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