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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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Thursday, 09 January 20
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- International Coal Ventures Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Indika Energy - Indonesia
- ICICI Bank Limited - India
- The Treasury - Australian Government
- Central Java Power - Indonesia
- Energy Development Corp, Philippines
- Videocon Industries ltd - India
- Global Business Power Corporation, Philippines
- Mercator Lines Limited - India
- Therma Luzon, Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Minerals Council of Australia
- Simpson Spence & Young - Indonesia
- Ministry of Mines - Canada
- Samtan Co., Ltd - South Korea
- OPG Power Generation Pvt Ltd - India
- Orica Mining Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Malabar Cements Ltd - India
- Altura Mining Limited, Indonesia
- Straits Asia Resources Limited - Singapore
- Riau Bara Harum - Indonesia
- Xindia Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- White Energy Company Limited
- Globalindo Alam Lestari - Indonesia
- Sical Logistics Limited - India
- Essar Steel Hazira Ltd - India
- Carbofer General Trading SA - India
- Semirara Mining Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Agrawal Coal Company - India
- Central Electricity Authority - India
- LBH Netherlands Bv - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Electricity Authority, New Zealand
- Sarangani Energy Corporation, Philippines
- SMC Global Power, Philippines
- Romanian Commodities Exchange
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- Petrochimia International Co. Ltd.- Taiwan
- Thai Mozambique Logistica
- Indo Tambangraya Megah - Indonesia
- Commonwealth Bank - Australia
- Jorong Barutama Greston.PT - Indonesia
- Coal and Oil Company - UAE
- VISA Power Limited - India
- Economic Council, Georgia
- Semirara Mining and Power Corporation, Philippines
- Borneo Indobara - Indonesia
- South Luzon Thermal Energy Corporation
- Banpu Public Company Limited - Thailand
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
- Ministry of Finance - Indonesia
- CIMB Investment Bank - Malaysia
- Thiess Contractors Indonesia
- Orica Australia Pty. Ltd.
- ASAPP Information Group - India
- Kepco SPC Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Deloitte Consulting - India
- PNOC Exploration Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Renaissance Capital - South Africa
- Binh Thuan Hamico - Vietnam
- Edison Trading Spa - Italy
- Independent Power Producers Association of India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sakthi Sugars Limited - India
- Petron Corporation, Philippines
- GMR Energy Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Aboitiz Power Corporation - Philippines
- Indogreen Group - Indonesia
- Timah Investasi Mineral - Indoneisa
- Sojitz Corporation - Japan
- Goldman Sachs - Singapore
- Electricity Generating Authority of Thailand
- Bhatia International Limited - India
- Directorate Of Revenue Intelligence - India
- Attock Cement Pakistan Limited
- Oldendorff Carriers - Singapore
- Bharathi Cement Corporation - India
- Mercuria Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ambuja Cements Ltd - India
- Makarim & Taira - Indonesia
- Karaikal Port Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- Baramulti Group, Indonesia
- Marubeni Corporation - India
- Chamber of Mines of South Africa
- Larsen & Toubro Limited - India
- MS Steel International - UAE
- Billiton Holdings Pty Ltd - Australia
- Planning Commission, India
- Global Coal Blending Company Limited - Australia
- Mjunction Services Limited - India
- Leighton Contractors Pty Ltd - Australia
- Parry Sugars Refinery, India
- Cement Manufacturers Association - India
- Neyveli Lignite Corporation Ltd, - India
- Kartika Selabumi Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Jindal Steel & Power Ltd - India
- Ministry of Transport, Egypt
- IHS Mccloskey Coal Group - USA
- Iligan Light & Power Inc, Philippines
- Wood Mackenzie - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Energy Link Ltd, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Pendopo Energi Batubara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Madhucon Powers Ltd - India
- Parliament of New Zealand
- Power Finance Corporation Ltd., India
- Kumho Petrochemical, South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- TeaM Sual Corporation - Philippines
- Georgia Ports Authority, United States
- The University of Queensland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aditya Birla Group - India
- PowerSource Philippines DevCo
- Heidelberg Cement - Germany
- Bhoruka Overseas - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Medco Energi Mining Internasional
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Energy - Thailand
- GVK Power & Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Salva Resources Pvt Ltd - India
- India Bulls Power Limited - India
- Kideco Jaya Agung - Indonesia
- Kaltim Prima Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Singapore Mercantile Exchange
- Lanco Infratech Ltd - India
- Australian Coal Association
- Holcim Trading Pte Ltd - Singapore
- Barasentosa Lestari - Indonesia
- Rio Tinto Coal - Australia
- Miang Besar Coal Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Tata Chemicals Ltd - India
- Gujarat Sidhee Cement - India
- Tamil Nadu electricity Board
- Sree Jayajothi Cements Limited - India
- PTC India Limited - India
- Antam Resourcindo - Indonesia
- Alfred C Toepfer International GmbH - Germany
- London Commodity Brokers - England
- Gujarat Electricity Regulatory Commission - India
- Maharashtra Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Merrill Lynch Commodities Europe
- Africa Commodities Group - South Africa
- Toyota Tsusho Corporation, Japan
- SN Aboitiz Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- McConnell Dowell - Australia
- Wilmar Investment Holdings
- Bukit Asam (Persero) Tbk - Indonesia
- Star Paper Mills Limited - India
- Dalmia Cement Bharat India
- Bangladesh Power Developement Board
- Kalimantan Lumbung Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bulk Trading Sa - Switzerland
- Ind-Barath Power Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Mintek Dendrill Indonesia
- New Zealand Coal & Carbon
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement - Thailand
- Interocean Group of Companies - India
- AsiaOL BioFuels Corp., Philippines
- Metalloyd Limited - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- SMG Consultants - Indonesia
- Grasim Industreis Ltd - India
- GAC Shipping (India) Pvt Ltd
- Posco Energy - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Meralco Power Generation, Philippines
- San Jose City I Power Corp, Philippines
- Indian Energy Exchange, India
- Siam City Cement PLC, Thailand
- Eastern Coal Council - USA
- Maheswari Brothers Coal Limited - India
- Indonesian Coal Mining Association
- Latin American Coal - Colombia
- Vizag Seaport Private Limited - India
- Standard Chartered Bank - UAE
- Uttam Galva Steels Limited - India
- Bhushan Steel Limited - India
- Trasteel International SA, Italy
- Australian Commodity Traders Exchange
- The State Trading Corporation of India Ltd
- Vedanta Resources Plc - India
- Indian Oil Corporation Limited
- Kohat Cement Company Ltd. - Pakistan
- Coalindo Energy - Indonesia
- Anglo American - United Kingdom
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