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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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Wednesday, 25 December 19
COVER FOR WAR AND TERRORISM RISKS, AND COVER IN RESPECT OF BIOLOGICAL AND BIO-CHEMICAL WEAPONS - 2020 POLICY YEAR: AMERICAN CLUB
KNOWLEDGE TO ELEVATE
This Circular describes the arrangements which have been made to provide special cover for war and terrorism risks, and c ...
Wednesday, 25 December 19
EXHAUST GAS CLEANING SYSTEMS (SCRUBBER) GUIDANCE - THE STANDARD CLUB
KNOWLEDGE TO ELEVATE
In a few weeks, IMO’s ‘global sulphur cap’ will take effect. The permitted levels of SOx in ship emissi ...
Wednesday, 25 December 19
INDONESIAN BUKIT ASAM TARGETS TO MINE 30 MLN T OF COAL IN 2020 - REUTERS
Indonesian state-owned coal miner PT Bukit Asam targets to produce around 30 million tonnes of coal in 2020, compared with an estimate of 28.5 mill ...
Wednesday, 25 December 19
SHIPPING MARKET INSIGHT - INTERMODAL
As another year in the shipping industry is coming to an end, it is interesting to look at the dry bulk and tanker markets and how these performed ...
Monday, 23 December 19
VLSFO PRICING & AVAILABILITY NEEDS CAREFUL WATCHING - INTEGR8 FUELS
As we approach January 1st 2020 , the VLSFO price premium to HSFO has widened considerably
We are clearly well into the IMO 2020 transition; ch ...
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Coal Association
- Trasteel International SA, Italy
- Australian Commodity Traders Exchange
- Heidelberg Cement - Germany
- Semirara Mining Corp, Philippines
- Power Finance Corporation Ltd., India
- PNOC Exploration Corporation - Philippines
- The University of Queensland
- Sarangani Energy Corporation, Philippines
- IEA Clean Coal Centre - UK
- IHS Mccloskey Coal Group - USA
- Globalindo Alam Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Attock Cement Pakistan Limited
- Central Electricity Authority - India
- Altura Mining Limited, Indonesia
- Videocon Industries ltd - India
- Bangladesh Power Developement Board
- Ind-Barath Power Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Posco Energy - South Korea
- Sindya Power Generating Company Private Ltd
- Bukit Makmur.PT - Indonesia
- Mercuria Energy - Indonesia
- SMG Consultants - Indonesia
- Simpson Spence & Young - Indonesia
- Meenaskhi Energy Private Limited - India
- Electricity Generating Authority of Thailand
- Xindia Steels Limited - India
- Indian Energy Exchange, India
- Agrawal Coal Company - India
- Bhatia International Limited - India
- Straits Asia Resources Limited - Singapore
- Planning Commission, India
- Sinarmas Energy and Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Merrill Lynch Commodities Europe
- Semirara Mining and Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Minerals Council of Australia
- Thiess Contractors Indonesia
- Vedanta Resources Plc - India
- Leighton Contractors Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Grasim Industreis Ltd - India
- Sojitz Corporation - Japan
- Bharathi Cement Corporation - India
- Price Waterhouse Coopers - Russia
- Coal and Oil Company - UAE
- ICICI Bank Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Petron Corporation, Philippines
- Anglo American - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- CNBM International Corporation - China
- The Treasury - Australian Government
- Salva Resources Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- TeaM Sual Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Ministry of Transport, Egypt
- Karbindo Abesyapradhi - Indoneisa
- Chamber of Mines of South Africa
- OPG Power Generation Pvt Ltd - India
- Port Waratah Coal Services - Australia
- PTC India Limited - India
- Coalindo Energy - Indonesia
- Goldman Sachs - Singapore
- Coastal Gujarat Power Limited - India
- Riau Bara Harum - Indonesia
- Ministry of Mines - Canada
- Directorate General of MIneral and Coal - Indonesia
- India Bulls Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Ceylon Electricity Board - Sri Lanka
- Bukit Baiduri Energy - Indonesia
- Indonesian Coal Mining Association
- Edison Trading Spa - Italy
- Central Java Power - Indonesia
- Toyota Tsusho Corporation, Japan
- Global Business Power Corporation, Philippines
- Indika Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- The State Trading Corporation of India Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Mining Services - Indonesia
- Medco Energi Mining Internasional
- Cement Manufacturers Association - India
- Rio Tinto Coal - Australia
- Singapore Mercantile Exchange
- Bayan Resources Tbk. - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Oil Corporation Limited
- Sree Jayajothi Cements Limited - India
- Kumho Petrochemical, South Korea
- New Zealand Coal & Carbon
- AsiaOL BioFuels Corp., Philippines
- Georgia Ports Authority, United States
- CIMB Investment Bank - Malaysia
- Meralco Power Generation, Philippines
- Independent Power Producers Association of India
- Essar Steel Hazira Ltd - India
- Deloitte Consulting - India
- Gujarat Sidhee Cement - India
- Chettinad Cement Corporation Ltd - India
- Mercator Lines Limited - India
- Rashtriya Ispat Nigam Limited - India
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement - Thailand
- Romanian Commodities Exchange
- Asmin Koalindo Tuhup - Indonesia
- Carbofer General Trading SA - India
- Neyveli Lignite Corporation Ltd, - India
- Latin American Coal - Colombia
- Sical Logistics Limited - India
- Interocean Group of Companies - India
- Kartika Selabumi Mining - Indonesia
- Malabar Cements Ltd - India
- Mintek Dendrill Indonesia
- Aditya Birla Group - India
- Pendopo Energi Batubara - Indonesia
- Tamil Nadu electricity Board
- Tata Chemicals Ltd - India
- Makarim & Taira - Indonesia
- Larsen & Toubro Limited - India
- Eastern Energy - Thailand
- European Bulk Services B.V. - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kohat Cement Company Ltd. - Pakistan
- Samtan Co., Ltd - South Korea
- Miang Besar Coal Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Indogreen Group - Indonesia
- Sakthi Sugars Limited - India
- South Luzon Thermal Energy Corporation
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Uttam Galva Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- GVK Power & Infra Limited - India
- Bhushan Steel Limited - India
- Kapuas Tunggal Persada - Indonesia
- Parliament of New Zealand
- Metalloyd Limited - United Kingdom
- ASAPP Information Group - India
- Renaissance Capital - South Africa
- London Commodity Brokers - England
- Kaltim Prima Coal - Indonesia
- Lanco Infratech Ltd - India
- Standard Chartered Bank - UAE
- Intertek Mineral Services - Indonesia
- Iligan Light & Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Global Coal Blending Company Limited - Australia
- Aboitiz Power Corporation - Philippines
- Parry Sugars Refinery, India
- Ministry of Finance - Indonesia
- Mjunction Services Limited - India
- Therma Luzon, Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Wilmar Investment Holdings
- Maheswari Brothers Coal Limited - India
- Global Green Power PLC Corporation, Philippines
- GMR Energy Limited - India
- LBH Netherlands Bv - Netherlands
- Energy Link Ltd, New Zealand
- Oldendorff Carriers - Singapore
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Madhucon Powers Ltd - India
- Electricity Authority, New Zealand
- Baramulti Group, Indonesia
- Jaiprakash Power Ventures ltd
- Directorate Of Revenue Intelligence - India
- GN Power Mariveles Coal Plant, Philippines
- Kobexindo Tractors - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- Star Paper Mills Limited - India
- VISA Power Limited - India
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- Commonwealth Bank - Australia
- Timah Investasi Mineral - Indoneisa
- Marubeni Corporation - India
- Antam Resourcindo - Indonesia
- Bulk Trading Sa - Switzerland
- Borneo Indobara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Wood Mackenzie - Singapore
- SMC Global Power, Philippines
- Economic Council, Georgia
- PetroVietnam Power Coal Import and Supply Company
- Ambuja Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- White Energy Company Limited
- Manunggal Multi Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- McConnell Dowell - Australia
- Barasentosa Lestari - Indonesia
- MS Steel International - UAE
- Orica Australia Pty. Ltd.
- Jorong Barutama Greston.PT - Indonesia
- Thai Mozambique Logistica
- Cigading International Bulk Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Kepco SPC Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Kideco Jaya Agung - Indonesia
- International Coal Ventures Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Vizag Seaport Private Limited - India
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