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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, 12 June 19
IMO 2020 - COUNTDOWN TO 1 JANUARY 2020 -HOW WILL THE CHANGES AFFECT REFINING AND SHIPPING? - WOOD MACKENZIE
We know that the IMO’s regulations represent the biggest step change the shipping industry has ever seen and the implications will be felt th ...
Wednesday, 12 June 19
SHIPPING MARKET INSIGHT - INTERMODAL
This year’s tanker S&P activity keeps edging higher compared to the same period in 2018. Year to date we have seen some 143 ships, rangin ...
Tuesday, 11 June 19
INDONESIAN COAL PRICE REFERENCE SET AT $81.48 PER TON IN JUNE, DOWN 15.66 PERCENT YEAR-ON-YEAR
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, 10 June 19
CONSECUTIVE OWNERS OF CARGO: WHO HOLDS TITLE AND THE RIGHT TO SUE? - COLIN BIGGERS & PAISLEY
KNOWLEDGE TO ELEVATE
In Tritton Resources Pty Ltd v Ever Rock Navigation S.A. [2019] FCA 276, the Federal Court considered the application of ...
Monday, 10 June 19
KOSPO INVITES BIDS FOR 1,305,000 MT OF MIN 5600 KCAL/KG NCV COAL FOR SEPT 2019 TO DEC 2021
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 435,000 MT (per year) of max 5,600 kcal/kg N ...
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- The State Trading Corporation of India Ltd
- Bayan Resources Tbk. - Indonesia
- PTC India Limited - India
- Economic Council, Georgia
- Kohat Cement Company Ltd. - Pakistan
- Kapuas Tunggal Persada - Indonesia
- Coastal Gujarat Power Limited - India
- Malabar Cements Ltd - India
- The Treasury - Australian Government
- Wilmar Investment Holdings
- London Commodity Brokers - England
- Petrochimia International Co. Ltd.- Taiwan
- LBH Netherlands Bv - Netherlands
- Independent Power Producers Association of India
- International Coal Ventures Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Ambuja Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Planning Commission, India
- Altura Mining Limited, Indonesia
- Kobexindo Tractors - Indoneisa
- Intertek Mineral Services - Indonesia
- Minerals Council of Australia
- Coal and Oil Company - UAE
- Riau Bara Harum - Indonesia
- Essar Steel Hazira Ltd - India
- New Zealand Coal & Carbon
- Bukit Baiduri Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Indo Tambangraya Megah - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sarangani Energy Corporation, Philippines
- MS Steel International - UAE
- San Jose City I Power Corp, Philippines
- Indogreen Group - Indonesia
- Xindia Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Chamber of Mines of South Africa
- Lanco Infratech Ltd - India
- Barasentosa Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Iligan Light & Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Electricity Authority, New Zealand
- CIMB Investment Bank - Malaysia
- IEA Clean Coal Centre - UK
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Bhushan Steel Limited - India
- Mercator Lines Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Globalindo Alam Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Singapore Mercantile Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PowerSource Philippines DevCo
- Standard Chartered Bank - UAE
- Mjunction Services Limited - India
- Energy Link Ltd, New Zealand
- Bharathi Cement Corporation - India
- Sakthi Sugars Limited - India
- Siam City Cement PLC, Thailand
- Indian Energy Exchange, India
- Siam City Cement - Thailand
- Ministry of Mines - Canada
- Aboitiz Power Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Simpson Spence & Young - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- CNBM International Corporation - China
- Bhoruka Overseas - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Georgia Ports Authority, United States
- Deloitte Consulting - India
- Central Java Power - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Toyota Tsusho Corporation, Japan
- Kalimantan Lumbung Energi - Indonesia
- Tamil Nadu electricity Board
- Borneo Indobara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karbindo Abesyapradhi - Indoneisa
- Madhucon Powers Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Goldman Sachs - Singapore
- Aditya Birla Group - India
- Leighton Contractors Pty Ltd - Australia
- Romanian Commodities Exchange
- Marubeni Corporation - India
- Global Green Power PLC Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Parliament of New Zealand
- Videocon Industries ltd - India
- Global Coal Blending Company Limited - Australia
- Mercuria Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Heidelberg Cement - Germany
- Parry Sugars Refinery, India
- Eastern Energy - Thailand
- OPG Power Generation Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Binh Thuan Hamico - Vietnam
- Directorate Of Revenue Intelligence - India
- Posco Energy - South Korea
- SN Aboitiz Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- White Energy Company Limited
- Maharashtra Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Indian Oil Corporation Limited
- Ministry of Transport, Egypt
- GVK Power & Infra Limited - India
- Australian Commodity Traders Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Vedanta Resources Plc - India
- Price Waterhouse Coopers - Russia
- Merrill Lynch Commodities Europe
- Formosa Plastics Group - Taiwan
- Rashtriya Ispat Nigam Limited - India
- Port Waratah Coal Services - Australia
- Bahari Cakrawala Sebuku - Indonesia
- The University of Queensland
- Wood Mackenzie - Singapore
- Renaissance Capital - South Africa
- Indonesian Coal Mining Association
- Jaiprakash Power Ventures ltd
- Tata Chemicals Ltd - India
- Kaltim Prima Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Coal Association
- McConnell Dowell - Australia
- Orica Mining Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Latin American Coal - Colombia
- Commonwealth Bank - Australia
- Billiton Holdings Pty Ltd - Australia
- Energy Development Corp, Philippines
- Makarim & Taira - Indonesia
- Attock Cement Pakistan Limited
- Grasim Industreis Ltd - India
- Kumho Petrochemical, South Korea
- Bangladesh Power Developement Board
- SMC Global Power, Philippines
- TeaM Sual Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- VISA Power Limited - India
- Trasteel International SA, Italy
- Coalindo Energy - Indonesia
- Uttam Galva Steels Limited - India
- Antam Resourcindo - Indonesia
- India Bulls Power Limited - India
- ICICI Bank Limited - India
- Power Finance Corporation Ltd., India
- Interocean Group of Companies - India
- Orica Australia Pty. Ltd.
- Jorong Barutama Greston.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Electricity Generating Authority of Thailand
- South Luzon Thermal Energy Corporation
- GMR Energy Limited - India
- Thiess Contractors Indonesia
- Petron Corporation, Philippines
- Thai Mozambique Logistica
- PNOC Exploration Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Jindal Steel & Power Ltd - India
- Meralco Power Generation, Philippines
- Pendopo Energi Batubara - Indonesia
- Carbofer General Trading SA - India
- Straits Asia Resources Limited - Singapore
- Sojitz Corporation - Japan
- Africa Commodities Group - South Africa
- Anglo American - United Kingdom
- Eastern Coal Council - USA
- Rio Tinto Coal - Australia
- Bulk Trading Sa - Switzerland
- Bhatia International Limited - India
- Indika Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Edison Trading Spa - Italy
- Sindya Power Generating Company Private Ltd
- Oldendorff Carriers - Singapore
- Global Business Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Agrawal Coal Company - India
- IHS Mccloskey Coal Group - USA
- ASAPP Information Group - India
- Semirara Mining Corp, Philippines
- Gujarat Sidhee Cement - India
- AsiaOL BioFuels Corp., Philippines
- Ministry of Finance - Indonesia
- Star Paper Mills Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bukit Makmur.PT - Indonesia
- Cement Manufacturers Association - India
- Larsen & Toubro Limited - India
- Mintek Dendrill Indonesia
- Baramulti Group, Indonesia
- Central Electricity Authority - India
- European Bulk Services B.V. - Netherlands
- Medco Energi Mining Internasional
- Dalmia Cement Bharat India
- SMG Consultants - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
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