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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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Thursday, 18 May 17
SOUTHEAST ASIA CAN ACCELERATE ACHIEVEMENT OF PARIS AGREEMENT GOALS - WCA
Low emissions coal in Asia reduces more CO2 emissions than renewable investment in Western Europe.
Investing in low emissions coal plants in S ...
Wednesday, 17 May 17
THE CHINESE IMPORTS ARE A BAROMETER FOR VESSEL UTILIZATION - INTERMODAL
According to economic data, China imports increased year-on-year 38% in February, 20% in March – which is approximately US$160-170b - w ...
Monday, 15 May 17
THE PORT OF NEWCASTLE HAS SHIPPED 0.99 PERCENT LESS COAL IN APRIL 2017
COALspot.com: The Port of Newcastle, Australia’s major trading ports, and the world’s largest coal export ports has shipped $AU 1,636.2 ...
Monday, 15 May 17
THE CAPESIZE INDEX ROSE SIGNIFICANTLY THIS PAST WEEK COMPARED TO PREVIOUS WEEK
COALspot.com: The Freight market slightly up this past week, as BDI and Cape shows a positive trend week over week.
The Baltic Exchange, track ...
Friday, 12 May 17
U.S. COAL PRODUCTION DOWN AGAIN WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 13.3 million short tons ...
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- Heidelberg Cement - Germany
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Energy Development Corp, Philippines
- Thiess Contractors Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Minerals Council of Australia
- Trasteel International SA, Italy
- Romanian Commodities Exchange
- Australian Coal Association
- Coastal Gujarat Power Limited - India
- CNBM International Corporation - China
- Baramulti Group, Indonesia
- Energy Link Ltd, New Zealand
- Binh Thuan Hamico - Vietnam
- Sojitz Corporation - Japan
- Semirara Mining Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- San Jose City I Power Corp, Philippines
- Electricity Authority, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Sical Logistics Limited - India
- Anglo American - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Interocean Group of Companies - India
- Meralco Power Generation, Philippines
- Chamber of Mines of South Africa
- Global Business Power Corporation, Philippines
- Bhatia International Limited - India
- Samtan Co., Ltd - South Korea
- Antam Resourcindo - Indonesia
- India Bulls Power Limited - India
- Vedanta Resources Plc - India
- Rio Tinto Coal - Australia
- Sree Jayajothi Cements Limited - India
- ASAPP Information Group - India
- Medco Energi Mining Internasional
- Parliament of New Zealand
- Riau Bara Harum - Indonesia
- Siam City Cement PLC, Thailand
- GVK Power & Infra Limited - India
- IHS Mccloskey Coal Group - USA
- The Treasury - Australian Government
- Xindia Steels Limited - India
- Barasentosa Lestari - Indonesia
- Aditya Birla Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- ICICI Bank Limited - India
- Directorate Of Revenue Intelligence - India
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
- Chettinad Cement Corporation Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Salva Resources Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Wood Mackenzie - Singapore
- Tamil Nadu electricity Board
- Indogreen Group - Indonesia
- Indonesian Coal Mining Association
- Georgia Ports Authority, United States
- Thai Mozambique Logistica
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- PetroVietnam Power Coal Import and Supply Company
- Grasim Industreis Ltd - India
- Planning Commission, India
- Asmin Koalindo Tuhup - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Sidhee Cement - India
- Toyota Tsusho Corporation, Japan
- Ind-Barath Power Infra Limited - India
- CIMB Investment Bank - Malaysia
- Petron Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Ambuja Cements Ltd - India
- Larsen & Toubro Limited - India
- PowerSource Philippines DevCo
- Bangladesh Power Developement Board
- Coal and Oil Company - UAE
- Kaltim Prima Coal - Indonesia
- Orica Mining Services - Indonesia
- Makarim & Taira - Indonesia
- Eastern Energy - Thailand
- TeaM Sual Corporation - Philippines
- Economic Council, Georgia
- Edison Trading Spa - Italy
- Central Electricity Authority - India
- Mercuria Energy - Indonesia
- Kumho Petrochemical, South Korea
- Dalmia Cement Bharat India
- Kepco SPC Power Corporation, Philippines
- McConnell Dowell - Australia
- Alfred C Toepfer International GmbH - Germany
- Tata Chemicals Ltd - India
- Banpu Public Company Limited - Thailand
- Coalindo Energy - Indonesia
- Independent Power Producers Association of India
- The State Trading Corporation of India Ltd
- Kohat Cement Company Ltd. - Pakistan
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement - Thailand
- Bayan Resources Tbk. - Indonesia
- Lanco Infratech Ltd - India
- Semirara Mining and Power Corporation, Philippines
- MS Steel International - UAE
- The University of Queensland
- Vijayanagar Sugar Pvt Ltd - India
- VISA Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Bharathi Cement Corporation - India
- PNOC Exploration Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Maheswari Brothers Coal Limited - India
- Jindal Steel & Power Ltd - India
- Kideco Jaya Agung - Indonesia
- Meenaskhi Energy Private Limited - India
- Malabar Cements Ltd - India
- Mjunction Services Limited - India
- Deloitte Consulting - India
- Marubeni Corporation - India
- SMC Global Power, Philippines
- Electricity Generating Authority of Thailand
- Power Finance Corporation Ltd., India
- Eastern Coal Council - USA
- Renaissance Capital - South Africa
- Goldman Sachs - Singapore
- PTC India Limited - India
- Ministry of Mines - Canada
- Australian Commodity Traders Exchange
- Central Java Power - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Videocon Industries ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Metalloyd Limited - United Kingdom
- Commonwealth Bank - Australia
- Leighton Contractors Pty Ltd - Australia
- Ministry of Transport, Egypt
- Star Paper Mills Limited - India
- Vizag Seaport Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Latin American Coal - Colombia
- Africa Commodities Group - South Africa
- Holcim Trading Pte Ltd - Singapore
- Iligan Light & Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Rashtriya Ispat Nigam Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Sindya Power Generating Company Private Ltd
- Miang Besar Coal Terminal - Indonesia
- Bhushan Steel Limited - India
- Oldendorff Carriers - Singapore
- Globalindo Alam Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Karaikal Port Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Jaiprakash Power Ventures ltd
- Standard Chartered Bank - UAE
- Indian Energy Exchange, India
- Pendopo Energi Batubara - Indonesia
- Madhucon Powers Ltd - India
- OPG Power Generation Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- GMR Energy Limited - India
- Cement Manufacturers Association - India
- SMG Consultants - Indonesia
- New Zealand Coal & Carbon
- Savvy Resources Ltd - HongKong
- European Bulk Services B.V. - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indika Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Mineral Development Corp Ltd - India
- Bukit Baiduri Energy - Indonesia
- Singapore Mercantile Exchange
- Essar Steel Hazira Ltd - India
- Kartika Selabumi Mining - Indonesia
- Ministry of Finance - Indonesia
- Agrawal Coal Company - India
- Maharashtra Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Indian Oil Corporation Limited
- Attock Cement Pakistan Limited
- Global Coal Blending Company Limited - Australia
- Sakthi Sugars Limited - India
- Borneo Indobara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Carbofer General Trading SA - India
- Sinarmas Energy and Mining - Indonesia
- Parry Sugars Refinery, India
- Port Waratah Coal Services - Australia
- Mintek Dendrill Indonesia
- SN Aboitiz Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercator Lines Limited - India
- Bukit Makmur.PT - Indonesia
- IEA Clean Coal Centre - UK
- Uttam Galva Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- White Energy Company Limited
- Manunggal Multi Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Intertek Mineral Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Posco Energy - South Korea
- Simpson Spence & Young - Indonesia
- Straits Asia Resources Limited - Singapore
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