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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, 24 June 19
KOMIPO INVITED BITUMINOUS COAL BIDS FOR BORYEONG & SHIN BORYEONG POWER PLANTS
South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 260,000 MT MT of min. 5700 NAR coal and 240,000 MT of min. 4,600 k ...
Sunday, 23 June 19
SUPRAMAX: A 56,000-DWT WAS FIXED FROM INDONESIA TO VIETNAM AT $10,000 - BALTIC BRIEFING
Capesize
The story over the past week has been largely Atlantic dominated as the basin’s uniquely volatile characteristics came into play ...
Saturday, 22 June 19
OPEC'S BATTLE FOR CONTROL OF THE OIL MARKET - WOOD MACKENZIE
Oil supply is confounding expectations. We have just raised our forecasts for non-OPEC production, the latest in a series of incremental increases. ...
Friday, 21 June 19
INDONESIA'S BAYAN RESOURCES SIGNED A COAL SUPPLY AGREEMENT WITH THE BANGLADESH BCPCL TO SUPPLY 23 MILLION TONS OF COAL FOR 10 YEARS
On Monday, 17th June 2019, PT. Bayan Resources signed a Coal supply Agreement with the Bangladesh- China Power Company (Pvt.) Limited. BCPCL is a j ...
Thursday, 20 June 19
BUMI RESOURCES EXPECTS TO SELL 42 MILLION TONS OF COAL IN FIRST HALF - JAKARTA POST
PT Bumi Resources (BUMI), Indonesia's largest thermal coal miner, expects to close the first half of this year with coal sales of 42 million to ...
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- Wood Mackenzie - Singapore
- Straits Asia Resources Limited - Singapore
- Anglo American - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Georgia Ports Authority, United States
- Parliament of New Zealand
- Ind-Barath Power Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Ambuja Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Standard Chartered Bank - UAE
- Grasim Industreis Ltd - India
- London Commodity Brokers - England
- Sree Jayajothi Cements Limited - India
- Kartika Selabumi Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Formosa Plastics Group - Taiwan
- SN Aboitiz Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Timah Investasi Mineral - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PowerSource Philippines DevCo
- Ministry of Mines - Canada
- Latin American Coal - Colombia
- Marubeni Corporation - India
- Deloitte Consulting - India
- Renaissance Capital - South Africa
- Mercator Lines Limited - India
- Meenaskhi Energy Private Limited - India
- Bhushan Steel Limited - India
- Bayan Resources Tbk. - Indonesia
- Pendopo Energi Batubara - Indonesia
- Savvy Resources Ltd - HongKong
- Rio Tinto Coal - Australia
- Bangladesh Power Developement Board
- Orica Australia Pty. Ltd.
- Malabar Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Lanco Infratech Ltd - India
- Larsen & Toubro Limited - India
- Antam Resourcindo - Indonesia
- Cement Manufacturers Association - India
- Salva Resources Pvt Ltd - India
- Bharathi Cement Corporation - India
- Independent Power Producers Association of India
- Minerals Council of Australia
- Maheswari Brothers Coal Limited - India
- The University of Queensland
- Billiton Holdings Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Sical Logistics Limited - India
- Chettinad Cement Corporation Ltd - India
- Economic Council, Georgia
- Trasteel International SA, Italy
- Jindal Steel & Power Ltd - India
- Singapore Mercantile Exchange
- Baramulti Group, Indonesia
- OPG Power Generation Pvt Ltd - India
- GMR Energy Limited - India
- Mintek Dendrill Indonesia
- Simpson Spence & Young - Indonesia
- White Energy Company Limited
- Mercuria Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- IEA Clean Coal Centre - UK
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Altura Mining Limited, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Edison Trading Spa - Italy
- Mjunction Services Limited - India
- Australian Commodity Traders Exchange
- Makarim & Taira - Indonesia
- Kobexindo Tractors - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- CNBM International Corporation - China
- Asmin Koalindo Tuhup - Indonesia
- Therma Luzon, Inc, Philippines
- Heidelberg Cement - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Star Paper Mills Limited - India
- Thai Mozambique Logistica
- Orica Mining Services - Indonesia
- Electricity Authority, New Zealand
- Energy Link Ltd, New Zealand
- Videocon Industries ltd - India
- Indonesian Coal Mining Association
- Kepco SPC Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Planning Commission, India
- Interocean Group of Companies - India
- Wilmar Investment Holdings
- Kumho Petrochemical, South Korea
- Electricity Generating Authority of Thailand
- Central Electricity Authority - India
- Indogreen Group - Indonesia
- Ceylon Electricity Board - Sri Lanka
- CIMB Investment Bank - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Finance - Indonesia
- Medco Energi Mining Internasional
- Bulk Trading Sa - Switzerland
- Indika Energy - Indonesia
- Attock Cement Pakistan Limited
- Kideco Jaya Agung - Indonesia
- MS Steel International - UAE
- Samtan Co., Ltd - South Korea
- PNOC Exploration Corporation - Philippines
- Aditya Birla Group - India
- Energy Development Corp, Philippines
- Borneo Indobara - Indonesia
- New Zealand Coal & Carbon
- Binh Thuan Hamico - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- GN Power Mariveles Coal Plant, Philippines
- Meralco Power Generation, Philippines
- Tata Chemicals Ltd - India
- Goldman Sachs - Singapore
- AsiaOL BioFuels Corp., Philippines
- VISA Power Limited - India
- Vizag Seaport Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- TeaM Sual Corporation - Philippines
- ASAPP Information Group - India
- McConnell Dowell - Australia
- Kalimantan Lumbung Energi - Indonesia
- Sojitz Corporation - Japan
- Indian Oil Corporation Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parry Sugars Refinery, India
- Tamil Nadu electricity Board
- Ministry of Transport, Egypt
- Bukit Makmur.PT - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Carbofer General Trading SA - India
- Semirara Mining Corp, Philippines
- Chamber of Mines of South Africa
- Directorate General of MIneral and Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Siam City Cement - Thailand
- Romanian Commodities Exchange
- Intertek Mineral Services - Indonesia
- GVK Power & Infra Limited - India
- India Bulls Power Limited - India
- Uttam Galva Steels Limited - India
- Africa Commodities Group - South Africa
- Price Waterhouse Coopers - Russia
- Gujarat Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- SMG Consultants - Indonesia
- Essar Steel Hazira Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- SMC Global Power, Philippines
- Riau Bara Harum - Indonesia
- Directorate Of Revenue Intelligence - India
- The State Trading Corporation of India Ltd
- Siam City Cement PLC, Thailand
- Kohat Cement Company Ltd. - Pakistan
- Australian Coal Association
- Oldendorff Carriers - Singapore
- Bhatia International Limited - India
- Eastern Energy - Thailand
- Coalindo Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Dalmia Cement Bharat India
- Sakthi Sugars Limited - India
- IHS Mccloskey Coal Group - USA
- Gujarat Sidhee Cement - India
- Maharashtra Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Iligan Light & Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Eastern Coal Council - USA
- Global Green Power PLC Corporation, Philippines
- Central Java Power - Indonesia
- Petron Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Port Waratah Coal Services - Australia
- Thiess Contractors Indonesia
- Kapuas Tunggal Persada - Indonesia
- Commonwealth Bank - Australia
- Indo Tambangraya Megah - Indonesia
- PTC India Limited - India
- GAC Shipping (India) Pvt Ltd
- San Jose City I Power Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Vedanta Resources Plc - India
- Coal and Oil Company - UAE
- Indian Energy Exchange, India
- Vijayanagar Sugar Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Xindia Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Barasentosa Lestari - Indonesia
- Posco Energy - South Korea
- Power Finance Corporation Ltd., India
- ICICI Bank Limited - India
- Jaiprakash Power Ventures ltd
- Sinarmas Energy and Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining and Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Metalloyd Limited - United Kingdom
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