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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, 14 January 20
MABUX: BUNKER MARKET THIS MORNING, JAN.14
MABUX World Bunker Index (consists of a range of prices for 380 HSFO, 180 HSFO and MGO (Gasoil) in the main world hubs) changed insignificant and i ...
Tuesday, 14 January 20
SHIPPING MARKET ANALYSIS - ALLIED SHIPBROKING
Uncertainty in the global geopolitical sphere seems to have not come to an end along with 2019, as 2020 commenced with renewed tensions between the ...
Tuesday, 14 January 20
DRY BULK MARKET: "THIS IS NOT THE END OF COAL" SAYS IEA - BALTIC EXCHANGE
A historic drop in coal-fired electricity generation will not sway global coal demand from its upward trajectory through to 2024, though growth wil ...
Saturday, 11 January 20
ARE YOU 95% CONFIDENT THAT YOUR VERY LOW SULPHUR FUEL IS ON SPEC AND MARPOL COMPLIANT? - GARD
KNOWLEDGE TO ELEVATE
Bunker fuel is a commodity and, like all commodities, is produced and sold according to specifications. Bunkers are usual ...
Saturday, 11 January 20
NEW PRICING COULD SPELL TROUBLE FOR CHINA'S COAL SECTOR - CHINA DIALOGUE
Benchmark coal tariffs have been the foundation of China’s electricity pricing since 2004 but this mechanism was replaced on January 1 with a ...
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- Global Business Power Corporation, Philippines
- CNBM International Corporation - China
- Indo Tambangraya Megah - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Commodity Traders Exchange
- Intertek Mineral Services - Indonesia
- Independent Power Producers Association of India
- London Commodity Brokers - England
- Antam Resourcindo - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Central Electricity Authority - India
- Jorong Barutama Greston.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- TeaM Sual Corporation - Philippines
- Medco Energi Mining Internasional
- ASAPP Information Group - India
- Energy Development Corp, Philippines
- Borneo Indobara - Indonesia
- Globalindo Alam Lestari - Indonesia
- Ministry of Mines - Canada
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Mercuria Energy - Indonesia
- Parry Sugars Refinery, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Finance - Indonesia
- Ambuja Cements Ltd - India
- SMC Global Power, Philippines
- Therma Luzon, Inc, Philippines
- MS Steel International - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Wilmar Investment Holdings
- Indika Energy - Indonesia
- Marubeni Corporation - India
- European Bulk Services B.V. - Netherlands
- Meenaskhi Energy Private Limited - India
- Sakthi Sugars Limited - India
- Kepco SPC Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Eastern Energy - Thailand
- Coal and Oil Company - UAE
- Miang Besar Coal Terminal - Indonesia
- Indogreen Group - Indonesia
- Sree Jayajothi Cements Limited - India
- Sojitz Corporation - Japan
- PowerSource Philippines DevCo
- Standard Chartered Bank - UAE
- Vedanta Resources Plc - India
- Posco Energy - South Korea
- Alfred C Toepfer International GmbH - Germany
- Karaikal Port Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Orica Australia Pty. Ltd.
- Asmin Koalindo Tuhup - Indonesia
- Deloitte Consulting - India
- Mercator Lines Limited - India
- Gujarat Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Bulk Trading Sa - Switzerland
- Bukit Asam (Persero) Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Electricity Authority, New Zealand
- South Luzon Thermal Energy Corporation
- Indian Oil Corporation Limited
- Global Coal Blending Company Limited - Australia
- Meralco Power Generation, Philippines
- Australian Coal Association
- Grasim Industreis Ltd - India
- Sindya Power Generating Company Private Ltd
- Essar Steel Hazira Ltd - India
- Attock Cement Pakistan Limited
- Banpu Public Company Limited - Thailand
- Simpson Spence & Young - Indonesia
- Aboitiz Power Corporation - Philippines
- White Energy Company Limited
- Holcim Trading Pte Ltd - Singapore
- Manunggal Multi Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Formosa Plastics Group - Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Bhoruka Overseas - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Edison Trading Spa - Italy
- Indian Energy Exchange, India
- San Jose City I Power Corp, Philippines
- Singapore Mercantile Exchange
- Kobexindo Tractors - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Star Paper Mills Limited - India
- LBH Netherlands Bv - Netherlands
- McConnell Dowell - Australia
- Planning Commission, India
- Binh Thuan Hamico - Vietnam
- Larsen & Toubro Limited - India
- Commonwealth Bank - Australia
- Georgia Ports Authority, United States
- Cigading International Bulk Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Carbofer General Trading SA - India
- Petron Corporation, Philippines
- Minerals Council of Australia
- Iligan Light & Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- The Treasury - Australian Government
- Samtan Co., Ltd - South Korea
- Billiton Holdings Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- India Bulls Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- ICICI Bank Limited - India
- Altura Mining Limited, Indonesia
- Parliament of New Zealand
- Barasentosa Lestari - Indonesia
- Makarim & Taira - Indonesia
- Interocean Group of Companies - India
- Bayan Resources Tbk. - Indonesia
- Gujarat Sidhee Cement - India
- Ind-Barath Power Infra Limited - India
- IEA Clean Coal Centre - UK
- Dalmia Cement Bharat India
- PTC India Limited - India
- Renaissance Capital - South Africa
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- Straits Asia Resources Limited - Singapore
- Rio Tinto Coal - Australia
- Sinarmas Energy and Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- The State Trading Corporation of India Ltd
- SN Aboitiz Power Inc, Philippines
- Lanco Infratech Ltd - India
- International Coal Ventures Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Electricity Generating Authority of Thailand
- Agrawal Coal Company - India
- Semirara Mining and Power Corporation, Philippines
- Xindia Steels Limited - India
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Latin American Coal - Colombia
- Riau Bara Harum - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Mintek Dendrill Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sarangani Energy Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jindal Steel & Power Ltd - India
- Baramulti Group, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Metalloyd Limited - United Kingdom
- Energy Link Ltd, New Zealand
- Goldman Sachs - Singapore
- Trasteel International SA, Italy
- Petrochimia International Co. Ltd.- Taiwan
- Uttam Galva Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Tamil Nadu electricity Board
- Wood Mackenzie - Singapore
- Heidelberg Cement - Germany
- Chamber of Mines of South Africa
- Thiess Contractors Indonesia
- Rashtriya Ispat Nigam Limited - India
- Oldendorff Carriers - Singapore
- Malabar Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Bangladesh Power Developement Board
- Aditya Birla Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cement Manufacturers Association - India
- VISA Power Limited - India
- PNOC Exploration Corporation - Philippines
- Thai Mozambique Logistica
- Central Java Power - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Indonesian Coal Mining Association
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- Siam City Cement PLC, Thailand
- Semirara Mining Corp, Philippines
- The University of Queensland
- Romanian Commodities Exchange
- Kideco Jaya Agung - Indonesia
- Sical Logistics Limited - India
- Bharathi Cement Corporation - India
- Anglo American - United Kingdom
- Tata Chemicals Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Videocon Industries ltd - India
- Mjunction Services Limited - India
- OPG Power Generation Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Mining Services - Indonesia
- Coalindo Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Karbindo Abesyapradhi - Indoneisa
- New Zealand Coal & Carbon
- GAC Shipping (India) Pvt Ltd
- Timah Investasi Mineral - Indoneisa
- Jaiprakash Power Ventures ltd
- Power Finance Corporation Ltd., India
- Savvy Resources Ltd - HongKong
- Siam City Cement - Thailand
- Africa Commodities Group - South Africa
- Bhatia International Limited - India
- GMR Energy Limited - India
- Kumho Petrochemical, South Korea
- Bhushan Steel Limited - India
- Madhucon Powers Ltd - India
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