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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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Saturday, 11 January 20
BALTIC BRIEFING TANKER REPORT - WEEK 2
VLCC
Escalating tensions between the USA and Iran, in addition to a continuing strong market, made for an interesting week, with rates firming ...
Saturday, 11 January 20
SUPRAMAX: INDONESIA COAL RUNS, A 58,000DWT SHIP WAS RUMOURED FIXED DELIVERY KALIMANTAN, REDELIVERY WEST COAST INDIA, IN THE $4,000S - BALTIC BRIEFING
Capesize
Closing out the first full trading week of 2020, the Capesize market is struggling to gain any solid positive upward traction. Opening ...
Friday, 10 January 20
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remains flat
China’s benchmark power coal price remained flat during the past week.
...
Thursday, 09 January 20
NEW IMO LIFEBOAT REQUIREMENTS ENTER INTO FORCE - STANDARD CLUB
KNOWLEDGE TO ELEVATE
Three new compulsory IMO resolutions entered into force on 1 January 2020. These resolutions deal with the maintenance, t ...
Thursday, 09 January 20
INDIA'S NEW EASED MINING RULES TO ENHANCE FOREIGN PARTICIPATION IN COAL SECTOR: MINISTER
India’s cabinet has eased mining laws in a bid to attract foreign players to the domestic coal sector and reduce imports of the fuel, coal mi ...
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- Gujarat Mineral Development Corp Ltd - India
- TeaM Sual Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- CNBM International Corporation - China
- The State Trading Corporation of India Ltd
- Meenaskhi Energy Private Limited - India
- Thiess Contractors Indonesia
- Makarim & Taira - Indonesia
- Savvy Resources Ltd - HongKong
- Australian Coal Association
- Billiton Holdings Pty Ltd - Australia
- Singapore Mercantile Exchange
- Commonwealth Bank - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Madhucon Powers Ltd - India
- Eastern Energy - Thailand
- Krishnapatnam Port Company Ltd. - India
- Ministry of Mines - Canada
- Simpson Spence & Young - Indonesia
- Essar Steel Hazira Ltd - India
- Sarangani Energy Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sree Jayajothi Cements Limited - India
- Bukit Baiduri Energy - Indonesia
- Sojitz Corporation - Japan
- Mjunction Services Limited - India
- Kumho Petrochemical, South Korea
- Deloitte Consulting - India
- Independent Power Producers Association of India
- Parliament of New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Timah Investasi Mineral - Indoneisa
- Binh Thuan Hamico - Vietnam
- Pendopo Energi Batubara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Pipit Mutiara Jaya. PT, Indonesia
- Maheswari Brothers Coal Limited - India
- Carbofer General Trading SA - India
- London Commodity Brokers - England
- Global Green Power PLC Corporation, Philippines
- Interocean Group of Companies - India
- Chettinad Cement Corporation Ltd - India
- Larsen & Toubro Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement - Thailand
- Coalindo Energy - Indonesia
- Videocon Industries ltd - India
- Neyveli Lignite Corporation Ltd, - India
- VISA Power Limited - India
- Merrill Lynch Commodities Europe
- Jorong Barutama Greston.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Kartika Selabumi Mining - Indonesia
- New Zealand Coal & Carbon
- Economic Council, Georgia
- Kohat Cement Company Ltd. - Pakistan
- Trasteel International SA, Italy
- Ceylon Electricity Board - Sri Lanka
- Minerals Council of Australia
- Ind-Barath Power Infra Limited - India
- Semirara Mining Corp, Philippines
- Samtan Co., Ltd - South Korea
- Indogreen Group - Indonesia
- Mercator Lines Limited - India
- Bangladesh Power Developement Board
- Aboitiz Power Corporation - Philippines
- Star Paper Mills Limited - India
- SMG Consultants - Indonesia
- Sindya Power Generating Company Private Ltd
- Bulk Trading Sa - Switzerland
- Dalmia Cement Bharat India
- Attock Cement Pakistan Limited
- Directorate Of Revenue Intelligence - India
- Manunggal Multi Energi - Indonesia
- Africa Commodities Group - South Africa
- Agrawal Coal Company - India
- Indian Energy Exchange, India
- Formosa Plastics Group - Taiwan
- Ministry of Transport, Egypt
- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- Baramulti Group, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Wood Mackenzie - Singapore
- Metalloyd Limited - United Kingdom
- Mercuria Energy - Indonesia
- Heidelberg Cement - Germany
- Renaissance Capital - South Africa
- PTC India Limited - India
- SN Aboitiz Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Vizag Seaport Private Limited - India
- Planning Commission, India
- Karaikal Port Pvt Ltd - India
- Aditya Birla Group - India
- White Energy Company Limited
- Bhushan Steel Limited - India
- OPG Power Generation Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Jaiprakash Power Ventures ltd
- Tata Chemicals Ltd - India
- Globalindo Alam Lestari - Indonesia
- ASAPP Information Group - India
- Thai Mozambique Logistica
- Cigading International Bulk Terminal - Indonesia
- Petron Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Uttam Galva Steels Limited - India
- Gujarat Sidhee Cement - India
- Altura Mining Limited, Indonesia
- Bukit Makmur.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Energy Link Ltd, New Zealand
- MS Steel International - UAE
- Latin American Coal - Colombia
- Anglo American - United Kingdom
- Grasim Industreis Ltd - India
- Parry Sugars Refinery, India
- Goldman Sachs - Singapore
- Alfred C Toepfer International GmbH - Germany
- Energy Development Corp, Philippines
- Siam City Cement PLC, Thailand
- Edison Trading Spa - Italy
- SMC Global Power, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Therma Luzon, Inc, Philippines
- South Luzon Thermal Energy Corporation
- Eastern Coal Council - USA
- Medco Energi Mining Internasional
- Sinarmas Energy and Mining - Indonesia
- Global Business Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- PetroVietnam Power Coal Import and Supply Company
- Indo Tambangraya Megah - Indonesia
- PowerSource Philippines DevCo
- Banpu Public Company Limited - Thailand
- Ambuja Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Wilmar Investment Holdings
- Posco Energy - South Korea
- Lanco Infratech Ltd - India
- Orica Mining Services - Indonesia
- Malabar Cements Ltd - India
- Tamil Nadu electricity Board
- Semirara Mining and Power Corporation, Philippines
- Indika Energy - Indonesia
- GVK Power & Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Bharathi Cement Corporation - India
- Romanian Commodities Exchange
- PNOC Exploration Corporation - Philippines
- The Treasury - Australian Government
- Kalimantan Lumbung Energi - Indonesia
- Standard Chartered Bank - UAE
- Sical Logistics Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Australian Commodity Traders Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Finance - Indonesia
- Antam Resourcindo - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Georgia Ports Authority, United States
- Kobexindo Tractors - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Chamber of Mines of South Africa
- Salva Resources Pvt Ltd - India
- Sakthi Sugars Limited - India
- European Bulk Services B.V. - Netherlands
- Kepco SPC Power Corporation, Philippines
- Central Electricity Authority - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- CIMB Investment Bank - Malaysia
- Jindal Steel & Power Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ICICI Bank Limited - India
- Central Java Power - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Oldendorff Carriers - Singapore
- Miang Besar Coal Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Electricity Generating Authority of Thailand
- Rio Tinto Coal - Australia
- GMR Energy Limited - India
- Barasentosa Lestari - Indonesia
- Mintek Dendrill Indonesia
- Borneo Indobara - Indonesia
- LBH Netherlands Bv - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- McConnell Dowell - Australia
- The University of Queensland
- Marubeni Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vedanta Resources Plc - India
- Indian Oil Corporation Limited
- Indonesian Coal Mining Association
- Asmin Koalindo Tuhup - Indonesia
- Bhatia International Limited - India
- Electricity Authority, New Zealand
- San Jose City I Power Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Coal and Oil Company - UAE
- Leighton Contractors Pty Ltd - Australia
- Cement Manufacturers Association - India
- Xindia Steels Limited - India
- Coastal Gujarat Power Limited - India
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