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Wednesday, 23 October 19
SHIPPING MARKET INSIGHT - INTERMODAL
 Moving closer to the end of the year, we are facing what the market was expecting for quite a while, the ship repair sector booming with the shipyards stretching their capacity to the maximum possible. Their only task, to accommodate as many projects as possible despite the prevailing restrictions on berthing capacity, craneage lifting capacity and resources. At the same time, the mentality of owners has already adapted to the ‘new era’ with the majority of them demonstrating the maximum possible flexibility to help their projects move forward. Therefore, in most cases, projects are completed with Owner’s resilience on the retrofit time, on vessel’s ETA and at the initial overall budget.
Taking a closer glance to the Far East shipyards, we see that those are the one to encounter the heaviest workload worldwide. The reason of course is the ongoing scrubber retrofits, with Owners giving preference to Far East for their retrofits due to trading patterns for big size vessels and competitive retrofit rates. Therefore, we do have a clearly define orderbook for most of the shipyards there till July 2020, leaving limited remaining slots available.
Owners experiencing the worst impact of this congestion are those with small routine drydocks, which are the least sought after business by yards, as well as those owners that additionally have to proceed with the installation of the BWMS and are now being restricted by Charterers in regards to which area they can release their vessels, limiting their choice of yard as a result. Shipyards as a matter of fact are holding their valuable slots for projects with higher profit margin while also trying to sell the remaining slots at a premium.
Due to the above situation it is quite common to see vessels waiting for a week or more before entering the yard or being quadruple bank berthed waiting to be served. In some cases, Owners have been also considering repair shipyards or places which were previously considered non competent, as an ultimate effort to find a slot.
Another unexpected factor which has created an even bigger tremble into the repair market recently is the surge in VLCC freight rates. This has created a unilateral effort by Owners to postpone their scheduled dry docking or retrofits, in order to get the full benefit of the very firm market, which is obvious that won’t last long. These postponements come with very short notice and are expected to cause an even bigger bottleneck during the forthcoming Chinese New Year.
Psychological theory holds that early in life many people make personal and professional choices that conform to the expectations of their parents, friends and society, whereas in their middle years many feel a pressing need for individuation, or breaking free from these expectation and start rewriting their lives’ path. We could say that most yards are now going through a similar midlife crisis, with most of them moving away from the very specific mandate the ship repair market had up until recently and trying to pencil out an independent policy, vision, pricing and market share from what they were obliged to follow in the past.
By Vassilis Vassiliou
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Mr.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, 18 January 20
BIMCO: LOW-SULPHUR FUEL SALE JUMPS TO A 70% SHARE IN SINGAPORE, AS THE IMO 2020 SULPHUR CAP KICKS IN
The final quarter of 2019 marked a massive decline of HSFO sales, as the industry transitioned into compliance of the IMO 2020 Sulphur Cap (IMO2020 ...
Saturday, 18 January 20
GERMAN STEAM COAL IMPORTS IN 2019 PLUMMETED BY 17 % - COAL IMPORTERS ASSOCIATION
Press Release: According to preliminary calculations by the German Coal Importers Association (Verein der Kohlenimporteure e. V.), world trade in h ...
Saturday, 18 January 20
A 61,400 DWT FIXED FROM SOUTH EAST ASIA DELIVERY EAST KALIMANTAN REDELIVERY WEST COAST INDIA IN THE LOW $7,000S - BALTIC BRIEFING
Capesize
The market was relatively stable over this past week putting an end to the past months of more extreme declines. While the Capesize 5T ...
Friday, 17 January 20
EIA ESTIMATES THAT U.S. COAL PRODUCTION DECLINED BY 65 MMST (9%) TO 690 MMST IN 2019. IN 2020, COAL PRODUCTION WILL DECLINE BY A FURTHER 14% TO 597 MMST
U.S. Coal Supply.
EIA estimates that U.S. coal production declined by 65 million short tons (MMst) (9%) to 690 MMst in 2019. In 2020, EIA ...
Friday, 17 January 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index, a gauge of coal p ...
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- Georgia Ports Authority, United States
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Baramulti Group, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Bangladesh Power Developement Board
- Price Waterhouse Coopers - Russia
- Binh Thuan Hamico - Vietnam
- VISA Power Limited - India
- Lanco Infratech Ltd - India
- Grasim Industreis Ltd - India
- IEA Clean Coal Centre - UK
- Economic Council, Georgia
- Coalindo Energy - Indonesia
- Medco Energi Mining Internasional
- Australian Coal Association
- Power Finance Corporation Ltd., India
- Kepco SPC Power Corporation, Philippines
- Chamber of Mines of South Africa
- Madhucon Powers Ltd - India
- Maheswari Brothers Coal Limited - India
- ASAPP Information Group - India
- Agrawal Coal Company - India
- Central Electricity Authority - India
- Timah Investasi Mineral - Indoneisa
- New Zealand Coal & Carbon
- Renaissance Capital - South Africa
- The University of Queensland
- Kumho Petrochemical, South Korea
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- Directorate General of MIneral and Coal - Indonesia
- CNBM International Corporation - China
- Asmin Koalindo Tuhup - Indonesia
- Global Business Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Mintek Dendrill Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Barasentosa Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Formosa Plastics Group - Taiwan
- Petron Corporation, Philippines
- Carbofer General Trading SA - India
- Interocean Group of Companies - India
- Sinarmas Energy and Mining - Indonesia
- Coal and Oil Company - UAE
- OPG Power Generation Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Ministry of Mines - Canada
- Petrochimia International Co. Ltd.- Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Singapore Mercantile Exchange
- Siam City Cement - Thailand
- GVK Power & Infra Limited - India
- Aditya Birla Group - India
- PTC India Limited - India
- International Coal Ventures Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Parliament of New Zealand
- Goldman Sachs - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- LBH Netherlands Bv - Netherlands
- Energy Development Corp, Philippines
- Xindia Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Electricity Authority, New Zealand
- Sarangani Energy Corporation, Philippines
- Gujarat Sidhee Cement - India
- Sical Logistics Limited - India
- PowerSource Philippines DevCo
- Sindya Power Generating Company Private Ltd
- Posco Energy - South Korea
- CIMB Investment Bank - Malaysia
- Chettinad Cement Corporation Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Merrill Lynch Commodities Europe
- Port Waratah Coal Services - Australia
- India Bulls Power Limited - India
- Romanian Commodities Exchange
- Bayan Resources Tbk. - Indonesia
- Indian Energy Exchange, India
- Independent Power Producers Association of India
- South Luzon Thermal Energy Corporation
- Orica Mining Services - Indonesia
- Indian Oil Corporation Limited
- TeaM Sual Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Standard Chartered Bank - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wood Mackenzie - Singapore
- Attock Cement Pakistan Limited
- Minerals Council of Australia
- PetroVietnam Power Coal Import and Supply Company
- San Jose City I Power Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Mercator Lines Limited - India
- Jaiprakash Power Ventures ltd
- Energy Link Ltd, New Zealand
- Ministry of Transport, Egypt
- Vedanta Resources Plc - India
- IHS Mccloskey Coal Group - USA
- Ceylon Electricity Board - Sri Lanka
- Ministry of Finance - Indonesia
- Edison Trading Spa - Italy
- Latin American Coal - Colombia
- Sojitz Corporation - Japan
- Bukit Makmur.PT - Indonesia
- McConnell Dowell - Australia
- Bharathi Cement Corporation - India
- Larsen & Toubro Limited - India
- Indo Tambangraya Megah - Indonesia
- White Energy Company Limited
- Gujarat Mineral Development Corp Ltd - India
- Bhatia International Limited - India
- Sakthi Sugars Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Aboitiz Power Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Planning Commission, India
- Bulk Trading Sa - Switzerland
- Altura Mining Limited, Indonesia
- London Commodity Brokers - England
- AsiaOL BioFuels Corp., Philippines
- Global Coal Blending Company Limited - Australia
- Star Paper Mills Limited - India
- Directorate Of Revenue Intelligence - India
- SMC Global Power, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- The State Trading Corporation of India Ltd
- Coastal Gujarat Power Limited - India
- Ambuja Cements Ltd - India
- Vizag Seaport Private Limited - India
- Malabar Cements Ltd - India
- Antam Resourcindo - Indonesia
- Australian Commodity Traders Exchange
- Meenaskhi Energy Private Limited - India
- SMG Consultants - Indonesia
- MS Steel International - UAE
- Straits Asia Resources Limited - Singapore
- Pendopo Energi Batubara - Indonesia
- Marubeni Corporation - India
- Eastern Coal Council - USA
- Toyota Tsusho Corporation, Japan
- GAC Shipping (India) Pvt Ltd
- Indonesian Coal Mining Association
- Riau Bara Harum - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhushan Steel Limited - India
- Mjunction Services Limited - India
- Dalmia Cement Bharat India
- Cement Manufacturers Association - India
- Global Green Power PLC Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Indogreen Group - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Borneo Indobara - Indonesia
- Semirara Mining Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Therma Luzon, Inc, Philippines
- Anglo American - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Thiess Contractors Indonesia
- Uttam Galva Steels Limited - India
- Banpu Public Company Limited - Thailand
- Metalloyd Limited - United Kingdom
- Savvy Resources Ltd - HongKong
- ICICI Bank Limited - India
- Tamil Nadu electricity Board
- Bukit Asam (Persero) Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Central Java Power - Indonesia
- Parry Sugars Refinery, India
- SN Aboitiz Power Inc, Philippines
- Thai Mozambique Logistica
- Miang Besar Coal Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Videocon Industries ltd - India
- Siam City Cement PLC, Thailand
- Intertek Mineral Services - Indonesia
- Jindal Steel & Power Ltd - India
- Eastern Energy - Thailand
- Manunggal Multi Energi - Indonesia
- Deloitte Consulting - India
- GN Power Mariveles Coal Plant, Philippines
- Simpson Spence & Young - Indonesia
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kartika Selabumi Mining - Indonesia
- Heidelberg Cement - Germany
- Oldendorff Carriers - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Ind-Barath Power Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Meralco Power Generation, Philippines
- GMR Energy Limited - India
- Africa Commodities Group - South Africa
- The Treasury - Australian Government
- Commonwealth Bank - Australia
- Alfred C Toepfer International GmbH - Germany
- Makarim & Taira - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Krishnapatnam Port Company Ltd. - India
- Iligan Light & Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Wilmar Investment Holdings
- Rashtriya Ispat Nigam Limited - India
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