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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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- Straits Asia Resources Limited - Singapore
- Petron Corporation, Philippines
- Antam Resourcindo - Indonesia
- Agrawal Coal Company - India
- Neyveli Lignite Corporation Ltd, - India
- Latin American Coal - Colombia
- Ministry of Finance - Indonesia
- Energy Development Corp, Philippines
- Coalindo Energy - Indonesia
- Ministry of Mines - Canada
- Holcim Trading Pte Ltd - Singapore
- Sarangani Energy Corporation, Philippines
- IEA Clean Coal Centre - UK
- Electricity Generating Authority of Thailand
- London Commodity Brokers - England
- Global Business Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- Maharashtra Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Jindal Steel & Power Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Larsen & Toubro Limited - India
- Mintek Dendrill Indonesia
- Planning Commission, India
- Mercator Lines Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Energy - Thailand
- Anglo American - United Kingdom
- Africa Commodities Group - South Africa
- Bukit Makmur.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Indo Tambangraya Megah - Indonesia
- Meenaskhi Energy Private Limited - India
- Merrill Lynch Commodities Europe
- GVK Power & Infra Limited - India
- Jaiprakash Power Ventures ltd
- PowerSource Philippines DevCo
- ICICI Bank Limited - India
- Madhucon Powers Ltd - India
- Parliament of New Zealand
- CNBM International Corporation - China
- International Coal Ventures Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Semirara Mining and Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Tamil Nadu electricity Board
- Banpu Public Company Limited - Thailand
- Xindia Steels Limited - India
- McConnell Dowell - Australia
- Orica Australia Pty. Ltd.
- Medco Energi Mining Internasional
- Chettinad Cement Corporation Ltd - India
- VISA Power Limited - India
- Posco Energy - South Korea
- Romanian Commodities Exchange
- Eastern Coal Council - USA
- Bhatia International Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Economic Council, Georgia
- PNOC Exploration Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Binh Thuan Hamico - Vietnam
- OPG Power Generation Pvt Ltd - India
- Australian Commodity Traders Exchange
- Siam City Cement - Thailand
- SMC Global Power, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- White Energy Company Limited
- Power Finance Corporation Ltd., India
- Coal and Oil Company - UAE
- Timah Investasi Mineral - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Billiton Holdings Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Indika Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- The State Trading Corporation of India Ltd
- Manunggal Multi Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Trasteel International SA, Italy
- Sindya Power Generating Company Private Ltd
- Iligan Light & Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Pendopo Energi Batubara - Indonesia
- Indian Energy Exchange, India
- Toyota Tsusho Corporation, Japan
- Coastal Gujarat Power Limited - India
- Marubeni Corporation - India
- Uttam Galva Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Indian Oil Corporation Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Oldendorff Carriers - Singapore
- New Zealand Coal & Carbon
- Therma Luzon, Inc, Philippines
- Malabar Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Dalmia Cement Bharat India
- Bhoruka Overseas - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Central Electricity Authority - India
- Kumho Petrochemical, South Korea
- Thai Mozambique Logistica
- Grasim Industreis Ltd - India
- Bhushan Steel Limited - India
- Deloitte Consulting - India
- Electricity Authority, New Zealand
- Independent Power Producers Association of India
- Baramulti Group, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Port Waratah Coal Services - Australia
- Chamber of Mines of South Africa
- Krishnapatnam Port Company Ltd. - India
- Wood Mackenzie - Singapore
- Vizag Seaport Private Limited - India
- Savvy Resources Ltd - HongKong
- European Bulk Services B.V. - Netherlands
- Ind-Barath Power Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Goldman Sachs - Singapore
- Parry Sugars Refinery, India
- San Jose City I Power Corp, Philippines
- Intertek Mineral Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kartika Selabumi Mining - Indonesia
- Cement Manufacturers Association - India
- Orica Mining Services - Indonesia
- Essar Steel Hazira Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Kapuas Tunggal Persada - Indonesia
- Vedanta Resources Plc - India
- Salva Resources Pvt Ltd - India
- Videocon Industries ltd - India
- Gujarat Sidhee Cement - India
- Sical Logistics Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bharathi Cement Corporation - India
- Sojitz Corporation - Japan
- Leighton Contractors Pty Ltd - Australia
- Bangladesh Power Developement Board
- Energy Link Ltd, New Zealand
- Price Waterhouse Coopers - Russia
- Karaikal Port Pvt Ltd - India
- Indogreen Group - Indonesia
- Edison Trading Spa - Italy
- Lanco Infratech Ltd - India
- Mercuria Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thiess Contractors Indonesia
- PTC India Limited - India
- Jorong Barutama Greston.PT - Indonesia
- The University of Queensland
- Directorate General of MIneral and Coal - Indonesia
- Ambuja Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Bayan Resources Tbk. - Indonesia
- India Bulls Power Limited - India
- Kideco Jaya Agung - Indonesia
- Bulk Trading Sa - Switzerland
- Altura Mining Limited, Indonesia
- Standard Chartered Bank - UAE
- Miang Besar Coal Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Sakthi Sugars Limited - India
- Central Java Power - Indonesia
- Semirara Mining Corp, Philippines
- Commonwealth Bank - Australia
- Siam City Cement PLC, Thailand
- Borneo Indobara - Indonesia
- SMG Consultants - Indonesia
- Tata Chemicals Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- ASAPP Information Group - India
- Metalloyd Limited - United Kingdom
- GMR Energy Limited - India
- The Treasury - Australian Government
- Kohat Cement Company Ltd. - Pakistan
- Directorate Of Revenue Intelligence - India
- Aditya Birla Group - India
- GAC Shipping (India) Pvt Ltd
- Star Paper Mills Limited - India
- SN Aboitiz Power Inc, Philippines
- MS Steel International - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Interocean Group of Companies - India
- Wilmar Investment Holdings
- Bukit Baiduri Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Barasentosa Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Transport, Egypt
- Rio Tinto Coal - Australia
- Makarim & Taira - Indonesia
- Global Green Power PLC Corporation, Philippines
- Australian Coal Association
- Renaissance Capital - South Africa
- CIMB Investment Bank - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Indonesian Coal Mining Association
- Heidelberg Cement - Germany
- Singapore Mercantile Exchange
- Kepco SPC Power Corporation, Philippines
- Minerals Council of Australia
- Meralco Power Generation, Philippines
- Mjunction Services Limited - India
- South Luzon Thermal Energy Corporation
- IHS Mccloskey Coal Group - USA
- Asmin Koalindo Tuhup - Indonesia
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