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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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Sunday, 11 August 19
ULTRAMAX: A 58,000DWT VESSEL OPEN KEMAMAN FIXED FOR TWO TO THREE LADEN LEGS, REDELIVERY SINGAPORE-JAPAN, AT $12,250 - BALTIC BRIEFING
Capesize
With typhoon Lekima gathering pace, numerous China ports were closed by the end of the week and will likely be for two to three days. ...
Tuesday, 06 August 19
SHIPPING MARKET INSIGHT - INTERMODAL
On the 12th of May four tankers were attacked near the coast of Fujairah. The tankers hit were waiving international flags such as that of No ...
Monday, 05 August 19
SUPRAMAX: COAL FROM INDONESIA TO CHINA PAID AT MID $8,000S ON A 57,000-TONNER DELIVERY SOUTH CHINA - BALTIC BRIEFING
Capesize
Having hit a high of $32,963 early last week, the Capesize 5TC now stands at $25,749. This is over 20% of its value lost in 10 days. C ...
Thursday, 01 August 19
PANAMAX: THE SENTIMENT IN THE MARKET IS STILL POSITIVE FOR THE LONGER TERM - FEARNLEYS
Capesize
Two weeks ago the 5TC index was at 33,000 USD pd. Since then it has fallen off a bit and has stayed around 27,000 USD pd the last week ...
Thursday, 01 August 19
INDIKA ENERGY REVENUES DECLINE DUE TO LOW COAL PRICES
One of the largest Indonesian integrated energy companies PT Indika Energy Tbk posted revenues of US $ 1,380.4 million, down 4.6% compared to US $ ...
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- Makarim & Taira - Indonesia
- Medco Energi Mining Internasional
- Thiess Contractors Indonesia
- Semirara Mining and Power Corporation, Philippines
- VISA Power Limited - India
- Mercuria Energy - Indonesia
- PTC India Limited - India
- Rashtriya Ispat Nigam Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement - Thailand
- Xindia Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Tamil Nadu electricity Board
- Sarangani Energy Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Ambuja Cements Ltd - India
- Wood Mackenzie - Singapore
- Metalloyd Limited - United Kingdom
- New Zealand Coal & Carbon
- Pendopo Energi Batubara - Indonesia
- Oldendorff Carriers - Singapore
- Ministry of Mines - Canada
- Indika Energy - Indonesia
- Indian Oil Corporation Limited
- Edison Trading Spa - Italy
- Binh Thuan Hamico - Vietnam
- White Energy Company Limited
- Simpson Spence & Young - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Energy - Thailand
- Energy Link Ltd, New Zealand
- Coalindo Energy - Indonesia
- Minerals Council of Australia
- Jaiprakash Power Ventures ltd
- Sinarmas Energy and Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- The Treasury - Australian Government
- Posco Energy - South Korea
- San Jose City I Power Corp, Philippines
- Renaissance Capital - South Africa
- Therma Luzon, Inc, Philippines
- ASAPP Information Group - India
- Savvy Resources Ltd - HongKong
- Bukit Asam (Persero) Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Grasim Industreis Ltd - India
- Kideco Jaya Agung - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Rio Tinto Coal - Australia
- Kartika Selabumi Mining - Indonesia
- Sojitz Corporation - Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wilmar Investment Holdings
- Sical Logistics Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Holcim Trading Pte Ltd - Singapore
- Dalmia Cement Bharat India
- Bharathi Cement Corporation - India
- Alfred C Toepfer International GmbH - Germany
- ICICI Bank Limited - India
- Gujarat Sidhee Cement - India
- Aboitiz Power Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- GMR Energy Limited - India
- Orica Australia Pty. Ltd.
- Bhoruka Overseas - Indonesia
- Meenaskhi Energy Private Limited - India
- Parry Sugars Refinery, India
- Agrawal Coal Company - India
- Bayan Resources Tbk. - Indonesia
- McConnell Dowell - Australia
- Barasentosa Lestari - Indonesia
- Parliament of New Zealand
- Bhushan Steel Limited - India
- Trasteel International SA, Italy
- Economic Council, Georgia
- Global Coal Blending Company Limited - Australia
- CIMB Investment Bank - Malaysia
- Ind-Barath Power Infra Limited - India
- Tata Chemicals Ltd - India
- Power Finance Corporation Ltd., India
- Sindya Power Generating Company Private Ltd
- Vedanta Resources Plc - India
- Merrill Lynch Commodities Europe
- Attock Cement Pakistan Limited
- Australian Coal Association
- London Commodity Brokers - England
- Price Waterhouse Coopers - Russia
- The State Trading Corporation of India Ltd
- MS Steel International - UAE
- Gujarat Mineral Development Corp Ltd - India
- Kepco SPC Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Java Power - Indonesia
- Independent Power Producers Association of India
- Semirara Mining Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Indogreen Group - Indonesia
- Uttam Galva Steels Limited - India
- Ministry of Finance - Indonesia
- Maheswari Brothers Coal Limited - India
- Star Paper Mills Limited - India
- IHS Mccloskey Coal Group - USA
- Standard Chartered Bank - UAE
- Bhatia International Limited - India
- Aditya Birla Group - India
- Kapuas Tunggal Persada - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Chettinad Cement Corporation Ltd - India
- Banpu Public Company Limited - Thailand
- PNOC Exploration Corporation - Philippines
- Coal and Oil Company - UAE
- Lanco Infratech Ltd - India
- Baramulti Group, Indonesia
- Mintek Dendrill Indonesia
- Manunggal Multi Energi - Indonesia
- Siam City Cement PLC, Thailand
- Central Electricity Authority - India
- The University of Queensland
- India Bulls Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Energy Development Corp, Philippines
- Africa Commodities Group - South Africa
- Toyota Tsusho Corporation, Japan
- Eastern Coal Council - USA
- Sakthi Sugars Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cigading International Bulk Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Cement Manufacturers Association - India
- CNBM International Corporation - China
- Coastal Gujarat Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Iligan Light & Power Inc, Philippines
- Commonwealth Bank - Australia
- Anglo American - United Kingdom
- Intertek Mineral Services - Indonesia
- Heidelberg Cement - Germany
- Mercator Lines Limited - India
- Mjunction Services Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Videocon Industries ltd - India
- Orica Mining Services - Indonesia
- Kumho Petrochemical, South Korea
- European Bulk Services B.V. - Netherlands
- TeaM Sual Corporation - Philippines
- Larsen & Toubro Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Karaikal Port Pvt Ltd - India
- Planning Commission, India
- IEA Clean Coal Centre - UK
- Malabar Cements Ltd - India
- PowerSource Philippines DevCo
- Bangladesh Power Developement Board
- Electricity Generating Authority of Thailand
- AsiaOL BioFuels Corp., Philippines
- Indian Energy Exchange, India
- Madhucon Powers Ltd - India
- Georgia Ports Authority, United States
- Petron Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Carbofer General Trading SA - India
- Directorate Of Revenue Intelligence - India
- Romanian Commodities Exchange
- Marubeni Corporation - India
- Latin American Coal - Colombia
- Miang Besar Coal Terminal - Indonesia
- Deloitte Consulting - India
- Neyveli Lignite Corporation Ltd, - India
- Borneo Indobara - Indonesia
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- GAC Shipping (India) Pvt Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Kaltim Prima Coal - Indonesia
- Meralco Power Generation, Philippines
- Straits Asia Resources Limited - Singapore
- Gujarat Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Ministry of Transport, Egypt
- Indonesian Coal Mining Association
- LBH Netherlands Bv - Netherlands
- Essar Steel Hazira Ltd - India
- Interocean Group of Companies - India
- Indo Tambangraya Megah - Indonesia
- Electricity Authority, New Zealand
- Timah Investasi Mineral - Indoneisa
- Bulk Trading Sa - Switzerland
- Samtan Co., Ltd - South Korea
- Goldman Sachs - Singapore
- Bukit Baiduri Energy - Indonesia
- Chamber of Mines of South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Singapore Mercantile Exchange
- SMG Consultants - Indonesia
- Sree Jayajothi Cements Limited - India
- Billiton Holdings Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Thai Mozambique Logistica
- Antam Resourcindo - Indonesia
- Australian Commodity Traders Exchange
- Port Waratah Coal Services - Australia
- Vijayanagar Sugar Pvt Ltd - India
- SMC Global Power, Philippines
- Asmin Koalindo Tuhup - Indonesia
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