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