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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, 04 November 19
COAL INDIA'S OCTOBER PRODUCTION MAY FALL 20% - PTI
Coal India’s production in October is likely to be 19-20 per cent lower at about 40 million tonne, as compared to 49.77 million tonne produce ...
Monday, 04 November 19
PANAMAX: WEAKER SENTIMENTS CONTINUED FROM LAST WEEK, WITH RATES FURTHER SOFTENING IN BOTH BASINS - BALTIC BRIEFING
Capesize
The Capesize market meandered slightly upwards this week before giving back much of its gains mid-week. Opening the week at $24,945, t ...
Thursday, 31 October 19
U.S. COAL-FIRED POWER PLANTS SCHEDULED TO SHUT - REUTERS
U.S. power companies expect to retire or convert from coal to gas over 13,800 megawatts (MW) of coal-fired plants in 2019 after shutting over 13,30 ...
Thursday, 31 October 19
SE ASIA MAY BECOME NET FOSSIL FUEL IMPORTER IN COMING YEARS - IEA
Southeast Asia is set to become a key driver of world energy trends over the next 20 years as its energy demand grows at twice the global average, ...
Monday, 28 October 19
ULTRAMAX: ASIA RATES REMAINED UNDER PRESSURE WITH THE NORTH LACKING FRESH ENQUIRY - BALTIC BRIEFING
Capesize
The end of the week brought about a small increase in sentiment heading into a long weekend for some regions. After sustaining a drop ...
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- Latin American Coal - Colombia
- Coal and Oil Company - UAE
- Intertek Mineral Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Coal Council - USA
- Tata Chemicals Ltd - India
- Energy Development Corp, Philippines
- Energy Link Ltd, New Zealand
- Metalloyd Limited - United Kingdom
- Bhoruka Overseas - Indonesia
- Oldendorff Carriers - Singapore
- ASAPP Information Group - India
- Independent Power Producers Association of India
- Economic Council, Georgia
- Makarim & Taira - Indonesia
- Coastal Gujarat Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Savvy Resources Ltd - HongKong
- Kohat Cement Company Ltd. - Pakistan
- CIMB Investment Bank - Malaysia
- Malabar Cements Ltd - India
- Carbofer General Trading SA - India
- International Coal Ventures Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Videocon Industries ltd - India
- ICICI Bank Limited - India
- Central Java Power - Indonesia
- The Treasury - Australian Government
- SMC Global Power, Philippines
- Antam Resourcindo - Indonesia
- Indogreen Group - Indonesia
- Kepco SPC Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- Star Paper Mills Limited - India
- Indika Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Timah Investasi Mineral - Indoneisa
- Price Waterhouse Coopers - Russia
- Vedanta Resources Plc - India
- Aboitiz Power Corporation - Philippines
- GMR Energy Limited - India
- Indian Oil Corporation Limited
- Bukit Asam (Persero) Tbk - Indonesia
- PowerSource Philippines DevCo
- Barasentosa Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- OPG Power Generation Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Power Finance Corporation Ltd., India
- Interocean Group of Companies - India
- Dalmia Cement Bharat India
- Maharashtra Electricity Regulatory Commission - India
- MS Steel International - UAE
- Larsen & Toubro Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chamber of Mines of South Africa
- PetroVietnam Power Coal Import and Supply Company
- Borneo Indobara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Africa Commodities Group - South Africa
- Banpu Public Company Limited - Thailand
- Mjunction Services Limited - India
- Mercuria Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Formosa Plastics Group - Taiwan
- Global Business Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Karaikal Port Pvt Ltd - India
- Orica Mining Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Kobexindo Tractors - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indonesian Coal Mining Association
- Parry Sugars Refinery, India
- Leighton Contractors Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Tamil Nadu electricity Board
- Siam City Cement PLC, Thailand
- Singapore Mercantile Exchange
- Bharathi Cement Corporation - India
- Central Electricity Authority - India
- New Zealand Coal & Carbon
- IEA Clean Coal Centre - UK
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Cement Manufacturers Association - India
- Therma Luzon, Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Xindia Steels Limited - India
- Eastern Energy - Thailand
- Thiess Contractors Indonesia
- IHS Mccloskey Coal Group - USA
- Coalindo Energy - Indonesia
- Trasteel International SA, Italy
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- Medco Energi Mining Internasional
- Siam City Cement - Thailand
- Riau Bara Harum - Indonesia
- SMG Consultants - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bangladesh Power Developement Board
- Kartika Selabumi Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Essar Steel Hazira Ltd - India
- Sical Logistics Limited - India
- Krishnapatnam Port Company Ltd. - India
- Vizag Seaport Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Bulk Trading Sa - Switzerland
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Makmur.PT - Indonesia
- Thai Mozambique Logistica
- Indo Tambangraya Megah - Indonesia
- Sojitz Corporation - Japan
- London Commodity Brokers - England
- Madhucon Powers Ltd - India
- Pendopo Energi Batubara - Indonesia
- Standard Chartered Bank - UAE
- Sinarmas Energy and Mining - Indonesia
- Grasim Industreis Ltd - India
- Wilmar Investment Holdings
- Meralco Power Generation, Philippines
- Uttam Galva Steels Limited - India
- Planning Commission, India
- Mintek Dendrill Indonesia
- Australian Commodity Traders Exchange
- Kalimantan Lumbung Energi - Indonesia
- Indian Energy Exchange, India
- Deloitte Consulting - India
- Vijayanagar Sugar Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Anglo American - United Kingdom
- Iligan Light & Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Kumho Petrochemical, South Korea
- Ministry of Transport, Egypt
- Romanian Commodities Exchange
- Kideco Jaya Agung - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Global Coal Blending Company Limited - Australia
- Globalindo Alam Lestari - Indonesia
- Mercator Lines Limited - India
- Global Green Power PLC Corporation, Philippines
- Lanco Infratech Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Edison Trading Spa - Italy
- Agrawal Coal Company - India
- Petron Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- European Bulk Services B.V. - Netherlands
- Ministry of Finance - Indonesia
- Parliament of New Zealand
- Maheswari Brothers Coal Limited - India
- Renaissance Capital - South Africa
- The University of Queensland
- Kaltim Prima Coal - Indonesia
- Heidelberg Cement - Germany
- San Jose City I Power Corp, Philippines
- Jindal Steel & Power Ltd - India
- Billiton Holdings Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Wood Mackenzie - Singapore
- Rio Tinto Coal - Australia
- Bhatia International Limited - India
- Sakthi Sugars Limited - India
- Sindya Power Generating Company Private Ltd
- Bhushan Steel Limited - India
- Bukit Baiduri Energy - Indonesia
- India Bulls Power Limited - India
- Aditya Birla Group - India
- Goldman Sachs - Singapore
- Electricity Authority, New Zealand
- White Energy Company Limited
- Alfred C Toepfer International GmbH - Germany
- Chettinad Cement Corporation Ltd - India
- Meenaskhi Energy Private Limited - India
- Ambuja Cements Ltd - India
- Marubeni Corporation - India
- Australian Coal Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The State Trading Corporation of India Ltd
- Jaiprakash Power Ventures ltd
- Orica Australia Pty. Ltd.
- Posco Energy - South Korea
- Baramulti Group, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Minerals Council of Australia
- Ministry of Mines - Canada
- Sree Jayajothi Cements Limited - India
- GVK Power & Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- PTC India Limited - India
- Directorate Of Revenue Intelligence - India
- Ceylon Electricity Board - Sri Lanka
- Commonwealth Bank - Australia
- Samtan Co., Ltd - South Korea
- Manunggal Multi Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Gujarat Sidhee Cement - India
- VISA Power Limited - India
- Ind-Barath Power Infra Limited - India
- CNBM International Corporation - China
- LBH Netherlands Bv - Netherlands
- Salva Resources Pvt Ltd - India
- Port Waratah Coal Services - Australia
- TeaM Sual Corporation - Philippines
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