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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, 17 April 19
LNG WESTERN AFRICA CONFERENCE 2019
The only LNG Focus Platform to Accelerate Investment and Cooperation in Western African Countries
LNG Western Africa Conference 2019 ...
Saturday, 13 April 19
IMO 2020 - DON'T SCRUB IT! - IVAR MYKLEBUST
KNOWLEDGE TO ELEVATE
Höegh Autoliners stands firm on its decision not to implement scrubbers but comply with the IMO 2020 regulations by ...
Saturday, 13 April 19
CAPESIZE: WEST AUSTRALIA TO CHINA IRON ORE CARGOES LIFTING FROM $4.60 PMT TO ABOVE $5.00 - BALTIC BRIEFING
Capesize
The market saw a steep ascent from the depths of last week. The Baltic Capesize Index (BCI) 5TC opened on Monday at $5,099, although b ...
Friday, 12 April 19
OIL MARKET REPORT: MIXED SIGNALS - IEA
The huge increase in oil production we saw in 2H18 has reversed following the implementation of the new Vienna Agreement and the increasing effecti ...
Friday, 12 April 19
OFFSHORE MENA CONGRESS 2019
Offshore MENA Congress 2019
Event Date : 11-12th Jun. 2019
Location : Cairo, Egypt
Offshore MENA Congress 2019 Offshor ...
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- VISA Power Limited - India
- Electricity Authority, New Zealand
- Mjunction Services Limited - India
- Malabar Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Straits Asia Resources Limited - Singapore
- Port Waratah Coal Services - Australia
- SMG Consultants - Indonesia
- Coalindo Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- CNBM International Corporation - China
- The State Trading Corporation of India Ltd
- GVK Power & Infra Limited - India
- ASAPP Information Group - India
- Sinarmas Energy and Mining - Indonesia
- Bangladesh Power Developement Board
- Xindia Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Africa Commodities Group - South Africa
- Kartika Selabumi Mining - Indonesia
- SMC Global Power, Philippines
- Miang Besar Coal Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aditya Birla Group - India
- McConnell Dowell - Australia
- London Commodity Brokers - England
- Star Paper Mills Limited - India
- Indo Tambangraya Megah - Indonesia
- Wood Mackenzie - Singapore
- Interocean Group of Companies - India
- Kobexindo Tractors - Indoneisa
- Uttam Galva Steels Limited - India
- Agrawal Coal Company - India
- Bayan Resources Tbk. - Indonesia
- Goldman Sachs - Singapore
- Salva Resources Pvt Ltd - India
- Central Java Power - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Binh Thuan Hamico - Vietnam
- Cement Manufacturers Association - India
- Latin American Coal - Colombia
- Maheswari Brothers Coal Limited - India
- Globalindo Alam Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Antam Resourcindo - Indonesia
- Videocon Industries ltd - India
- Gujarat Sidhee Cement - India
- Thai Mozambique Logistica
- Sakthi Sugars Limited - India
- Banpu Public Company Limited - Thailand
- Chettinad Cement Corporation Ltd - India
- The University of Queensland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Economic Council, Georgia
- Simpson Spence & Young - Indonesia
- Edison Trading Spa - Italy
- Trasteel International SA, Italy
- Directorate General of MIneral and Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Vedanta Resources Plc - India
- Eastern Energy - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Maharashtra Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Borneo Indobara - Indonesia
- Ind-Barath Power Infra Limited - India
- Commonwealth Bank - Australia
- Billiton Holdings Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Global Coal Blending Company Limited - Australia
- Mercator Lines Limited - India
- Sree Jayajothi Cements Limited - India
- Riau Bara Harum - Indonesia
- Global Business Power Corporation, Philippines
- Sojitz Corporation - Japan
- International Coal Ventures Pvt Ltd - India
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- IEA Clean Coal Centre - UK
- Thiess Contractors Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bhatia International Limited - India
- Bhoruka Overseas - Indonesia
- Ambuja Cements Ltd - India
- Sical Logistics Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Vizag Seaport Private Limited - India
- Renaissance Capital - South Africa
- Formosa Plastics Group - Taiwan
- India Bulls Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Energy Development Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Rashtriya Ispat Nigam Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mintek Dendrill Indonesia
- Meralco Power Generation, Philippines
- Chamber of Mines of South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Medco Energi Mining Internasional
- Makarim & Taira - Indonesia
- Tata Chemicals Ltd - India
- The Treasury - Australian Government
- Sindya Power Generating Company Private Ltd
- Planning Commission, India
- Grasim Industreis Ltd - India
- Kumho Petrochemical, South Korea
- Larsen & Toubro Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Coal Association
- Energy Link Ltd, New Zealand
- Australian Commodity Traders Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Makmur.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kaltim Prima Coal - Indonesia
- Tamil Nadu electricity Board
- Directorate Of Revenue Intelligence - India
- Bahari Cakrawala Sebuku - Indonesia
- Central Electricity Authority - India
- Baramulti Group, Indonesia
- Sarangani Energy Corporation, Philippines
- Posco Energy - South Korea
- MS Steel International - UAE
- Electricity Generating Authority of Thailand
- Power Finance Corporation Ltd., India
- ICICI Bank Limited - India
- SN Aboitiz Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Indian Energy Exchange, India
- PTC India Limited - India
- PowerSource Philippines DevCo
- Rio Tinto Coal - Australia
- Karaikal Port Pvt Ltd - India
- Georgia Ports Authority, United States
- Jaiprakash Power Ventures ltd
- Savvy Resources Ltd - HongKong
- Orica Mining Services - Indonesia
- Parry Sugars Refinery, India
- Cigading International Bulk Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- LBH Netherlands Bv - Netherlands
- CIMB Investment Bank - Malaysia
- Altura Mining Limited, Indonesia
- Oldendorff Carriers - Singapore
- Attock Cement Pakistan Limited
- Siam City Cement PLC, Thailand
- Alfred C Toepfer International GmbH - Germany
- Minerals Council of Australia
- Semirara Mining and Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Petron Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Orica Australia Pty. Ltd.
- Wilmar Investment Holdings
- Semirara Mining Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- White Energy Company Limited
- Coastal Gujarat Power Limited - India
- Anglo American - United Kingdom
- Eastern Coal Council - USA
- Metalloyd Limited - United Kingdom
- Toyota Tsusho Corporation, Japan
- Carbofer General Trading SA - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Madhucon Powers Ltd - India
- Indian Oil Corporation Limited
- Bukit Baiduri Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- GMR Energy Limited - India
- Bhushan Steel Limited - India
- Indogreen Group - Indonesia
- Indika Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Standard Chartered Bank - UAE
- Merrill Lynch Commodities Europe
- Ministry of Transport, Egypt
- South Luzon Thermal Energy Corporation
- Krishnapatnam Port Company Ltd. - India
- Bharathi Cement Corporation - India
- Timah Investasi Mineral - Indoneisa
- New Zealand Coal & Carbon
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Finance - Indonesia
- Pendopo Energi Batubara - Indonesia
- Indonesian Coal Mining Association
- Kideco Jaya Agung - Indonesia
- Intertek Mineral Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- Parliament of New Zealand
- Price Waterhouse Coopers - Russia
- Siam City Cement - Thailand
- Marubeni Corporation - India
- Heidelberg Cement - Germany
- TeaM Sual Corporation - Philippines
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- Therma Luzon, Inc, Philippines
- Lanco Infratech Ltd - India
- Singapore Mercantile Exchange
- Dalmia Cement Bharat India
- Samtan Co., Ltd - South Korea
- Independent Power Producers Association of India
- Coal and Oil Company - UAE
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