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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, 03 July 19
SHIPPING MARKET INSIGHT - INTERMODAL
The global shipping industry is facing numerous challenges at a time when geopolitical turmoil has escalated in view of the recent tension in the M ...
Monday, 01 July 19
COAL DEMAND RISES, BUT REMAINS BELOW PEAK LEVELS - FORBES
This article is the third in a series on BP’s recently-released Statistical Review of World Energy 2019. The Review provides a comprehensive ...
Saturday, 29 June 19
ULTRAMAX: FROM SOUTHEAST ASIA MORE COAL WAS ENTERING THE MARKET - BALTIC BRIEFING
Capesize
The market showed variability over the past week, as most routes were active yet sentiment differed from region to region. The Pacific ...
Wednesday, 26 June 19
SHIPPING MARKET INSIGHT - INTERMODAL
As the first half of the year is almost over, it is worth looking back at the sale and purchase activity during these months, focusing on the segme ...
Tuesday, 25 June 19
THERMAL COAL FUTURES ON THE ZHENGSHOU EXCHANGE ROSE - DANIEL HYNES
Coal markets were buoyed by ongoing supply side issues.
According to Daniel Hynes, Senior Commodity Strategist of ANZ, the the ...
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- CNBM International Corporation - China
- Kideco Jaya Agung - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Globalindo Alam Lestari - Indonesia
- Bangladesh Power Developement Board
- Asmin Koalindo Tuhup - Indonesia
- New Zealand Coal & Carbon
- Toyota Tsusho Corporation, Japan
- Grasim Industreis Ltd - India
- Thiess Contractors Indonesia
- Maheswari Brothers Coal Limited - India
- The University of Queensland
- Goldman Sachs - Singapore
- GVK Power & Infra Limited - India
- Savvy Resources Ltd - HongKong
- Price Waterhouse Coopers - Russia
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement - Thailand
- Anglo American - United Kingdom
- Energy Link Ltd, New Zealand
- Eastern Coal Council - USA
- Mintek Dendrill Indonesia
- Coastal Gujarat Power Limited - India
- Sojitz Corporation - Japan
- Bulk Trading Sa - Switzerland
- Mjunction Services Limited - India
- Coal and Oil Company - UAE
- Electricity Authority, New Zealand
- Coalindo Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Planning Commission, India
- Leighton Contractors Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- OPG Power Generation Pvt Ltd - India
- Xindia Steels Limited - India
- Standard Chartered Bank - UAE
- Karaikal Port Pvt Ltd - India
- Interocean Group of Companies - India
- Jindal Steel & Power Ltd - India
- Parliament of New Zealand
- GAC Shipping (India) Pvt Ltd
- Sree Jayajothi Cements Limited - India
- Marubeni Corporation - India
- Ind-Barath Power Infra Limited - India
- Rio Tinto Coal - Australia
- Dalmia Cement Bharat India
- Banpu Public Company Limited - Thailand
- Cement Manufacturers Association - India
- Aditya Birla Group - India
- Kartika Selabumi Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Carbofer General Trading SA - India
- Global Business Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kumho Petrochemical, South Korea
- Krishnapatnam Port Company Ltd. - India
- Iligan Light & Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Malabar Cements Ltd - India
- MS Steel International - UAE
- Parry Sugars Refinery, India
- ASAPP Information Group - India
- VISA Power Limited - India
- Essar Steel Hazira Ltd - India
- European Bulk Services B.V. - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- International Coal Ventures Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Star Paper Mills Limited - India
- Attock Cement Pakistan Limited
- Bukit Makmur.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Larsen & Toubro Limited - India
- Bharathi Cement Corporation - India
- Bayan Resources Tbk. - Indonesia
- Australian Coal Association
- Kapuas Tunggal Persada - Indonesia
- India Bulls Power Limited - India
- Tamil Nadu electricity Board
- Ambuja Cements Ltd - India
- Heidelberg Cement - Germany
- Medco Energi Mining Internasional
- Madhucon Powers Ltd - India
- Electricity Generating Authority of Thailand
- GN Power Mariveles Coal Plant, Philippines
- Timah Investasi Mineral - Indoneisa
- Mercuria Energy - Indonesia
- Antam Resourcindo - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Deloitte Consulting - India
- Chamber of Mines of South Africa
- Kobexindo Tractors - Indoneisa
- SMC Global Power, Philippines
- Wood Mackenzie - Singapore
- Edison Trading Spa - Italy
- Wilmar Investment Holdings
- Thai Mozambique Logistica
- Neyveli Lignite Corporation Ltd, - India
- Trasteel International SA, Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercator Lines Limited - India
- Eastern Energy - Thailand
- Oldendorff Carriers - Singapore
- GMR Energy Limited - India
- Bhatia International Limited - India
- Intertek Mineral Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Ministry of Mines - Canada
- Georgia Ports Authority, United States
- The State Trading Corporation of India Ltd
- Barasentosa Lestari - Indonesia
- Indika Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Vedanta Resources Plc - India
- Gujarat Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Indo Tambangraya Megah - Indonesia
- Videocon Industries ltd - India
- Orica Mining Services - Indonesia
- London Commodity Brokers - England
- Sakthi Sugars Limited - India
- Alfred C Toepfer International GmbH - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- White Energy Company Limited
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- TeaM Sual Corporation - Philippines
- Indogreen Group - Indonesia
- LBH Netherlands Bv - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Pendopo Energi Batubara - Indonesia
- Baramulti Group, Indonesia
- Indian Oil Corporation Limited
- Sarangani Energy Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Power Finance Corporation Ltd., India
- Independent Power Producers Association of India
- Merrill Lynch Commodities Europe
- San Jose City I Power Corp, Philippines
- Bhoruka Overseas - Indonesia
- Jaiprakash Power Ventures ltd
- Africa Commodities Group - South Africa
- Australian Commodity Traders Exchange
- Riau Bara Harum - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Latin American Coal - Colombia
- Bhushan Steel Limited - India
- Petron Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Lanco Infratech Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Central Java Power - Indonesia
- SN Aboitiz Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Bukit Baiduri Energy - Indonesia
- Energy Development Corp, Philippines
- SMG Consultants - Indonesia
- Renaissance Capital - South Africa
- PowerSource Philippines DevCo
- Commonwealth Bank - Australia
- Indian Energy Exchange, India
- Romanian Commodities Exchange
- Uttam Galva Steels Limited - India
- Altura Mining Limited, Indonesia
- Metalloyd Limited - United Kingdom
- Central Electricity Authority - India
- Port Waratah Coal Services - Australia
- Semirara Mining Corp, Philippines
- Economic Council, Georgia
- IHS Mccloskey Coal Group - USA
- Posco Energy - South Korea
- PTC India Limited - India
- ICICI Bank Limited - India
- AsiaOL BioFuels Corp., Philippines
- Rashtriya Ispat Nigam Limited - India
- Makarim & Taira - Indonesia
- Meenaskhi Energy Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement PLC, Thailand
- Ministry of Finance - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Agrawal Coal Company - India
- Holcim Trading Pte Ltd - Singapore
- Kaltim Prima Coal - Indonesia
- Meralco Power Generation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- McConnell Dowell - Australia
- Simpson Spence & Young - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Salva Resources Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Ministry of Transport, Egypt
- Miang Besar Coal Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- The Treasury - Australian Government
- Gujarat Sidhee Cement - India
- Therma Luzon, Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Tata Chemicals Ltd - India
- South Luzon Thermal Energy Corporation
- Minerals Council of Australia
- Singapore Mercantile Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Green Power PLC Corporation, Philippines
- Indonesian Coal Mining Association
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