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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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Friday, 02 June 17
U.S THE PAST WEEK'S COAL PRODUCTION ESTIMATE UP 4.4% - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15 million short tonnes ...
Wednesday, 31 May 17
MARKET INSIGHT - KONSTANTINOS KAKAVITSAS
In the next episode of the oil market; The market reacts to OPEC’s production cut extension, the US shale oil producers are ruining the carte ...
Tuesday, 30 May 17
MARKET ANALYSIS - GEORGE LAZARIDIS
Despite the fair performance that has been noted in the Chinese economy over the past 5 months, we have started to see an increase in the skepticis ...
Friday, 26 May 17
MOST COAL PLANTS IN THE UNITED STATES WERE BUILT BEFORE 1990 - EIA
Coal-fired electricity generators accounted for 25% of operating electricity generating capacity in the United States and generated about 30% of U. ...
Friday, 26 May 17
U.S WEEKLY COAL OUTPUT ESTIMATE UP 6.3% W/W
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.3 million short ton ...
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- Price Waterhouse Coopers - Russia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Tata Chemicals Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- IHS Mccloskey Coal Group - USA
- Vedanta Resources Plc - India
- Merrill Lynch Commodities Europe
- Rio Tinto Coal - Australia
- Bukit Baiduri Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Malabar Cements Ltd - India
- Altura Mining Limited, Indonesia
- India Bulls Power Limited - India
- Indian Oil Corporation Limited
- Iligan Light & Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Singapore Mercantile Exchange
- Straits Asia Resources Limited - Singapore
- Electricity Generating Authority of Thailand
- European Bulk Services B.V. - Netherlands
- The University of Queensland
- White Energy Company Limited
- Economic Council, Georgia
- Coastal Gujarat Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Orica Mining Services - Indonesia
- Interocean Group of Companies - India
- Siam City Cement - Thailand
- Carbofer General Trading SA - India
- Sakthi Sugars Limited - India
- Petron Corporation, Philippines
- Deloitte Consulting - India
- Bharathi Cement Corporation - India
- Xindia Steels Limited - India
- San Jose City I Power Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Attock Cement Pakistan Limited
- Sindya Power Generating Company Private Ltd
- Bukit Makmur.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Commonwealth Bank - Australia
- Aditya Birla Group - India
- Parry Sugars Refinery, India
- GN Power Mariveles Coal Plant, Philippines
- GAC Shipping (India) Pvt Ltd
- Global Coal Blending Company Limited - Australia
- Savvy Resources Ltd - HongKong
- Ministry of Mines - Canada
- Salva Resources Pvt Ltd - India
- Edison Trading Spa - Italy
- Medco Energi Mining Internasional
- Standard Chartered Bank - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Mineral Development Corp Ltd - India
- Kartika Selabumi Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bangladesh Power Developement Board
- LBH Netherlands Bv - Netherlands
- ASAPP Information Group - India
- Posco Energy - South Korea
- New Zealand Coal & Carbon
- The Treasury - Australian Government
- Borneo Indobara - Indonesia
- Kobexindo Tractors - Indoneisa
- Australian Commodity Traders Exchange
- Marubeni Corporation - India
- Lanco Infratech Ltd - India
- Anglo American - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining Corp, Philippines
- TeaM Sual Corporation - Philippines
- Uttam Galva Steels Limited - India
- Central Java Power - Indonesia
- CIMB Investment Bank - Malaysia
- Ind-Barath Power Infra Limited - India
- Bhoruka Overseas - Indonesia
- PowerSource Philippines DevCo
- Globalindo Alam Lestari - Indonesia
- Trasteel International SA, Italy
- Mjunction Services Limited - India
- Maharashtra Electricity Regulatory Commission - India
- VISA Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Gujarat Sidhee Cement - India
- Mercator Lines Limited - India
- Mercuria Energy - Indonesia
- Africa Commodities Group - South Africa
- Bayan Resources Tbk. - Indonesia
- Indika Energy - Indonesia
- Independent Power Producers Association of India
- Madhucon Powers Ltd - India
- Karaikal Port Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Authority, New Zealand
- Heidelberg Cement - Germany
- Australian Coal Association
- PTC India Limited - India
- MS Steel International - UAE
- Vizag Seaport Private Limited - India
- Eastern Energy - Thailand
- Ceylon Electricity Board - Sri Lanka
- OPG Power Generation Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Romanian Commodities Exchange
- Goldman Sachs - Singapore
- South Luzon Thermal Energy Corporation
- Cigading International Bulk Terminal - Indonesia
- Ambuja Cements Ltd - India
- Latin American Coal - Colombia
- Meralco Power Generation, Philippines
- Orica Australia Pty. Ltd.
- Mintek Dendrill Indonesia
- Siam City Cement PLC, Thailand
- Antam Resourcindo - Indonesia
- Energy Development Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Wood Mackenzie - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Thiess Contractors Indonesia
- Gujarat Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Essar Steel Hazira Ltd - India
- Energy Link Ltd, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kideco Jaya Agung - Indonesia
- Riau Bara Harum - Indonesia
- Meenaskhi Energy Private Limited - India
- London Commodity Brokers - England
- Kepco SPC Power Corporation, Philippines
- Tamil Nadu electricity Board
- Indian Energy Exchange, India
- Wilmar Investment Holdings
- Cement Manufacturers Association - India
- PNOC Exploration Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Renaissance Capital - South Africa
- Miang Besar Coal Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Metalloyd Limited - United Kingdom
- Parliament of New Zealand
- GVK Power & Infra Limited - India
- The State Trading Corporation of India Ltd
- SN Aboitiz Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Timah Investasi Mineral - Indoneisa
- Binh Thuan Hamico - Vietnam
- Jindal Steel & Power Ltd - India
- Bhatia International Limited - India
- Jaiprakash Power Ventures ltd
- Sojitz Corporation - Japan
- Central Electricity Authority - India
- Toyota Tsusho Corporation, Japan
- Chettinad Cement Corporation Ltd - India
- Bhushan Steel Limited - India
- Agrawal Coal Company - India
- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- ICICI Bank Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Eastern Coal Council - USA
- Port Waratah Coal Services - Australia
- Ministry of Finance - Indonesia
- Thai Mozambique Logistica
- Krishnapatnam Port Company Ltd. - India
- Kohat Cement Company Ltd. - Pakistan
- Aboitiz Power Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Asmin Koalindo Tuhup - Indonesia
- CNBM International Corporation - China
- Formosa Plastics Group - Taiwan
- Sical Logistics Limited - India
- Baramulti Group, Indonesia
- Larsen & Toubro Limited - India
- Minerals Council of Australia
- Ministry of Transport, Egypt
- Kumho Petrochemical, South Korea
- Coalindo Energy - Indonesia
- SMG Consultants - Indonesia
- Simpson Spence & Young - Indonesia
- Dalmia Cement Bharat India
- Power Finance Corporation Ltd., India
- IEA Clean Coal Centre - UK
- Videocon Industries ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Billiton Holdings Pty Ltd - Australia
- GMR Energy Limited - India
- Leighton Contractors Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Planning Commission, India
- SMC Global Power, Philippines
- Intertek Mineral Services - Indonesia
- Global Business Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Georgia Ports Authority, United States
- McConnell Dowell - Australia
- Sarangani Energy Corporation, Philippines
- Star Paper Mills Limited - India
- Makarim & Taira - Indonesia
- Coal and Oil Company - UAE
- Indogreen Group - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Grasim Industreis Ltd - India
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