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