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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, 10 March 17
THE 5TH PHILIPPINES POWER AND ELECTRICITY WEEK RETURNS WITH A UNIQUE FOCUS IN 2017
5th Annual Philippines Power & Electricity
18-21 July 2017
Solaire Resort & Casino,Manila, Philippines
http://www.philippinespowe ...
Thursday, 09 March 17
INDONESIAN COAL BENCHMARK PRICE DROPPED FOR A THIRD STRAIGHT MONTH IN MARCH, GOVERNMENT DATA SHOWED
COALspot.com: Indonesian government declared coal benchmark price dropped for a fourth straight month in March, government data showed. The ...
Wednesday, 08 March 17
THE FREIGHT MARKET TODAY PROVIDES MUCH MORE CONFIDENCE COMPARED TO LAST YEAR - TIMOS PAPADIMITRIOU
So what's all the fuss about? During the past five months SnP activity has being surging exponentially in the dry bulk sector. Buyers are looki ...
Monday, 06 March 17
THE FREIGHT MARKET WAS CONTINUING TO FIRM UP THIS PAST WEEK
COALspot.com: The Freight market was continuing to firm up this past week.
The Baltic Exchange, tracking rates for ships carrying dry bulk com ...
Friday, 03 March 17
U.S. WEEKLY COAL PRODUCTION ESTIMATED AT 15.7 MMST; DECLINE 6.7% W/W - 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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- CNBM International Corporation - China
- Indonesian Coal Mining Association
- Bukit Baiduri Energy - Indonesia
- Rio Tinto Coal - Australia
- Madhucon Powers Ltd - India
- IEA Clean Coal Centre - UK
- Goldman Sachs - Singapore
- Commonwealth Bank - Australia
- Sakthi Sugars Limited - India
- Ministry of Transport, Egypt
- Meenaskhi Energy Private Limited - India
- Larsen & Toubro Limited - India
- Siam City Cement PLC, Thailand
- Central Java Power - Indonesia
- Energy Development Corp, Philippines
- Singapore Mercantile Exchange
- Timah Investasi Mineral - Indoneisa
- Cement Manufacturers Association - India
- SN Aboitiz Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- India Bulls Power Limited - India
- Riau Bara Harum - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Planning Commission, India
- PNOC Exploration Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Salva Resources Pvt Ltd - India
- New Zealand Coal & Carbon
- Altura Mining Limited, Indonesia
- Interocean Group of Companies - India
- GAC Shipping (India) Pvt Ltd
- Mercator Lines Limited - India
- PowerSource Philippines DevCo
- Formosa Plastics Group - Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maheswari Brothers Coal Limited - India
- Orica Australia Pty. Ltd.
- Savvy Resources Ltd - HongKong
- Indo Tambangraya Megah - Indonesia
- Directorate Of Revenue Intelligence - India
- OPG Power Generation Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Attock Cement Pakistan Limited
- ICICI Bank Limited - India
- Sinarmas Energy and Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Central Electricity Authority - India
- Port Waratah Coal Services - Australia
- Vizag Seaport Private Limited - India
- Thiess Contractors Indonesia
- Borneo Indobara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Marubeni Corporation - India
- Eastern Energy - Thailand
- Holcim Trading Pte Ltd - Singapore
- Energy Link Ltd, New Zealand
- Australian Commodity Traders Exchange
- VISA Power Limited - India
- Tamil Nadu electricity Board
- Meralco Power Generation, Philippines
- Oldendorff Carriers - Singapore
- White Energy Company Limited
- Intertek Mineral Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Coalindo Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- GMR Energy Limited - India
- Anglo American - United Kingdom
- Tata Chemicals Ltd - India
- Chettinad Cement Corporation Ltd - India
- Independent Power Producers Association of India
- Bukit Asam (Persero) Tbk - Indonesia
- The Treasury - Australian Government
- Petron Corporation, Philippines
- Ambuja Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- SMC Global Power, Philippines
- Georgia Ports Authority, United States
- MS Steel International - UAE
- Carbofer General Trading SA - India
- Mercuria Energy - Indonesia
- Bangladesh Power Developement Board
- Parry Sugars Refinery, India
- Coal and Oil Company - UAE
- Wilmar Investment Holdings
- Trasteel International SA, Italy
- Semirara Mining and Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Essar Steel Hazira Ltd - India
- Samtan Co., Ltd - South Korea
- Indogreen Group - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Eastern Coal Council - USA
- Medco Energi Mining Internasional
- Global Coal Blending Company Limited - Australia
- Straits Asia Resources Limited - Singapore
- Miang Besar Coal Terminal - Indonesia
- Chamber of Mines of South Africa
- Renaissance Capital - South Africa
- Sical Logistics Limited - India
- CIMB Investment Bank - Malaysia
- Standard Chartered Bank - UAE
- AsiaOL BioFuels Corp., Philippines
- Merrill Lynch Commodities Europe
- Antam Resourcindo - Indonesia
- Kumho Petrochemical, South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Mines - Canada
- Xindia Steels Limited - India
- Lanco Infratech Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Minerals Council of Australia
- Sarangani Energy Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Indian Oil Corporation Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Sindya Power Generating Company Private Ltd
- Karbindo Abesyapradhi - Indoneisa
- Banpu Public Company Limited - Thailand
- Karaikal Port Pvt Ltd - India
- Deloitte Consulting - India
- Posco Energy - South Korea
- Wood Mackenzie - Singapore
- Bhoruka Overseas - Indonesia
- Parliament of New Zealand
- Orica Mining Services - Indonesia
- Star Paper Mills Limited - India
- Electricity Authority, New Zealand
- SMG Consultants - Indonesia
- San Jose City I Power Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- Toyota Tsusho Corporation, Japan
- Bahari Cakrawala Sebuku - Indonesia
- Aditya Birla Group - India
- Ministry of Finance - Indonesia
- Sojitz Corporation - Japan
- Thai Mozambique Logistica
- Power Finance Corporation Ltd., India
- Sree Jayajothi Cements Limited - India
- Kepco SPC Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Videocon Industries ltd - India
- Economic Council, Georgia
- European Bulk Services B.V. - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Electricity Generating Authority of Thailand
- Uttam Galva Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Coastal Gujarat Power Limited - India
- Indika Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Bhushan Steel Limited - India
- The State Trading Corporation of India Ltd
- Bharathi Cement Corporation - India
- Gujarat Sidhee Cement - India
- Bhatia International Limited - India
- PTC India Limited - India
- Globalindo Alam Lestari - Indonesia
- Vedanta Resources Plc - India
- Jorong Barutama Greston.PT - Indonesia
- Indian Energy Exchange, India
- Kapuas Tunggal Persada - Indonesia
- Kaltim Prima Coal - Indonesia
- Baramulti Group, Indonesia
- Binh Thuan Hamico - Vietnam
- Mintek Dendrill Indonesia
- South Luzon Thermal Energy Corporation
- ASAPP Information Group - India
- Ind-Barath Power Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- TeaM Sual Corporation - Philippines
- Semirara Mining Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Romanian Commodities Exchange
- Grasim Industreis Ltd - India
- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- Bulk Trading Sa - Switzerland
- Bank of Tokyo Mitsubishi UFJ Ltd
- The University of Queensland
- Heidelberg Cement - Germany
- Neyveli Lignite Corporation Ltd, - India
- Barasentosa Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- London Commodity Brokers - England
- Jaiprakash Power Ventures ltd
- Manunggal Multi Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Makarim & Taira - Indonesia
- Latin American Coal - Colombia
- Kobexindo Tractors - Indoneisa
- Edison Trading Spa - Italy
- Pendopo Energi Batubara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Mjunction Services Limited - India
- Iligan Light & Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Africa Commodities Group - South Africa
- Dalmia Cement Bharat India
- Malabar Cements Ltd - India
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