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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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Thursday, 17 January 19
EIA ESTIMATES THAT U.S. COAL EXPORTS WERE 116 MMST IN 2018, 20% HIGHER THAN THE AMOUNT EXPORTED IN 2017
Coal Supply
EIA estimates that coal production declined by 20 million short tons (MMst) (3%) in 2018, despite a 19 MMst increase in U.S. coal e ...
Thursday, 17 January 19
U.S COAL OUTPUT IS EXPECTED TO FALL BY 3 PER CENT IN 2019 - EIA
EIA forecasts that U.S. coal production will total 729 million short tons (MMst) in 2019, down by 25 MMst (3%) from 2018.
Acco ...
Wednesday, 16 January 19
SHIPPING MARKET INSIGHT - INTERMODAL
As we go through the first days of the year and just a few weeks before the Chinese New Year, the ship repair sector is witnessing a big difference ...
Monday, 14 January 19
KOREA SOUTHERN POWER INVITES BIDS FOR 320,000 MT OF MIN 3,800 NCV COAL
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 320,000 MT of min 3,800 kcal/kg NCV coal for ...
Friday, 11 January 19
SUPRAMAX: THE ASIAN ARENA HAD A MIXED START; LIMITED ACTION IN SOUTHEAST ASIA - THE BALTIC BRIEFING
Capesize
Dashed hopes summed up the first full week of the New Year. A slow start followed by a busy 24 hours of improving rates and a firming ...
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- ICICI Bank Limited - India
- Meenaskhi Energy Private Limited - India
- Intertek Mineral Services - Indonesia
- Parliament of New Zealand
- SMC Global Power, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Coal Council - USA
- Singapore Mercantile Exchange
- The Treasury - Australian Government
- Krishnapatnam Port Company Ltd. - India
- Chettinad Cement Corporation Ltd - India
- Malabar Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Orica Mining Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Renaissance Capital - South Africa
- Thiess Contractors Indonesia
- Madhucon Powers Ltd - India
- Vizag Seaport Private Limited - India
- Sindya Power Generating Company Private Ltd
- Neyveli Lignite Corporation Ltd, - India
- Indogreen Group - Indonesia
- Indonesian Coal Mining Association
- Agrawal Coal Company - India
- Borneo Indobara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Parry Sugars Refinery, India
- Cigading International Bulk Terminal - Indonesia
- Electricity Authority, New Zealand
- Economic Council, Georgia
- Ministry of Finance - Indonesia
- Trasteel International SA, Italy
- GVK Power & Infra Limited - India
- VISA Power Limited - India
- LBH Netherlands Bv - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Indo Tambangraya Megah - Indonesia
- Australian Coal Association
- Petrochimia International Co. Ltd.- Taiwan
- Coastal Gujarat Power Limited - India
- Orica Australia Pty. Ltd.
- Petron Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- ASAPP Information Group - India
- Vedanta Resources Plc - India
- Minerals Council of Australia
- IHS Mccloskey Coal Group - USA
- Siam City Cement - Thailand
- Medco Energi Mining Internasional
- Independent Power Producers Association of India
- Meralco Power Generation, Philippines
- Gujarat Sidhee Cement - India
- Salva Resources Pvt Ltd - India
- Mjunction Services Limited - India
- The University of Queensland
- Lanco Infratech Ltd - India
- Attock Cement Pakistan Limited
- Romanian Commodities Exchange
- Australian Commodity Traders Exchange
- Ambuja Cements Ltd - India
- Central Java Power - Indonesia
- Kartika Selabumi Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Commonwealth Bank - Australia
- Kalimantan Lumbung Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- South Luzon Thermal Energy Corporation
- Electricity Generating Authority of Thailand
- Metalloyd Limited - United Kingdom
- Global Coal Blending Company Limited - Australia
- The State Trading Corporation of India Ltd
- SMG Consultants - Indonesia
- Kepco SPC Power Corporation, Philippines
- Cement Manufacturers Association - India
- IEA Clean Coal Centre - UK
- Eastern Energy - Thailand
- PNOC Exploration Corporation - Philippines
- Sakthi Sugars Limited - India
- India Bulls Power Limited - India
- Marubeni Corporation - India
- Oldendorff Carriers - Singapore
- Planning Commission, India
- Timah Investasi Mineral - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Larsen & Toubro Limited - India
- Ind-Barath Power Infra Limited - India
- CNBM International Corporation - China
- Toyota Tsusho Corporation, Japan
- Manunggal Multi Energi - Indonesia
- Kumho Petrochemical, South Korea
- Holcim Trading Pte Ltd - Singapore
- Africa Commodities Group - South Africa
- Karaikal Port Pvt Ltd - India
- Altura Mining Limited, Indonesia
- PowerSource Philippines DevCo
- Coalindo Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Latin American Coal - Colombia
- GAC Shipping (India) Pvt Ltd
- Power Finance Corporation Ltd., India
- Semirara Mining and Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Grasim Industreis Ltd - India
- Indika Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Uttam Galva Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Formosa Plastics Group - Taiwan
- Anglo American - United Kingdom
- Indian Energy Exchange, India
- Savvy Resources Ltd - HongKong
- Bulk Trading Sa - Switzerland
- Rio Tinto Coal - Australia
- Heidelberg Cement - Germany
- New Zealand Coal & Carbon
- TeaM Sual Corporation - Philippines
- Bharathi Cement Corporation - India
- Chamber of Mines of South Africa
- Iligan Light & Power Inc, Philippines
- Xindia Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Bhoruka Overseas - Indonesia
- Videocon Industries ltd - India
- Globalindo Alam Lestari - Indonesia
- Tata Chemicals Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- London Commodity Brokers - England
- Jorong Barutama Greston.PT - Indonesia
- Energy Link Ltd, New Zealand
- Port Waratah Coal Services - Australia
- Indian Oil Corporation Limited
- Simpson Spence & Young - Indonesia
- Jindal Steel & Power Ltd - India
- Tamil Nadu electricity Board
- Leighton Contractors Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Bukit Makmur.PT - Indonesia
- Star Paper Mills Limited - India
- Bhatia International Limited - India
- Pendopo Energi Batubara - Indonesia
- Siam City Cement PLC, Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Kideco Jaya Agung - Indonesia
- Georgia Ports Authority, United States
- AsiaOL BioFuels Corp., Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kobexindo Tractors - Indoneisa
- Ministry of Transport, Egypt
- Essar Steel Hazira Ltd - India
- Thai Mozambique Logistica
- Barasentosa Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Mercuria Energy - Indonesia
- Edison Trading Spa - Italy
- Standard Chartered Bank - UAE
- Goldman Sachs - Singapore
- Price Waterhouse Coopers - Russia
- International Coal Ventures Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Wilmar Investment Holdings
- Kaltim Prima Coal - Indonesia
- Antam Resourcindo - Indonesia
- Samtan Co., Ltd - South Korea
- Coal and Oil Company - UAE
- Directorate General of MIneral and Coal - Indonesia
- Deloitte Consulting - India
- Energy Development Corp, Philippines
- Mintek Dendrill Indonesia
- Bhushan Steel Limited - India
- Sarangani Energy Corporation, Philippines
- Interocean Group of Companies - India
- Global Business Power Corporation, Philippines
- Ministry of Mines - Canada
- Bayan Resources Tbk. - Indonesia
- White Energy Company Limited
- Sical Logistics Limited - India
- Alfred C Toepfer International GmbH - Germany
- Bangladesh Power Developement Board
- Merrill Lynch Commodities Europe
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- MS Steel International - UAE
- PTC India Limited - India
- Banpu Public Company Limited - Thailand
- Mercator Lines Limited - India
- Billiton Holdings Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Carbofer General Trading SA - India
- Semirara Mining Corp, Philippines
- McConnell Dowell - Australia
- Global Green Power PLC Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dalmia Cement Bharat India
- Baramulti Group, Indonesia
- Aboitiz Power Corporation - Philippines
- Sojitz Corporation - Japan
- Riau Bara Harum - Indonesia
- Jaiprakash Power Ventures ltd
- Maheswari Brothers Coal Limited - India
- Wood Mackenzie - Singapore
- Gujarat Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Makarim & Taira - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Central Electricity Authority - India
- GMR Energy Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Posco Energy - South Korea
- Straits Asia Resources Limited - Singapore
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