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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, 10 April 17
THE CAPE INDEX WAS DOWN BY 16.32% WEEK OVER WEEK
COALspot.com: The Freight market was steady week over a week except for Cape. The cape index was down 16.32 percent week over week.
The Baltic ...
Friday, 07 April 17
INDONESIAN GOVERNMENT DECLARED SPOT COAL PRICES STAGE FIRST INCREASE OF THE YEAR
COALspot.com: Indonesian government declared coal benchmark price rose slightly in April, government data showed.
The benchmark price of Indon ...
Friday, 07 April 17
U.S WEEKLY COAL OUTPUT ALMOST FLAT WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.5 million short tons ...
Thursday, 06 April 17
PANAMAX: THE MARKET HAS CONTINUED THE FIRM SENTIMENT FROM LAST WEEK IN BOTH HEMISPHERES - FEARNLEYS
Supramax
With holidays in Asia, the week has started very slow in Pacific. Some fixtures have still been done and levels have remained quite stab ...
Wednesday, 05 April 17
THE AVERAGE SECOND HAND PANAMAXES AND CAPES PRICES FOR A 5-YR OLD VESSEL HAS INCREASED MORE THAN 19% AND 20% RESPECTIVELY M/M - INTERMODAL
With the help of what so far appears to be a very strong grain season together with the fact that imports from China have remained so far robust in ...
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- Simpson Spence & Young - Indonesia
- Dalmia Cement Bharat India
- Standard Chartered Bank - UAE
- Electricity Authority, New Zealand
- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- Chettinad Cement Corporation Ltd - India
- Vizag Seaport Private Limited - India
- The University of Queensland
- Neyveli Lignite Corporation Ltd, - India
- Samtan Co., Ltd - South Korea
- Meralco Power Generation, Philippines
- Romanian Commodities Exchange
- TeaM Sual Corporation - Philippines
- Trasteel International SA, Italy
- Sinarmas Energy and Mining - Indonesia
- Malabar Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Power Finance Corporation Ltd., India
- Sojitz Corporation - Japan
- Global Business Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Medco Energi Mining Internasional
- Wilmar Investment Holdings
- Indika Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kartika Selabumi Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Australian Coal Association
- Wood Mackenzie - Singapore
- Eastern Energy - Thailand
- Aditya Birla Group - India
- Sindya Power Generating Company Private Ltd
- Port Waratah Coal Services - Australia
- CNBM International Corporation - China
- Indian Oil Corporation Limited
- Petron Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Mercuria Energy - Indonesia
- Africa Commodities Group - South Africa
- Globalindo Alam Lestari - Indonesia
- Posco Energy - South Korea
- Metalloyd Limited - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Renaissance Capital - South Africa
- Merrill Lynch Commodities Europe
- Jaiprakash Power Ventures ltd
- Bayan Resources Tbk. - Indonesia
- Australian Commodity Traders Exchange
- PetroVietnam Power Coal Import and Supply Company
- Makarim & Taira - Indonesia
- OPG Power Generation Pvt Ltd - India
- India Bulls Power Limited - India
- Parry Sugars Refinery, India
- GVK Power & Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- GMR Energy Limited - India
- Georgia Ports Authority, United States
- Bahari Cakrawala Sebuku - Indonesia
- Commonwealth Bank - Australia
- Attock Cement Pakistan Limited
- Meenaskhi Energy Private Limited - India
- Borneo Indobara - Indonesia
- Carbofer General Trading SA - India
- Siam City Cement - Thailand
- Gujarat Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- London Commodity Brokers - England
- IEA Clean Coal Centre - UK
- Energy Development Corp, Philippines
- ICICI Bank Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Binh Thuan Hamico - Vietnam
- Xindia Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Madhucon Powers Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Sical Logistics Limited - India
- Toyota Tsusho Corporation, Japan
- Planning Commission, India
- Semirara Mining Corp, Philippines
- Agrawal Coal Company - India
- Orica Mining Services - Indonesia
- Indogreen Group - Indonesia
- Savvy Resources Ltd - HongKong
- Cement Manufacturers Association - India
- Ministry of Finance - Indonesia
- SN Aboitiz Power Inc, Philippines
- Larsen & Toubro Limited - India
- Goldman Sachs - Singapore
- Price Waterhouse Coopers - Russia
- Chamber of Mines of South Africa
- Aboitiz Power Corporation - Philippines
- Minerals Council of Australia
- GAC Shipping (India) Pvt Ltd
- ASAPP Information Group - India
- Ambuja Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Thai Mozambique Logistica
- Directorate Of Revenue Intelligence - India
- Gujarat Sidhee Cement - India
- Edison Trading Spa - Italy
- AsiaOL BioFuels Corp., Philippines
- Marubeni Corporation - India
- Orica Australia Pty. Ltd.
- Heidelberg Cement - Germany
- Miang Besar Coal Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parliament of New Zealand
- The State Trading Corporation of India Ltd
- Cigading International Bulk Terminal - Indonesia
- Anglo American - United Kingdom
- Antam Resourcindo - Indonesia
- Kideco Jaya Agung - Indonesia
- Rio Tinto Coal - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- New Zealand Coal & Carbon
- MS Steel International - UAE
- Central Electricity Authority - India
- Economic Council, Georgia
- Electricity Generating Authority of Thailand
- PTC India Limited - India
- Bharathi Cement Corporation - India
- LBH Netherlands Bv - Netherlands
- Thiess Contractors Indonesia
- Kobexindo Tractors - Indoneisa
- Riau Bara Harum - Indonesia
- Global Coal Blending Company Limited - Australia
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Singapore Mercantile Exchange
- Uttam Galva Steels Limited - India
- PowerSource Philippines DevCo
- Mintek Dendrill Indonesia
- Pendopo Energi Batubara - Indonesia
- Indian Energy Exchange, India
- Deloitte Consulting - India
- VISA Power Limited - India
- Indonesian Coal Mining Association
- Indo Tambangraya Megah - Indonesia
- Kapuas Tunggal Persada - Indonesia
- South Luzon Thermal Energy Corporation
- IHS Mccloskey Coal Group - USA
- CIMB Investment Bank - Malaysia
- Kepco SPC Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Bhatia International Limited - India
- Holcim Trading Pte Ltd - Singapore
- Baramulti Group, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sree Jayajothi Cements Limited - India
- Vedanta Resources Plc - India
- Banpu Public Company Limited - Thailand
- Manunggal Multi Energi - Indonesia
- Ministry of Mines - Canada
- Asmin Koalindo Tuhup - Indonesia
- Eastern Coal Council - USA
- Bangladesh Power Developement Board
- White Energy Company Limited
- Kohat Cement Company Ltd. - Pakistan
- Maharashtra Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- McConnell Dowell - Australia
- European Bulk Services B.V. - Netherlands
- Videocon Industries ltd - India
- Essar Steel Hazira Ltd - India
- Bukit Baiduri Energy - Indonesia
- Kumho Petrochemical, South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Star Paper Mills Limited - India
- SMG Consultants - Indonesia
- Mjunction Services Limited - India
- Latin American Coal - Colombia
- International Coal Ventures Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Tata Chemicals Ltd - India
- Energy Link Ltd, New Zealand
- Independent Power Producers Association of India
- Bhoruka Overseas - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Jindal Steel & Power Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sakthi Sugars Limited - India
- Kaltim Prima Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Java Power - Indonesia
- Karaikal Port Pvt Ltd - India
- Interocean Group of Companies - India
- Barasentosa Lestari - Indonesia
- Mercator Lines Limited - India
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining and Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- SMC Global Power, Philippines
- Bhushan Steel Limited - India
- Iligan Light & Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- The Treasury - Australian Government
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
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