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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, 24 April 19
PANAMAX: IN THE EAST, THE MARKET MOVED SIDE-WAYS, WITH FEWER COAL CARGOES FROM INDONESIA PUTTING PRESSURE ON RATES - INTERMODAL
Sentiment in the Dry Bulk market slowly but steadily kept improving last week as Capesize rates remained in recovery mode and Panamax earnings also ...
Wednesday, 24 April 19
SHIPPING MARKET INSIGHT - IS THIS A BANKERS' MARKET? - INTERMODAL
Over the last 10 years, many of the traditional and top lending banks have made the decision to either downsize their portfolios or even exit shipp ...
Monday, 22 April 19
COAL INDIA TO ASK POWER PLANTS TO CUT COAL IMPORTS - DNA
Co to encourage import substitution with domestic supplies at power plants
Surge in coal imports has now forced Coal India Ltd (CIL) ...
Thursday, 18 April 19
BIMCO SEES HARD TIMES AHEAD FOR CAPESIZES
China’s increased use of scrap metal for its production of crude steel is fundamentally critical to the dry bulk shipping industry. Mostly Ca ...
Wednesday, 17 April 19
ONCE AGAIN WE FACED WITH THE SITUATION OF THE DRY BALTIC INDEX BEING BELOW 1,000 POINTS - INTERMODAL
Once again we are faced with the situation of the Dry Baltic Index being below 1,000 points. In a market where the feeling of insecurity is almost ...
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- Coalindo Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Karaikal Port Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- South Luzon Thermal Energy Corporation
- Dalmia Cement Bharat India
- Rio Tinto Coal - Australia
- Maharashtra Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Minerals Council of Australia
- Jindal Steel & Power Ltd - India
- Bangladesh Power Developement Board
- Banpu Public Company Limited - Thailand
- Riau Bara Harum - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Star Paper Mills Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Commonwealth Bank - Australia
- Bukit Baiduri Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Indian Energy Exchange, India
- Larsen & Toubro Limited - India
- Trasteel International SA, Italy
- Maheswari Brothers Coal Limited - India
- Borneo Indobara - Indonesia
- Interocean Group of Companies - India
- Billiton Holdings Pty Ltd - Australia
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- Kumho Petrochemical, South Korea
- Tata Chemicals Ltd - India
- VISA Power Limited - India
- Standard Chartered Bank - UAE
- Oldendorff Carriers - Singapore
- Economic Council, Georgia
- Iligan Light & Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- CNBM International Corporation - China
- Binh Thuan Hamico - Vietnam
- Gujarat Sidhee Cement - India
- Global Green Power PLC Corporation, Philippines
- Ministry of Transport, Egypt
- Vizag Seaport Private Limited - India
- Therma Luzon, Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Power Finance Corporation Ltd., India
- GVK Power & Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Global Business Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- SMG Consultants - Indonesia
- Savvy Resources Ltd - HongKong
- Goldman Sachs - Singapore
- Indian Oil Corporation Limited
- Samtan Co., Ltd - South Korea
- Siam City Cement PLC, Thailand
- Kapuas Tunggal Persada - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Wilmar Investment Holdings
- Romanian Commodities Exchange
- Karbindo Abesyapradhi - Indoneisa
- Thai Mozambique Logistica
- Singapore Mercantile Exchange
- The Treasury - Australian Government
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Parliament of New Zealand
- Malabar Cements Ltd - India
- Electricity Authority, New Zealand
- Xindia Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- London Commodity Brokers - England
- Baramulti Group, Indonesia
- Central Java Power - Indonesia
- Jaiprakash Power Ventures ltd
- The University of Queensland
- Kartika Selabumi Mining - Indonesia
- Independent Power Producers Association of India
- Eastern Coal Council - USA
- Kepco SPC Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Meenaskhi Energy Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Orica Australia Pty. Ltd.
- Ambuja Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Indogreen Group - Indonesia
- MS Steel International - UAE
- San Jose City I Power Corp, Philippines
- Australian Commodity Traders Exchange
- AsiaOL BioFuels Corp., Philippines
- Mjunction Services Limited - India
- Semirara Mining and Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Kaltim Prima Coal - Indonesia
- Meralco Power Generation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Carbofer General Trading SA - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thiess Contractors Indonesia
- Energy Development Corp, Philippines
- Indonesian Coal Mining Association
- CIMB Investment Bank - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Energy Link Ltd, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Marubeni Corporation - India
- Edison Trading Spa - Italy
- TeaM Sual Corporation - Philippines
- Eastern Energy - Thailand
- Videocon Industries ltd - India
- Coal and Oil Company - UAE
- PTC India Limited - India
- Agrawal Coal Company - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- McConnell Dowell - Australia
- Barasentosa Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Cement Manufacturers Association - India
- Intertek Mineral Services - Indonesia
- IEA Clean Coal Centre - UK
- Sojitz Corporation - Japan
- SMC Global Power, Philippines
- Essar Steel Hazira Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Sarangani Energy Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Petron Corporation, Philippines
- Mercuria Energy - Indonesia
- Merrill Lynch Commodities Europe
- PNOC Exploration Corporation - Philippines
- Altura Mining Limited, Indonesia
- Sakthi Sugars Limited - India
- The State Trading Corporation of India Ltd
- Chettinad Cement Corporation Ltd - India
- Manunggal Multi Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sical Logistics Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Makmur.PT - Indonesia
- Bhushan Steel Limited - India
- Attock Cement Pakistan Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Mines - Canada
- LBH Netherlands Bv - Netherlands
- Bhatia International Limited - India
- India Bulls Power Limited - India
- GMR Energy Limited - India
- Central Electricity Authority - India
- Anglo American - United Kingdom
- Metalloyd Limited - United Kingdom
- Planning Commission, India
- Bharathi Cement Corporation - India
- Heidelberg Cement - Germany
- Antam Resourcindo - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Georgia Ports Authority, United States
- Grasim Industreis Ltd - India
- PowerSource Philippines DevCo
- Wood Mackenzie - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- New Zealand Coal & Carbon
- Mintek Dendrill Indonesia
- ASAPP Information Group - India
- Renaissance Capital - South Africa
- Orica Mining Services - Indonesia
- Tamil Nadu electricity Board
- Petrochimia International Co. Ltd.- Taiwan
- Parry Sugars Refinery, India
- Semirara Mining Corp, Philippines
- Mercator Lines Limited - India
- Chamber of Mines of South Africa
- Indo Tambangraya Megah - Indonesia
- Sree Jayajothi Cements Limited - India
- Aboitiz Power Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Globalindo Alam Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Ind-Barath Power Infra Limited - India
- Vedanta Resources Plc - India
- Ministry of Finance - Indonesia
- Leighton Contractors Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Global Coal Blending Company Limited - Australia
- Deloitte Consulting - India
- ICICI Bank Limited - India
- Australian Coal Association
- Indika Energy - Indonesia
- Uttam Galva Steels Limited - India
- White Energy Company Limited
- Aditya Birla Group - India
- Krishnapatnam Port Company Ltd. - India
- Asmin Koalindo Tuhup - Indonesia
- Posco Energy - South Korea
- Electricity Generating Authority of Thailand
- Madhucon Powers Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Straits Asia Resources Limited - Singapore
- SN Aboitiz Power Inc, Philippines
- Makarim & Taira - Indonesia
- Siam City Cement - Thailand
- Kideco Jaya Agung - Indonesia
- Sindya Power Generating Company Private Ltd
- Directorate General of MIneral and Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Lanco Infratech Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
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