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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, 18 June 19
TANKER SHIPPING: WHILE WE WAIT FOR 2020 TO KICK IN, IT'S ALL ABOUT POLITICS - BIMCO
Demand drivers and freight rates
Iran, Libya and Venezuela face export limitations because of sanctions and internal political troubles. At the s ...
Saturday, 15 June 19
SUPRAMAX: A 58,000-TONNER, OPEN QINGDAO, WAS BOOKED TO REDELIVER IN EAST COAST INDIA AT $6,500 - BALTIC BRIEFING
Capesize
The market closed on a quiet Friday last week after a few hectic days of mid-week trading. Trade routes from Brazil to the Far East we ...
Friday, 14 June 19
PANAMAX: OUTLOOK IS MIXED - FERNLEYS
Capesize
Sentiment changed to a more nervous tone as pacific cargo volumes failed to deliver as expected, however latest activity indicates res ...
Friday, 14 June 19
ELECTRONIC (PAPERLESS) TRADING - SKULD
KNOWLEDGE TO ELEVATE
Electronic Shipping Solutions: Bolero International Ltd, E-Title Authority Pte Ltd, Global Share S.A. (edoxOnline platfor ...
Wednesday, 12 June 19
KOSPO INVITES BIDS FOR 140,000 MT OF 4,600 NCV COAL FOR SEP. 2019 LOADING
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 140,000 MT of minimum 4,600 kcal/kg NCV coal ...
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- Videocon Industries ltd - India
- Chettinad Cement Corporation Ltd - India
- Mercator Lines Limited - India
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Sojitz Corporation - Japan
- Bukit Asam (Persero) Tbk - Indonesia
- London Commodity Brokers - England
- Coastal Gujarat Power Limited - India
- Attock Cement Pakistan Limited
- Power Finance Corporation Ltd., India
- Iligan Light & Power Inc, Philippines
- Africa Commodities Group - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Oil Corporation Limited
- Gujarat Sidhee Cement - India
- Bhoruka Overseas - Indonesia
- Larsen & Toubro Limited - India
- Lanco Infratech Ltd - India
- Maheswari Brothers Coal Limited - India
- Kumho Petrochemical, South Korea
- Pendopo Energi Batubara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Independent Power Producers Association of India
- The University of Queensland
- Kartika Selabumi Mining - Indonesia
- New Zealand Coal & Carbon
- Vedanta Resources Plc - India
- Pipit Mutiara Jaya. PT, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Planning Commission, India
- Kideco Jaya Agung - Indonesia
- Sindya Power Generating Company Private Ltd
- Sakthi Sugars Limited - India
- Bharathi Cement Corporation - India
- Malabar Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Marubeni Corporation - India
- Global Coal Blending Company Limited - Australia
- Antam Resourcindo - Indonesia
- Indika Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Intertek Mineral Services - Indonesia
- Formosa Plastics Group - Taiwan
- Semirara Mining Corp, Philippines
- Edison Trading Spa - Italy
- TeaM Sual Corporation - Philippines
- Commonwealth Bank - Australia
- Rio Tinto Coal - Australia
- Thai Mozambique Logistica
- Eastern Coal Council - USA
- Krishnapatnam Port Company Ltd. - India
- Indogreen Group - Indonesia
- Orica Australia Pty. Ltd.
- Price Waterhouse Coopers - Russia
- Energy Development Corp, Philippines
- Electricity Authority, New Zealand
- Renaissance Capital - South Africa
- Billiton Holdings Pty Ltd - Australia
- Cement Manufacturers Association - India
- Karaikal Port Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Link Ltd, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Kohat Cement Company Ltd. - Pakistan
- PowerSource Philippines DevCo
- South Luzon Thermal Energy Corporation
- Deloitte Consulting - India
- Samtan Co., Ltd - South Korea
- Australian Commodity Traders Exchange
- San Jose City I Power Corp, Philippines
- Global Business Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Bayan Resources Tbk. - Indonesia
- Ind-Barath Power Infra Limited - India
- Meralco Power Generation, Philippines
- Bhatia International Limited - India
- Alfred C Toepfer International GmbH - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Finance - Indonesia
- Borneo Indobara - Indonesia
- Tata Chemicals Ltd - India
- ICICI Bank Limited - India
- Indo Tambangraya Megah - Indonesia
- Standard Chartered Bank - UAE
- Banpu Public Company Limited - Thailand
- Jaiprakash Power Ventures ltd
- Bangladesh Power Developement Board
- Toyota Tsusho Corporation, Japan
- Bukit Baiduri Energy - Indonesia
- Wood Mackenzie - Singapore
- Petron Corporation, Philippines
- Riau Bara Harum - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wilmar Investment Holdings
- Semirara Mining and Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Anglo American - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Heidelberg Cement - Germany
- MS Steel International - UAE
- Miang Besar Coal Terminal - Indonesia
- Parry Sugars Refinery, India
- Central Electricity Authority - India
- Barasentosa Lestari - Indonesia
- VISA Power Limited - India
- Vizag Seaport Private Limited - India
- Therma Luzon, Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Thiess Contractors Indonesia
- Gujarat Mineral Development Corp Ltd - India
- OPG Power Generation Pvt Ltd - India
- McConnell Dowell - Australia
- Makarim & Taira - Indonesia
- Goldman Sachs - Singapore
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Indian Energy Exchange, India
- Rashtriya Ispat Nigam Limited - India
- Bhushan Steel Limited - India
- Georgia Ports Authority, United States
- Jorong Barutama Greston.PT - Indonesia
- Posco Energy - South Korea
- Dalmia Cement Bharat India
- Binh Thuan Hamico - Vietnam
- Sree Jayajothi Cements Limited - India
- SMC Global Power, Philippines
- Globalindo Alam Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Mintek Dendrill Indonesia
- Indonesian Coal Mining Association
- Vijayanagar Sugar Pvt Ltd - India
- ASAPP Information Group - India
- Agrawal Coal Company - India
- Romanian Commodities Exchange
- Karbindo Abesyapradhi - Indoneisa
- Eastern Energy - Thailand
- Uttam Galva Steels Limited - India
- Merrill Lynch Commodities Europe
- Essar Steel Hazira Ltd - India
- Coal and Oil Company - UAE
- Straits Asia Resources Limited - Singapore
- Aditya Birla Group - India
- Ceylon Electricity Board - Sri Lanka
- SMG Consultants - Indonesia
- Bukit Makmur.PT - Indonesia
- Ministry of Transport, Egypt
- IHS Mccloskey Coal Group - USA
- Interocean Group of Companies - India
- Gujarat Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- European Bulk Services B.V. - Netherlands
- The State Trading Corporation of India Ltd
- CNBM International Corporation - China
- International Coal Ventures Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Salva Resources Pvt Ltd - India
- PTC India Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement PLC, Thailand
- Central Java Power - Indonesia
- GMR Energy Limited - India
- Madhucon Powers Ltd - India
- Kaltim Prima Coal - Indonesia
- Minerals Council of Australia
- Leighton Contractors Pty Ltd - Australia
- White Energy Company Limited
- Siam City Cement - Thailand
- PNOC Exploration Corporation - Philippines
- Star Paper Mills Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Jindal Steel & Power Ltd - India
- Mjunction Services Limited - India
- Tamil Nadu electricity Board
- Ambuja Cements Ltd - India
- Coalindo Energy - Indonesia
- Oldendorff Carriers - Singapore
- Electricity Generating Authority of Thailand
- Singapore Mercantile Exchange
- Baramulti Group, Indonesia
- Altura Mining Limited, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Trasteel International SA, Italy
- AsiaOL BioFuels Corp., Philippines
- Grasim Industreis Ltd - India
- Chamber of Mines of South Africa
- CIMB Investment Bank - Malaysia
- Bulk Trading Sa - Switzerland
- Xindia Steels Limited - India
- India Bulls Power Limited - India
- Medco Energi Mining Internasional
- Ministry of Mines - Canada
- Sical Logistics Limited - India
- Savvy Resources Ltd - HongKong
- Aboitiz Power Corporation - Philippines
- Economic Council, Georgia
- The Treasury - Australian Government
- Metalloyd Limited - United Kingdom
- Port Waratah Coal Services - Australia
- Latin American Coal - Colombia
- Australian Coal Association
- Kobexindo Tractors - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- GAC Shipping (India) Pvt Ltd
- GVK Power & Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Mining Services - Indonesia
- Carbofer General Trading SA - India
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