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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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Saturday, 06 April 19
SUPRAMAX: IT WAS A POOR WEEK OVERALL FOR THE BALTIC SUPRAMAX INDEX, WHICH LOST GROUND - BALTIC BRIEFING
Capesize
The Capesize market over the past week looked to have found a floor on Tuesday with the BCI 5TC at $3460 before firming into the rest ...
Thursday, 04 April 19
OVERSUPPLY STILL MAJOR CHALLENGE WARNS ICS
Speaking in Istanbul, Simon Bennett, Deputy Secretary General of the International Chamber of Shipping (ICS) warned that avoiding overcapacity and ...
Thursday, 04 April 19
GLENCORE, TOHOKU ELECTRIC SET COAL CONTRACT PRICE AT $94.75/T - SOURCE, REUTERS REPORTED
Global miner Glencore and Japan’s Tohoku Electric Power agreed on a price of $94.75 per tonne for supplies of thermal coal from Australia for ...
Monday, 01 April 19
FORCE MAJEURE SUCCESS NOT A SEA CHANGE - BALTIC EXCHANGE
KNOWLEDGE TO ELEVATE
It is difficult to successfully argue that contractual performance has been prevented or delayed by force majeure. This i ...
Monday, 01 April 19
AUSTRALIAN COAL AT RISK FROM CHINA MOVE, WARNS GOVERNMENT REPORT - SYDNEY MORNING HERALD
A new government report warns China’s restrictions on coal imports is the number one risk for Australian coal this year and could lead to a s ...
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- Indonesian Coal Mining Association
- Straits Asia Resources Limited - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Latin American Coal - Colombia
- GMR Energy Limited - India
- Posco Energy - South Korea
- Petron Corporation, Philippines
- Bulk Trading Sa - Switzerland
- The Treasury - Australian Government
- Minerals Council of Australia
- Bharathi Cement Corporation - India
- Chettinad Cement Corporation Ltd - India
- Standard Chartered Bank - UAE
- Georgia Ports Authority, United States
- Directorate Of Revenue Intelligence - India
- Altura Mining Limited, Indonesia
- Bhatia International Limited - India
- Trasteel International SA, Italy
- Wood Mackenzie - Singapore
- Gujarat Sidhee Cement - India
- Australian Commodity Traders Exchange
- Parliament of New Zealand
- Metalloyd Limited - United Kingdom
- MS Steel International - UAE
- TeaM Sual Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Interocean Group of Companies - India
- Commonwealth Bank - Australia
- VISA Power Limited - India
- Samtan Co., Ltd - South Korea
- Cement Manufacturers Association - India
- Oldendorff Carriers - Singapore
- Kapuas Tunggal Persada - Indonesia
- Heidelberg Cement - Germany
- Ind-Barath Power Infra Limited - India
- Mintek Dendrill Indonesia
- Eastern Coal Council - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhoruka Overseas - Indonesia
- Indogreen Group - Indonesia
- European Bulk Services B.V. - Netherlands
- Marubeni Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- London Commodity Brokers - England
- Videocon Industries ltd - India
- Coalindo Energy - Indonesia
- Siam City Cement - Thailand
- Timah Investasi Mineral - Indoneisa
- Edison Trading Spa - Italy
- India Bulls Power Limited - India
- Meralco Power Generation, Philippines
- Indian Oil Corporation Limited
- Antam Resourcindo - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- PTC India Limited - India
- Africa Commodities Group - South Africa
- Thiess Contractors Indonesia
- Gujarat Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercuria Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Orica Mining Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining Corp, Philippines
- ASAPP Information Group - India
- PowerSource Philippines DevCo
- International Coal Ventures Pvt Ltd - India
- Romanian Commodities Exchange
- Ceylon Electricity Board - Sri Lanka
- Ministry of Transport, Egypt
- Anglo American - United Kingdom
- Ministry of Mines - Canada
- Ambuja Cements Ltd - India
- Global Business Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Vedanta Resources Plc - India
- Sindya Power Generating Company Private Ltd
- Kaltim Prima Coal - Indonesia
- Sakthi Sugars Limited - India
- Gujarat Mineral Development Corp Ltd - India
- CIMB Investment Bank - Malaysia
- Makarim & Taira - Indonesia
- Kumho Petrochemical, South Korea
- Tamil Nadu electricity Board
- Renaissance Capital - South Africa
- Star Paper Mills Limited - India
- Chamber of Mines of South Africa
- CNBM International Corporation - China
- TNB Fuel Sdn Bhd - Malaysia
- Agrawal Coal Company - India
- Savvy Resources Ltd - HongKong
- Planning Commission, India
- PNOC Exploration Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Wilmar Investment Holdings
- Baramulti Group, Indonesia
- Goldman Sachs - Singapore
- Indika Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bayan Resources Tbk. - Indonesia
- Maheswari Brothers Coal Limited - India
- Indian Energy Exchange, India
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Carbofer General Trading SA - India
- Australian Coal Association
- Bukit Asam (Persero) Tbk - Indonesia
- SMG Consultants - Indonesia
- Uttam Galva Steels Limited - India
- Malabar Cements Ltd - India
- New Zealand Coal & Carbon
- Binh Thuan Hamico - Vietnam
- Eastern Energy - Thailand
- San Jose City I Power Corp, Philippines
- Bangladesh Power Developement Board
- IHS Mccloskey Coal Group - USA
- Riau Bara Harum - Indonesia
- Kobexindo Tractors - Indoneisa
- Meenaskhi Energy Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Sical Logistics Limited - India
- Iligan Light & Power Inc, Philippines
- White Energy Company Limited
- Holcim Trading Pte Ltd - Singapore
- South Luzon Thermal Energy Corporation
- Global Green Power PLC Corporation, Philippines
- Central Electricity Authority - India
- Port Waratah Coal Services - Australia
- Mjunction Services Limited - India
- Karaikal Port Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Indo Tambangraya Megah - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kepco SPC Power Corporation, Philippines
- The University of Queensland
- Krishnapatnam Port Company Ltd. - India
- Rio Tinto Coal - Australia
- Formosa Plastics Group - Taiwan
- Xindia Steels Limited - India
- The State Trading Corporation of India Ltd
- Central Java Power - Indonesia
- Bukit Makmur.PT - Indonesia
- Singapore Mercantile Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kideco Jaya Agung - Indonesia
- Jaiprakash Power Ventures ltd
- GN Power Mariveles Coal Plant, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Leighton Contractors Pty Ltd - Australia
- Dalmia Cement Bharat India
- Toyota Tsusho Corporation, Japan
- Banpu Public Company Limited - Thailand
- Madhucon Powers Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- ICICI Bank Limited - India
- Larsen & Toubro Limited - India
- Energy Development Corp, Philippines
- Parry Sugars Refinery, India
- Karbindo Abesyapradhi - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Pendopo Energi Batubara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Borneo Indobara - Indonesia
- Mercator Lines Limited - India
- Price Waterhouse Coopers - Russia
- Siam City Cement PLC, Thailand
- Electricity Authority, New Zealand
- Intertek Mineral Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- GVK Power & Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Ministry of Finance - Indonesia
- Vizag Seaport Private Limited - India
- Therma Luzon, Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- Asmin Koalindo Tuhup - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Independent Power Producers Association of India
- SMC Global Power, Philippines
- Maharashtra Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Bhushan Steel Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Merrill Lynch Commodities Europe
- Sojitz Corporation - Japan
- IEA Clean Coal Centre - UK
- Economic Council, Georgia
- Attock Cement Pakistan Limited
- Barasentosa Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Medco Energi Mining Internasional
- Energy Link Ltd, New Zealand
- Coastal Gujarat Power Limited - India
- Orica Australia Pty. Ltd.
- Essar Steel Hazira Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- GAC Shipping (India) Pvt Ltd
- Grasim Industreis Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Aditya Birla Group - India
- Tata Chemicals Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Coal and Oil Company - UAE
- Deloitte Consulting - India
- Manunggal Multi Energi - Indonesia
- Electricity Generating Authority of Thailand
- Kartika Selabumi Mining - Indonesia
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