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