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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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Monday, 08 May 17
US WEEKLY COAL OUTPUT ON THE DOWN - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 13.8 million short tons ...
Thursday, 04 May 17
SUPRAMAX: INDO COAL ROUNDS LEVELS WITH DELIVERY CHINA IS TRADING AROUND LOW $6K, TRIP BACK TO CHINA
Supramax
The short week brought weaker rates across all routes. Supras from USG to Japan were fixed around $19-20 k daily and from ECSA to ECI $1 ...
Wednesday, 03 May 17
MALAYSIA SEEMS AS BIGGEST ADARO COAL IMPORTER IN Q1' 17
COALspot.com: In 1Q17, 30% of Adaro's sales went to Indonesia, the data from unaudited consolidated financial statement shows.
Malaysia ca ...
Wednesday, 03 May 17
MARKET INSIGHT - STELIOS KOLLINTZAS
The overall performance of each sector within the edible oil markets has remained poor for the past weeks. Apart from the veg oil exports fro ...
Tuesday, 02 May 17
THE FREIGHT MARKET CONTINUE TO SLUMP THIS PAST WEEK
COALspot.com: The Freight market continues to slump this past week, as all segments except Handy Size show a negative downward trend.
The Balt ...
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- Miang Besar Coal Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Global Green Power PLC Corporation, Philippines
- Electricity Authority, New Zealand
- Wilmar Investment Holdings
- European Bulk Services B.V. - Netherlands
- CIMB Investment Bank - Malaysia
- Straits Asia Resources Limited - Singapore
- Bhoruka Overseas - Indonesia
- SN Aboitiz Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- PNOC Exploration Corporation - Philippines
- Merrill Lynch Commodities Europe
- SMG Consultants - Indonesia
- Bukit Makmur.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Rio Tinto Coal - Australia
- Mercuria Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Petron Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Kepco SPC Power Corporation, Philippines
- Bhatia International Limited - India
- Deloitte Consulting - India
- Heidelberg Cement - Germany
- Larsen & Toubro Limited - India
- Sojitz Corporation - Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Coal Association
- Alfred C Toepfer International GmbH - Germany
- IHS Mccloskey Coal Group - USA
- Thai Mozambique Logistica
- Sinarmas Energy and Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Energy Link Ltd, New Zealand
- IEA Clean Coal Centre - UK
- The University of Queensland
- Electricity Generating Authority of Thailand
- Borneo Indobara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Xindia Steels Limited - India
- Tata Chemicals Ltd - India
- Energy Development Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Commonwealth Bank - Australia
- Wood Mackenzie - Singapore
- Meralco Power Generation, Philippines
- Coalindo Energy - Indonesia
- Coal and Oil Company - UAE
- AsiaOL BioFuels Corp., Philippines
- Indian Energy Exchange, India
- Jindal Steel & Power Ltd - India
- London Commodity Brokers - England
- Malabar Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Baramulti Group, Indonesia
- Medco Energi Mining Internasional
- Mintek Dendrill Indonesia
- South Luzon Thermal Energy Corporation
- Binh Thuan Hamico - Vietnam
- Bukit Baiduri Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Africa Commodities Group - South Africa
- Orica Mining Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Kapuas Tunggal Persada - Indonesia
- Thiess Contractors Indonesia
- Economic Council, Georgia
- Ambuja Cements Ltd - India
- Georgia Ports Authority, United States
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining and Power Corporation, Philippines
- Carbofer General Trading SA - India
- Oldendorff Carriers - Singapore
- Gujarat Sidhee Cement - India
- Coastal Gujarat Power Limited - India
- Trasteel International SA, Italy
- McConnell Dowell - Australia
- Attock Cement Pakistan Limited
- TeaM Sual Corporation - Philippines
- GMR Energy Limited - India
- Standard Chartered Bank - UAE
- Anglo American - United Kingdom
- India Bulls Power Limited - India
- Edison Trading Spa - Italy
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- Therma Luzon, Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Planning Commission, India
- Holcim Trading Pte Ltd - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Dalmia Cement Bharat India
- Vedanta Resources Plc - India
- GVK Power & Infra Limited - India
- Salva Resources Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Australia Pty. Ltd.
- Uttam Galva Steels Limited - India
- Price Waterhouse Coopers - Russia
- Altura Mining Limited, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tamil Nadu electricity Board
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Cement Manufacturers Association - India
- Bahari Cakrawala Sebuku - Indonesia
- The Treasury - Australian Government
- Posco Energy - South Korea
- Gujarat Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Samtan Co., Ltd - South Korea
- Krishnapatnam Port Company Ltd. - India
- LBH Netherlands Bv - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- Leighton Contractors Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Grasim Industreis Ltd - India
- Indogreen Group - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Formosa Plastics Group - Taiwan
- Jorong Barutama Greston.PT - Indonesia
- New Zealand Coal & Carbon
- Star Paper Mills Limited - India
- Bulk Trading Sa - Switzerland
- Power Finance Corporation Ltd., India
- Agrawal Coal Company - India
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- Chamber of Mines of South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ASAPP Information Group - India
- Mjunction Services Limited - India
- Eastern Coal Council - USA
- Riau Bara Harum - Indonesia
- Toyota Tsusho Corporation, Japan
- Eastern Energy - Thailand
- Kumho Petrochemical, South Korea
- Makarim & Taira - Indonesia
- Minerals Council of Australia
- Ministry of Mines - Canada
- Bangladesh Power Developement Board
- Bayan Resources Tbk. - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Simpson Spence & Young - Indonesia
- Sakthi Sugars Limited - India
- MS Steel International - UAE
- Interocean Group of Companies - India
- Goldman Sachs - Singapore
- Kideco Jaya Agung - Indonesia
- Karaikal Port Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Savvy Resources Ltd - HongKong
- Antam Resourcindo - Indonesia
- Indika Energy - Indonesia
- Mercator Lines Limited - India
- Renaissance Capital - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- PowerSource Philippines DevCo
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining Corp, Philippines
- Jaiprakash Power Ventures ltd
- Bharathi Cement Corporation - India
- ICICI Bank Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parliament of New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Bhushan Steel Limited - India
- Latin American Coal - Colombia
- Gujarat Mineral Development Corp Ltd - India
- Romanian Commodities Exchange
- Independent Power Producers Association of India
- Aboitiz Power Corporation - Philippines
- Videocon Industries ltd - India
- White Energy Company Limited
- Kartika Selabumi Mining - Indonesia
- Sical Logistics Limited - India
- Kobexindo Tractors - Indoneisa
- Barasentosa Lestari - Indonesia
- Madhucon Powers Ltd - India
- Siam City Cement - Thailand
- International Coal Ventures Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Banpu Public Company Limited - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- VISA Power Limited - India
- Parry Sugars Refinery, India
- PTC India Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Iligan Light & Power Inc, Philippines
- Australian Commodity Traders Exchange
- Global Coal Blending Company Limited - Australia
- Ministry of Transport, Egypt
- Marubeni Corporation - India
- Kaltim Prima Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Indonesian Coal Mining Association
- Central Java Power - Indonesia
- GAC Shipping (India) Pvt Ltd
- Aditya Birla Group - India
- Vizag Seaport Private Limited - India
- SMC Global Power, Philippines
- Timah Investasi Mineral - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Central Electricity Authority - India
- Indo Tambangraya Megah - Indonesia
- Lanco Infratech Ltd - India
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