of uncertainties and complications. One of these uncertainties is the usually late delivery of most of the spare parts, i.e. equipment, cabling, exotic piping, sensors, big valves etc. which in most of the projects coincides with the critical step of the retrofit.
On top of the above there is also a chance of getting extra delays on other aspects such as the design engineering, the class approval the logistics as well as custom formalities. Moving forward, the ETA of most vessels is slightly slipping forward in order to cover these various delays, which is in turn creating a bottleneck in the yards that will require extra attention and forward planning from the shipyards as far as the summer months are concerned. Finally, some shipyards with a relatively big appetite have committed to accept more scrubber retrofits than they can actually accommodate, which will most probably result in additional delays. As a counter measure to withstand the overbooking, certain shipyards have leased floating cranes and extra manpower with a premium cost.
Reviewing the above situation, pricing levels for routine drydocks has become much less attractive compared to six months ago, while first class shipyards are not interested in small projects despite the price benefit. This has given a lot of space for second class shipyards to penetrate to new clientele and in some cases to deliver better than expected results.
Looking forward to the so called coming ‘Shipyard’s Era’ during which shipyards will benefit from the whole repair jam, there are speculations for a second wave of scrubbers shortly after the beginning of 2020, when the price spread between the low and high Sulphur fuel oil will be clearly defined and will reignite the scrubber retrofit interest of some companies currently standing by.
With regards to last week’s MEPC74 Committee, the topics that were covered were rather expected and without any surprises. The IMO has completed a list of guidelines aimed at ensuring consistent enforcement of the global sulfur cap, covering areas such as Post State control guidelines, fuel sampling onboard the ship, ongoing compliance in case of failure EGCS and delivery of compliant fuel by suppliers. An interesting part of the meeting was that in regards to GHG emission reduction, which the IMO agreed to keep on the table, although there is no actual progress so far, while speed reduction and speed optimization will considered in one of the three agendas to be worked on further at the next session.
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, 26 January 20
SUPRAMAX: THE ASIAN BASIN SAW A 56,000DWT SHIP FIXING DELIVERY SAMARINDA TRIP TO WEST COAST INDIA AT $4,750 - BALTIC BRIEFING
Capesize
The market endured heavy losses throughout the past week, with the Capesize 5TC dropping from $8,352 to $4,772. In the lead up to Chin ...
Sunday, 26 January 20
SHIPPING NEEDS TO PREPARE FOR CORONAVIRUS RESTRICTIONS WARNS HILL DICKINSON
The shipping industry needs to be prepared for potential restrictions in order to prevent the further spread of the ‘Wuhan’ coronavirus ...
Friday, 24 January 20
LOW-SULPHUR FUEL OIL PRICES DROP USD 99 PER MT IN SINGAPORE - BIMCO
Singapore has seen one of the largest drops in the price of Very Low Sulphur Fuel Oil (VLSFO), which peaked on 7 January 2020 at USD 740 per metric ...
Friday, 24 January 20
CHINA'S BENCHMARK POWER COAL PRICE REMAINED FLAT DURING THE PAST WEEK - XINHUA
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of coal prices in north China’s major ports, stood at 553 yuan (about 80.1 U.S. dollars) ...
Thursday, 23 January 20
PANAMAX: ANOTHER DISAPPOINTING WEEK IN BOTH THE ATLANTIC AND THE PACIFIC BASIN - FEARNLEYS
Cape Size
From bad to worse for the biggest ships as prices for low-sulphur fuel oil remain high whilst freight rates deteriorate further. Aver ...
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- London Commodity Brokers - England
- Edison Trading Spa - Italy
- Samtan Co., Ltd - South Korea
- Savvy Resources Ltd - HongKong
- Marubeni Corporation - India
- Singapore Mercantile Exchange
- AsiaOL BioFuels Corp., Philippines
- Coalindo Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Posco Energy - South Korea
- Billiton Holdings Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Deloitte Consulting - India
- Africa Commodities Group - South Africa
- Gujarat Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Electricity Generating Authority of Thailand
- MS Steel International - UAE
- Indo Tambangraya Megah - Indonesia
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
- Miang Besar Coal Terminal - Indonesia
- PTC India Limited - India
- Tata Chemicals Ltd - India
- Straits Asia Resources Limited - Singapore
- Commonwealth Bank - Australia
- Bulk Trading Sa - Switzerland
- Power Finance Corporation Ltd., India
- GVK Power & Infra Limited - India
- Thiess Contractors Indonesia
- IHS Mccloskey Coal Group - USA
- Heidelberg Cement - Germany
- Global Coal Blending Company Limited - Australia
- Mercuria Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Kumho Petrochemical, South Korea
- Jindal Steel & Power Ltd - India
- Eastern Coal Council - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Riau Bara Harum - Indonesia
- Aditya Birla Group - India
- Krishnapatnam Port Company Ltd. - India
- Kideco Jaya Agung - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Indonesian Coal Mining Association
- Kohat Cement Company Ltd. - Pakistan
- IEA Clean Coal Centre - UK
- Bhatia International Limited - India
- Indika Energy - Indonesia
- Interocean Group of Companies - India
- Ind-Barath Power Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Electricity Authority, New Zealand
- Tamil Nadu electricity Board
- GAC Shipping (India) Pvt Ltd
- Bhoruka Overseas - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kobexindo Tractors - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Indian Energy Exchange, India
- Bangladesh Power Developement Board
- Orica Mining Services - Indonesia
- Vedanta Resources Plc - India
- Ministry of Transport, Egypt
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The State Trading Corporation of India Ltd
- Star Paper Mills Limited - India
- Pendopo Energi Batubara - Indonesia
- Kaltim Prima Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement PLC, Thailand
- Chettinad Cement Corporation Ltd - India
- Australian Coal Association
- Ministry of Mines - Canada
- Petrochimia International Co. Ltd.- Taiwan
- Bayan Resources Tbk. - Indonesia
- Bukit Makmur.PT - Indonesia
- Indian Oil Corporation Limited
- SMC Global Power, Philippines
- Baramulti Group, Indonesia
- Australian Commodity Traders Exchange
- VISA Power Limited - India
- Goldman Sachs - Singapore
- Alfred C Toepfer International GmbH - Germany
- Oldendorff Carriers - Singapore
- OPG Power Generation Pvt Ltd - India
- Georgia Ports Authority, United States
- Meenaskhi Energy Private Limited - India
- Lanco Infratech Ltd - India
- Port Waratah Coal Services - Australia
- Parry Sugars Refinery, India
- Bukit Asam (Persero) Tbk - Indonesia
- Attock Cement Pakistan Limited
- Altura Mining Limited, Indonesia
- Videocon Industries ltd - India
- Iligan Light & Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Medco Energi Mining Internasional
- Central Electricity Authority - India
- TeaM Sual Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Maheswari Brothers Coal Limited - India
- Grasim Industreis Ltd - India
- Ministry of Finance - Indonesia
- Planning Commission, India
- Directorate Of Revenue Intelligence - India
- Makarim & Taira - Indonesia
- Meralco Power Generation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cement Manufacturers Association - India
- New Zealand Coal & Carbon
- LBH Netherlands Bv - Netherlands
- Siam City Cement - Thailand
- Coal and Oil Company - UAE
- PNOC Exploration Corporation - Philippines
- Larsen & Toubro Limited - India
- Ceylon Electricity Board - Sri Lanka
- Bahari Cakrawala Sebuku - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- GMR Energy Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Anglo American - United Kingdom
- Binh Thuan Hamico - Vietnam
- Sojitz Corporation - Japan
- Vizag Seaport Private Limited - India
- Xindia Steels Limited - India
- Borneo Indobara - Indonesia
- Mintek Dendrill Indonesia
- Trasteel International SA, Italy
- Timah Investasi Mineral - Indoneisa
- Antam Resourcindo - Indonesia
- Mjunction Services Limited - India
- Central Java Power - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bhushan Steel Limited - India
- Uttam Galva Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Globalindo Alam Lestari - Indonesia
- Barasentosa Lestari - Indonesia
- Eastern Energy - Thailand
- Manunggal Multi Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Global Business Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Indogreen Group - Indonesia
- SMG Consultants - Indonesia
- White Energy Company Limited
- Gujarat Sidhee Cement - India
- Sical Logistics Limited - India
- Sindya Power Generating Company Private Ltd
- Wood Mackenzie - Singapore
- CIMB Investment Bank - Malaysia
- Karaikal Port Pvt Ltd - India
- PowerSource Philippines DevCo
- India Bulls Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- CNBM International Corporation - China
- ASAPP Information Group - India
- Cigading International Bulk Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Minerals Council of Australia
- Sakthi Sugars Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- Global Green Power PLC Corporation, Philippines
- Romanian Commodities Exchange
- Intertek Mineral Services - Indonesia
- The Treasury - Australian Government
- Energy Development Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Bank of Tokyo Mitsubishi UFJ Ltd
- Standard Chartered Bank - UAE
- Chamber of Mines of South Africa
- Agrawal Coal Company - India
- Orica Australia Pty. Ltd.
- Carbofer General Trading SA - India
- Renaissance Capital - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Formosa Plastics Group - Taiwan
- Kepco SPC Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Metalloyd Limited - United Kingdom
- Merrill Lynch Commodities Europe
- International Coal Ventures Pvt Ltd - India
- Mercator Lines Limited - India
- Latin American Coal - Colombia
- Independent Power Producers Association of India
- Ambuja Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- ICICI Bank Limited - India
- Bharathi Cement Corporation - India
- Thai Mozambique Logistica
- The University of Queensland
- Aboitiz Power Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- San Jose City I Power Corp, Philippines
- Simpson Spence & Young - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Essar Steel Hazira Ltd - India
- McConnell Dowell - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Jaiprakash Power Ventures ltd
- Dalmia Cement Bharat India
- Malabar Cements Ltd - India
- Parliament of New Zealand
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