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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, 20 April 17
CHINA'S IMPORT OF IRON ORE TO PROPEL DRY BULK SHIPPING DEMAND IN 2017 - PETER SAND
China's import of iron ore will continue to be a key driver for the demand growth in 2017 for the dry bulk shipping industry, alongside shippin ...
Monday, 17 April 17
THE PANAMAX INDEX (BPI) ROSE (12.89%) WEEK OVER WEEK
COALspot.com: The Freight market was firm, week over a week as all segments show a positive upward trend this past week.
The Baltic Exchange, ...
Monday, 17 April 17
U.S. WEEKLY COAL OUTPUT FELL 5% WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 13.8 million short tons ...
Thursday, 13 April 17
OPEC OVER-DELIVERS ON OIL CUTS, BUT SEES RIVALS' OUTPUT RISING
Crude Oil Price Movements
The OPEC Reference Basket averaged $50.32/b in March, representing a decline of 5.7% from the previous month. Crude fut ...
Wednesday, 12 April 17
THE PORT OF NEWCASTLE SHIPPED 13.791 MILLION TONS OF COAL IN MARCH 2017
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export ports has shipped $AU 1,688.5 ...
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Singapore Mercantile Exchange
- Miang Besar Coal Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Agrawal Coal Company - India
- Dalmia Cement Bharat India
- Indian Energy Exchange, India
- Latin American Coal - Colombia
- Aditya Birla Group - India
- Minerals Council of Australia
- GN Power Mariveles Coal Plant, Philippines
- Price Waterhouse Coopers - Russia
- Orica Australia Pty. Ltd.
- Jaiprakash Power Ventures ltd
- Sindya Power Generating Company Private Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- MS Steel International - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Meenaskhi Energy Private Limited - India
- Heidelberg Cement - Germany
- Tata Chemicals Ltd - India
- Ind-Barath Power Infra Limited - India
- Thiess Contractors Indonesia
- Metalloyd Limited - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Rio Tinto Coal - Australia
- Merrill Lynch Commodities Europe
- SMG Consultants - Indonesia
- Siam City Cement PLC, Thailand
- San Jose City I Power Corp, Philippines
- Therma Luzon, Inc, Philippines
- Intertek Mineral Services - Indonesia
- Indian Oil Corporation Limited
- Petrochimia International Co. Ltd.- Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- TeaM Sual Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Semirara Mining Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Jindal Steel & Power Ltd - India
- Central Java Power - Indonesia
- Eastern Energy - Thailand
- Indika Energy - Indonesia
- Edison Trading Spa - Italy
- Holcim Trading Pte Ltd - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- New Zealand Coal & Carbon
- The University of Queensland
- Petron Corporation, Philippines
- Sical Logistics Limited - India
- Bukit Baiduri Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Energy Development Corp, Philippines
- Samtan Co., Ltd - South Korea
- ICICI Bank Limited - India
- Africa Commodities Group - South Africa
- PowerSource Philippines DevCo
- Standard Chartered Bank - UAE
- Sakthi Sugars Limited - India
- Essar Steel Hazira Ltd - India
- Posco Energy - South Korea
- CNBM International Corporation - China
- Krishnapatnam Port Company Ltd. - India
- Karbindo Abesyapradhi - Indoneisa
- Barasentosa Lestari - Indonesia
- Planning Commission, India
- Directorate General of MIneral and Coal - Indonesia
- Riau Bara Harum - Indonesia
- Makarim & Taira - Indonesia
- Antam Resourcindo - Indonesia
- Gujarat Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Kepco SPC Power Corporation, Philippines
- Commonwealth Bank - Australia
- The State Trading Corporation of India Ltd
- Coastal Gujarat Power Limited - India
- Indogreen Group - Indonesia
- Lanco Infratech Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Tamil Nadu electricity Board
- Simpson Spence & Young - Indonesia
- Wood Mackenzie - Singapore
- Orica Mining Services - Indonesia
- Chamber of Mines of South Africa
- Kaltim Prima Coal - Indonesia
- Attock Cement Pakistan Limited
- Mercator Lines Limited - India
- SMC Global Power, Philippines
- Central Electricity Authority - India
- Gujarat Sidhee Cement - India
- Asmin Koalindo Tuhup - Indonesia
- Mjunction Services Limited - India
- Electricity Authority, New Zealand
- Madhucon Powers Ltd - India
- Independent Power Producers Association of India
- Cigading International Bulk Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Ambuja Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Xindia Steels Limited - India
- Bhushan Steel Limited - India
- Straits Asia Resources Limited - Singapore
- IEA Clean Coal Centre - UK
- GAC Shipping (India) Pvt Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Mines - Canada
- Banpu Public Company Limited - Thailand
- Sojitz Corporation - Japan
- Altura Mining Limited, Indonesia
- Pendopo Energi Batubara - Indonesia
- Coalindo Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Cement Manufacturers Association - India
- International Coal Ventures Pvt Ltd - India
- Bhatia International Limited - India
- Timah Investasi Mineral - Indoneisa
- Siam City Cement - Thailand
- AsiaOL BioFuels Corp., Philippines
- Kohat Cement Company Ltd. - Pakistan
- White Energy Company Limited
- Bharathi Cement Corporation - India
- Directorate Of Revenue Intelligence - India
- Indo Tambangraya Megah - Indonesia
- Meralco Power Generation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- India Bulls Power Limited - India
- Manunggal Multi Energi - Indonesia
- Vedanta Resources Plc - India
- Ceylon Electricity Board - Sri Lanka
- Australian Commodity Traders Exchange
- Star Paper Mills Limited - India
- Sree Jayajothi Cements Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- McConnell Dowell - Australia
- Globalindo Alam Lestari - Indonesia
- GMR Energy Limited - India
- Billiton Holdings Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Australian Coal Association
- Savvy Resources Ltd - HongKong
- Sinarmas Energy and Mining - Indonesia
- Thai Mozambique Logistica
- Indonesian Coal Mining Association
- Mintek Dendrill Indonesia
- Uttam Galva Steels Limited - India
- Kumho Petrochemical, South Korea
- The Treasury - Australian Government
- LBH Netherlands Bv - Netherlands
- Coal and Oil Company - UAE
- Larsen & Toubro Limited - India
- Kideco Jaya Agung - Indonesia
- Deloitte Consulting - India
- CIMB Investment Bank - Malaysia
- Energy Link Ltd, New Zealand
- Romanian Commodities Exchange
- VISA Power Limited - India
- Marubeni Corporation - India
- Renaissance Capital - South Africa
- Semirara Mining and Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Gujarat Mineral Development Corp Ltd - India
- Port Waratah Coal Services - Australia
- Anglo American - United Kingdom
- Goldman Sachs - Singapore
- Ministry of Transport, Egypt
- GVK Power & Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Global Coal Blending Company Limited - Australia
- Economic Council, Georgia
- Grasim Industreis Ltd - India
- Parry Sugars Refinery, India
- Mercuria Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Ministry of Finance - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Maheswari Brothers Coal Limited - India
- ASAPP Information Group - India
- Malabar Cements Ltd - India
- Borneo Indobara - Indonesia
- Trasteel International SA, Italy
- Interocean Group of Companies - India
- Wilmar Investment Holdings
- Global Business Power Corporation, Philippines
- Baramulti Group, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Eastern Coal Council - USA
- Bukit Makmur.PT - Indonesia
- London Commodity Brokers - England
- Oldendorff Carriers - Singapore
- Videocon Industries ltd - India
- Parliament of New Zealand
- Electricity Generating Authority of Thailand
- PTC India Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- PNOC Exploration Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Salva Resources Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Bangladesh Power Developement Board
- Georgia Ports Authority, United States
- Medco Energi Mining Internasional
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Carbofer General Trading SA - India
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