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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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Wednesday, 15 March 17
SHIPPING MARKET INSIGHT - GEORGE PANAGOPOULOS
Over the past two weeks, the Dry Baltic Index has been on an upward trend, breaking the 1000 point mark and creating a positive sentiment for the u ...
Tuesday, 14 March 17
ORDERBOOK-TO-FEET RATIO DECREASING; THE FREIGHT MARKET IMPROVING
It seems as though the renewed optimism that has arisen from the recent upward trends being noted in the freight market, the dry bulk market has be ...
Monday, 13 March 17
PORT OF NEWCASTLE HAS SHIPPED 11.563 MILLION TONS COAL IN FEBRUARY 2017; DECLINED 12.19 PERCENT M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export ports has shipped $AU 1,4 ...
Monday, 13 March 17
INDO - INDIA COAL FREIGHT RATES STAY FIRM
COALspot.com: The Freight market was continuing to firming up.
The Baltic Exchange, tracking rates for ships carrying dry bulk commodities ros ...
Friday, 10 March 17
ESTIMATED U.S. COAL PRODUCTION ALMOST FLAT WEEK ENDED MARCH 4, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
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- ICICI Bank Limited - India
- Sojitz Corporation - Japan
- Eastern Coal Council - USA
- Bahari Cakrawala Sebuku - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Baramulti Group, Indonesia
- Independent Power Producers Association of India
- Makarim & Taira - Indonesia
- Wood Mackenzie - Singapore
- White Energy Company Limited
- Jaiprakash Power Ventures ltd
- GAC Shipping (India) Pvt Ltd
- San Jose City I Power Corp, Philippines
- Africa Commodities Group - South Africa
- Borneo Indobara - Indonesia
- Thiess Contractors Indonesia
- Vedanta Resources Plc - India
- Neyveli Lignite Corporation Ltd, - India
- Interocean Group of Companies - India
- Indogreen Group - Indonesia
- Bukit Makmur.PT - Indonesia
- SMC Global Power, Philippines
- Metalloyd Limited - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Goldman Sachs - Singapore
- LBH Netherlands Bv - Netherlands
- Dalmia Cement Bharat India
- Rashtriya Ispat Nigam Limited - India
- Rio Tinto Coal - Australia
- Bhatia International Limited - India
- Therma Luzon, Inc, Philippines
- Semirara Mining Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Deloitte Consulting - India
- Intertek Mineral Services - Indonesia
- Bhoruka Overseas - Indonesia
- Indian Oil Corporation Limited
- Kartika Selabumi Mining - Indonesia
- Wilmar Investment Holdings
- Kumho Petrochemical, South Korea
- Antam Resourcindo - Indonesia
- Carbofer General Trading SA - India
- The University of Queensland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Kobexindo Tractors - Indoneisa
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- PowerSource Philippines DevCo
- OPG Power Generation Pvt Ltd - India
- Anglo American - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Xindia Steels Limited - India
- Economic Council, Georgia
- Trasteel International SA, Italy
- Australian Coal Association
- Ministry of Finance - Indonesia
- Madhucon Powers Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Sindya Power Generating Company Private Ltd
- Posco Energy - South Korea
- Orica Australia Pty. Ltd.
- ASAPP Information Group - India
- Bulk Trading Sa - Switzerland
- AsiaOL BioFuels Corp., Philippines
- Indian Energy Exchange, India
- Ministry of Mines - Canada
- Siam City Cement PLC, Thailand
- Oldendorff Carriers - Singapore
- Videocon Industries ltd - India
- Ceylon Electricity Board - Sri Lanka
- The State Trading Corporation of India Ltd
- IHS Mccloskey Coal Group - USA
- Merrill Lynch Commodities Europe
- Directorate Of Revenue Intelligence - India
- Billiton Holdings Pty Ltd - Australia
- Chamber of Mines of South Africa
- McConnell Dowell - Australia
- Power Finance Corporation Ltd., India
- Energy Link Ltd, New Zealand
- Latin American Coal - Colombia
- VISA Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Larsen & Toubro Limited - India
- Alfred C Toepfer International GmbH - Germany
- SMG Consultants - Indonesia
- Riau Bara Harum - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sarangani Energy Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Manunggal Multi Energi - Indonesia
- Attock Cement Pakistan Limited
- Grasim Industreis Ltd - India
- Binh Thuan Hamico - Vietnam
- Ambuja Cements Ltd - India
- CNBM International Corporation - China
- Bangladesh Power Developement Board
- Australian Commodity Traders Exchange
- Iligan Light & Power Inc, Philippines
- India Bulls Power Limited - India
- Tata Chemicals Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Global Green Power PLC Corporation, Philippines
- Medco Energi Mining Internasional
- MS Steel International - UAE
- South Luzon Thermal Energy Corporation
- Leighton Contractors Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Electricity Authority, New Zealand
- Port Waratah Coal Services - Australia
- GVK Power & Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Ind-Barath Power Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Planning Commission, India
- Maheswari Brothers Coal Limited - India
- Indo Tambangraya Megah - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Singapore Mercantile Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Agrawal Coal Company - India
- Central Electricity Authority - India
- Sree Jayajothi Cements Limited - India
- Bhushan Steel Limited - India
- Mercuria Energy - Indonesia
- Altura Mining Limited, Indonesia
- International Coal Ventures Pvt Ltd - India
- Thai Mozambique Logistica
- Parry Sugars Refinery, India
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- Essar Steel Hazira Ltd - India
- Aditya Birla Group - India
- Gujarat Mineral Development Corp Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Coal and Oil Company - UAE
- Petron Corporation, Philippines
- Romanian Commodities Exchange
- European Bulk Services B.V. - Netherlands
- Star Paper Mills Limited - India
- Indonesian Coal Mining Association
- Heidelberg Cement - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Malabar Cements Ltd - India
- Price Waterhouse Coopers - Russia
- SN Aboitiz Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Marubeni Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement - Thailand
- Central Java Power - Indonesia
- Savvy Resources Ltd - HongKong
- Ministry of Transport, Egypt
- New Zealand Coal & Carbon
- Salva Resources Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Electricity Generating Authority of Thailand
- Banpu Public Company Limited - Thailand
- Energy Development Corp, Philippines
- Mercator Lines Limited - India
- Aboitiz Power Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Orica Mining Services - Indonesia
- Commonwealth Bank - Australia
- Kaltim Prima Coal - Indonesia
- Sical Logistics Limited - India
- Coalindo Energy - Indonesia
- Bharathi Cement Corporation - India
- Bayan Resources Tbk. - Indonesia
- Barasentosa Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Mintek Dendrill Indonesia
- Meralco Power Generation, Philippines
- The Treasury - Australian Government
- Meenaskhi Energy Private Limited - India
- Samtan Co., Ltd - South Korea
- Mjunction Services Limited - India
- Minerals Council of Australia
- Chettinad Cement Corporation Ltd - India
- Kepco SPC Power Corporation, Philippines
- Edison Trading Spa - Italy
- Global Business Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Jorong Barutama Greston.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Sakthi Sugars Limited - India
- Vizag Seaport Private Limited - India
- Lanco Infratech Ltd - India
- Global Coal Blending Company Limited - Australia
- Parliament of New Zealand
- Georgia Ports Authority, United States
- Renaissance Capital - South Africa
- Standard Chartered Bank - UAE
- Krishnapatnam Port Company Ltd. - India
- Cement Manufacturers Association - India
- IEA Clean Coal Centre - UK
- PetroVietnam Power Coal Import and Supply Company
- PTC India Limited - India
- Simpson Spence & Young - Indonesia
- GMR Energy Limited - India
- Tamil Nadu electricity Board
- London Commodity Brokers - England
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Energy - Thailand
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