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