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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, 28 April 17
U.S PRODUCED LESS COAL THIS PAST WEEK COMPARED TO THE PREVIOUS WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14 million short tons ( ...
Friday, 28 April 17
DELTA DUNIA RECORDED $24 MILLION NET PROFIT FOR FIRST QUARTER OF 2017; UP 700% Y/Y
COALspot.com: PT Delta Dunia Makmur Tbk. has announced its financial results for the first quarter of 2017 yesterday. According to the ...
Thursday, 27 April 17
PACIFIC IS SOFTENING WITH MORE TONNAGE OPENING AND LESS COAL ORDERS AROUND - FEARNLEYS
Supramax
Relatively slow week, with both basins showing signs of cooling down. Although grain cargoes out ECSA and ECCA on Ultras still delivered ...
Wednesday, 26 April 17
IRON ORE PRICES HAVE BEEN ON A ROLLERCOASTER RIDE OVER THE LAST MONTH - CHRISTOPHER WHITTY
Iron ore prices have been on a rollercoaster ride over the last month. Prices started the year on a very positive note, surging up to their highest ...
Tuesday, 25 April 17
FIONA POUNDS: VALID TENDER OF NOTICE OF READINESS
KNOWLEDGE TO ELEVATE
In the recent English High Court case of MV Arundel Castle1, the Judge ruled that a vessel, that could not immediately pr ...
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- Neyveli Lignite Corporation Ltd, - India
- Bayan Resources Tbk. - Indonesia
- Kumho Petrochemical, South Korea
- Deloitte Consulting - India
- Uttam Galva Steels Limited - India
- Australian Coal Association
- Ind-Barath Power Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Latin American Coal - Colombia
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement - Thailand
- Thiess Contractors Indonesia
- Carbofer General Trading SA - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Energy Link Ltd, New Zealand
- Meenaskhi Energy Private Limited - India
- Merrill Lynch Commodities Europe
- Sindya Power Generating Company Private Ltd
- Sakthi Sugars Limited - India
- Metalloyd Limited - United Kingdom
- Mintek Dendrill Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Thai Mozambique Logistica
- Timah Investasi Mineral - Indoneisa
- Therma Luzon, Inc, Philippines
- SMG Consultants - Indonesia
- London Commodity Brokers - England
- Kideco Jaya Agung - Indonesia
- Madhucon Powers Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Karbindo Abesyapradhi - Indoneisa
- Singapore Mercantile Exchange
- Siam City Cement PLC, Thailand
- Banpu Public Company Limited - Thailand
- Leighton Contractors Pty Ltd - Australia
- Georgia Ports Authority, United States
- Goldman Sachs - Singapore
- Sical Logistics Limited - India
- Semirara Mining and Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Bangladesh Power Developement Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GMR Energy Limited - India
- Larsen & Toubro Limited - India
- Bhushan Steel Limited - India
- Gujarat Sidhee Cement - India
- CIMB Investment Bank - Malaysia
- Indo Tambangraya Megah - Indonesia
- Manunggal Multi Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Tamil Nadu electricity Board
- Maharashtra Electricity Regulatory Commission - India
- White Energy Company Limited
- Mjunction Services Limited - India
- Sree Jayajothi Cements Limited - India
- Maheswari Brothers Coal Limited - India
- Bukit Baiduri Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Central Electricity Authority - India
- Bhoruka Overseas - Indonesia
- Attock Cement Pakistan Limited
- Tata Chemicals Ltd - India
- TeaM Sual Corporation - Philippines
- The Treasury - Australian Government
- Bahari Cakrawala Sebuku - Indonesia
- Heidelberg Cement - Germany
- Ceylon Electricity Board - Sri Lanka
- Indian Oil Corporation Limited
- Rio Tinto Coal - Australia
- Petron Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Minerals Council of Australia
- ASAPP Information Group - India
- Semirara Mining Corp, Philippines
- India Bulls Power Limited - India
- Riau Bara Harum - Indonesia
- GAC Shipping (India) Pvt Ltd
- Sojitz Corporation - Japan
- Samtan Co., Ltd - South Korea
- The State Trading Corporation of India Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Borneo Indobara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ambuja Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Pendopo Energi Batubara - Indonesia
- Indika Energy - Indonesia
- Antam Resourcindo - Indonesia
- Star Paper Mills Limited - India
- Directorate Of Revenue Intelligence - India
- Australian Commodity Traders Exchange
- Vizag Seaport Private Limited - India
- Eastern Coal Council - USA
- Gujarat Mineral Development Corp Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Binh Thuan Hamico - Vietnam
- OPG Power Generation Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Kaltim Prima Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Videocon Industries ltd - India
- Coal and Oil Company - UAE
- PowerSource Philippines DevCo
- Planning Commission, India
- Salva Resources Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Power Finance Corporation Ltd., India
- Africa Commodities Group - South Africa
- LBH Netherlands Bv - Netherlands
- Global Green Power PLC Corporation, Philippines
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- IHS Mccloskey Coal Group - USA
- Toyota Tsusho Corporation, Japan
- Miang Besar Coal Terminal - Indonesia
- Coalindo Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Parry Sugars Refinery, India
- Petrochimia International Co. Ltd.- Taiwan
- Mercator Lines Limited - India
- Parliament of New Zealand
- Global Business Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Global Coal Blending Company Limited - Australia
- Orica Australia Pty. Ltd.
- Commonwealth Bank - Australia
- Krishnapatnam Port Company Ltd. - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Energy - Thailand
- Gujarat Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Cement Manufacturers Association - India
- Chettinad Cement Corporation Ltd - India
- McConnell Dowell - Australia
- Electricity Generating Authority of Thailand
- Karaikal Port Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Essar Steel Hazira Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhatia International Limited - India
- Indogreen Group - Indonesia
- Simpson Spence & Young - Indonesia
- Indian Energy Exchange, India
- Orica Mining Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Transport, Egypt
- Bharathi Cement Corporation - India
- Xindia Steels Limited - India
- Romanian Commodities Exchange
- New Zealand Coal & Carbon
- Posco Energy - South Korea
- VISA Power Limited - India
- Coastal Gujarat Power Limited - India
- Wilmar Investment Holdings
- Agrawal Coal Company - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Mines - Canada
- Lanco Infratech Ltd - India
- PTC India Limited - India
- Malabar Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Chamber of Mines of South Africa
- Formosa Plastics Group - Taiwan
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Marubeni Corporation - India
- Central Java Power - Indonesia
- CNBM International Corporation - China
- Interocean Group of Companies - India
- GN Power Mariveles Coal Plant, Philippines
- Electricity Authority, New Zealand
- AsiaOL BioFuels Corp., Philippines
- IEA Clean Coal Centre - UK
- Wood Mackenzie - Singapore
- International Coal Ventures Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- The University of Queensland
- ICICI Bank Limited - India
- Barasentosa Lestari - Indonesia
- MS Steel International - UAE
- Vedanta Resources Plc - India
- Anglo American - United Kingdom
- Makarim & Taira - Indonesia
- GVK Power & Infra Limited - India
- Indonesian Coal Mining Association
- Economic Council, Georgia
- Bukit Makmur.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- San Jose City I Power Corp, Philippines
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- Port Waratah Coal Services - Australia
- Bulk Trading Sa - Switzerland
- Independent Power Producers Association of India
- Aditya Birla Group - India
- Asmin Koalindo Tuhup - Indonesia
- SN Aboitiz Power Inc, Philippines
- SMC Global Power, Philippines
- Edison Trading Spa - Italy
- Jaiprakash Power Ventures ltd
- Altura Mining Limited, Indonesia
- Grasim Industreis Ltd - India
- Dalmia Cement Bharat India
- Baramulti Group, Indonesia
- Energy Development Corp, Philippines
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