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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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Wednesday, 04 December 19
FITCH RATINGS: CASH FLOW GENERATION TO SLOW DOWN FOR INDONESIAN COAL MINERS
Fitch Ratings' negative outlook on the Indonesian coal-mining sector reflects our view of weaker cash flow generation on account of declining c ...
Wednesday, 04 December 19
SHIPPING MARKET INSIGHT - INTERMODAL
Dry bulk freight rates rebounded last week, a development that came as a relief following the recent negative sentiment that prevailed in the marke ...
Wednesday, 04 December 19
INDONESIA REVIEWING RULES MANDATING COAL SALES TO LOCAL BUYERS: OFFICIAL - REUTERS
Indonesia is reviewing rules that require coal miners to sell a portion of their coal to local buyers, a government official said on Monday, as sup ...
Tuesday, 03 December 19
STABILITY AND COMPATIBILITY OF VERY LOW SULPHUR FUEL OILS - GARD
In order to meet increasing restrictions on the sulphur content in marine fuel as defined by MARPOL Annex VI Regulation 14.1.3, the characteristics ...
Monday, 02 December 19
COAL PRODUCTION IN INDIA UP BY 164.58 MT IN 5 YEARS - BUSINESS LINE
Raw coal production in the country has increased from 567.77 million tons (MT) in 2013-14 to 730.35 MT in 2018-19, Union Coal and Parliamentary Aff ...
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- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- Electricity Generating Authority of Thailand
- Aditya Birla Group - India
- New Zealand Coal & Carbon
- Energy Development Corp, Philippines
- Lanco Infratech Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Dalmia Cement Bharat India
- Renaissance Capital - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- The State Trading Corporation of India Ltd
- Agrawal Coal Company - India
- Straits Asia Resources Limited - Singapore
- Makarim & Taira - Indonesia
- Eastern Coal Council - USA
- Planning Commission, India
- Commonwealth Bank - Australia
- Kideco Jaya Agung - Indonesia
- Kobexindo Tractors - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Parliament of New Zealand
- Salva Resources Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Independent Power Producers Association of India
- Thai Mozambique Logistica
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wilmar Investment Holdings
- Posco Energy - South Korea
- Sical Logistics Limited - India
- PNOC Exploration Corporation - Philippines
- Singapore Mercantile Exchange
- IHS Mccloskey Coal Group - USA
- Ind-Barath Power Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- TeaM Sual Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Borneo Indobara - Indonesia
- Therma Luzon, Inc, Philippines
- White Energy Company Limited
- Simpson Spence & Young - Indonesia
- Altura Mining Limited, Indonesia
- Grasim Industreis Ltd - India
- Minerals Council of Australia
- Videocon Industries ltd - India
- Orica Australia Pty. Ltd.
- Heidelberg Cement - Germany
- Power Finance Corporation Ltd., India
- Alfred C Toepfer International GmbH - Germany
- Wood Mackenzie - Singapore
- Goldman Sachs - Singapore
- Africa Commodities Group - South Africa
- Coal and Oil Company - UAE
- Maharashtra Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Globalindo Alam Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Semirara Mining Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Parry Sugars Refinery, India
- Gujarat Mineral Development Corp Ltd - India
- Jindal Steel & Power Ltd - India
- ICICI Bank Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- VISA Power Limited - India
- CIMB Investment Bank - Malaysia
- Electricity Authority, New Zealand
- Romanian Commodities Exchange
- Petron Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Standard Chartered Bank - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- India Bulls Power Limited - India
- Economic Council, Georgia
- Kalimantan Lumbung Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercator Lines Limited - India
- Iligan Light & Power Inc, Philippines
- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- CNBM International Corporation - China
- The Treasury - Australian Government
- Larsen & Toubro Limited - India
- Carbofer General Trading SA - India
- Eastern Energy - Thailand
- Metalloyd Limited - United Kingdom
- Global Coal Blending Company Limited - Australia
- Kohat Cement Company Ltd. - Pakistan
- GAC Shipping (India) Pvt Ltd
- IEA Clean Coal Centre - UK
- Global Business Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Chamber of Mines of South Africa
- Indian Energy Exchange, India
- Aboitiz Power Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Tamil Nadu electricity Board
- Indika Energy - Indonesia
- Central Java Power - Indonesia
- Jaiprakash Power Ventures ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- SMG Consultants - Indonesia
- GVK Power & Infra Limited - India
- South Luzon Thermal Energy Corporation
- Bukit Makmur.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Tata Chemicals Ltd - India
- Indonesian Coal Mining Association
- Cigading International Bulk Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- GMR Energy Limited - India
- Bhushan Steel Limited - India
- Bharathi Cement Corporation - India
- Antam Resourcindo - Indonesia
- Latin American Coal - Colombia
- Ministry of Mines - Canada
- Marubeni Corporation - India
- Medco Energi Mining Internasional
- Kepco SPC Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Central Electricity Authority - India
- Australian Commodity Traders Exchange
- Bhatia International Limited - India
- Australian Coal Association
- Star Paper Mills Limited - India
- Billiton Holdings Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Mjunction Services Limited - India
- Interocean Group of Companies - India
- Essar Steel Hazira Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Ambuja Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Ministry of Transport, Egypt
- PetroVietnam Power Coal Import and Supply Company
- SMC Global Power, Philippines
- Malabar Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Edison Trading Spa - Italy
- Indian Oil Corporation Limited
- Sarangani Energy Corporation, Philippines
- Rio Tinto Coal - Australia
- Baramulti Group, Indonesia
- Pendopo Energi Batubara - Indonesia
- Coastal Gujarat Power Limited - India
- Meralco Power Generation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- LBH Netherlands Bv - Netherlands
- Directorate Of Revenue Intelligence - India
- Gujarat Electricity Regulatory Commission - India
- The University of Queensland
- PowerSource Philippines DevCo
- Uttam Galva Steels Limited - India
- Intertek Mineral Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Siam City Cement PLC, Thailand
- Gujarat Sidhee Cement - India
- Orica Mining Services - Indonesia
- Formosa Plastics Group - Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Thiess Contractors Indonesia
- Indogreen Group - Indonesia
- ASAPP Information Group - India
- Vizag Seaport Private Limited - India
- Siam City Cement - Thailand
- London Commodity Brokers - England
- Sakthi Sugars Limited - India
- Samtan Co., Ltd - South Korea
- Sinarmas Energy and Mining - Indonesia
- Oldendorff Carriers - Singapore
- Xindia Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Karbindo Abesyapradhi - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercuria Energy - Indonesia
- Attock Cement Pakistan Limited
- PTC India Limited - India
- Vedanta Resources Plc - India
- Timah Investasi Mineral - Indoneisa
- Sree Jayajothi Cements Limited - India
- San Jose City I Power Corp, Philippines
- Mintek Dendrill Indonesia
- Anglo American - United Kingdom
- Madhucon Powers Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Kumho Petrochemical, South Korea
- Kapuas Tunggal Persada - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Georgia Ports Authority, United States
- Manunggal Multi Energi - Indonesia
- MS Steel International - UAE
- Sojitz Corporation - Japan
- Riau Bara Harum - Indonesia
- Deloitte Consulting - India
- Holcim Trading Pte Ltd - Singapore
- Bangladesh Power Developement Board
- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
- European Bulk Services B.V. - Netherlands
- Port Waratah Coal Services - Australia
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