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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, 24 May 17
LR MARKET IT SEEMS THAT EARNINGS ARE STILL UNDER PRESSURE - INTERMODAL
As we are approaching the summer season, the Clean Product market appears poised to become more challenging, either on East or West of Suez.
L ...
Tuesday, 23 May 17
TANKERS WEEKLY MARKET NOTE - ALLIED
It’s been a turbulent couple of weeks on the oil front, with the effectiveness of OPEC’s policy being under debate amongst most traders ...
Monday, 22 May 17
THE SHIPPING INDEX DECLINES AGAIN
COALspot.com: The Freight market again decline this past week, as BDI and all other indexes show a negative trend week over week.
The Baltic E ...
Friday, 19 May 17
U.S WEEKLY COAL OUTPUT UP 1.2% WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 13.5 million short ton ...
Thursday, 18 May 17
SUPRAMAX : COAL TRIPS TO CHINA WITH VESSELS OPEN INDO HAVE BEEN FIXED AROUND $8000
Supramax
Atlantic market has stayed quiet with no substantial developments.
Cont to Med scrap cargoes have concluded around 11k says Fearnle ...
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- Bhoruka Overseas - Indonesia
- Eastern Coal Council - USA
- SMC Global Power, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercator Lines Limited - India
- Carbofer General Trading SA - India
- Aboitiz Power Corporation - Philippines
- Medco Energi Mining Internasional
- LBH Netherlands Bv - Netherlands
- ICICI Bank Limited - India
- Indo Tambangraya Megah - Indonesia
- India Bulls Power Limited - India
- The University of Queensland
- Simpson Spence & Young - Indonesia
- Deloitte Consulting - India
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Banpu Public Company Limited - Thailand
- Aditya Birla Group - India
- Cigading International Bulk Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Straits Asia Resources Limited - Singapore
- Electricity Generating Authority of Thailand
- Sakthi Sugars Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Romanian Commodities Exchange
- Dalmia Cement Bharat India
- Bangladesh Power Developement Board
- Kohat Cement Company Ltd. - Pakistan
- Renaissance Capital - South Africa
- The Treasury - Australian Government
- Metalloyd Limited - United Kingdom
- South Luzon Thermal Energy Corporation
- Mjunction Services Limited - India
- Coalindo Energy - Indonesia
- Orica Australia Pty. Ltd.
- Orica Mining Services - Indonesia
- Borneo Indobara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Energy Development Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining and Power Corporation, Philippines
- Georgia Ports Authority, United States
- Coal and Oil Company - UAE
- Rashtriya Ispat Nigam Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Finance - Indonesia
- Semirara Mining Corp, Philippines
- Star Paper Mills Limited - India
- White Energy Company Limited
- SN Aboitiz Power Inc, Philippines
- CNBM International Corporation - China
- Economic Council, Georgia
- Bhushan Steel Limited - India
- Jaiprakash Power Ventures ltd
- Iligan Light & Power Inc, Philippines
- Videocon Industries ltd - India
- Bharathi Cement Corporation - India
- European Bulk Services B.V. - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Central Java Power - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parliament of New Zealand
- Independent Power Producers Association of India
- ASAPP Information Group - India
- PTC India Limited - India
- Global Business Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Port Waratah Coal Services - Australia
- Directorate General of MIneral and Coal - Indonesia
- Oldendorff Carriers - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Baramulti Group, Indonesia
- Maheswari Brothers Coal Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- New Zealand Coal & Carbon
- Minerals Council of Australia
- PNOC Exploration Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Bukit Makmur.PT - Indonesia
- The State Trading Corporation of India Ltd
- Electricity Authority, New Zealand
- IHS Mccloskey Coal Group - USA
- Indian Energy Exchange, India
- Uttam Galva Steels Limited - India
- Price Waterhouse Coopers - Russia
- Petron Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Interocean Group of Companies - India
- Australian Commodity Traders Exchange
- Global Coal Blending Company Limited - Australia
- Sical Logistics Limited - India
- Altura Mining Limited, Indonesia
- Ministry of Transport, Egypt
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- International Coal Ventures Pvt Ltd - India
- Vedanta Resources Plc - India
- Eastern Energy - Thailand
- Agrawal Coal Company - India
- Sinarmas Energy and Mining - Indonesia
- GVK Power & Infra Limited - India
- Lanco Infratech Ltd - India
- PowerSource Philippines DevCo
- Neyveli Lignite Corporation Ltd, - India
- Sree Jayajothi Cements Limited - India
- Bhatia International Limited - India
- Global Green Power PLC Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Siam City Cement PLC, Thailand
- Commonwealth Bank - Australia
- Gujarat Mineral Development Corp Ltd - India
- Latin American Coal - Colombia
- Central Electricity Authority - India
- Tamil Nadu electricity Board
- Miang Besar Coal Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- OPG Power Generation Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Posco Energy - South Korea
- Madhucon Powers Ltd - India
- Tata Chemicals Ltd - India
- Vizag Seaport Private Limited - India
- Edison Trading Spa - Italy
- Anglo American - United Kingdom
- CIMB Investment Bank - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Goldman Sachs - Singapore
- Merrill Lynch Commodities Europe
- Formosa Plastics Group - Taiwan
- Chamber of Mines of South Africa
- Malabar Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Energy Link Ltd, New Zealand
- GMR Energy Limited - India
- Indika Energy - Indonesia
- Mintek Dendrill Indonesia
- Wood Mackenzie - Singapore
- Grasim Industreis Ltd - India
- Indian Oil Corporation Limited
- Trasteel International SA, Italy
- Manunggal Multi Energi - Indonesia
- Standard Chartered Bank - UAE
- Ministry of Mines - Canada
- Sindya Power Generating Company Private Ltd
- Antam Resourcindo - Indonesia
- London Commodity Brokers - England
- Makarim & Taira - Indonesia
- Samtan Co., Ltd - South Korea
- SMG Consultants - Indonesia
- Planning Commission, India
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- Siam City Cement - Thailand
- Indonesian Coal Mining Association
- Maharashtra Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Meralco Power Generation, Philippines
- Thai Mozambique Logistica
- Sojitz Corporation - Japan
- Power Finance Corporation Ltd., India
- Xindia Steels Limited - India
- Coastal Gujarat Power Limited - India
- Thiess Contractors Indonesia
- Wilmar Investment Holdings
- Meenaskhi Energy Private Limited - India
- McConnell Dowell - Australia
- Holcim Trading Pte Ltd - Singapore
- Gujarat Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Ambuja Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
- Heidelberg Cement - Germany
- Gujarat Sidhee Cement - India
- VISA Power Limited - India
- Kumho Petrochemical, South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rio Tinto Coal - Australia
- Barasentosa Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Savvy Resources Ltd - HongKong
- Mercuria Energy - Indonesia
- Parry Sugars Refinery, India
- Larsen & Toubro Limited - India
- Directorate Of Revenue Intelligence - India
- Kapuas Tunggal Persada - Indonesia
- Pendopo Energi Batubara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kideco Jaya Agung - Indonesia
- Intertek Mineral Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Salva Resources Pvt Ltd - India
- Africa Commodities Group - South Africa
- Attock Cement Pakistan Limited
- Vijayanagar Sugar Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- MS Steel International - UAE
- IEA Clean Coal Centre - UK
- Indogreen Group - Indonesia
- Therma Luzon, Inc, Philippines
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