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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, 29 May 19
SHIPPING MARKET INSIGHT - INTERMODAL
Reflecting on the first quarter of 2019, the product tanker market was healthy, with average earnings significantly up compared to the first quarte ...
Sunday, 26 May 19
SUPRAMAX: A LIMITED ACTIVITY WAS REPORTED, WITH THE UPCOMING INDONESIAN HOLIDAYS SLOWING COAL MOVEMENTS - BALTIC BRIEFING
Capesize
The past week marked one of the busier periods for Capesizes this year. With a subdued start due to a public holiday in Singapore on M ...
Saturday, 18 May 19
SUPRAMAX: 56,000DWT OPEN PANJANG FIXING AT $10,500 FOR A TRIP VIA INDONESIA, AND REDELIVERY CHINA - BALTIC EXCHANGE
Capesize
The market continues to ebb and flow with a generally positive up trend. The Capesize 5TC opened with upward momentum from last week&r ...
Friday, 17 May 19
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remained flat during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Thursday, 16 May 19
SUPRAMAX: INDO/CHINA COAL RV TRADING AROUND US$ 9,000 BSS S.CHINA DELIVERY - FEARNLEYS
Capesize
This volatile segment is trying to find a clear direction from the present US$ 12,000/day earnings for standard units says Fearnleys W ...
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- Commonwealth Bank - Australia
- Riau Bara Harum - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Neyveli Lignite Corporation Ltd, - India
- Mercuria Energy - Indonesia
- Renaissance Capital - South Africa
- Rashtriya Ispat Nigam Limited - India
- Mintek Dendrill Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Edison Trading Spa - Italy
- ASAPP Information Group - India
- Simpson Spence & Young - Indonesia
- Chettinad Cement Corporation Ltd - India
- Georgia Ports Authority, United States
- Binh Thuan Hamico - Vietnam
- Siam City Cement - Thailand
- Directorate General of MIneral and Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Tata Chemicals Ltd - India
- Samtan Co., Ltd - South Korea
- Sinarmas Energy and Mining - Indonesia
- ICICI Bank Limited - India
- Bukit Baiduri Energy - Indonesia
- Australian Commodity Traders Exchange
- Sakthi Sugars Limited - India
- Independent Power Producers Association of India
- Africa Commodities Group - South Africa
- IHS Mccloskey Coal Group - USA
- LBH Netherlands Bv - Netherlands
- Ministry of Mines - Canada
- Uttam Galva Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Grasim Industreis Ltd - India
- PowerSource Philippines DevCo
- Asmin Koalindo Tuhup - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Heidelberg Cement - Germany
- Banpu Public Company Limited - Thailand
- Makarim & Taira - Indonesia
- Kideco Jaya Agung - Indonesia
- PNOC Exploration Corporation - Philippines
- Electricity Authority, New Zealand
- The University of Queensland
- Alfred C Toepfer International GmbH - Germany
- Karaikal Port Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Videocon Industries ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Directorate Of Revenue Intelligence - India
- Ind-Barath Power Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Coalindo Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Antam Resourcindo - Indonesia
- Malabar Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Siam City Cement PLC, Thailand
- Singapore Mercantile Exchange
- Billiton Holdings Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Romanian Commodities Exchange
- Jaiprakash Power Ventures ltd
- Parliament of New Zealand
- Tamil Nadu electricity Board
- Central Java Power - Indonesia
- Standard Chartered Bank - UAE
- Cigading International Bulk Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Posco Energy - South Korea
- Pendopo Energi Batubara - Indonesia
- Merrill Lynch Commodities Europe
- SMG Consultants - Indonesia
- Interocean Group of Companies - India
- Indika Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- White Energy Company Limited
- Sindya Power Generating Company Private Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- OPG Power Generation Pvt Ltd - India
- Agrawal Coal Company - India
- Orica Mining Services - Indonesia
- Bangladesh Power Developement Board
- Central Electricity Authority - India
- Goldman Sachs - Singapore
- Leighton Contractors Pty Ltd - Australia
- Minerals Council of Australia
- Chamber of Mines of South Africa
- Meralco Power Generation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Maharashtra Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Marubeni Corporation - India
- Gujarat Sidhee Cement - India
- Petrochimia International Co. Ltd.- Taiwan
- Coastal Gujarat Power Limited - India
- Dalmia Cement Bharat India
- Trasteel International SA, Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Jindal Steel & Power Ltd - India
- Altura Mining Limited, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- Wilmar Investment Holdings
- Latin American Coal - Colombia
- Carbofer General Trading SA - India
- SMC Global Power, Philippines
- Economic Council, Georgia
- Indian Oil Corporation Limited
- Vedanta Resources Plc - India
- Cement Manufacturers Association - India
- Bharathi Cement Corporation - India
- Energy Development Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- New Zealand Coal & Carbon
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Intertek Mineral Services - Indonesia
- Bulk Trading Sa - Switzerland
- Maheswari Brothers Coal Limited - India
- CIMB Investment Bank - Malaysia
- Global Green Power PLC Corporation, Philippines
- Bhatia International Limited - India
- Gujarat Mineral Development Corp Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Lanco Infratech Ltd - India
- Indonesian Coal Mining Association
- Indian Energy Exchange, India
- Australian Coal Association
- Straits Asia Resources Limited - Singapore
- Manunggal Multi Energi - Indonesia
- GVK Power & Infra Limited - India
- McConnell Dowell - Australia
- VISA Power Limited - India
- Ministry of Finance - Indonesia
- Anglo American - United Kingdom
- Sical Logistics Limited - India
- GMR Energy Limited - India
- Formosa Plastics Group - Taiwan
- CNBM International Corporation - China
- Xindia Steels Limited - India
- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- The Treasury - Australian Government
- Orica Australia Pty. Ltd.
- Essar Steel Hazira Ltd - India
- Bhushan Steel Limited - India
- Star Paper Mills Limited - India
- Therma Luzon, Inc, Philippines
- Semirara Mining Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Sarangani Energy Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Metalloyd Limited - United Kingdom
- Sree Jayajothi Cements Limited - India
- Eastern Energy - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- London Commodity Brokers - England
- Aditya Birla Group - India
- Bukit Makmur.PT - Indonesia
- Larsen & Toubro Limited - India
- Coal and Oil Company - UAE
- Timah Investasi Mineral - Indoneisa
- Global Business Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Borneo Indobara - Indonesia
- Port Waratah Coal Services - Australia
- Meenaskhi Energy Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Medco Energi Mining Internasional
- Kumho Petrochemical, South Korea
- Salva Resources Pvt Ltd - India
- MS Steel International - UAE
- Ministry of Transport, Egypt
- Bayan Resources Tbk. - Indonesia
- Indogreen Group - Indonesia
- Mjunction Services Limited - India
- Kaltim Prima Coal - Indonesia
- Petron Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Mercator Lines Limited - India
- Wood Mackenzie - Singapore
- Globalindo Alam Lestari - Indonesia
- Planning Commission, India
- South Luzon Thermal Energy Corporation
- Deloitte Consulting - India
- Baramulti Group, Indonesia
- Kartika Selabumi Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Rio Tinto Coal - Australia
- Thiess Contractors Indonesia
- Madhucon Powers Ltd - India
- Attock Cement Pakistan Limited
- TeaM Sual Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- The State Trading Corporation of India Ltd
- Parry Sugars Refinery, India
- Gujarat Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Eastern Coal Council - USA
- San Jose City I Power Corp, Philippines
- PTC India Limited - India
- India Bulls Power Limited - India
- Thai Mozambique Logistica
- Power Finance Corporation Ltd., India
- Jorong Barutama Greston.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Energy Link Ltd, New Zealand
- Electricity Generating Authority of Thailand
- IEA Clean Coal Centre - UK
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