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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, 12 May 17
SLOW AND UNEVENTFUL WEEK FOR THE PANAMAX MARKET
Supramax
In the Atlantic, only USG were showing some improvement, where pet-coke cargoes to India was fixed in the range of 19-23k daily and to C ...
Wednesday, 10 May 17
MARKET INSIGHT - INTERMODAL
Up until a few weeks ago, demo deals were being concluded at just a fraction below $400/ldt. Last time we saw demo prices around that level was in ...
Tuesday, 09 May 17
DRY BULK TRADE IS STILL HEAVILY RELIANT ON CHINA - GEORGE LAZARIDIS
We have seen an overall cool down in the dry bulk and tanker markets over the final two weeks of April, sparking worries amongst ship-owners that t ...
Monday, 08 May 17
INDONESIAN COAL PRICE REFERENCE RISES FOR SECOND STRAIGHT MONTH IN MAY
COALspot.com: Indonesian government declared coal benchmark price rose in May, government data showed.
The benchmark price of Indonesian therm ...
Monday, 08 May 17
OCEAN BULK CARGO RATES FALL FURTHER THIS PAST WEEK
COALspot.com: The Freight market continues to slump this past week, with all segments show a negative downward trend week over week.
The Balti ...
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- Commonwealth Bank - Australia
- Parliament of New Zealand
- Larsen & Toubro Limited - India
- Kapuas Tunggal Persada - Indonesia
- Iligan Light & Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Global Business Power Corporation, Philippines
- Posco Energy - South Korea
- Straits Asia Resources Limited - Singapore
- Coastal Gujarat Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bhatia International Limited - India
- Sree Jayajothi Cements Limited - India
- Metalloyd Limited - United Kingdom
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- India Bulls Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Mjunction Services Limited - India
- SMG Consultants - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Directorate Of Revenue Intelligence - India
- Eastern Coal Council - USA
- Energy Development Corp, Philippines
- CNBM International Corporation - China
- Central Java Power - Indonesia
- GMR Energy Limited - India
- Formosa Plastics Group - Taiwan
- Eastern Energy - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Indogreen Group - Indonesia
- SN Aboitiz Power Inc, Philippines
- Interocean Group of Companies - India
- Anglo American - United Kingdom
- MS Steel International - UAE
- Neyveli Lignite Corporation Ltd, - India
- Vedanta Resources Plc - India
- AsiaOL BioFuels Corp., Philippines
- Georgia Ports Authority, United States
- Bharathi Cement Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Therma Luzon, Inc, Philippines
- Aditya Birla Group - India
- Agrawal Coal Company - India
- Siam City Cement PLC, Thailand
- Grasim Industreis Ltd - India
- White Energy Company Limited
- Tata Chemicals Ltd - India
- IHS Mccloskey Coal Group - USA
- Baramulti Group, Indonesia
- Orica Mining Services - Indonesia
- Essar Steel Hazira Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Planning Commission, India
- Chamber of Mines of South Africa
- Alfred C Toepfer International GmbH - Germany
- PowerSource Philippines DevCo
- Gujarat Sidhee Cement - India
- Star Paper Mills Limited - India
- Power Finance Corporation Ltd., India
- Indonesian Coal Mining Association
- Riau Bara Harum - Indonesia
- Antam Resourcindo - Indonesia
- Mintek Dendrill Indonesia
- OPG Power Generation Pvt Ltd - India
- Tamil Nadu electricity Board
- Borneo Indobara - Indonesia
- Oldendorff Carriers - Singapore
- VISA Power Limited - India
- Meralco Power Generation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Videocon Industries ltd - India
- International Coal Ventures Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Singapore Mercantile Exchange
- Ambuja Cements Ltd - India
- SMC Global Power, Philippines
- Kumho Petrochemical, South Korea
- Billiton Holdings Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Manunggal Multi Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Ministry of Mines - Canada
- Kalimantan Lumbung Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Petron Corporation, Philippines
- Xindia Steels Limited - India
- Heidelberg Cement - Germany
- Aboitiz Power Corporation - Philippines
- Parry Sugars Refinery, India
- Goldman Sachs - Singapore
- Samtan Co., Ltd - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Chettinad Cement Corporation Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Indian Oil Corporation Limited
- Latin American Coal - Colombia
- Edison Trading Spa - Italy
- Siam City Cement - Thailand
- European Bulk Services B.V. - Netherlands
- IEA Clean Coal Centre - UK
- Bukit Asam (Persero) Tbk - Indonesia
- Standard Chartered Bank - UAE
- Deloitte Consulting - India
- Medco Energi Mining Internasional
- Indo Tambangraya Megah - Indonesia
- London Commodity Brokers - England
- Thiess Contractors Indonesia
- Ind-Barath Power Infra Limited - India
- Africa Commodities Group - South Africa
- Simpson Spence & Young - Indonesia
- Electricity Authority, New Zealand
- Bhoruka Overseas - Indonesia
- Bulk Trading Sa - Switzerland
- Sical Logistics Limited - India
- Ministry of Finance - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asmin Koalindo Tuhup - Indonesia
- Price Waterhouse Coopers - Russia
- Global Green Power PLC Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- Energy Link Ltd, New Zealand
- Makarim & Taira - Indonesia
- Mercator Lines Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Renaissance Capital - South Africa
- Ceylon Electricity Board - Sri Lanka
- Rio Tinto Coal - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Madhucon Powers Ltd - India
- Vizag Seaport Private Limited - India
- Orica Australia Pty. Ltd.
- Marubeni Corporation - India
- South Luzon Thermal Energy Corporation
- Global Coal Blending Company Limited - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Carbofer General Trading SA - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Salva Resources Pvt Ltd - India
- Attock Cement Pakistan Limited
- New Zealand Coal & Carbon
- Minerals Council of Australia
- Thai Mozambique Logistica
- LBH Netherlands Bv - Netherlands
- Sojitz Corporation - Japan
- Mercuria Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Lanco Infratech Ltd - India
- Wilmar Investment Holdings
- Romanian Commodities Exchange
- Krishnapatnam Port Company Ltd. - India
- Wood Mackenzie - Singapore
- Kepco SPC Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Sindya Power Generating Company Private Ltd
- Gujarat Mineral Development Corp Ltd - India
- ASAPP Information Group - India
- TeaM Sual Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Australian Commodity Traders Exchange
- Electricity Generating Authority of Thailand
- Maharashtra Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhushan Steel Limited - India
- Maheswari Brothers Coal Limited - India
- Kobexindo Tractors - Indoneisa
- Malabar Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Cement Manufacturers Association - India
- Semirara Mining and Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Miang Besar Coal Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Makmur.PT - Indonesia
- Dalmia Cement Bharat India
- Cigading International Bulk Terminal - Indonesia
- Economic Council, Georgia
- Trasteel International SA, Italy
- Meenaskhi Energy Private Limited - India
- The Treasury - Australian Government
- Uttam Galva Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- GVK Power & Infra Limited - India
- San Jose City I Power Corp, Philippines
- McConnell Dowell - Australia
- PTC India Limited - India
- Central Electricity Authority - India
- The University of Queensland
- Barasentosa Lestari - Indonesia
- Sakthi Sugars Limited - India
- PNOC Exploration Corporation - Philippines
- Ministry of Transport, Egypt
- Indian Energy Exchange, India
- Bangladesh Power Developement Board
- CIMB Investment Bank - Malaysia
- Bayan Resources Tbk. - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Independent Power Producers Association of India
- Australian Coal Association
- ICICI Bank Limited - India
- Pendopo Energi Batubara - Indonesia
- Coal and Oil Company - UAE
- Sarangani Energy Corporation, Philippines
- Coalindo Energy - Indonesia
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