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