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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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Tuesday, 16 July 19
SUPRAMAX: THE ASIAN ARENA WAS SPLIT, WITH A BUILD-UP OF TONNAGE AND LACK OF ENQUIRY IN THE NORTH - BALTIC BRIEFING
Capesize
It was a Brazilian affair with a strong splash of bunkers characterising the Capesize market over the past week. Largely traded in Eur ...
Wednesday, 10 July 19
KOREA SOUTH-EAST POWER INVITES BIDS FOR HCV AND LCV COAL FOR AUGUST 2019 LOADING
COALspot.com: South Korea’s Korea South-East Power Co., Ltd. (KOEN) has issued an international tender for total 460,000 to 500,000 Metric To ...
Wednesday, 10 July 19
SHIPPING MARKET INSIGHT - INTERMODAL
In contrast with the general expectations for the dry bulk market, the sector was not positive or even stable during the past 6 months. The warning ...
Monday, 08 July 19
INDONESIAN COAL PRICE REFERENCE POSTS BIGGEST MONTHLY LOSS SINCE JANUARY 2017
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down again the benchmark price of Indonesian th ...
Monday, 08 July 19
ULTRAMAX: A 52,000-TONNER OPEN CJK FIXED FOR A TRIP VIA INDONESIA WITH RE-DELIVERY CHINA AT $6,100 - BALTIC BRIEFING
Capesize
The Capesize market surged over the past week, reaching highs not seen since August last year. Widespread activity in both basins saw ...
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- Central Java Power - Indonesia
- Mintek Dendrill Indonesia
- Simpson Spence & Young - Indonesia
- Billiton Holdings Pty Ltd - Australia
- PowerSource Philippines DevCo
- Petron Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Trasteel International SA, Italy
- Samtan Co., Ltd - South Korea
- Deloitte Consulting - India
- Siam City Cement - Thailand
- Ministry of Transport, Egypt
- Electricity Generating Authority of Thailand
- Krishnapatnam Port Company Ltd. - India
- Indian Energy Exchange, India
- Kobexindo Tractors - Indoneisa
- Therma Luzon, Inc, Philippines
- Georgia Ports Authority, United States
- Malabar Cements Ltd - India
- CNBM International Corporation - China
- Miang Besar Coal Terminal - Indonesia
- Coal and Oil Company - UAE
- Neyveli Lignite Corporation Ltd, - India
- Latin American Coal - Colombia
- Renaissance Capital - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Eastern Energy - Thailand
- Oldendorff Carriers - Singapore
- Thiess Contractors Indonesia
- Meralco Power Generation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Australian Coal Association
- Sakthi Sugars Limited - India
- Wilmar Investment Holdings
- Iligan Light & Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Timah Investasi Mineral - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Tamil Nadu electricity Board
- OPG Power Generation Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- McConnell Dowell - Australia
- Agrawal Coal Company - India
- CIMB Investment Bank - Malaysia
- Metalloyd Limited - United Kingdom
- Mjunction Services Limited - India
- Rashtriya Ispat Nigam Limited - India
- San Jose City I Power Corp, Philippines
- Vizag Seaport Private Limited - India
- Toyota Tsusho Corporation, Japan
- Ministry of Mines - Canada
- GVK Power & Infra Limited - India
- Larsen & Toubro Limited - India
- Kumho Petrochemical, South Korea
- Heidelberg Cement - Germany
- GN Power Mariveles Coal Plant, Philippines
- Bhatia International Limited - India
- Goldman Sachs - Singapore
- India Bulls Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Borneo Indobara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Interocean Group of Companies - India
- Bhoruka Overseas - Indonesia
- Edison Trading Spa - Italy
- SN Aboitiz Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Oil Corporation Limited
- Gujarat Sidhee Cement - India
- Jorong Barutama Greston.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Sinarmas Energy and Mining - Indonesia
- Vedanta Resources Plc - India
- AsiaOL BioFuels Corp., Philippines
- Madhucon Powers Ltd - India
- Marubeni Corporation - India
- Aboitiz Power Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Standard Chartered Bank - UAE
- South Luzon Thermal Energy Corporation
- Africa Commodities Group - South Africa
- Global Green Power PLC Corporation, Philippines
- Electricity Authority, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- SMC Global Power, Philippines
- Maheswari Brothers Coal Limited - India
- Tata Chemicals Ltd - India
- Chettinad Cement Corporation Ltd - India
- Bukit Baiduri Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Sical Logistics Limited - India
- Bayan Resources Tbk. - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Medco Energi Mining Internasional
- Eastern Coal Council - USA
- Ceylon Electricity Board - Sri Lanka
- Bangladesh Power Developement Board
- Holcim Trading Pte Ltd - Singapore
- TeaM Sual Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The State Trading Corporation of India Ltd
- Dalmia Cement Bharat India
- Orica Australia Pty. Ltd.
- Offshore Bulk Terminal Pte Ltd, Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Power Finance Corporation Ltd., India
- The University of Queensland
- Parry Sugars Refinery, India
- Semirara Mining Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Lanco Infratech Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining and Power Corporation, Philippines
- Central Electricity Authority - India
- Kalimantan Lumbung Energi - Indonesia
- Merrill Lynch Commodities Europe
- Independent Power Producers Association of India
- LBH Netherlands Bv - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Aditya Birla Group - India
- Uttam Galva Steels Limited - India
- Baramulti Group, Indonesia
- PNOC Exploration Corporation - Philippines
- Wood Mackenzie - Singapore
- Indogreen Group - Indonesia
- Sree Jayajothi Cements Limited - India
- Karbindo Abesyapradhi - Indoneisa
- PTC India Limited - India
- Sarangani Energy Corporation, Philippines
- Riau Bara Harum - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Kideco Jaya Agung - Indonesia
- Thai Mozambique Logistica
- Altura Mining Limited, Indonesia
- Bharathi Cement Corporation - India
- GAC Shipping (India) Pvt Ltd
- Mercator Lines Limited - India
- Ministry of Finance - Indonesia
- Posco Energy - South Korea
- Indika Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Makarim & Taira - Indonesia
- Formosa Plastics Group - Taiwan
- ICICI Bank Limited - India
- Chamber of Mines of South Africa
- Singapore Mercantile Exchange
- European Bulk Services B.V. - Netherlands
- Jaiprakash Power Ventures ltd
- Price Waterhouse Coopers - Russia
- Alfred C Toepfer International GmbH - Germany
- MS Steel International - UAE
- Savvy Resources Ltd - HongKong
- PetroVietnam Power Coal Import and Supply Company
- Parliament of New Zealand
- Sojitz Corporation - Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Star Paper Mills Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- SMG Consultants - Indonesia
- IEA Clean Coal Centre - UK
- Global Coal Blending Company Limited - Australia
- Australian Commodity Traders Exchange
- The Treasury - Australian Government
- Rio Tinto Coal - Australia
- Salva Resources Pvt Ltd - India
- Grasim Industreis Ltd - India
- ASAPP Information Group - India
- Bhushan Steel Limited - India
- Essar Steel Hazira Ltd - India
- VISA Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Ambuja Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Romanian Commodities Exchange
- Orica Mining Services - Indonesia
- Carbofer General Trading SA - India
- Binh Thuan Hamico - Vietnam
- Directorate Of Revenue Intelligence - India
- Indonesian Coal Mining Association
- Attock Cement Pakistan Limited
- Intertek Mineral Services - Indonesia
- Mercuria Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Energy Link Ltd, New Zealand
- Coastal Gujarat Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Sindya Power Generating Company Private Ltd
- Global Business Power Corporation, Philippines
- Xindia Steels Limited - India
- Cement Manufacturers Association - India
- Coalindo Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jindal Steel & Power Ltd - India
- Planning Commission, India
- Anglo American - United Kingdom
- New Zealand Coal & Carbon
- Minerals Council of Australia
- Energy Development Corp, Philippines
- Economic Council, Georgia
- GMR Energy Limited - India
- Videocon Industries ltd - India
- London Commodity Brokers - England
- Kaltim Prima Coal - Indonesia
- Antam Resourcindo - Indonesia
- White Energy Company Limited
- Commonwealth Bank - Australia
- Siam City Cement PLC, Thailand
- Kartika Selabumi Mining - Indonesia
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