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