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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, 07 June 17
INDO HBA INDEX SEE LARGEST DROP SINCE FEBRUARY 2017
COALspot.com: Indonesian coal benchmark price decline 9.96% in June, government data showed.
The benchmark price of Indonesian thermal coal de ...
Wednesday, 07 June 17
MARKET INSIGHT - PANOS MAKRINOS
2017 undoubtedly began with very optimistic signs for the future of the Oil & Gas industry on the back of the Vienna Agreement. OPEC and non-OP ...
Tuesday, 06 June 17
THE FREIGHT MARKET WAS CONTINUE TO TUMBLE THIS PAST WEEK
COALspot.com: The Freight market continued to tumble this past week, as BDI and cape index showed a negative trend week over week.
The Baltic ...
Friday, 02 June 17
THE WORLD COAL ASSOCIATION HAS RESPONDED TO THE WITHDRAWAL OF THE UNITED STATES FROM THE PARIS AGREEMENT
“This decision is the result of a failure to build a genuine coalition on climate action that recognises the role of all technologies, includ ...
Friday, 02 June 17
MOL SIGNS COAL TRANSPORT DEAL WITH THERMAL POWERTECH CORPORATION INDIA LIMITED
MOL Signs Coal Transport Deal with Thermal Powertech Corporation India Limited - Contributing to a Stable Power Supply in India -
Jun ...
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- Essar Steel Hazira Ltd - India
- Bukit Baiduri Energy - Indonesia
- Ambuja Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Latin American Coal - Colombia
- Eastern Coal Council - USA
- Neyveli Lignite Corporation Ltd, - India
- Iligan Light & Power Inc, Philippines
- Thai Mozambique Logistica
- Indian Oil Corporation Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- SN Aboitiz Power Inc, Philippines
- PTC India Limited - India
- Meralco Power Generation, Philippines
- Kideco Jaya Agung - Indonesia
- Jaiprakash Power Ventures ltd
- Meenaskhi Energy Private Limited - India
- Renaissance Capital - South Africa
- Sarangani Energy Corporation, Philippines
- McConnell Dowell - Australia
- Semirara Mining Corp, Philippines
- Altura Mining Limited, Indonesia
- Rio Tinto Coal - Australia
- Aboitiz Power Corporation - Philippines
- GVK Power & Infra Limited - India
- Edison Trading Spa - Italy
- Central Java Power - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Mines - Canada
- Asmin Koalindo Tuhup - Indonesia
- IHS Mccloskey Coal Group - USA
- Directorate General of MIneral and Coal - Indonesia
- India Bulls Power Limited - India
- Lanco Infratech Ltd - India
- Wood Mackenzie - Singapore
- Indika Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Global Coal Blending Company Limited - Australia
- New Zealand Coal & Carbon
- Borneo Indobara - Indonesia
- Australian Coal Association
- Economic Council, Georgia
- Coalindo Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Heidelberg Cement - Germany
- Chettinad Cement Corporation Ltd - India
- Energy Link Ltd, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Trasteel International SA, Italy
- GN Power Mariveles Coal Plant, Philippines
- Medco Energi Mining Internasional
- Deloitte Consulting - India
- Star Paper Mills Limited - India
- Timah Investasi Mineral - Indoneisa
- Vizag Seaport Private Limited - India
- The University of Queensland
- Tamil Nadu electricity Board
- Maheswari Brothers Coal Limited - India
- Billiton Holdings Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Sical Logistics Limited - India
- ICICI Bank Limited - India
- Electricity Generating Authority of Thailand
- Minerals Council of Australia
- LBH Netherlands Bv - Netherlands
- Posco Energy - South Korea
- ASAPP Information Group - India
- Formosa Plastics Group - Taiwan
- Miang Besar Coal Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Indonesian Coal Mining Association
- Coastal Gujarat Power Limited - India
- London Commodity Brokers - England
- Siam City Cement PLC, Thailand
- Attock Cement Pakistan Limited
- SMG Consultants - Indonesia
- Siam City Cement - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Globalindo Alam Lestari - Indonesia
- Global Business Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Eastern Energy - Thailand
- Coal and Oil Company - UAE
- Madhucon Powers Ltd - India
- Grasim Industreis Ltd - India
- Bhatia International Limited - India
- Parliament of New Zealand
- Binh Thuan Hamico - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Malabar Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Directorate Of Revenue Intelligence - India
- Krishnapatnam Port Company Ltd. - India
- Banpu Public Company Limited - Thailand
- White Energy Company Limited
- Indogreen Group - Indonesia
- Gujarat Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Simpson Spence & Young - Indonesia
- TeaM Sual Corporation - Philippines
- Mercuria Energy - Indonesia
- Agrawal Coal Company - India
- Ministry of Finance - Indonesia
- GMR Energy Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Goldman Sachs - Singapore
- Bharathi Cement Corporation - India
- Interocean Group of Companies - India
- Bayan Resources Tbk. - Indonesia
- Videocon Industries ltd - India
- Planning Commission, India
- Commonwealth Bank - Australia
- Bhoruka Overseas - Indonesia
- Bhushan Steel Limited - India
- Baramulti Group, Indonesia
- Jindal Steel & Power Ltd - India
- Dalmia Cement Bharat India
- Gujarat Mineral Development Corp Ltd - India
- International Coal Ventures Pvt Ltd - India
- VISA Power Limited - India
- Singapore Mercantile Exchange
- Sojitz Corporation - Japan
- Anglo American - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Ministry of Transport, Egypt
- CIMB Investment Bank - Malaysia
- TNB Fuel Sdn Bhd - Malaysia
- Orica Australia Pty. Ltd.
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Global Green Power PLC Corporation, Philippines
- Chamber of Mines of South Africa
- Riau Bara Harum - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Makarim & Taira - Indonesia
- Gujarat Sidhee Cement - India
- Wilmar Investment Holdings
- MS Steel International - UAE
- Georgia Ports Authority, United States
- Price Waterhouse Coopers - Russia
- PetroVietnam Power Coal Import and Supply Company
- The Treasury - Australian Government
- Antam Resourcindo - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Kobexindo Tractors - Indoneisa
- Orica Mining Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Mjunction Services Limited - India
- Cement Manufacturers Association - India
- Uttam Galva Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Authority, New Zealand
- Vedanta Resources Plc - India
- Xindia Steels Limited - India
- Energy Development Corp, Philippines
- Sakthi Sugars Limited - India
- Bukit Makmur.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Barasentosa Lestari - Indonesia
- Mintek Dendrill Indonesia
- South Luzon Thermal Energy Corporation
- Salva Resources Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Karbindo Abesyapradhi - Indoneisa
- Port Waratah Coal Services - Australia
- Indian Energy Exchange, India
- Standard Chartered Bank - UAE
- Sree Jayajothi Cements Limited - India
- Savvy Resources Ltd - HongKong
- Rashtriya Ispat Nigam Limited - India
- Petron Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Africa Commodities Group - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Mercator Lines Limited - India
- Tata Chemicals Ltd - India
- Bangladesh Power Developement Board
- Kepco SPC Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- CNBM International Corporation - China
- Oldendorff Carriers - Singapore
- Central Electricity Authority - India
- Parry Sugars Refinery, India
- Independent Power Producers Association of India
- Aditya Birla Group - India
- Karaikal Port Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- PowerSource Philippines DevCo
- Kumho Petrochemical, South Korea
- Carbofer General Trading SA - India
- Thiess Contractors Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Manunggal Multi Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Intertek Mineral Services - Indonesia
- SMC Global Power, Philippines
- Kaltim Prima Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kapuas Tunggal Persada - Indonesia
- Marubeni Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Larsen & Toubro Limited - India
- Ceylon Electricity Board - Sri Lanka
- Therma Luzon, Inc, Philippines
- Merrill Lynch Commodities Europe
- Straits Asia Resources Limited - Singapore
- Bulk Trading Sa - Switzerland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Romanian Commodities Exchange
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