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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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Tuesday, 21 March 17
JAPAN'S RENEWED COMMITMENT TO COAL - BENJAMIN SPORTON
Japan is one of the largest economies in the world, and has long been a major consumer and importer of energy and a leader in energy technology dev ...
Monday, 20 March 17
IS THE DRY BULK INDUSTRY STILL ON TRACK FOR PROFITABILITY IN 2019? - PETER SAND
The industry remains well on target for profitable freight rates in 2019! This relies however, on the projected fleet supply growth rate of 0% in 2 ...
Friday, 17 March 17
U.S WEEKLY COAL OUTPUT VOLUME SLIDES 6.5 PERCENT WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.7 million short ton ...
Thursday, 16 March 17
CHINA IMPOSING TOUGHER CONTROLS ON LOW-QUALITY COAL IMPORTS
China is ramping up controls on imports of low-quality coal due to concerns about smog and overcapacity in the world’s top coal consumer, a g ...
Thursday, 16 March 17
CAPESIZE: SHOWING STRENGTH; PANAMAX: VERY QUIET - FEARNLEYS
Supramax
The Atlantic market faced less activity from the USG whereas at the Cont tonnage seemed to tighten up with more cargoes emerging. Despit ...
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- Port Waratah Coal Services - Australia
- Coalindo Energy - Indonesia
- Wood Mackenzie - Singapore
- Baramulti Group, Indonesia
- Merrill Lynch Commodities Europe
- Semirara Mining Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- ICICI Bank Limited - India
- Price Waterhouse Coopers - Russia
- Rio Tinto Coal - Australia
- Rashtriya Ispat Nigam Limited - India
- SMG Consultants - Indonesia
- Altura Mining Limited, Indonesia
- Larsen & Toubro Limited - India
- Medco Energi Mining Internasional
- Meenaskhi Energy Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Indonesian Coal Mining Association
- PTC India Limited - India
- Mercuria Energy - Indonesia
- GVK Power & Infra Limited - India
- Bulk Trading Sa - Switzerland
- Electricity Authority, New Zealand
- Carbofer General Trading SA - India
- Bharathi Cement Corporation - India
- Bangladesh Power Developement Board
- Interocean Group of Companies - India
- PetroVietnam Power Coal Import and Supply Company
- TNB Fuel Sdn Bhd - Malaysia
- Trasteel International SA, Italy
- Latin American Coal - Colombia
- Savvy Resources Ltd - HongKong
- Krishnapatnam Port Company Ltd. - India
- Timah Investasi Mineral - Indoneisa
- Indika Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Vizag Seaport Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Makarim & Taira - Indonesia
- South Luzon Thermal Energy Corporation
- Romanian Commodities Exchange
- Sakthi Sugars Limited - India
- Independent Power Producers Association of India
- Aboitiz Power Corporation - Philippines
- Petron Corporation, Philippines
- Chamber of Mines of South Africa
- IEA Clean Coal Centre - UK
- Asmin Koalindo Tuhup - Indonesia
- Xindia Steels Limited - India
- Thai Mozambique Logistica
- Orica Mining Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement - Thailand
- IHS Mccloskey Coal Group - USA
- Coal and Oil Company - UAE
- Sical Logistics Limited - India
- International Coal Ventures Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Kepco SPC Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- GMR Energy Limited - India
- Bhoruka Overseas - Indonesia
- Renaissance Capital - South Africa
- Intertek Mineral Services - Indonesia
- Meralco Power Generation, Philippines
- Bhushan Steel Limited - India
- Electricity Generating Authority of Thailand
- Planning Commission, India
- Kumho Petrochemical, South Korea
- Ministry of Finance - Indonesia
- MS Steel International - UAE
- VISA Power Limited - India
- Jaiprakash Power Ventures ltd
- Borneo Indobara - Indonesia
- Mintek Dendrill Indonesia
- New Zealand Coal & Carbon
- Wilmar Investment Holdings
- Global Green Power PLC Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Dalmia Cement Bharat India
- Grasim Industreis Ltd - India
- SN Aboitiz Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Standard Chartered Bank - UAE
- Karaikal Port Pvt Ltd - India
- Madhucon Powers Ltd - India
- Africa Commodities Group - South Africa
- Goldman Sachs - Singapore
- The Treasury - Australian Government
- Manunggal Multi Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Tamil Nadu electricity Board
- San Jose City I Power Corp, Philippines
- Eastern Coal Council - USA
- Posco Energy - South Korea
- LBH Netherlands Bv - Netherlands
- Mercator Lines Limited - India
- Central Electricity Authority - India
- Aditya Birla Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Power Finance Corporation Ltd., India
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- GAC Shipping (India) Pvt Ltd
- The State Trading Corporation of India Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tata Chemicals Ltd - India
- Deloitte Consulting - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ceylon Electricity Board - Sri Lanka
- Sojitz Corporation - Japan
- Straits Asia Resources Limited - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thiess Contractors Indonesia
- Chettinad Cement Corporation Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Star Paper Mills Limited - India
- Ambuja Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Simpson Spence & Young - Indonesia
- White Energy Company Limited
- European Bulk Services B.V. - Netherlands
- India Bulls Power Limited - India
- Riau Bara Harum - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Lanco Infratech Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Parliament of New Zealand
- TeaM Sual Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Directorate General of MIneral and Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Bukit Makmur.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- ASAPP Information Group - India
- Heidelberg Cement - Germany
- Gujarat Sidhee Cement - India
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Billiton Holdings Pty Ltd - Australia
- PowerSource Philippines DevCo
- Bhatia International Limited - India
- Central Java Power - Indonesia
- Globalindo Alam Lestari - Indonesia
- Cement Manufacturers Association - India
- Minerals Council of Australia
- Indian Oil Corporation Limited
- Mjunction Services Limited - India
- Oldendorff Carriers - Singapore
- Sarangani Energy Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Agrawal Coal Company - India
- The University of Queensland
- Anglo American - United Kingdom
- Samtan Co., Ltd - South Korea
- Sinarmas Energy and Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Directorate Of Revenue Intelligence - India
- Orica Australia Pty. Ltd.
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Attock Cement Pakistan Limited
- Malabar Cements Ltd - India
- Vedanta Resources Plc - India
- Formosa Plastics Group - Taiwan
- Georgia Ports Authority, United States
- Cigading International Bulk Terminal - Indonesia
- Indian Energy Exchange, India
- CNBM International Corporation - China
- Singapore Mercantile Exchange
- Miang Besar Coal Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- SMC Global Power, Philippines
- Siam City Cement PLC, Thailand
- Holcim Trading Pte Ltd - Singapore
- Eastern Energy - Thailand
- Ind-Barath Power Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Kaltim Prima Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Marubeni Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Toyota Tsusho Corporation, Japan
- Metalloyd Limited - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Kartika Selabumi Mining - Indonesia
- Ministry of Mines - Canada
- Barasentosa Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Edison Trading Spa - Italy
- Economic Council, Georgia
- Kalimantan Lumbung Energi - Indonesia
- Parry Sugars Refinery, India
- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Australian Coal Association
- London Commodity Brokers - England
- Energy Development Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Commonwealth Bank - Australia
- McConnell Dowell - Australia
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