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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, 02 December 19
OPEC PREPS FOR OIL'S 2020 BALANCING ACT - WOOD MACKENZIE
What steps should OPEC and its non-OPEC partners take to keep the market in balance in 2020? Ahead of OPEC’s meeting in Vienna on 5 and 6 Dec ...
Monday, 02 December 19
GREENER LNG IS VITAL TO ASIA'S SUSTAINABLE DEVELOPMENT - WOOD MACKENZIE
Asia struggles with the world’s worst air pollution. Delhi hit the headlines in November 2019 as levels spiked to such hazardous levels that ...
Monday, 02 December 19
5TH EAST & SOUTHERN AFRICA GAS & LNG CONFERENCE 2020
5th East & Southern Africa Gas & LNG Conference 2020
April 2-3
Maputo, Mozambique
5th East & Southern Afri ...
Monday, 02 December 19
5TH DEEPWATER EAST & SOUTHERN AFRICA CONGRESS 2020
5th Deepwater East & Southern Africa Congress 2020
April 2-3
Maputo, Mozambique
5th Deepwater East & Southern ...
Sunday, 01 December 19
6TH CENTRAL & EASTERN EUROPE NUCLEAR INDUSTRY CONGRESS 2020
6th Central & Eastern Europe Nuclear Industry Congress 2020
January 20-21 | Prague, Czech Republic
Overview
6th ...
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- Holcim Trading Pte Ltd - Singapore
- Bhatia International Limited - India
- VISA Power Limited - India
- Central Java Power - Indonesia
- Price Waterhouse Coopers - Russia
- TeaM Sual Corporation - Philippines
- Larsen & Toubro Limited - India
- Maheswari Brothers Coal Limited - India
- Meralco Power Generation, Philippines
- Edison Trading Spa - Italy
- Salva Resources Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Simpson Spence & Young - Indonesia
- Minerals Council of Australia
- Aboitiz Power Corporation - Philippines
- ICICI Bank Limited - India
- Binh Thuan Hamico - Vietnam
- Indian Energy Exchange, India
- Videocon Industries ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- CNBM International Corporation - China
- Sical Logistics Limited - India
- India Bulls Power Limited - India
- Sindya Power Generating Company Private Ltd
- Vedanta Resources Plc - India
- Bukit Baiduri Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Electricity Authority, New Zealand
- Bukit Makmur.PT - Indonesia
- Mercuria Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Marubeni Corporation - India
- Trasteel International SA, Italy
- Kalimantan Lumbung Energi - Indonesia
- The State Trading Corporation of India Ltd
- PNOC Exploration Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- GVK Power & Infra Limited - India
- Renaissance Capital - South Africa
- Semirara Mining Corp, Philippines
- Attock Cement Pakistan Limited
- Sojitz Corporation - Japan
- Indian Oil Corporation Limited
- Economic Council, Georgia
- Timah Investasi Mineral - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Rashtriya Ispat Nigam Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bangladesh Power Developement Board
- Parliament of New Zealand
- Banpu Public Company Limited - Thailand
- Power Finance Corporation Ltd., India
- Singapore Mercantile Exchange
- San Jose City I Power Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Bhoruka Overseas - Indonesia
- Coal and Oil Company - UAE
- Kaltim Prima Coal - Indonesia
- Coalindo Energy - Indonesia
- Carbofer General Trading SA - India
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- Chettinad Cement Corporation Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Planning Commission, India
- White Energy Company Limited
- PTC India Limited - India
- Orica Australia Pty. Ltd.
- Thai Mozambique Logistica
- Ministry of Transport, Egypt
- Bayan Resources Tbk. - Indonesia
- Sarangani Energy Corporation, Philippines
- London Commodity Brokers - England
- International Coal Ventures Pvt Ltd - India
- Anglo American - United Kingdom
- Kideco Jaya Agung - Indonesia
- Grasim Industreis Ltd - India
- Bhushan Steel Limited - India
- Chamber of Mines of South Africa
- Pendopo Energi Batubara - Indonesia
- Aditya Birla Group - India
- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- Central Electricity Authority - India
- Indogreen Group - Indonesia
- Ministry of Finance - Indonesia
- IEA Clean Coal Centre - UK
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Makarim & Taira - Indonesia
- Kumho Petrochemical, South Korea
- Australian Commodity Traders Exchange
- Directorate General of MIneral and Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Barasentosa Lestari - Indonesia
- MS Steel International - UAE
- Merrill Lynch Commodities Europe
- Posco Energy - South Korea
- Altura Mining Limited, Indonesia
- Sree Jayajothi Cements Limited - India
- Metalloyd Limited - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Wood Mackenzie - Singapore
- Indonesian Coal Mining Association
- Borneo Indobara - Indonesia
- South Luzon Thermal Energy Corporation
- Gujarat Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Krishnapatnam Port Company Ltd. - India
- Mercator Lines Limited - India
- Global Business Power Corporation, Philippines
- Mjunction Services Limited - India
- Romanian Commodities Exchange
- Global Coal Blending Company Limited - Australia
- GAC Shipping (India) Pvt Ltd
- Dalmia Cement Bharat India
- New Zealand Coal & Carbon
- SMC Global Power, Philippines
- Rio Tinto Coal - Australia
- Georgia Ports Authority, United States
- Electricity Generating Authority of Thailand
- Agrawal Coal Company - India
- GMR Energy Limited - India
- Siam City Cement - Thailand
- Global Green Power PLC Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- The University of Queensland
- Petrochimia International Co. Ltd.- Taiwan
- Cement Manufacturers Association - India
- Siam City Cement PLC, Thailand
- Bharathi Cement Corporation - India
- Jindal Steel & Power Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- European Bulk Services B.V. - Netherlands
- ASAPP Information Group - India
- Alfred C Toepfer International GmbH - Germany
- Ministry of Mines - Canada
- Commonwealth Bank - Australia
- Iligan Light & Power Inc, Philippines
- Eastern Energy - Thailand
- AsiaOL BioFuels Corp., Philippines
- Gujarat Sidhee Cement - India
- Sinarmas Energy and Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- The Treasury - Australian Government
- Interocean Group of Companies - India
- Xindia Steels Limited - India
- Eastern Coal Council - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Heidelberg Cement - Germany
- Tamil Nadu electricity Board
- Formosa Plastics Group - Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Mineral Development Corp Ltd - India
- Vizag Seaport Private Limited - India
- Essar Steel Hazira Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Wilmar Investment Holdings
- Star Paper Mills Limited - India
- Globalindo Alam Lestari - Indonesia
- Energy Development Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Latin American Coal - Colombia
- Energy Link Ltd, New Zealand
- Medco Energi Mining Internasional
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Antam Resourcindo - Indonesia
- Australian Coal Association
- Kobexindo Tractors - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Petron Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Malabar Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Riau Bara Harum - Indonesia
- Therma Luzon, Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Madhucon Powers Ltd - India
- Savvy Resources Ltd - HongKong
- Indo Tambangraya Megah - Indonesia
- SMG Consultants - Indonesia
- Parry Sugars Refinery, India
- IHS Mccloskey Coal Group - USA
- Kartika Selabumi Mining - Indonesia
- Uttam Galva Steels Limited - India
- Africa Commodities Group - South Africa
- Mintek Dendrill Indonesia
- Port Waratah Coal Services - Australia
- Meenaskhi Energy Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karaikal Port Pvt Ltd - India
- Baramulti Group, Indonesia
- Oldendorff Carriers - Singapore
- Thiess Contractors Indonesia
- PowerSource Philippines DevCo
- Lanco Infratech Ltd - India
- Goldman Sachs - Singapore
- Indika Energy - Indonesia
- Ambuja Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Leighton Contractors Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Directorate Of Revenue Intelligence - India
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