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Wednesday, 12 April 17
SHIPPING MARKET INSIGHT - VASSILIS VASSILIOU
 The first quarter of 2017 started relatively busy for the ship repair sector, with most of the repair facilities being nearly fully occupied till the first half of the year. Compared to the very silent first half of the previous year, there is an enormous increase in the demand for dry-docking slots, which is more than justified. Apart from the obvious, i.e. that the physical number of vessels due for special survey is greater compared to last year past, we have also observed that some non-Greek shipping companies have the tendency to bring the dry-docking schedule earlier to avoid the imminent implementation of the ballast water management regulations.
On the other hand, as far as Greek shipping companies are concerned, this strategy has not found solid ground, as the great majority of the Owners have agreed to proceed with the de-harmonization of the IOPP certificate, as a way to avoid the BWMS regulation altogether. The first wave of the high demand for ship repairs came during the Chinese New Year. This was mainly due to the lack of good employment options for a number of dry bulk owners trading spot at that time, who took the advantage of the low market by using that period to repair their vessels.
Despite the increased demand for dry-docking slots, shipyards pricing policies have not changed. Price levels are maintained almost at the same record-low level as the year before. In some cases, shipyards’ prices have slightly increased their prices, but even in those cases the increase has not been proportional to the spike in slot demand. As a general observation therefore we can say that shipyards didn’t manage to get the full advantage of the increased demand during Q1 2017 and that since the repair market prices remain at record low levels, they still offer an excellent opportunity for repairs. Additionally, It is anticipated the second half of the year will be smoother, with the shipyards’ workload slightly lower compared to now.
As far as the Greek market is concerned, Chinese yards remain on top of Owners’ choice, with one out of two Greek vessels being repaired in that area. While the first-class Chinese shipyards are focusing in big projects and tanker vessels, the most ‘value for money’ Chinese shipyards offering are those to fill all of their slots first, giving by rule of thumb a 40 days’ notice requirement for a slot. Thus, the gap is filled by the medium, less-known shipyards, with relatively short reference list of foreign vessels, which are directly benefiting from the repair congestion. Those shipyards during the slack period of 2016 where unknown to the majority of ship-owners but they are now building up their reputation.
The investments on the repair facilities worldwide are at the same time moving onwards. There are several additional dry-docks to be delivered during 2017 in Turkey area. With last year’s speculations proving correct, Hyundai Heavy Industries has announced that their fifth dock at Ulsan will be used for repair works. In addition, a new repair shipyard is about to start operations in the Zhoushan area in China. All those expansions are about to put an extra pressure to the repair market sector, which will promote competition to higher levels and will squeeze further the repair prices.
Last but not least, the repair market, being always heavily concentrated on the IMO implementation of the Ballast Treatment System convention, is waiting the next convention (MEPC 71) to be materialized and to give further answers, the date of which was again pushed back, and is now expected to take place at the beginning of July 2017.
By Vassilis Vassiliou
Ship-repair Broker, Interyards S. A.
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms. Eva Tzima
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, 14 June 17
WORLD COAL PRODUCTION FELL BY 6.2%, THE LARGEST ANNUAL DECLINE ON RECORD - BP
COALspot.com: The 2017 edition of the BP Statistical Review of World Energy, shows global energy markets continuing to undergo long-term changes as ...
Wednesday, 14 June 17
HANDYSIZES AND PANAMAXES ENJOY THE TIGHTEST SUPPLY - PANOS TSILINGIRIS
The dry and the tanker shipping segments have dissimilar exposure to supply-driven opportunity (or risk). While the vintage (i.e., over 15 years ol ...
Tuesday, 13 June 17
THE TANKER FREIGHT MARKET IS STILL UNDER PRESSURE - GEORGE LAZARIDIS
News of U.S. inventory decline has hit the market by surprise with prices of the commodity showing some quick revival as OPEC continues to push wit ...
Monday, 12 June 17
THE BALTIC DRY INDEX TOOK A POSITIVE STEP
COALspot.com: The Freight market incline this past week compared to the previous week, as BDI, Cape and Panamax indexes show a positive trend week ...
Friday, 09 June 17
U.S WEEKLY COAL OUTPUT WAS FLAT WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15 million short tonnes ...
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- Directorate General of MIneral and Coal - Indonesia
- Deloitte Consulting - India
- Tamil Nadu electricity Board
- IHS Mccloskey Coal Group - USA
- Global Business Power Corporation, Philippines
- Renaissance Capital - South Africa
- Indonesian Coal Mining Association
- Tata Chemicals Ltd - India
- Sical Logistics Limited - India
- Standard Chartered Bank - UAE
- Banpu Public Company Limited - Thailand
- Miang Besar Coal Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Vedanta Resources Plc - India
- Altura Mining Limited, Indonesia
- South Luzon Thermal Energy Corporation
- Ceylon Electricity Board - Sri Lanka
- Electricity Generating Authority of Thailand
- Port Waratah Coal Services - Australia
- Billiton Holdings Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Eastern Energy - Thailand
- GMR Energy Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Ind-Barath Power Infra Limited - India
- Merrill Lynch Commodities Europe
- Africa Commodities Group - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Vizag Seaport Private Limited - India
- Independent Power Producers Association of India
- Bhushan Steel Limited - India
- Orica Australia Pty. Ltd.
- Samtan Co., Ltd - South Korea
- Rashtriya Ispat Nigam Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Baiduri Energy - Indonesia
- The State Trading Corporation of India Ltd
- Bulk Trading Sa - Switzerland
- Global Green Power PLC Corporation, Philippines
- Georgia Ports Authority, United States
- Kumho Petrochemical, South Korea
- Mercuria Energy - Indonesia
- Posco Energy - South Korea
- Straits Asia Resources Limited - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Grasim Industreis Ltd - India
- Eastern Coal Council - USA
- Gujarat Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- European Bulk Services B.V. - Netherlands
- Indo Tambangraya Megah - Indonesia
- Sindya Power Generating Company Private Ltd
- Star Paper Mills Limited - India
- Malabar Cements Ltd - India
- PowerSource Philippines DevCo
- Central Electricity Authority - India
- Barasentosa Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Dalmia Cement Bharat India
- Global Coal Blending Company Limited - Australia
- Interocean Group of Companies - India
- Savvy Resources Ltd - HongKong
- Indogreen Group - Indonesia
- Goldman Sachs - Singapore
- Chettinad Cement Corporation Ltd - India
- Metalloyd Limited - United Kingdom
- Price Waterhouse Coopers - Russia
- Singapore Mercantile Exchange
- International Coal Ventures Pvt Ltd - India
- Bharathi Cement Corporation - India
- Attock Cement Pakistan Limited
- Cement Manufacturers Association - India
- Trasteel International SA, Italy
- PTC India Limited - India
- IEA Clean Coal Centre - UK
- San Jose City I Power Corp, Philippines
- Commonwealth Bank - Australia
- Antam Resourcindo - Indonesia
- Kaltim Prima Coal - Indonesia
- Energy Link Ltd, New Zealand
- Orica Mining Services - Indonesia
- Formosa Plastics Group - Taiwan
- Carbofer General Trading SA - India
- Marubeni Corporation - India
- Madhucon Powers Ltd - India
- Larsen & Toubro Limited - India
- Therma Luzon, Inc, Philippines
- Australian Coal Association
- Intertek Mineral Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Cigading International Bulk Terminal - Indonesia
- Ministry of Mines - Canada
- Indian Oil Corporation Limited
- Karbindo Abesyapradhi - Indoneisa
- CIMB Investment Bank - Malaysia
- OPG Power Generation Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Central Java Power - Indonesia
- Coastal Gujarat Power Limited - India
- Gujarat Sidhee Cement - India
- Energy Development Corp, Philippines
- Uttam Galva Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Coal and Oil Company - UAE
- Karaikal Port Pvt Ltd - India
- Parliament of New Zealand
- Videocon Industries ltd - India
- Indika Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GVK Power & Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Aboitiz Power Corporation - Philippines
- Aditya Birla Group - India
- Simpson Spence & Young - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Makarim & Taira - Indonesia
- ASAPP Information Group - India
- LBH Netherlands Bv - Netherlands
- Ministry of Finance - Indonesia
- SMC Global Power, Philippines
- Siam City Cement PLC, Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Iligan Light & Power Inc, Philippines
- Mercator Lines Limited - India
- Leighton Contractors Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Thiess Contractors Indonesia
- Rio Tinto Coal - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Asmin Koalindo Tuhup - Indonesia
- Bangladesh Power Developement Board
- GN Power Mariveles Coal Plant, Philippines
- Electricity Authority, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Indian Energy Exchange, India
- Petrochimia International Co. Ltd.- Taiwan
- Toyota Tsusho Corporation, Japan
- Medco Energi Mining Internasional
- White Energy Company Limited
- PNOC Exploration Corporation - Philippines
- Power Finance Corporation Ltd., India
- India Bulls Power Limited - India
- Australian Commodity Traders Exchange
- Manunggal Multi Energi - Indonesia
- Mjunction Services Limited - India
- Chamber of Mines of South Africa
- Kapuas Tunggal Persada - Indonesia
- VISA Power Limited - India
- Sakthi Sugars Limited - India
- The University of Queensland
- TeaM Sual Corporation - Philippines
- Petron Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kohat Cement Company Ltd. - Pakistan
- Oldendorff Carriers - Singapore
- Kideco Jaya Agung - Indonesia
- Pendopo Energi Batubara - Indonesia
- Romanian Commodities Exchange
- Krishnapatnam Port Company Ltd. - India
- AsiaOL BioFuels Corp., Philippines
- Holcim Trading Pte Ltd - Singapore
- MS Steel International - UAE
- Globalindo Alam Lestari - Indonesia
- Bhatia International Limited - India
- Wilmar Investment Holdings
- The Treasury - Australian Government
- Ministry of Transport, Egypt
- Directorate Of Revenue Intelligence - India
- Timah Investasi Mineral - Indoneisa
- Siam City Cement - Thailand
- McConnell Dowell - Australia
- Wood Mackenzie - Singapore
- Anglo American - United Kingdom
- Planning Commission, India
- Sarangani Energy Corporation, Philippines
- Baramulti Group, Indonesia
- Kartika Selabumi Mining - Indonesia
- Edison Trading Spa - Italy
- New Zealand Coal & Carbon
- Kobexindo Tractors - Indoneisa
- Economic Council, Georgia
- Salva Resources Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Parry Sugars Refinery, India
- Coalindo Energy - Indonesia
- Thai Mozambique Logistica
- Heidelberg Cement - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Meralco Power Generation, Philippines
- Agrawal Coal Company - India
- ICICI Bank Limited - India
- Lanco Infratech Ltd - India
- Minerals Council of Australia
- Riau Bara Harum - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Borneo Indobara - Indonesia
- Mintek Dendrill Indonesia
- Maheswari Brothers Coal Limited - India
- Xindia Steels Limited - India
- SMG Consultants - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Latin American Coal - Colombia
- CNBM International Corporation - China
- Sojitz Corporation - Japan
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