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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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Thursday, 24 October 19
AUSTRALIA'S HOPES TO EXPAND COAL EXPORTS IN SOUTH-EAST ASIA 'DELUSIONAL', EXPERTS SAY - THE GUARDIAN
The number of new coal-fired power plants starting construction across south-east Asia has fallen markedly over the past two years as Australia has ...
Thursday, 24 October 19
PANAMAX: NEGATIVE SENTIMENT IN THE MARKET AS IT CONTINUES TO WEAKEN - FEARNLEYS
Capesize
The market has continued to slide the last week, as lack of fresh requirements and a slight oversupply of tonnage heading towards Sout ...
Wednesday, 23 October 19
CHINA'S 2019 COAL IMPORTS SET TO RISE MORE THAN 10%: ANALYSTS - REUTERS
China, the world’s top coal buyer, is on track to boost imports of the fuel by more than 10% this year, traders and analysts said on Tuesday, ...
Tuesday, 22 October 19
DRY BULK: DESPITE THE DOWNWARD CORRECTION NOTED OVER THE PAST MONTH, RATES ARE STILL HOLDING OFF AT FAVORABLE LEVELS - ALLIED SHIPPING
Despite the downward correction that has been noted in the dry bulk market over the past month, rates are still holding off at favorable levels. Ev ...
Monday, 21 October 19
SHIPPERS CHANGE COURSE AS FUEL RULES TARGET SULPHUR EMISSIONS - WOOD MACKENZIE
The International Maritime Organization (IMO), the industry’s regulator, will require all ships to reduce the level of sulphur in their engin ...
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- Singapore Mercantile Exchange
- Mercuria Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Rio Tinto Coal - Australia
- Kohat Cement Company Ltd. - Pakistan
- Karbindo Abesyapradhi - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parliament of New Zealand
- Orica Mining Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Ministry of Transport, Egypt
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Coalindo Energy - Indonesia
- Economic Council, Georgia
- Indogreen Group - Indonesia
- IEA Clean Coal Centre - UK
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bharathi Cement Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Petron Corporation, Philippines
- Planning Commission, India
- Neyveli Lignite Corporation Ltd, - India
- Posco Energy - South Korea
- Mercator Lines Limited - India
- Australian Coal Association
- Aboitiz Power Corporation - Philippines
- Sakthi Sugars Limited - India
- Bulk Trading Sa - Switzerland
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- Sical Logistics Limited - India
- Sindya Power Generating Company Private Ltd
- Bhatia International Limited - India
- Binh Thuan Hamico - Vietnam
- India Bulls Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Simpson Spence & Young - Indonesia
- Bukit Makmur.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- LBH Netherlands Bv - Netherlands
- Videocon Industries ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Wilmar Investment Holdings
- Dalmia Cement Bharat India
- Directorate General of MIneral and Coal - Indonesia
- London Commodity Brokers - England
- Kapuas Tunggal Persada - Indonesia
- Australian Commodity Traders Exchange
- Thai Mozambique Logistica
- Sojitz Corporation - Japan
- Maharashtra Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Kideco Jaya Agung - Indonesia
- Agrawal Coal Company - India
- Ministry of Mines - Canada
- PNOC Exploration Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Riau Bara Harum - Indonesia
- Interocean Group of Companies - India
- PowerSource Philippines DevCo
- Kumho Petrochemical, South Korea
- Tata Chemicals Ltd - India
- Coal and Oil Company - UAE
- Barasentosa Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Global Business Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Pipit Mutiara Jaya. PT, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Mjunction Services Limited - India
- Formosa Plastics Group - Taiwan
- Ambuja Cements Ltd - India
- Tamil Nadu electricity Board
- Carbofer General Trading SA - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMC Global Power, Philippines
- Lanco Infratech Ltd - India
- Madhucon Powers Ltd - India
- Makarim & Taira - Indonesia
- Malabar Cements Ltd - India
- Thiess Contractors Indonesia
- VISA Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Energy Exchange, India
- Independent Power Producers Association of India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vizag Seaport Private Limited - India
- Indian Oil Corporation Limited
- Kepco SPC Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Baramulti Group, Indonesia
- Merrill Lynch Commodities Europe
- Toyota Tsusho Corporation, Japan
- Kalimantan Lumbung Energi - Indonesia
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- Wood Mackenzie - Singapore
- Kartika Selabumi Mining - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Chamber of Mines of South Africa
- Borneo Indobara - Indonesia
- Electricity Authority, New Zealand
- PTC India Limited - India
- Renaissance Capital - South Africa
- Savvy Resources Ltd - HongKong
- Gujarat Mineral Development Corp Ltd - India
- McConnell Dowell - Australia
- Deloitte Consulting - India
- Medco Energi Mining Internasional
- European Bulk Services B.V. - Netherlands
- Xindia Steels Limited - India
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- New Zealand Coal & Carbon
- SMG Consultants - Indonesia
- Global Coal Blending Company Limited - Australia
- Banpu Public Company Limited - Thailand
- Iligan Light & Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Indonesian Coal Mining Association
- IHS Mccloskey Coal Group - USA
- Jindal Steel & Power Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Trasteel International SA, Italy
- Grasim Industreis Ltd - India
- Georgia Ports Authority, United States
- International Coal Ventures Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- The Treasury - Australian Government
- Price Waterhouse Coopers - Russia
- Eastern Coal Council - USA
- Globalindo Alam Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- White Energy Company Limited
- Timah Investasi Mineral - Indoneisa
- Indika Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Marubeni Corporation - India
- Bangladesh Power Developement Board
- Power Finance Corporation Ltd., India
- Holcim Trading Pte Ltd - Singapore
- Jorong Barutama Greston.PT - Indonesia
- GMR Energy Limited - India
- Kobexindo Tractors - Indoneisa
- Edison Trading Spa - Italy
- Eastern Energy - Thailand
- Africa Commodities Group - South Africa
- Standard Chartered Bank - UAE
- Jaiprakash Power Ventures ltd
- Minerals Council of Australia
- Romanian Commodities Exchange
- Commonwealth Bank - Australia
- Gujarat Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Kaltim Prima Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Alfred C Toepfer International GmbH - Germany
- Meenaskhi Energy Private Limited - India
- Cement Manufacturers Association - India
- Samtan Co., Ltd - South Korea
- Latin American Coal - Colombia
- ASAPP Information Group - India
- Bukit Baiduri Energy - Indonesia
- Aditya Birla Group - India
- Chettinad Cement Corporation Ltd - India
- Heidelberg Cement - Germany
- Siam City Cement PLC, Thailand
- GVK Power & Infra Limited - India
- Central Electricity Authority - India
- PetroVietnam Power Coal Import and Supply Company
- Mintek Dendrill Indonesia
- Uttam Galva Steels Limited - India
- Antam Resourcindo - Indonesia
- ICICI Bank Limited - India
- Star Paper Mills Limited - India
- Attock Cement Pakistan Limited
- Indo Tambangraya Megah - Indonesia
- Salva Resources Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Ministry of Finance - Indonesia
- Goldman Sachs - Singapore
- Energy Link Ltd, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Larsen & Toubro Limited - India
- Bhushan Steel Limited - India
- Altura Mining Limited, Indonesia
- CIMB Investment Bank - Malaysia
- Orica Australia Pty. Ltd.
- Port Waratah Coal Services - Australia
- Oldendorff Carriers - Singapore
- MS Steel International - UAE
- Anglo American - United Kingdom
- Sarangani Energy Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The University of Queensland
- Vedanta Resources Plc - India
- Bayan Resources Tbk. - Indonesia
- Essar Steel Hazira Ltd - India
- Gujarat Sidhee Cement - India
- Central Java Power - Indonesia
- Parry Sugars Refinery, India
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