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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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Tuesday, 14 January 20
MABUX: BUNKER MARKET THIS MORNING, JAN.14
MABUX World Bunker Index (consists of a range of prices for 380 HSFO, 180 HSFO and MGO (Gasoil) in the main world hubs) changed insignificant and i ...
Tuesday, 14 January 20
SHIPPING MARKET ANALYSIS - ALLIED SHIPBROKING
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Tuesday, 14 January 20
DRY BULK MARKET: "THIS IS NOT THE END OF COAL" SAYS IEA - BALTIC EXCHANGE
A historic drop in coal-fired electricity generation will not sway global coal demand from its upward trajectory through to 2024, though growth wil ...
Saturday, 11 January 20
ARE YOU 95% CONFIDENT THAT YOUR VERY LOW SULPHUR FUEL IS ON SPEC AND MARPOL COMPLIANT? - GARD
KNOWLEDGE TO ELEVATE
Bunker fuel is a commodity and, like all commodities, is produced and sold according to specifications. Bunkers are usual ...
Saturday, 11 January 20
NEW PRICING COULD SPELL TROUBLE FOR CHINA'S COAL SECTOR - CHINA DIALOGUE
Benchmark coal tariffs have been the foundation of China’s electricity pricing since 2004 but this mechanism was replaced on January 1 with a ...
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- Coastal Gujarat Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Riau Bara Harum - Indonesia
- Siam City Cement PLC, Thailand
- The State Trading Corporation of India Ltd
- Indian Energy Exchange, India
- GN Power Mariveles Coal Plant, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Chettinad Cement Corporation Ltd - India
- Indo Tambangraya Megah - Indonesia
- Kepco SPC Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Neyveli Lignite Corporation Ltd, - India
- Orica Australia Pty. Ltd.
- Meenaskhi Energy Private Limited - India
- Price Waterhouse Coopers - Russia
- Maharashtra Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Leighton Contractors Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Simpson Spence & Young - Indonesia
- Bhushan Steel Limited - India
- Global Business Power Corporation, Philippines
- MS Steel International - UAE
- OPG Power Generation Pvt Ltd - India
- Trasteel International SA, Italy
- Dalmia Cement Bharat India
- SMC Global Power, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Gujarat Electricity Regulatory Commission - India
- Planning Commission, India
- Indika Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Madhucon Powers Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Mercuria Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Standard Chartered Bank - UAE
- Sakthi Sugars Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Transport, Egypt
- Bayan Resources Tbk. - Indonesia
- Larsen & Toubro Limited - India
- Rio Tinto Coal - Australia
- GMR Energy Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CNBM International Corporation - China
- PetroVietnam Power Coal Import and Supply Company
- Directorate General of MIneral and Coal - Indonesia
- Indonesian Coal Mining Association
- Orica Mining Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Mjunction Services Limited - India
- International Coal Ventures Pvt Ltd - India
- The Treasury - Australian Government
- Electricity Generating Authority of Thailand
- Renaissance Capital - South Africa
- White Energy Company Limited
- Pendopo Energi Batubara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Thai Mozambique Logistica
- Interocean Group of Companies - India
- Sical Logistics Limited - India
- Global Green Power PLC Corporation, Philippines
- Parliament of New Zealand
- Ministry of Mines - Canada
- Intertek Mineral Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Eastern Coal Council - USA
- Alfred C Toepfer International GmbH - Germany
- Georgia Ports Authority, United States
- Deloitte Consulting - India
- Altura Mining Limited, Indonesia
- Sojitz Corporation - Japan
- Bhatia International Limited - India
- Makarim & Taira - Indonesia
- Coal and Oil Company - UAE
- Lanco Infratech Ltd - India
- Latin American Coal - Colombia
- Vizag Seaport Private Limited - India
- Coalindo Energy - Indonesia
- ICICI Bank Limited - India
- Kideco Jaya Agung - Indonesia
- Medco Energi Mining Internasional
- Edison Trading Spa - Italy
- CIMB Investment Bank - Malaysia
- India Bulls Power Limited - India
- Grasim Industreis Ltd - India
- TeaM Sual Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Bangladesh Power Developement Board
- Minerals Council of Australia
- Samtan Co., Ltd - South Korea
- Goldman Sachs - Singapore
- PTC India Limited - India
- Ministry of Finance - Indonesia
- The University of Queensland
- VISA Power Limited - India
- Independent Power Producers Association of India
- Billiton Holdings Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Power Finance Corporation Ltd., India
- Iligan Light & Power Inc, Philippines
- Eastern Energy - Thailand
- Essar Steel Hazira Ltd - India
- Posco Energy - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- IEA Clean Coal Centre - UK
- PowerSource Philippines DevCo
- Barasentosa Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Attock Cement Pakistan Limited
- SMG Consultants - Indonesia
- Binh Thuan Hamico - Vietnam
- Oldendorff Carriers - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Agrawal Coal Company - India
- Indian Oil Corporation Limited
- London Commodity Brokers - England
- TNB Fuel Sdn Bhd - Malaysia
- GVK Power & Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Borneo Indobara - Indonesia
- ASAPP Information Group - India
- Carbofer General Trading SA - India
- Bukit Makmur.PT - Indonesia
- Xindia Steels Limited - India
- Mintek Dendrill Indonesia
- Directorate Of Revenue Intelligence - India
- Vedanta Resources Plc - India
- Bulk Trading Sa - Switzerland
- Port Waratah Coal Services - Australia
- Indogreen Group - Indonesia
- Anglo American - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Jindal Steel & Power Ltd - India
- Heidelberg Cement - Germany
- Karaikal Port Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Sinarmas Energy and Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Singapore Mercantile Exchange
- Videocon Industries ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ambuja Cements Ltd - India
- Mercator Lines Limited - India
- Wood Mackenzie - Singapore
- Africa Commodities Group - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- PNOC Exploration Corporation - Philippines
- Commonwealth Bank - Australia
- Cement Manufacturers Association - India
- McConnell Dowell - Australia
- Ind-Barath Power Infra Limited - India
- Parry Sugars Refinery, India
- Metalloyd Limited - United Kingdom
- IHS Mccloskey Coal Group - USA
- Wilmar Investment Holdings
- Antam Resourcindo - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Baramulti Group, Indonesia
- Chamber of Mines of South Africa
- Energy Link Ltd, New Zealand
- Banpu Public Company Limited - Thailand
- San Jose City I Power Corp, Philippines
- Energy Development Corp, Philippines
- Tata Chemicals Ltd - India
- New Zealand Coal & Carbon
- Meralco Power Generation, Philippines
- SN Aboitiz Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Bahari Cakrawala Sebuku - Indonesia
- Global Coal Blending Company Limited - Australia
- Krishnapatnam Port Company Ltd. - India
- Uttam Galva Steels Limited - India
- Thiess Contractors Indonesia
- Semirara Mining and Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Siam City Cement - Thailand
- Sindya Power Generating Company Private Ltd
- Australian Coal Association
- Bhoruka Overseas - Indonesia
- Central Electricity Authority - India
- Rashtriya Ispat Nigam Limited - India
- Straits Asia Resources Limited - Singapore
- Electricity Authority, New Zealand
- Malabar Cements Ltd - India
- Romanian Commodities Exchange
- Formosa Plastics Group - Taiwan
- Star Paper Mills Limited - India
- Semirara Mining Corp, Philippines
- Merrill Lynch Commodities Europe
- Economic Council, Georgia
- Cigading International Bulk Terminal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Petron Corporation, Philippines
- Tamil Nadu electricity Board
- Marubeni Corporation - India
- Central Java Power - Indonesia
- AsiaOL BioFuels Corp., Philippines
- LBH Netherlands Bv - Netherlands
- Gujarat Sidhee Cement - India
- Aditya Birla Group - India
- Kaltim Prima Coal - Indonesia
- Bharathi Cement Corporation - India
- Kobexindo Tractors - Indoneisa
- Maheswari Brothers Coal Limited - India
- Timah Investasi Mineral - Indoneisa
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