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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, 30 March 19
KOEN INVITES BIDS FOR 450,000 TONS OF (SUB) BITUMINOUS COAL FOR H1 AND JUNE 2019
South Korea state-owned utility KOREA SOUTH-EAST POWER CO., LTD. (KOEN) issued a tender for total 450,000 MT of min. 4300, 3500 and 5600 NCV ...
Wednesday, 27 March 19
SHIPPING MARKET INSIGHT - INTERMODAL
Contrary to the December 2018 forecasts but in line with the expectations of the dry bulk market, the first quarter of the year closed negatively. ...
Saturday, 23 March 19
IT WAS A POSITIVE WEEK FOR THE HANDY SIZE MARKET - BALTIC BRIEFING
Capesize
The big ships endured heavy losses last week extinguishing any hopes from the recent minor rally. Negative sentiment gained pace throu ...
Friday, 22 March 19
CHINA MARKET: COAL OUT IN THE COLD - BUSINESS RECORDER
Though China maintains there is no ban, China-bound Australian coal shipments are looking for a new home. For the past few months, coal cargoes are ...
Thursday, 21 March 19
PRICE PLUNGE AS CHINESE LEAVE THERMAL COAL OUT IN THE COLD - AUSTRALIAN FINANCIAL REVIEW
Thermal coal exporter New Hope Corporation says China’s shipment squeeze on Australia is putting downward pressure on prices in all markets i ...
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- Australian Coal Association
- Economic Council, Georgia
- Merrill Lynch Commodities Europe
- Romanian Commodities Exchange
- London Commodity Brokers - England
- Cigading International Bulk Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Larsen & Toubro Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Singapore Mercantile Exchange
- PTC India Limited - India
- VISA Power Limited - India
- SMG Consultants - Indonesia
- Therma Luzon, Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- San Jose City I Power Corp, Philippines
- Kobexindo Tractors - Indoneisa
- GVK Power & Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Indika Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Africa Commodities Group - South Africa
- Energy Link Ltd, New Zealand
- Bhushan Steel Limited - India
- Interocean Group of Companies - India
- Barasentosa Lestari - Indonesia
- Coal and Oil Company - UAE
- Billiton Holdings Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Indogreen Group - Indonesia
- Wilmar Investment Holdings
- European Bulk Services B.V. - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Xindia Steels Limited - India
- Intertek Mineral Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Thai Mozambique Logistica
- Riau Bara Harum - Indonesia
- South Luzon Thermal Energy Corporation
- Parry Sugars Refinery, India
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- ICICI Bank Limited - India
- Kartika Selabumi Mining - Indonesia
- The State Trading Corporation of India Ltd
- Aditya Birla Group - India
- Global Green Power PLC Corporation, Philippines
- Planning Commission, India
- Maharashtra Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Marubeni Corporation - India
- PowerSource Philippines DevCo
- Baramulti Group, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- McConnell Dowell - Australia
- Heidelberg Cement - Germany
- Kaltim Prima Coal - Indonesia
- Jaiprakash Power Ventures ltd
- India Bulls Power Limited - India
- Cement Manufacturers Association - India
- Carbofer General Trading SA - India
- Sindya Power Generating Company Private Ltd
- Trasteel International SA, Italy
- Global Business Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Semirara Mining and Power Corporation, Philippines
- GMR Energy Limited - India
- Attock Cement Pakistan Limited
- Salva Resources Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Sakthi Sugars Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Lanco Infratech Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Holcim Trading Pte Ltd - Singapore
- Orica Mining Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Timah Investasi Mineral - Indoneisa
- Mercator Lines Limited - India
- OPG Power Generation Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- The Treasury - Australian Government
- Borneo Indobara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Makarim & Taira - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Central Electricity Authority - India
- Thiess Contractors Indonesia
- Bulk Trading Sa - Switzerland
- Tamil Nadu electricity Board
- Vizag Seaport Private Limited - India
- Tata Chemicals Ltd - India
- Petron Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Parliament of New Zealand
- Power Finance Corporation Ltd., India
- Indian Energy Exchange, India
- Commonwealth Bank - Australia
- PNOC Exploration Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Eastern Energy - Thailand
- Semirara Mining Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- MS Steel International - UAE
- Toyota Tsusho Corporation, Japan
- Maheswari Brothers Coal Limited - India
- Samtan Co., Ltd - South Korea
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Malabar Cements Ltd - India
- Siam City Cement PLC, Thailand
- Iligan Light & Power Inc, Philippines
- Ministry of Transport, Egypt
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- Formosa Plastics Group - Taiwan
- Eastern Coal Council - USA
- AsiaOL BioFuels Corp., Philippines
- Price Waterhouse Coopers - Russia
- Directorate Of Revenue Intelligence - India
- New Zealand Coal & Carbon
- Dalmia Cement Bharat India
- Georgia Ports Authority, United States
- Port Waratah Coal Services - Australia
- Bukit Baiduri Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Chamber of Mines of South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- International Coal Ventures Pvt Ltd - India
- ASAPP Information Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Sojitz Corporation - Japan
- SMC Global Power, Philippines
- Rashtriya Ispat Nigam Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Metalloyd Limited - United Kingdom
- Rio Tinto Coal - Australia
- Ind-Barath Power Infra Limited - India
- Australian Commodity Traders Exchange
- Mjunction Services Limited - India
- Ministry of Finance - Indonesia
- Anglo American - United Kingdom
- Bhatia International Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Australia Pty. Ltd.
- Directorate General of MIneral and Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Energy Development Corp, Philippines
- Kumho Petrochemical, South Korea
- Siam City Cement - Thailand
- Edison Trading Spa - Italy
- IEA Clean Coal Centre - UK
- Binh Thuan Hamico - Vietnam
- Ministry of Mines - Canada
- Oldendorff Carriers - Singapore
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- The University of Queensland
- Gujarat Sidhee Cement - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Latin American Coal - Colombia
- Bharathi Cement Corporation - India
- Renaissance Capital - South Africa
- Indonesian Coal Mining Association
- Sical Logistics Limited - India
- Posco Energy - South Korea
- CNBM International Corporation - China
- Globalindo Alam Lestari - Indonesia
- White Energy Company Limited
- Agrawal Coal Company - India
- Meenaskhi Energy Private Limited - India
- Mintek Dendrill Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kohat Cement Company Ltd. - Pakistan
- Antam Resourcindo - Indonesia
- Minerals Council of Australia
- Deloitte Consulting - India
- Medco Energi Mining Internasional
- Coalindo Energy - Indonesia
- Goldman Sachs - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Simpson Spence & Young - Indonesia
- Bayan Resources Tbk. - Indonesia
- Meralco Power Generation, Philippines
- Vedanta Resources Plc - India
- Grasim Industreis Ltd - India
- Bangladesh Power Developement Board
- Altura Mining Limited, Indonesia
- Madhucon Powers Ltd - India
- Standard Chartered Bank - UAE
- Central Java Power - Indonesia
- SN Aboitiz Power Inc, Philippines
- Ambuja Cements Ltd - India
- Independent Power Producers Association of India
- Banpu Public Company Limited - Thailand
- Straits Asia Resources Limited - Singapore
- TeaM Sual Corporation - Philippines
- Electricity Authority, New Zealand
- Videocon Industries ltd - India
- Electricity Generating Authority of Thailand
- Bukit Makmur.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- GAC Shipping (India) Pvt Ltd
- Sree Jayajothi Cements Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pendopo Energi Batubara - Indonesia
- Global Coal Blending Company Limited - Australia
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