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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, 24 March 17
U.S COAL PRODUCTION ESTIMATE DECLINE 4.4% W/W - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.1 million short tons ...
Thursday, 23 March 17
CAPESIZE: TAKING A BREATHER AFTER RALLYING - BUT OUTLOOK FOR WEEKS TO COME NOT SCARY - FEARNLEYS
Supramax
In the Pacific the market seems somewhat slower this week, although healthy rates still being achieved said Fearnleys in its latest week ...
Thursday, 23 March 17
KOREA MIDLAND POWER COMPANY LIMITED INVITES BIDS FOR TOTAL 4.77 MILLION TONS OF BITUMINOUS COAL FOR ITS BORYEONG POWER PLANT
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 2,090,000 Metric Tons of Bituminous coal f ...
Wednesday, 22 March 17
THE DRY BULK MARKET HAS UNDOUBTEDLY REBOUNDED SINCE THE SAME PERIOD LAST YEAR - KONSTANTINOS KONTOMICHIS
The Dry Bulk market has undoubtedly rebounded since the same period last year and currently enjoys healthier freight rates. The positive reversal i ...
Tuesday, 21 March 17
DESPITE THE CHALLENGING MARKET SITUATION IN 2016 THE DELTA DUNIA MAKMUR HAS ACHIEVED A NET PROFIT OF US$37 MILLION
COALspot.com: PT Delta Dunia Makmur Tbk. has announced its financial results for the period ended December 31, 2016.
Despite challenging marke ...
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- Power Finance Corporation Ltd., India
- Alfred C Toepfer International GmbH - Germany
- Maharashtra Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Independent Power Producers Association of India
- Agrawal Coal Company - India
- Posco Energy - South Korea
- Orica Australia Pty. Ltd.
- Lanco Infratech Ltd - India
- New Zealand Coal & Carbon
- Anglo American - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Larsen & Toubro Limited - India
- Bharathi Cement Corporation - India
- Global Green Power PLC Corporation, Philippines
- Global Business Power Corporation, Philippines
- Medco Energi Mining Internasional
- Krishnapatnam Port Company Ltd. - India
- Tata Chemicals Ltd - India
- Madhucon Powers Ltd - India
- Sindya Power Generating Company Private Ltd
- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- Africa Commodities Group - South Africa
- Interocean Group of Companies - India
- Rio Tinto Coal - Australia
- Formosa Plastics Group - Taiwan
- SN Aboitiz Power Inc, Philippines
- Thiess Contractors Indonesia
- Sinarmas Energy and Mining - Indonesia
- SMC Global Power, Philippines
- Global Coal Blending Company Limited - Australia
- CNBM International Corporation - China
- Semirara Mining Corp, Philippines
- Coal and Oil Company - UAE
- Central Java Power - Indonesia
- Siam City Cement PLC, Thailand
- Sree Jayajothi Cements Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Toyota Tsusho Corporation, Japan
- Kepco SPC Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Indika Energy - Indonesia
- Trasteel International SA, Italy
- LBH Netherlands Bv - Netherlands
- IEA Clean Coal Centre - UK
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Makmur.PT - Indonesia
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Edison Trading Spa - Italy
- The University of Queensland
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Planning Commission, India
- Bulk Trading Sa - Switzerland
- Energy Development Corp, Philippines
- PowerSource Philippines DevCo
- The Treasury - Australian Government
- Billiton Holdings Pty Ltd - Australia
- Indonesian Coal Mining Association
- PNOC Exploration Corporation - Philippines
- Australian Commodity Traders Exchange
- Indian Energy Exchange, India
- Central Electricity Authority - India
- Chamber of Mines of South Africa
- Altura Mining Limited, Indonesia
- European Bulk Services B.V. - Netherlands
- The State Trading Corporation of India Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Kartika Selabumi Mining - Indonesia
- Mercator Lines Limited - India
- Kideco Jaya Agung - Indonesia
- Star Paper Mills Limited - India
- GVK Power & Infra Limited - India
- Cement Manufacturers Association - India
- White Energy Company Limited
- Savvy Resources Ltd - HongKong
- Grasim Industreis Ltd - India
- Meralco Power Generation, Philippines
- Bangladesh Power Developement Board
- Iligan Light & Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Renaissance Capital - South Africa
- Coalindo Energy - Indonesia
- Wood Mackenzie - Singapore
- Binh Thuan Hamico - Vietnam
- SMG Consultants - Indonesia
- Intertek Mineral Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Latin American Coal - Colombia
- PTC India Limited - India
- Holcim Trading Pte Ltd - Singapore
- Riau Bara Harum - Indonesia
- Singapore Mercantile Exchange
- Energy Link Ltd, New Zealand
- Baramulti Group, Indonesia
- Directorate Of Revenue Intelligence - India
- Essar Steel Hazira Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Port Waratah Coal Services - Australia
- Electricity Authority, New Zealand
- Ind-Barath Power Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Ministry of Finance - Indonesia
- CIMB Investment Bank - Malaysia
- Meenaskhi Energy Private Limited - India
- TeaM Sual Corporation - Philippines
- Eastern Coal Council - USA
- Commonwealth Bank - Australia
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement - Thailand
- ASAPP Information Group - India
- Parry Sugars Refinery, India
- Xindia Steels Limited - India
- Ministry of Mines - Canada
- Neyveli Lignite Corporation Ltd, - India
- Mercuria Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Timah Investasi Mineral - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Indo Tambangraya Megah - Indonesia
- Makarim & Taira - Indonesia
- IHS Mccloskey Coal Group - USA
- Mintek Dendrill Indonesia
- Bhatia International Limited - India
- International Coal Ventures Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Generating Authority of Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Heidelberg Cement - Germany
- Jorong Barutama Greston.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- MS Steel International - UAE
- Vedanta Resources Plc - India
- Borneo Indobara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indogreen Group - Indonesia
- Wilmar Investment Holdings
- Chettinad Cement Corporation Ltd - India
- Bhushan Steel Limited - India
- Sakthi Sugars Limited - India
- Semirara Mining and Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Samtan Co., Ltd - South Korea
- Bayan Resources Tbk. - Indonesia
- Karaikal Port Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Vizag Seaport Private Limited - India
- Kumho Petrochemical, South Korea
- Kalimantan Lumbung Energi - Indonesia
- Oldendorff Carriers - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ambuja Cements Ltd - India
- Mjunction Services Limited - India
- Standard Chartered Bank - UAE
- Thai Mozambique Logistica
- Banpu Public Company Limited - Thailand
- GMR Energy Limited - India
- Attock Cement Pakistan Limited
- McConnell Dowell - Australia
- Eastern Energy - Thailand
- Rashtriya Ispat Nigam Limited - India
- ICICI Bank Limited - India
- Uttam Galva Steels Limited - India
- India Bulls Power Limited - India
- Romanian Commodities Exchange
- Australian Coal Association
- Aboitiz Power Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Sojitz Corporation - Japan
- Simpson Spence & Young - Indonesia
- Orica Mining Services - Indonesia
- Merrill Lynch Commodities Europe
- Bukit Baiduri Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Minerals Council of Australia
- Asmin Koalindo Tuhup - Indonesia
- Aditya Birla Group - India
- Kaltim Prima Coal - Indonesia
- Gujarat Sidhee Cement - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dalmia Cement Bharat India
- South Luzon Thermal Energy Corporation
- London Commodity Brokers - England
- Ministry of Transport, Egypt
- Pendopo Energi Batubara - Indonesia
- Marubeni Corporation - India
- Petron Corporation, Philippines
- Sical Logistics Limited - India
- Goldman Sachs - Singapore
- Leighton Contractors Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Deloitte Consulting - India
- Vijayanagar Sugar Pvt Ltd - India
- Parliament of New Zealand
- VISA Power Limited - India
- Economic Council, Georgia
- Gujarat Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Indian Oil Corporation Limited
- Maheswari Brothers Coal Limited - India
- Therma Luzon, Inc, Philippines
- Coastal Gujarat Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Videocon Industries ltd - India
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