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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, 15 May 19
SHIPPING MARKET INSIGHT - THEODORE NTALAKOS
Modern warfare - Trade wars & sanctions
As of May 1st, the U.S. has ended waivers to the sanctions that had allowed the top buyers of Irani ...
Monday, 13 May 19
INDONESIAN COAL PRICE REFERENCE CONTINUES TO FALL
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Monday, 13 May 19
SUPRAMAX: SOUTHEAST ASIA THE MARKET SAW BETTER DEMAND - BALTIC BRIEFING
Cape
The market continued its rollercoaster ride last week opening with negative sentiment, but turning around in dramatic fashion by the week& ...
Thursday, 09 May 19
DEEP OFFSHORE SOUTHEAST ASIA CONGRESS 2019
Deep Offshore Southeast Asia Congress 2019
Event Date:2-3th July. 2019t
Location: Jakarta, Indonesia
Sarawak Shell Berhad (S ...
Thursday, 09 May 19
OFFSHORE CARIBBEAN CONGRESS 2019
Offshore Caribbean Congress 2019
Event Date: 4-5th July. 2019t
Location: Georgetown, Guyana
Hess announced a new d ...
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- Aditya Birla Group - India
- Posco Energy - South Korea
- London Commodity Brokers - England
- Essar Steel Hazira Ltd - India
- LBH Netherlands Bv - Netherlands
- Aboitiz Power Corporation - Philippines
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- Chamber of Mines of South Africa
- Eastern Coal Council - USA
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Mines - Canada
- Edison Trading Spa - Italy
- International Coal Ventures Pvt Ltd - India
- Energy Link Ltd, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Central Electricity Authority - India
- Sarangani Energy Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Independent Power Producers Association of India
- Formosa Plastics Group - Taiwan
- Ministry of Transport, Egypt
- Bulk Trading Sa - Switzerland
- Price Waterhouse Coopers - Russia
- GVK Power & Infra Limited - India
- Port Waratah Coal Services - Australia
- Electricity Generating Authority of Thailand
- Planning Commission, India
- Gujarat Sidhee Cement - India
- Sindya Power Generating Company Private Ltd
- Indian Energy Exchange, India
- Maheswari Brothers Coal Limited - India
- Chettinad Cement Corporation Ltd - India
- Indonesian Coal Mining Association
- Kapuas Tunggal Persada - Indonesia
- Mercator Lines Limited - India
- Medco Energi Mining Internasional
- ASAPP Information Group - India
- Riau Bara Harum - Indonesia
- The University of Queensland
- Parry Sugars Refinery, India
- Coastal Gujarat Power Limited - India
- Merrill Lynch Commodities Europe
- Kobexindo Tractors - Indoneisa
- Wilmar Investment Holdings
- Directorate General of MIneral and Coal - Indonesia
- Sojitz Corporation - Japan
- Siam City Cement PLC, Thailand
- Trasteel International SA, Italy
- GAC Shipping (India) Pvt Ltd
- PTC India Limited - India
- Global Green Power PLC Corporation, Philippines
- VISA Power Limited - India
- Lanco Infratech Ltd - India
- Jindal Steel & Power Ltd - India
- Manunggal Multi Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Petron Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Rio Tinto Coal - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Borneo Indobara - Indonesia
- Pendopo Energi Batubara - Indonesia
- IEA Clean Coal Centre - UK
- Electricity Authority, New Zealand
- Ind-Barath Power Infra Limited - India
- Cement Manufacturers Association - India
- Singapore Mercantile Exchange
- Standard Chartered Bank - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Binh Thuan Hamico - Vietnam
- Vedanta Resources Plc - India
- India Bulls Power Limited - India
- Vizag Seaport Private Limited - India
- Mercuria Energy - Indonesia
- Uttam Galva Steels Limited - India
- SMC Global Power, Philippines
- Kideco Jaya Agung - Indonesia
- Tata Chemicals Ltd - India
- Romanian Commodities Exchange
- Neyveli Lignite Corporation Ltd, - India
- Banpu Public Company Limited - Thailand
- Ambuja Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Carbofer General Trading SA - India
- White Energy Company Limited
- Agrawal Coal Company - India
- Oldendorff Carriers - Singapore
- Gujarat Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Bukit Baiduri Energy - Indonesia
- Bharathi Cement Corporation - India
- Intertek Mineral Services - Indonesia
- Kaltim Prima Coal - Indonesia
- New Zealand Coal & Carbon
- Global Coal Blending Company Limited - Australia
- GN Power Mariveles Coal Plant, Philippines
- Commonwealth Bank - Australia
- SN Aboitiz Power Inc, Philippines
- MS Steel International - UAE
- Global Business Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Georgia Ports Authority, United States
- Bangladesh Power Developement Board
- Directorate Of Revenue Intelligence - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Simpson Spence & Young - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Finance - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Meenaskhi Energy Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Thai Mozambique Logistica
- Energy Development Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Renaissance Capital - South Africa
- Siam City Cement - Thailand
- McConnell Dowell - Australia
- Tamil Nadu electricity Board
- European Bulk Services B.V. - Netherlands
- Timah Investasi Mineral - Indoneisa
- Latin American Coal - Colombia
- Karaikal Port Pvt Ltd - India
- Coalindo Energy - Indonesia
- Goldman Sachs - Singapore
- Marubeni Corporation - India
- Madhucon Powers Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Attock Cement Pakistan Limited
- Kumho Petrochemical, South Korea
- Indo Tambangraya Megah - Indonesia
- Videocon Industries ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Indian Oil Corporation Limited
- Dalmia Cement Bharat India
- Indika Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Minerals Council of Australia
- Krishnapatnam Port Company Ltd. - India
- Xindia Steels Limited - India
- Metalloyd Limited - United Kingdom
- GMR Energy Limited - India
- Grasim Industreis Ltd - India
- Bukit Makmur.PT - Indonesia
- Jaiprakash Power Ventures ltd
- TeaM Sual Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- IHS Mccloskey Coal Group - USA
- TNB Fuel Sdn Bhd - Malaysia
- Australian Coal Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Larsen & Toubro Limited - India
- Bhatia International Limited - India
- Deloitte Consulting - India
- Anglo American - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Java Power - Indonesia
- Samtan Co., Ltd - South Korea
- AsiaOL BioFuels Corp., Philippines
- Sakthi Sugars Limited - India
- Leighton Contractors Pty Ltd - Australia
- Baramulti Group, Indonesia
- Antam Resourcindo - Indonesia
- Economic Council, Georgia
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- Sical Logistics Limited - India
- Altura Mining Limited, Indonesia
- Mintek Dendrill Indonesia
- PNOC Exploration Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- PowerSource Philippines DevCo
- Wood Mackenzie - Singapore
- Eastern Energy - Thailand
- CIMB Investment Bank - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- The State Trading Corporation of India Ltd
- Gujarat Mineral Development Corp Ltd - India
- Makarim & Taira - Indonesia
- Indogreen Group - Indonesia
- Malabar Cements Ltd - India
- Africa Commodities Group - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Savvy Resources Ltd - HongKong
- Australian Commodity Traders Exchange
- Meralco Power Generation, Philippines
- ICICI Bank Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Therma Luzon, Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Orica Australia Pty. Ltd.
- SMG Consultants - Indonesia
- Mjunction Services Limited - India
- San Jose City I Power Corp, Philippines
- The Treasury - Australian Government
- Bhushan Steel Limited - India
- Sree Jayajothi Cements Limited - India
- Star Paper Mills Limited - India
- Orica Mining Services - Indonesia
- Parliament of New Zealand
- Interocean Group of Companies - India
- Miang Besar Coal Terminal - Indonesia
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