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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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Monday, 08 April 19
SULPHUR 2020 - COUNTDOWN TO THE SWITCHOVER - LLOYD'S REGISTER
Sulphur 2020 (MARPOL Annex VI Reg. 14.1.3) is still dominating headlines and as we draw closer to the 1 January 2020 deadline it’s clear that ...
Monday, 08 April 19
INDONESIAN COAL PRICE REFERENCE PRICE PLUMMETS TO LOW NOT SEEN SINCE AUGUST 2017
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Sunday, 07 April 19
SHIP PASSAGE PLANS - NO ROOM FOR ERROR! - WATSON FARLEY & WILLIAMS
KNOWLEDGE TO ELEVATE
The English High Court’s judgment in Alize 1954 v Allianz Elementar Versicherungs AG (The CMA CGM Libra) is an impo ...
Sunday, 07 April 19
IMO 2020: READY OR NOT? - WOOD MACKENZIE
New Year’s Day 2020 is firmly marked in the calendar as the refining and shipping industries prepare for change.
The International Marit ...
Saturday, 06 April 19
AUSTRALIA COAL POSTS BIGGEST WEEKLY DROP IN A DECADE AMID WEAK DEMAND - REUTERS
Australian thermal coal prices this week registered their biggest weekly fall since the financial market turmoil of a decade ago as demand plunged ...
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- Romanian Commodities Exchange
- Bulk Trading Sa - Switzerland
- San Jose City I Power Corp, Philippines
- Mintek Dendrill Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Mines - Canada
- New Zealand Coal & Carbon
- Economic Council, Georgia
- Bhushan Steel Limited - India
- Coalindo Energy - Indonesia
- IEA Clean Coal Centre - UK
- Globalindo Alam Lestari - Indonesia
- Coal and Oil Company - UAE
- Orica Australia Pty. Ltd.
- Cigading International Bulk Terminal - Indonesia
- ASAPP Information Group - India
- Deloitte Consulting - India
- GN Power Mariveles Coal Plant, Philippines
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement PLC, Thailand
- Independent Power Producers Association of India
- Petron Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Anglo American - United Kingdom
- Therma Luzon, Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Sical Logistics Limited - India
- Xindia Steels Limited - India
- Bhoruka Overseas - Indonesia
- Essar Steel Hazira Ltd - India
- Simpson Spence & Young - Indonesia
- Siam City Cement - Thailand
- Sarangani Energy Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Planning Commission, India
- Trasteel International SA, Italy
- Indian Oil Corporation Limited
- Jaiprakash Power Ventures ltd
- The State Trading Corporation of India Ltd
- Directorate General of MIneral and Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Transport, Egypt
- Pipit Mutiara Jaya. PT, Indonesia
- Baramulti Group, Indonesia
- Banpu Public Company Limited - Thailand
- Antam Resourcindo - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Aditya Birla Group - India
- Indian Energy Exchange, India
- GVK Power & Infra Limited - India
- Commonwealth Bank - Australia
- Malabar Cements Ltd - India
- Thai Mozambique Logistica
- Wood Mackenzie - Singapore
- Kaltim Prima Coal - Indonesia
- Carbofer General Trading SA - India
- Goldman Sachs - Singapore
- Gujarat Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- Orica Mining Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Vedanta Resources Plc - India
- Attock Cement Pakistan Limited
- PNOC Exploration Corporation - Philippines
- Eastern Coal Council - USA
- Oldendorff Carriers - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kapuas Tunggal Persada - Indonesia
- Mjunction Services Limited - India
- Merrill Lynch Commodities Europe
- Electricity Generating Authority of Thailand
- CIMB Investment Bank - Malaysia
- Australian Coal Association
- Coastal Gujarat Power Limited - India
- Mercator Lines Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Barasentosa Lestari - Indonesia
- SMG Consultants - Indonesia
- Wilmar Investment Holdings
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sojitz Corporation - Japan
- Jindal Steel & Power Ltd - India
- London Commodity Brokers - England
- Heidelberg Cement - Germany
- Sindya Power Generating Company Private Ltd
- Madhucon Powers Ltd - India
- Bangladesh Power Developement Board
- MS Steel International - UAE
- White Energy Company Limited
- Global Coal Blending Company Limited - Australia
- Bukit Makmur.PT - Indonesia
- Agrawal Coal Company - India
- Africa Commodities Group - South Africa
- Gujarat Sidhee Cement - India
- Makarim & Taira - Indonesia
- McConnell Dowell - Australia
- Alfred C Toepfer International GmbH - Germany
- Maharashtra Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Jorong Barutama Greston.PT - Indonesia
- Kumho Petrochemical, South Korea
- Thiess Contractors Indonesia
- Pendopo Energi Batubara - Indonesia
- Edison Trading Spa - Italy
- Aboitiz Power Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Vizag Seaport Private Limited - India
- Global Green Power PLC Corporation, Philippines
- GMR Energy Limited - India
- LBH Netherlands Bv - Netherlands
- Tata Chemicals Ltd - India
- South Luzon Thermal Energy Corporation
- GAC Shipping (India) Pvt Ltd
- Kohat Cement Company Ltd. - Pakistan
- Sinarmas Energy and Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Kobexindo Tractors - Indoneisa
- Dalmia Cement Bharat India
- Directorate Of Revenue Intelligence - India
- European Bulk Services B.V. - Netherlands
- Sree Jayajothi Cements Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Energy Link Ltd, New Zealand
- Ministry of Finance - Indonesia
- Cement Manufacturers Association - India
- Interocean Group of Companies - India
- Price Waterhouse Coopers - Russia
- PowerSource Philippines DevCo
- Borneo Indobara - Indonesia
- Samtan Co., Ltd - South Korea
- Asmin Koalindo Tuhup - Indonesia
- OPG Power Generation Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- SMC Global Power, Philippines
- Maheswari Brothers Coal Limited - India
- Altura Mining Limited, Indonesia
- Georgia Ports Authority, United States
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Electricity Authority, New Zealand
- Riau Bara Harum - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kalimantan Lumbung Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Posco Energy - South Korea
- Rio Tinto Coal - Australia
- Central Java Power - Indonesia
- Lanco Infratech Ltd - India
- ICICI Bank Limited - India
- Parliament of New Zealand
- Straits Asia Resources Limited - Singapore
- Port Waratah Coal Services - Australia
- Timah Investasi Mineral - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Semirara Mining Corp, Philippines
- Parry Sugars Refinery, India
- Kideco Jaya Agung - Indonesia
- Videocon Industries ltd - India
- VISA Power Limited - India
- Marubeni Corporation - India
- The University of Queensland
- CNBM International Corporation - China
- SN Aboitiz Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Bharathi Cement Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Australian Commodity Traders Exchange
- Indika Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- India Bulls Power Limited - India
- Standard Chartered Bank - UAE
- Karaikal Port Pvt Ltd - India
- PTC India Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Star Paper Mills Limited - India
- Central Electricity Authority - India
- Indonesian Coal Mining Association
- TeaM Sual Corporation - Philippines
- Minerals Council of Australia
- The Treasury - Australian Government
- Ambuja Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Latin American Coal - Colombia
- Krishnapatnam Port Company Ltd. - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chamber of Mines of South Africa
- Meralco Power Generation, Philippines
- Tamil Nadu electricity Board
- Savvy Resources Ltd - HongKong
- Intertek Mineral Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ind-Barath Power Infra Limited - India
- Mercuria Energy - Indonesia
- Bhatia International Limited - India
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- Renaissance Capital - South Africa
- Power Finance Corporation Ltd., India
- Bahari Cakrawala Sebuku - Indonesia
- Larsen & Toubro Limited - India
- Holcim Trading Pte Ltd - Singapore
- Iligan Light & Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Chettinad Cement Corporation Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Energy Development Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Miang Besar Coal Terminal - Indonesia
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