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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, 04 December 19
FITCH RATINGS: CASH FLOW GENERATION TO SLOW DOWN FOR INDONESIAN COAL MINERS
Fitch Ratings' negative outlook on the Indonesian coal-mining sector reflects our view of weaker cash flow generation on account of declining c ...
Wednesday, 04 December 19
SHIPPING MARKET INSIGHT - INTERMODAL
Dry bulk freight rates rebounded last week, a development that came as a relief following the recent negative sentiment that prevailed in the marke ...
Wednesday, 04 December 19
INDONESIA REVIEWING RULES MANDATING COAL SALES TO LOCAL BUYERS: OFFICIAL - REUTERS
Indonesia is reviewing rules that require coal miners to sell a portion of their coal to local buyers, a government official said on Monday, as sup ...
Tuesday, 03 December 19
STABILITY AND COMPATIBILITY OF VERY LOW SULPHUR FUEL OILS - GARD
In order to meet increasing restrictions on the sulphur content in marine fuel as defined by MARPOL Annex VI Regulation 14.1.3, the characteristics ...
Monday, 02 December 19
COAL PRODUCTION IN INDIA UP BY 164.58 MT IN 5 YEARS - BUSINESS LINE
Raw coal production in the country has increased from 567.77 million tons (MT) in 2013-14 to 730.35 MT in 2018-19, Union Coal and Parliamentary Aff ...
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- Videocon Industries ltd - India
- PowerSource Philippines DevCo
- Kalimantan Lumbung Energi - Indonesia
- Minerals Council of Australia
- Vijayanagar Sugar Pvt Ltd - India
- Malabar Cements Ltd - India
- White Energy Company Limited
- Planning Commission, India
- Ceylon Electricity Board - Sri Lanka
- Thiess Contractors Indonesia
- London Commodity Brokers - England
- Renaissance Capital - South Africa
- Neyveli Lignite Corporation Ltd, - India
- IEA Clean Coal Centre - UK
- Ministry of Finance - Indonesia
- Timah Investasi Mineral - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- MS Steel International - UAE
- Savvy Resources Ltd - HongKong
- Therma Luzon, Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Petron Corporation, Philippines
- Agrawal Coal Company - India
- GAC Shipping (India) Pvt Ltd
- San Jose City I Power Corp, Philippines
- Carbofer General Trading SA - India
- Kobexindo Tractors - Indoneisa
- Interocean Group of Companies - India
- Tata Chemicals Ltd - India
- Coalindo Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bangladesh Power Developement Board
- Orica Australia Pty. Ltd.
- India Bulls Power Limited - India
- CIMB Investment Bank - Malaysia
- SMG Consultants - Indonesia
- Ministry of Mines - Canada
- Alfred C Toepfer International GmbH - Germany
- Asmin Koalindo Tuhup - Indonesia
- Parry Sugars Refinery, India
- Australian Coal Association
- Coal and Oil Company - UAE
- Madhucon Powers Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Edison Trading Spa - Italy
- Meenaskhi Energy Private Limited - India
- Maheswari Brothers Coal Limited - India
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- Heidelberg Cement - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Sical Logistics Limited - India
- GMR Energy Limited - India
- Billiton Holdings Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Bharathi Cement Corporation - India
- Intertek Mineral Services - Indonesia
- Altura Mining Limited, Indonesia
- The Treasury - Australian Government
- Commonwealth Bank - Australia
- Romanian Commodities Exchange
- PNOC Exploration Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Kohat Cement Company Ltd. - Pakistan
- Metalloyd Limited - United Kingdom
- Energy Link Ltd, New Zealand
- Merrill Lynch Commodities Europe
- Eastern Energy - Thailand
- Posco Energy - South Korea
- Formosa Plastics Group - Taiwan
- Indian Energy Exchange, India
- South Luzon Thermal Energy Corporation
- Karaikal Port Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- SMC Global Power, Philippines
- Sree Jayajothi Cements Limited - India
- Cement Manufacturers Association - India
- Simpson Spence & Young - Indonesia
- PTC India Limited - India
- Rashtriya Ispat Nigam Limited - India
- Kaltim Prima Coal - Indonesia
- Vedanta Resources Plc - India
- Iligan Light & Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Riau Bara Harum - Indonesia
- Indogreen Group - Indonesia
- Dalmia Cement Bharat India
- ICICI Bank Limited - India
- Tamil Nadu electricity Board
- Kumho Petrochemical, South Korea
- Price Waterhouse Coopers - Russia
- The State Trading Corporation of India Ltd
- Ambuja Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Independent Power Producers Association of India
- Kideco Jaya Agung - Indonesia
- Central Electricity Authority - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Globalindo Alam Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Bhatia International Limited - India
- Economic Council, Georgia
- Eastern Coal Council - USA
- PetroVietnam Power Coal Import and Supply Company
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Marubeni Corporation - India
- Attock Cement Pakistan Limited
- Coastal Gujarat Power Limited - India
- Gujarat Sidhee Cement - India
- Borneo Indobara - Indonesia
- Electricity Authority, New Zealand
- CNBM International Corporation - China
- AsiaOL BioFuels Corp., Philippines
- Makarim & Taira - Indonesia
- Mjunction Services Limited - India
- Antam Resourcindo - Indonesia
- Indian Oil Corporation Limited
- Star Paper Mills Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Wood Mackenzie - Singapore
- Directorate Of Revenue Intelligence - India
- Ministry of Transport, Egypt
- Chettinad Cement Corporation Ltd - India
- Bulk Trading Sa - Switzerland
- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- GVK Power & Infra Limited - India
- Anglo American - United Kingdom
- Sarangani Energy Corporation, Philippines
- Deloitte Consulting - India
- Leighton Contractors Pty Ltd - Australia
- Mercator Lines Limited - India
- Uttam Galva Steels Limited - India
- Jindal Steel & Power Ltd - India
- Toyota Tsusho Corporation, Japan
- Binh Thuan Hamico - Vietnam
- Sojitz Corporation - Japan
- GN Power Mariveles Coal Plant, Philippines
- Straits Asia Resources Limited - Singapore
- The University of Queensland
- Grasim Industreis Ltd - India
- Xindia Steels Limited - India
- Rio Tinto Coal - Australia
- Global Coal Blending Company Limited - Australia
- Pendopo Energi Batubara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Chamber of Mines of South Africa
- Standard Chartered Bank - UAE
- Central Java Power - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Indonesian Coal Mining Association
- Africa Commodities Group - South Africa
- Indo Tambangraya Megah - Indonesia
- Larsen & Toubro Limited - India
- Siam City Cement PLC, Thailand
- Sakthi Sugars Limited - India
- Salva Resources Pvt Ltd - India
- McConnell Dowell - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Baramulti Group, Indonesia
- New Zealand Coal & Carbon
- ASAPP Information Group - India
- Sindya Power Generating Company Private Ltd
- Trasteel International SA, Italy
- Sinarmas Energy and Mining - Indonesia
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- Aditya Birla Group - India
- Samtan Co., Ltd - South Korea
- Vizag Seaport Private Limited - India
- Parliament of New Zealand
- Orica Mining Services - Indonesia
- Latin American Coal - Colombia
- Singapore Mercantile Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Port Waratah Coal Services - Australia
- Kepco SPC Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Semirara Mining Corp, Philippines
- Georgia Ports Authority, United States
- Semirara Mining and Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Commodity Traders Exchange
- Meralco Power Generation, Philippines
- Lanco Infratech Ltd - India
- Ind-Barath Power Infra Limited - India
- Siam City Cement - Thailand
- Oldendorff Carriers - Singapore
- Medco Energi Mining Internasional
- Maharashtra Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Power Finance Corporation Ltd., India
- TeaM Sual Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- LBH Netherlands Bv - Netherlands
- Wilmar Investment Holdings
- Jaiprakash Power Ventures ltd
- Electricity Generating Authority of Thailand
- OPG Power Generation Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Bhushan Steel Limited - India
- VISA Power Limited - India
- Indika Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Energy Development Corp, Philippines
- Banpu Public Company Limited - Thailand
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