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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, 30 March 17
PANAMAX : ACTIVITY IN THE PANAMAX MARKET HAS INCREASED SUBSTANTIALLY IN BOTH HEMISPHERES - FEARNLEYS
Supramax
This week we were looking at prolonged activity from ECSA, mostly with grain cargoes to Far East and SE Asia, where Ultras to SE Asia fi ...
Thursday, 30 March 17
THE ROLE OF COAL IN THE ENERGY SUPPLY OF THE EU-28: HANS-WILHELM SCHIFFER
The European Union (EU-28) is one of the largest economies in the world, with a gross domestic product (GDP) of €14,635 billion in 2015. It ha ...
Wednesday, 29 March 17
MARKET INSIGHT - NASOS SOULAKIS
Shipowners will always look for market signals in order to gauge market perception and decide upon which strategy to follow next. And while owners ...
Monday, 27 March 17
THE FREIGHT MARKET CONTINUED TO FIRM WEEK OVER WEEK
COALspot.com: The Freight market was continuing to firming up.
The Baltic Exchange, tracking rates for ships carrying dry bulk commodities ros ...
Friday, 24 March 17
ADARO INDONESIA'S COAL SALES VOLUME INCREASED SLIGHTLY TO 54.1 MILLION TONES IN 2016
COALspot.com: PT. Adaro Indonesia, Indonesia’s second largest coal miner’s sales volume increased slightly to 54.1 million tones (Mt) i ...
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- Carbofer General Trading SA - India
- Kartika Selabumi Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Cigading International Bulk Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Petron Corporation, Philippines
- Eastern Energy - Thailand
- Semirara Mining and Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Rashtriya Ispat Nigam Limited - India
- Electricity Authority, New Zealand
- PTC India Limited - India
- Essar Steel Hazira Ltd - India
- SMG Consultants - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bulk Trading Sa - Switzerland
- Bukit Makmur.PT - Indonesia
- Ambuja Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Bhushan Steel Limited - India
- Jindal Steel & Power Ltd - India
- Orica Mining Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Chamber of Mines of South Africa
- Savvy Resources Ltd - HongKong
- Pipit Mutiara Jaya. PT, Indonesia
- Indika Energy - Indonesia
- Antam Resourcindo - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Metalloyd Limited - United Kingdom
- Gujarat Sidhee Cement - India
- Mercuria Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Edison Trading Spa - Italy
- Renaissance Capital - South Africa
- Heidelberg Cement - Germany
- Karbindo Abesyapradhi - Indoneisa
- SMC Global Power, Philippines
- White Energy Company Limited
- Chettinad Cement Corporation Ltd - India
- McConnell Dowell - Australia
- Oldendorff Carriers - Singapore
- OPG Power Generation Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Kumho Petrochemical, South Korea
- Jorong Barutama Greston.PT - Indonesia
- Parliament of New Zealand
- Anglo American - United Kingdom
- European Bulk Services B.V. - Netherlands
- Tata Chemicals Ltd - India
- Vizag Seaport Private Limited - India
- ICICI Bank Limited - India
- Medco Energi Mining Internasional
- Central Electricity Authority - India
- Altura Mining Limited, Indonesia
- Coastal Gujarat Power Limited - India
- Banpu Public Company Limited - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Deloitte Consulting - India
- Global Coal Blending Company Limited - Australia
- AsiaOL BioFuels Corp., Philippines
- Makarim & Taira - Indonesia
- MS Steel International - UAE
- PetroVietnam Power Coal Import and Supply Company
- GMR Energy Limited - India
- Indo Tambangraya Megah - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Coal and Oil Company - UAE
- Sical Logistics Limited - India
- Kaltim Prima Coal - Indonesia
- Energy Development Corp, Philippines
- Independent Power Producers Association of India
- Indonesian Coal Mining Association
- Eastern Coal Council - USA
- Salva Resources Pvt Ltd - India
- Central Java Power - Indonesia
- New Zealand Coal & Carbon
- Mjunction Services Limited - India
- ASAPP Information Group - India
- Australian Coal Association
- Gujarat Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- The Treasury - Australian Government
- Neyveli Lignite Corporation Ltd, - India
- Commonwealth Bank - Australia
- Globalindo Alam Lestari - Indonesia
- Star Paper Mills Limited - India
- Pendopo Energi Batubara - Indonesia
- Energy Link Ltd, New Zealand
- Standard Chartered Bank - UAE
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- Thiess Contractors Indonesia
- Minerals Council of Australia
- Ministry of Mines - Canada
- Indian Energy Exchange, India
- Timah Investasi Mineral - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Bukit Baiduri Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Xindia Steels Limited - India
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- Tamil Nadu electricity Board
- Binh Thuan Hamico - Vietnam
- Ind-Barath Power Infra Limited - India
- Sakthi Sugars Limited - India
- Agrawal Coal Company - India
- Global Green Power PLC Corporation, Philippines
- Singapore Mercantile Exchange
- IHS Mccloskey Coal Group - USA
- Ministry of Finance - Indonesia
- Directorate Of Revenue Intelligence - India
- Price Waterhouse Coopers - Russia
- Sree Jayajothi Cements Limited - India
- Semirara Mining Corp, Philippines
- Port Waratah Coal Services - Australia
- Dalmia Cement Bharat India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Iligan Light & Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The State Trading Corporation of India Ltd
- London Commodity Brokers - England
- Sarangani Energy Corporation, Philippines
- Bharathi Cement Corporation - India
- Marubeni Corporation - India
- Global Business Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Bhoruka Overseas - Indonesia
- South Luzon Thermal Energy Corporation
- Indogreen Group - Indonesia
- Wood Mackenzie - Singapore
- Miang Besar Coal Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Madhucon Powers Ltd - India
- Uttam Galva Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Electricity Generating Authority of Thailand
- Interocean Group of Companies - India
- Georgia Ports Authority, United States
- The University of Queensland
- Siam City Cement PLC, Thailand
- Bhatia International Limited - India
- Rio Tinto Coal - Australia
- Borneo Indobara - Indonesia
- Thai Mozambique Logistica
- VISA Power Limited - India
- Attock Cement Pakistan Limited
- Australian Commodity Traders Exchange
- Economic Council, Georgia
- Malabar Cements Ltd - India
- PowerSource Philippines DevCo
- Bukit Asam (Persero) Tbk - Indonesia
- Vedanta Resources Plc - India
- Romanian Commodities Exchange
- IEA Clean Coal Centre - UK
- Therma Luzon, Inc, Philippines
- Goldman Sachs - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Latin American Coal - Colombia
- Straits Asia Resources Limited - Singapore
- Toyota Tsusho Corporation, Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- LBH Netherlands Bv - Netherlands
- Videocon Industries ltd - India
- Merrill Lynch Commodities Europe
- Simpson Spence & Young - Indonesia
- Indian Oil Corporation Limited
- Manunggal Multi Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Africa Commodities Group - South Africa
- Riau Bara Harum - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Grasim Industreis Ltd - India
- Barasentosa Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Larsen & Toubro Limited - India
- Cement Manufacturers Association - India
- Baramulti Group, Indonesia
- TeaM Sual Corporation - Philippines
- Trasteel International SA, Italy
- Posco Energy - South Korea
- Parry Sugars Refinery, India
- Aditya Birla Group - India
- Samtan Co., Ltd - South Korea
- SN Aboitiz Power Inc, Philippines
- Mintek Dendrill Indonesia
- Sinarmas Energy and Mining - Indonesia
- Planning Commission, India
- Wilmar Investment Holdings
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sojitz Corporation - Japan
- Gujarat Mineral Development Corp Ltd - India
- Kepco SPC Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Ministry of Transport, Egypt
- GVK Power & Infra Limited - India
- Jaiprakash Power Ventures ltd
- India Bulls Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Siam City Cement - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Aboitiz Power Corporation - Philippines
- Mercator Lines Limited - India
- Bangladesh Power Developement Board
- Formosa Plastics Group - Taiwan
- Meralco Power Generation, Philippines
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