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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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Monday, 16 December 19
THE OUTLOOK FOR U.S. THERMAL COAL IS INCREASINGLY STRESSED - MOODY'S
- Slowing global economic growth, trade tensions will continue to exert influence
- Coal's secular decline will persist in 2020
...
Thursday, 12 December 19
KOWEPO INVITING BIDS FOR 2.28 MILLION TONS OF MIN.4,400 NCV COAL
COALspot.com: South Korea’s Korea Western Power Co., Ltd. (KOWEPO) has issued an international tender for total 2,280,000 tons of (Sub) Bitum ...
Wednesday, 11 December 19
PANAMAX: THE MARKET REMAINED FIRM IN THE PACIFIC, WITH INCREASED ACTIVITY NOTED IN KEY AREAS, SUCH AS INDONESIA - ALLIED
Capesize – Positive momentum was resumed this past week, with earnings mak-ing some gains once again. This rising pattern was reflected in th ...
Tuesday, 10 December 19
PREPARATIONS INTENSIFY AS IMO 2020 GLOBAL SULPHUR CAP LOOMS - STANDARD CLUB
With less than a month to go for the impending IMO 2020 global sulphur cap, the club has started witnessing dispute cases relating to the measureme ...
Monday, 09 December 19
KOREA SOUTHERN POWER CO LTD IS INVITING OFFERS FOR MIN 3700 NCV COAL
COALspot.com: South Korea’s Korea East-West Power Co. Ltd has issued an international tender for 160,000 Tons steam coal.
Acco ...
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- Africa Commodities Group - South Africa
- Aditya Birla Group - India
- Bangladesh Power Developement Board
- GVK Power & Infra Limited - India
- Renaissance Capital - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Madhucon Powers Ltd - India
- Larsen & Toubro Limited - India
- New Zealand Coal & Carbon
- Holcim Trading Pte Ltd - Singapore
- Goldman Sachs - Singapore
- Lanco Infratech Ltd - India
- LBH Netherlands Bv - Netherlands
- The Treasury - Australian Government
- Trasteel International SA, Italy
- Barasentosa Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- PetroVietnam Power Coal Import and Supply Company
- GN Power Mariveles Coal Plant, Philippines
- Videocon Industries ltd - India
- Thai Mozambique Logistica
- Electricity Generating Authority of Thailand
- Interocean Group of Companies - India
- South Luzon Thermal Energy Corporation
- Coalindo Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Star Paper Mills Limited - India
- Borneo Indobara - Indonesia
- Petron Corporation, Philippines
- Minerals Council of Australia
- European Bulk Services B.V. - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Globalindo Alam Lestari - Indonesia
- Bhatia International Limited - India
- Sinarmas Energy and Mining - Indonesia
- Baramulti Group, Indonesia
- Global Business Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Power Finance Corporation Ltd., India
- Tata Chemicals Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Grasim Industreis Ltd - India
- Latin American Coal - Colombia
- GAC Shipping (India) Pvt Ltd
- Indian Energy Exchange, India
- Eastern Coal Council - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Bhoruka Overseas - Indonesia
- CNBM International Corporation - China
- Banpu Public Company Limited - Thailand
- OPG Power Generation Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Jaiprakash Power Ventures ltd
- Manunggal Multi Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- McConnell Dowell - Australia
- Mintek Dendrill Indonesia
- Formosa Plastics Group - Taiwan
- Georgia Ports Authority, United States
- Australian Coal Association
- Antam Resourcindo - Indonesia
- Altura Mining Limited, Indonesia
- Singapore Mercantile Exchange
- Directorate General of MIneral and Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Kumho Petrochemical, South Korea
- Ministry of Mines - Canada
- Energy Development Corp, Philippines
- Thiess Contractors Indonesia
- Xindia Steels Limited - India
- PowerSource Philippines DevCo
- Intertek Mineral Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Uttam Galva Steels Limited - India
- CIMB Investment Bank - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- MS Steel International - UAE
- Aboitiz Power Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Economic Council, Georgia
- Orica Australia Pty. Ltd.
- Savvy Resources Ltd - HongKong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement PLC, Thailand
- ASAPP Information Group - India
- Planning Commission, India
- AsiaOL BioFuels Corp., Philippines
- Eastern Energy - Thailand
- Indian Oil Corporation Limited
- Marubeni Corporation - India
- Makarim & Taira - Indonesia
- Metalloyd Limited - United Kingdom
- Global Coal Blending Company Limited - Australia
- Parliament of New Zealand
- Indonesian Coal Mining Association
- London Commodity Brokers - England
- ICICI Bank Limited - India
- Maheswari Brothers Coal Limited - India
- SMC Global Power, Philippines
- Deloitte Consulting - India
- Maharashtra Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Bharathi Cement Corporation - India
- Pendopo Energi Batubara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Edison Trading Spa - Italy
- Carbofer General Trading SA - India
- Indogreen Group - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Mercuria Energy - Indonesia
- India Bulls Power Limited - India
- Coastal Gujarat Power Limited - India
- Port Waratah Coal Services - Australia
- IEA Clean Coal Centre - UK
- Iligan Light & Power Inc, Philippines
- Wood Mackenzie - Singapore
- Cigading International Bulk Terminal - Indonesia
- GMR Energy Limited - India
- Essar Steel Hazira Ltd - India
- Sical Logistics Limited - India
- Mjunction Services Limited - India
- Ministry of Finance - Indonesia
- Ministry of Transport, Egypt
- Anglo American - United Kingdom
- Gujarat Sidhee Cement - India
- Kohat Cement Company Ltd. - Pakistan
- Mercator Lines Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Attock Cement Pakistan Limited
- The University of Queensland
- Sojitz Corporation - Japan
- VISA Power Limited - India
- Vedanta Resources Plc - India
- Miang Besar Coal Terminal - Indonesia
- Romanian Commodities Exchange
- Jindal Steel & Power Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Dalmia Cement Bharat India
- Global Green Power PLC Corporation, Philippines
- Bhushan Steel Limited - India
- Parry Sugars Refinery, India
- Bayan Resources Tbk. - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meralco Power Generation, Philippines
- Simpson Spence & Young - Indonesia
- Wilmar Investment Holdings
- Vizag Seaport Private Limited - India
- Bukit Makmur.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Siam City Cement - Thailand
- Kepco SPC Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Indika Energy - Indonesia
- Independent Power Producers Association of India
- Pipit Mutiara Jaya. PT, Indonesia
- Malabar Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- SMG Consultants - Indonesia
- White Energy Company Limited
- Sree Jayajothi Cements Limited - India
- Ceylon Electricity Board - Sri Lanka
- PNOC Exploration Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Ind-Barath Power Infra Limited - India
- Standard Chartered Bank - UAE
- IHS Mccloskey Coal Group - USA
- Sarangani Energy Corporation, Philippines
- Medco Energi Mining Internasional
- Riau Bara Harum - Indonesia
- Chamber of Mines of South Africa
- Central Electricity Authority - India
- Australian Commodity Traders Exchange
- TeaM Sual Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Electricity Authority, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Bulk Trading Sa - Switzerland
- Merrill Lynch Commodities Europe
- Neyveli Lignite Corporation Ltd, - India
- Commonwealth Bank - Australia
- Heidelberg Cement - Germany
- Ambuja Cements Ltd - India
- Tamil Nadu electricity Board
- Therma Luzon, Inc, Philippines
- Central Java Power - Indonesia
- Bukit Baiduri Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Rio Tinto Coal - Australia
- Energy Link Ltd, New Zealand
- Oldendorff Carriers - Singapore
- Kartika Selabumi Mining - Indonesia
- Posco Energy - South Korea
- San Jose City I Power Corp, Philippines
- Coal and Oil Company - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PTC India Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Sakthi Sugars Limited - India
- The State Trading Corporation of India Ltd
- International Coal Ventures Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Cement Manufacturers Association - India
- Agrawal Coal Company - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
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