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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, 26 November 19
PREPARATIONS INTENSIFY AS 1 JANUARY 2020 GLOBAL CUT IN SULPHUR IN SHIP'S FUEL OIL LOOMS: IMO
“IMO 2020” requirements for ships to cut sulphur oxide emissions enter into effect in just over one month’s time. This will signi ...
Monday, 25 November 19
COAL SUPPLY BY CIL TO POWER SECTOR DROPS OVER 8 PC TO 253 MT IN APRIL-OCTOBER - PTI
Supply of coal by state-owned CIL to the power sector registered a decline of 8.5 per cent to 253 million tonnes in the April-October period of thi ...
Monday, 25 November 19
A 53,000DWT SHIP FIXED AT $9,500 DELIVERY SINGAPORE TRIP, VIA INDONESIA, REDELIVERY VIETNAM - BALTIC BRIEFING
Capesize
After a week of value being eroded on the Capesize market, Friday brought improved sentiment across most of the routes. The 5TC averag ...
Monday, 25 November 19
KOWEPO INVITED 6.79 MILLION TONS OF (SUB)BITUMINOUS STEAM COAL BIDS
COALspot.com: South Korea’s Korea Western Power Co., Ltd. (KOWEPO) has issued an international tender for 6,798,000 tons of coal for 5 years ...
Friday, 22 November 19
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remained flat during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
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- Singapore Mercantile Exchange
- ASAPP Information Group - India
- ICICI Bank Limited - India
- Star Paper Mills Limited - India
- Eastern Coal Council - USA
- Meenaskhi Energy Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Uttam Galva Steels Limited - India
- CIMB Investment Bank - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Ind-Barath Power Infra Limited - India
- Vizag Seaport Private Limited - India
- Timah Investasi Mineral - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Bayan Resources Tbk. - Indonesia
- Wood Mackenzie - Singapore
- Larsen & Toubro Limited - India
- OPG Power Generation Pvt Ltd - India
- Malabar Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Bhatia International Limited - India
- Energy Link Ltd, New Zealand
- CNBM International Corporation - China
- Economic Council, Georgia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GN Power Mariveles Coal Plant, Philippines
- Oldendorff Carriers - Singapore
- Global Coal Blending Company Limited - Australia
- Electricity Authority, New Zealand
- PowerSource Philippines DevCo
- South Luzon Thermal Energy Corporation
- Central Java Power - Indonesia
- Vedanta Resources Plc - India
- Eastern Energy - Thailand
- Deloitte Consulting - India
- Minerals Council of Australia
- Ambuja Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Madhucon Powers Ltd - India
- Coalindo Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Price Waterhouse Coopers - Russia
- Essar Steel Hazira Ltd - India
- Kobexindo Tractors - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Parliament of New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- VISA Power Limited - India
- Mercator Lines Limited - India
- Electricity Generating Authority of Thailand
- Indonesian Coal Mining Association
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Wilmar Investment Holdings
- Bukit Makmur.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Latin American Coal - Colombia
- Krishnapatnam Port Company Ltd. - India
- Simpson Spence & Young - Indonesia
- Thiess Contractors Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Karaikal Port Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Carbofer General Trading SA - India
- Straits Asia Resources Limited - Singapore
- Metalloyd Limited - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kideco Jaya Agung - Indonesia
- SMG Consultants - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Manunggal Multi Energi - Indonesia
- Bhushan Steel Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- GMR Energy Limited - India
- Meralco Power Generation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- White Energy Company Limited
- SMC Global Power, Philippines
- The Treasury - Australian Government
- Bangladesh Power Developement Board
- Petron Corporation, Philippines
- Sical Logistics Limited - India
- Therma Luzon, Inc, Philippines
- Mercuria Energy - Indonesia
- Posco Energy - South Korea
- Ministry of Transport, Egypt
- SN Aboitiz Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Tata Chemicals Ltd - India
- London Commodity Brokers - England
- Intertek Mineral Services - Indonesia
- Xindia Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Central Electricity Authority - India
- IHS Mccloskey Coal Group - USA
- Dalmia Cement Bharat India
- Altura Mining Limited, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Parry Sugars Refinery, India
- Directorate Of Revenue Intelligence - India
- Indika Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Salva Resources Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Aboitiz Power Corporation - Philippines
- Interocean Group of Companies - India
- Marubeni Corporation - India
- Standard Chartered Bank - UAE
- Cement Manufacturers Association - India
- Trasteel International SA, Italy
- Australian Commodity Traders Exchange
- Ministry of Mines - Canada
- Pipit Mutiara Jaya. PT, Indonesia
- Globalindo Alam Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Alfred C Toepfer International GmbH - Germany
- Medco Energi Mining Internasional
- Coal and Oil Company - UAE
- Jaiprakash Power Ventures ltd
- Aditya Birla Group - India
- Binh Thuan Hamico - Vietnam
- Riau Bara Harum - Indonesia
- Kaltim Prima Coal - Indonesia
- Barasentosa Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- LBH Netherlands Bv - Netherlands
- Sindya Power Generating Company Private Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- Gujarat Sidhee Cement - India
- Anglo American - United Kingdom
- Siam City Cement PLC, Thailand
- Baramulti Group, Indonesia
- Sakthi Sugars Limited - India
- Indian Energy Exchange, India
- Holcim Trading Pte Ltd - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Maheswari Brothers Coal Limited - India
- Chamber of Mines of South Africa
- IEA Clean Coal Centre - UK
- Banpu Public Company Limited - Thailand
- Attock Cement Pakistan Limited
- Borneo Indobara - Indonesia
- Commonwealth Bank - Australia
- Videocon Industries ltd - India
- Africa Commodities Group - South Africa
- Ministry of Finance - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Antam Resourcindo - Indonesia
- Australian Coal Association
- Energy Development Corp, Philippines
- India Bulls Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- GVK Power & Infra Limited - India
- Renaissance Capital - South Africa
- Indian Oil Corporation Limited
- Port Waratah Coal Services - Australia
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- Indogreen Group - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Orica Mining Services - Indonesia
- PTC India Limited - India
- Makarim & Taira - Indonesia
- McConnell Dowell - Australia
- Edison Trading Spa - Italy
- Rio Tinto Coal - Australia
- New Zealand Coal & Carbon
- Bharathi Cement Corporation - India
- Mintek Dendrill Indonesia
- Mjunction Services Limited - India
- The State Trading Corporation of India Ltd
- Gujarat Mineral Development Corp Ltd - India
- Agrawal Coal Company - India
- MS Steel International - UAE
- Kohat Cement Company Ltd. - Pakistan
- Planning Commission, India
- Goldman Sachs - Singapore
- Lanco Infratech Ltd - India
- Grasim Industreis Ltd - India
- Power Finance Corporation Ltd., India
- PNOC Exploration Corporation - Philippines
- Georgia Ports Authority, United States
- Heidelberg Cement - Germany
- Sarangani Energy Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Sojitz Corporation - Japan
- Tamil Nadu electricity Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Romanian Commodities Exchange
- Bulk Trading Sa - Switzerland
- Thai Mozambique Logistica
- Siam City Cement - Thailand
- Global Business Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Orica Australia Pty. Ltd.
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