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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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Tuesday, 21 January 20
ASIA'S APPETITE FOR COAL GROWS, WITH CHINA THE KEY DECIDER - NIKKEI
Although renewable power generation is expected to rise significantly in Asia, India’s vast electricity needs will still underpin global dema ...
Tuesday, 21 January 20
THERMAL COAL PRICES SET FOR RECOVERY THIS YEAR AS OVERSUPPLY TIGHTENS - REUTERS
Thermal coal prices are expected to recover this year after losing around a third of their value last year as demand from some south-east Asian cou ...
Monday, 20 January 20
INDIA TO STOP SUBSTITUTABLE COAL IMPORT; CAN GO FOR AUCTION OF 100 FULLY EXPLORED NEW BLOCKS: JOSHI - PTI
The Cabinet recently approved promulgation of Mineral Laws (Amendment) Ordinance 2020 to amend Mines and Minerals (Development and Regulation ) Act ...
Monday, 20 January 20
CHINA DECEMBER COAL OUTPUT UP 2.4 PERCENT ON YEAR - STATS BUREAU: REUTERS
China produced 331.74 million tonnes of coal in December, up 2.4 percent on the year, the National Bureau of Statistics said on Friday.
...
Monday, 20 January 20
CHINA IMPORTED 124.4 MLN TONNES OF COAL FROM INDONESIA IN 2019, UP 15.1 PERCENT YOY - BANCHERO COSTA
China's coal imports raced ahead in 2019, surprising many who had expected that in the months of 2019 to come the government would clamp down s ...
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- Orica Australia Pty. Ltd.
- Savvy Resources Ltd - HongKong
- Thai Mozambique Logistica
- Attock Cement Pakistan Limited
- Kapuas Tunggal Persada - Indonesia
- Malabar Cements Ltd - India
- Videocon Industries ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- Madhucon Powers Ltd - India
- MS Steel International - UAE
- Trasteel International SA, Italy
- Global Business Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Kartika Selabumi Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Thiess Contractors Indonesia
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- Electricity Generating Authority of Thailand
- Jindal Steel & Power Ltd - India
- Parliament of New Zealand
- SMC Global Power, Philippines
- Jaiprakash Power Ventures ltd
- Maheswari Brothers Coal Limited - India
- Miang Besar Coal Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Tamil Nadu electricity Board
- Krishnapatnam Port Company Ltd. - India
- Orica Mining Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- White Energy Company Limited
- International Coal Ventures Pvt Ltd - India
- Minerals Council of Australia
- Australian Commodity Traders Exchange
- Energy Development Corp, Philippines
- Antam Resourcindo - Indonesia
- Mercuria Energy - Indonesia
- Siam City Cement PLC, Thailand
- Samtan Co., Ltd - South Korea
- Marubeni Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Bhoruka Overseas - Indonesia
- Vedanta Resources Plc - India
- Central Electricity Authority - India
- Planning Commission, India
- Kideco Jaya Agung - Indonesia
- Kumho Petrochemical, South Korea
- Bharathi Cement Corporation - India
- Grasim Industreis Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Bukit Makmur.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Carbofer General Trading SA - India
- Semirara Mining Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Latin American Coal - Colombia
- Pendopo Energi Batubara - Indonesia
- Merrill Lynch Commodities Europe
- VISA Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Aboitiz Power Corporation - Philippines
- Lanco Infratech Ltd - India
- Ministry of Finance - Indonesia
- Commonwealth Bank - Australia
- The University of Queensland
- Renaissance Capital - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Larsen & Toubro Limited - India
- CIMB Investment Bank - Malaysia
- Indonesian Coal Mining Association
- New Zealand Coal & Carbon
- Posco Energy - South Korea
- Sinarmas Energy and Mining - Indonesia
- Uttam Galva Steels Limited - India
- Bhatia International Limited - India
- Energy Link Ltd, New Zealand
- Indo Tambangraya Megah - Indonesia
- Riau Bara Harum - Indonesia
- Directorate Of Revenue Intelligence - India
- Coastal Gujarat Power Limited - India
- Gujarat Sidhee Cement - India
- IEA Clean Coal Centre - UK
- Therma Luzon, Inc, Philippines
- Parry Sugars Refinery, India
- Coal and Oil Company - UAE
- Kohat Cement Company Ltd. - Pakistan
- Toyota Tsusho Corporation, Japan
- Makarim & Taira - Indonesia
- London Commodity Brokers - England
- Central Java Power - Indonesia
- Dalmia Cement Bharat India
- Sarangani Energy Corporation, Philippines
- Ministry of Transport, Egypt
- Barasentosa Lestari - Indonesia
- Globalindo Alam Lestari - Indonesia
- Indogreen Group - Indonesia
- McConnell Dowell - Australia
- Neyveli Lignite Corporation Ltd, - India
- San Jose City I Power Corp, Philippines
- Indika Energy - Indonesia
- Singapore Mercantile Exchange
- Essar Steel Hazira Ltd - India
- Xindia Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Mercator Lines Limited - India
- Kobexindo Tractors - Indoneisa
- Interocean Group of Companies - India
- Africa Commodities Group - South Africa
- Anglo American - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Mines - Canada
- Global Coal Blending Company Limited - Australia
- Timah Investasi Mineral - Indoneisa
- Economic Council, Georgia
- Metalloyd Limited - United Kingdom
- Sical Logistics Limited - India
- SMG Consultants - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Ambuja Cements Ltd - India
- Tata Chemicals Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Mjunction Services Limited - India
- PowerSource Philippines DevCo
- Cement Manufacturers Association - India
- Star Paper Mills Limited - India
- Electricity Authority, New Zealand
- ASAPP Information Group - India
- Indian Oil Corporation Limited
- Vizag Seaport Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Binh Thuan Hamico - Vietnam
- Romanian Commodities Exchange
- Semirara Mining and Power Corporation, Philippines
- Edison Trading Spa - Italy
- Rashtriya Ispat Nigam Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Heidelberg Cement - Germany
- Deloitte Consulting - India
- Sojitz Corporation - Japan
- Australian Coal Association
- Wood Mackenzie - Singapore
- Sindya Power Generating Company Private Ltd
- Coalindo Energy - Indonesia
- Oldendorff Carriers - Singapore
- Indian Energy Exchange, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bangladesh Power Developement Board
- Global Green Power PLC Corporation, Philippines
- Bulk Trading Sa - Switzerland
- GMR Energy Limited - India
- Altura Mining Limited, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Borneo Indobara - Indonesia
- Eastern Coal Council - USA
- Sree Jayajothi Cements Limited - India
- Eastern Energy - Thailand
- Banpu Public Company Limited - Thailand
- Kepco SPC Power Corporation, Philippines
- Medco Energi Mining Internasional
- Kalimantan Lumbung Energi - Indonesia
- Georgia Ports Authority, United States
- IHS Mccloskey Coal Group - USA
- Meenaskhi Energy Private Limited - India
- Independent Power Producers Association of India
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Iligan Light & Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Petron Corporation, Philippines
- ICICI Bank Limited - India
- Salva Resources Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Aditya Birla Group - India
- LBH Netherlands Bv - Netherlands
- Ceylon Electricity Board - Sri Lanka
- AsiaOL BioFuels Corp., Philippines
- GN Power Mariveles Coal Plant, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Meralco Power Generation, Philippines
- South Luzon Thermal Energy Corporation
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sakthi Sugars Limited - India
- PNOC Exploration Corporation - Philippines
- Baramulti Group, Indonesia
- Goldman Sachs - Singapore
- Mintek Dendrill Indonesia
- PTC India Limited - India
- Port Waratah Coal Services - Australia
- The State Trading Corporation of India Ltd
- Wilmar Investment Holdings
- Asmin Koalindo Tuhup - Indonesia
- CNBM International Corporation - China
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Siam City Cement - Thailand
- Standard Chartered Bank - UAE
- Bhushan Steel Limited - India
- Rio Tinto Coal - Australia
- Chettinad Cement Corporation Ltd - India
- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- India Bulls Power Limited - India
- Holcim Trading Pte Ltd - Singapore
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