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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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Monday, 02 December 19
OPEC PREPS FOR OIL'S 2020 BALANCING ACT - WOOD MACKENZIE
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GREENER LNG IS VITAL TO ASIA'S SUSTAINABLE DEVELOPMENT - WOOD MACKENZIE
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Monday, 02 December 19
5TH EAST & SOUTHERN AFRICA GAS & LNG CONFERENCE 2020
5th East & Southern Africa Gas & LNG Conference 2020
April 2-3
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Monday, 02 December 19
5TH DEEPWATER EAST & SOUTHERN AFRICA CONGRESS 2020
5th Deepwater East & Southern Africa Congress 2020
April 2-3
Maputo, Mozambique
5th Deepwater East & Southern ...
Sunday, 01 December 19
6TH CENTRAL & EASTERN EUROPE NUCLEAR INDUSTRY CONGRESS 2020
6th Central & Eastern Europe Nuclear Industry Congress 2020
January 20-21 | Prague, Czech Republic
Overview
6th ...
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- Metalloyd Limited - United Kingdom
- Anglo American - United Kingdom
- Bharathi Cement Corporation - India
- PTC India Limited - India
- IEA Clean Coal Centre - UK
- Alfred C Toepfer International GmbH - Germany
- Videocon Industries ltd - India
- Binh Thuan Hamico - Vietnam
- Indogreen Group - Indonesia
- Makarim & Taira - Indonesia
- Bukit Makmur.PT - Indonesia
- Oldendorff Carriers - Singapore
- Marubeni Corporation - India
- Kideco Jaya Agung - Indonesia
- European Bulk Services B.V. - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Energy Development Corp, Philippines
- Coalindo Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Ministry of Mines - Canada
- Bahari Cakrawala Sebuku - Indonesia
- Riau Bara Harum - Indonesia
- Singapore Mercantile Exchange
- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- Petron Corporation, Philippines
- The University of Queensland
- Neyveli Lignite Corporation Ltd, - India
- Krishnapatnam Port Company Ltd. - India
- San Jose City I Power Corp, Philippines
- Australian Commodity Traders Exchange
- Sree Jayajothi Cements Limited - India
- Chamber of Mines of South Africa
- The Treasury - Australian Government
- Malabar Cements Ltd - India
- Madhucon Powers Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining and Power Corporation, Philippines
- London Commodity Brokers - England
- Uttam Galva Steels Limited - India
- Semirara Mining Corp, Philippines
- Africa Commodities Group - South Africa
- MS Steel International - UAE
- Holcim Trading Pte Ltd - Singapore
- ASAPP Information Group - India
- Thiess Contractors Indonesia
- Indonesian Coal Mining Association
- Bhushan Steel Limited - India
- Antam Resourcindo - Indonesia
- Merrill Lynch Commodities Europe
- Mjunction Services Limited - India
- Gujarat Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- Cigading International Bulk Terminal - Indonesia
- Bangladesh Power Developement Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Coal Blending Company Limited - Australia
- Central Electricity Authority - India
- Power Finance Corporation Ltd., India
- Australian Coal Association
- Star Paper Mills Limited - India
- Coal and Oil Company - UAE
- Global Business Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Energy Link Ltd, New Zealand
- ICICI Bank Limited - India
- Bhatia International Limited - India
- Altura Mining Limited, Indonesia
- Meralco Power Generation, Philippines
- Kaltim Prima Coal - Indonesia
- Kumho Petrochemical, South Korea
- India Bulls Power Limited - India
- Cement Manufacturers Association - India
- Manunggal Multi Energi - Indonesia
- Goldman Sachs - Singapore
- GVK Power & Infra Limited - India
- Eastern Energy - Thailand
- Edison Trading Spa - Italy
- Indika Energy - Indonesia
- Sojitz Corporation - Japan
- Rio Tinto Coal - Australia
- Aboitiz Power Corporation - Philippines
- Interocean Group of Companies - India
- SMG Consultants - Indonesia
- PowerSource Philippines DevCo
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Baiduri Energy - Indonesia
- Carbofer General Trading SA - India
- Sindya Power Generating Company Private Ltd
- Agrawal Coal Company - India
- Ambuja Cements Ltd - India
- Tamil Nadu electricity Board
- Ind-Barath Power Infra Limited - India
- GMR Energy Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mintek Dendrill Indonesia
- Toyota Tsusho Corporation, Japan
- Siam City Cement - Thailand
- Lanco Infratech Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Coal Council - USA
- Barasentosa Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Tata Chemicals Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Indian Energy Exchange, India
- Samtan Co., Ltd - South Korea
- Straits Asia Resources Limited - Singapore
- Leighton Contractors Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Aditya Birla Group - India
- Parliament of New Zealand
- Borneo Indobara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Attock Cement Pakistan Limited
- TeaM Sual Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- CNBM International Corporation - China
- Meenaskhi Energy Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Trasteel International SA, Italy
- Parry Sugars Refinery, India
- South Luzon Thermal Energy Corporation
- Thai Mozambique Logistica
- Globalindo Alam Lestari - Indonesia
- Heidelberg Cement - Germany
- Bhoruka Overseas - Indonesia
- Gujarat Sidhee Cement - India
- Sical Logistics Limited - India
- Deloitte Consulting - India
- Siam City Cement PLC, Thailand
- Economic Council, Georgia
- Petrochimia International Co. Ltd.- Taiwan
- Essar Steel Hazira Ltd - India
- SN Aboitiz Power Inc, Philippines
- Ministry of Finance - Indonesia
- Central Java Power - Indonesia
- Standard Chartered Bank - UAE
- Maheswari Brothers Coal Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Directorate Of Revenue Intelligence - India
- Vizag Seaport Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Renaissance Capital - South Africa
- Posco Energy - South Korea
- Electricity Generating Authority of Thailand
- Pendopo Energi Batubara - Indonesia
- Independent Power Producers Association of India
- Baramulti Group, Indonesia
- Ministry of Transport, Egypt
- PetroVietnam Power Coal Import and Supply Company
- Karbindo Abesyapradhi - Indoneisa
- Jindal Steel & Power Ltd - India
- Vedanta Resources Plc - India
- White Energy Company Limited
- Indian Oil Corporation Limited
- Sarangani Energy Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Kobexindo Tractors - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Formosa Plastics Group - Taiwan
- OPG Power Generation Pvt Ltd - India
- Grasim Industreis Ltd - India
- Timah Investasi Mineral - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- SMC Global Power, Philippines
- Iligan Light & Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Orica Mining Services - Indonesia
- The State Trading Corporation of India Ltd
- Minerals Council of Australia
- Kohat Cement Company Ltd. - Pakistan
- Sakthi Sugars Limited - India
- Mercuria Energy - Indonesia
- Electricity Authority, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Xindia Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Latin American Coal - Colombia
- Romanian Commodities Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Georgia Ports Authority, United States
- Simpson Spence & Young - Indonesia
- Jaiprakash Power Ventures ltd
- Dalmia Cement Bharat India
- Karaikal Port Pvt Ltd - India
- Wilmar Investment Holdings
- GAC Shipping (India) Pvt Ltd
- International Coal Ventures Pvt Ltd - India
- Mercator Lines Limited - India
- AsiaOL BioFuels Corp., Philippines
- Intertek Mineral Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Medco Energi Mining Internasional
- PNOC Exploration Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Port Waratah Coal Services - Australia
- VISA Power Limited - India
- IHS Mccloskey Coal Group - USA
- Billiton Holdings Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Planning Commission, India
- Larsen & Toubro Limited - India
- Price Waterhouse Coopers - Russia
- Kartika Selabumi Mining - Indonesia
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