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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 February 17
US WEEKLY COAL OUTPUT ESTIMATED AT 16.8 MMST - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.8 million short ton ...
Thursday, 23 February 17
ULTRA SUPRAMAX: INDONESIA TO INDIA IS GETTING AROUND $10-11K BASIS SINGAPORE DELIVERY
Supramax
The week started off quietly in the Atlantic with more activity in the Pacific basin.
According to Fearnleys weekly report, frontha ...
Wednesday, 22 February 17
TANKER MARKET INSIGHT - KATERINA RESTIS
In 2016 a session of the IMO committee in London, set the new prerequisites effective from January 2020, which will necessitate global Sulphur cont ...
Tuesday, 21 February 17
INDIA'S JANUARY COAL IMPORTS DECLINE 21.7 PERCENT YEAR -ON-YEAR TO 14.31 MT - PTI
Coal imports declined by 21.7 per cent to 14.31 million tonnes in January as the power utilities did not lift much fuel due to abundant stock avail ...
Tuesday, 21 February 17
CHINESE EXPORTS SHOWED A YEAR-ON-YEAR RISE FOR THE FIRST TIME IN TEN MONTHS; S. KOREA'S EXPORTS UP FOR PAST THREE MONTHS IN A ROW - GEORGE LAZARIDIS
We have started to some sparks of life in the commodities markets these past weeks, with prices having shown a strong push during the past couple o ...
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- Australian Coal Association
- Energy Link Ltd, New Zealand
- Electricity Authority, New Zealand
- Attock Cement Pakistan Limited
- White Energy Company Limited
- Economic Council, Georgia
- Kaltim Prima Coal - Indonesia
- Coalindo Energy - Indonesia
- Standard Chartered Bank - UAE
- Parliament of New Zealand
- Tata Chemicals Ltd - India
- Deloitte Consulting - India
- Meenaskhi Energy Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Minerals Council of Australia
- Billiton Holdings Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Leighton Contractors Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Heidelberg Cement - Germany
- Barasentosa Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Madhucon Powers Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- McConnell Dowell - Australia
- Renaissance Capital - South Africa
- PowerSource Philippines DevCo
- VISA Power Limited - India
- Star Paper Mills Limited - India
- Bharathi Cement Corporation - India
- Bulk Trading Sa - Switzerland
- Central Electricity Authority - India
- Parry Sugars Refinery, India
- Karbindo Abesyapradhi - Indoneisa
- GMR Energy Limited - India
- Cement Manufacturers Association - India
- PNOC Exploration Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Independent Power Producers Association of India
- Kepco SPC Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Indogreen Group - Indonesia
- SN Aboitiz Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Bukit Makmur.PT - Indonesia
- SMG Consultants - Indonesia
- Wilmar Investment Holdings
- Rio Tinto Coal - Australia
- Banpu Public Company Limited - Thailand
- Bhatia International Limited - India
- Indian Energy Exchange, India
- Pipit Mutiara Jaya. PT, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- PTC India Limited - India
- Vizag Seaport Private Limited - India
- The State Trading Corporation of India Ltd
- South Luzon Thermal Energy Corporation
- Indonesian Coal Mining Association
- Malabar Cements Ltd - India
- Wood Mackenzie - Singapore
- Tamil Nadu electricity Board
- Gujarat Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Thai Mozambique Logistica
- Global Coal Blending Company Limited - Australia
- Toyota Tsusho Corporation, Japan
- Indika Energy - Indonesia
- Mjunction Services Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Indian Oil Corporation Limited
- CNBM International Corporation - China
- Australian Commodity Traders Exchange
- Semirara Mining Corp, Philippines
- San Jose City I Power Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Anglo American - United Kingdom
- Goldman Sachs - Singapore
- Petron Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Salva Resources Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Vijayanagar Sugar Pvt Ltd - India
- Meralco Power Generation, Philippines
- Mercator Lines Limited - India
- European Bulk Services B.V. - Netherlands
- Antam Resourcindo - Indonesia
- Chettinad Cement Corporation Ltd - India
- Latin American Coal - Colombia
- The Treasury - Australian Government
- Romanian Commodities Exchange
- Karaikal Port Pvt Ltd - India
- Mercuria Energy - Indonesia
- Simpson Spence & Young - Indonesia
- The University of Queensland
- Thiess Contractors Indonesia
- Mintek Dendrill Indonesia
- Timah Investasi Mineral - Indoneisa
- Dalmia Cement Bharat India
- Essar Steel Hazira Ltd - India
- Ministry of Transport, Egypt
- Central Java Power - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sarangani Energy Corporation, Philippines
- IEA Clean Coal Centre - UK
- Siam City Cement PLC, Thailand
- Marubeni Corporation - India
- Global Business Power Corporation, Philippines
- SMC Global Power, Philippines
- Trasteel International SA, Italy
- Aboitiz Power Corporation - Philippines
- Borneo Indobara - Indonesia
- Commonwealth Bank - Australia
- Straits Asia Resources Limited - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- Ministry of Mines - Canada
- Kartika Selabumi Mining - Indonesia
- Agrawal Coal Company - India
- Samtan Co., Ltd - South Korea
- Eastern Coal Council - USA
- Chamber of Mines of South Africa
- Gujarat Sidhee Cement - India
- Alfred C Toepfer International GmbH - Germany
- Posco Energy - South Korea
- Georgia Ports Authority, United States
- IHS Mccloskey Coal Group - USA
- Oldendorff Carriers - Singapore
- LBH Netherlands Bv - Netherlands
- Port Waratah Coal Services - Australia
- Ceylon Electricity Board - Sri Lanka
- Singapore Mercantile Exchange
- TeaM Sual Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Manunggal Multi Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Bhoruka Overseas - Indonesia
- Coastal Gujarat Power Limited - India
- Orica Australia Pty. Ltd.
- India Bulls Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Savvy Resources Ltd - HongKong
- Edison Trading Spa - Italy
- Bukit Baiduri Energy - Indonesia
- Eastern Energy - Thailand
- AsiaOL BioFuels Corp., Philippines
- Holcim Trading Pte Ltd - Singapore
- Ind-Barath Power Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Mineral Development Corp Ltd - India
- Lanco Infratech Ltd - India
- Energy Development Corp, Philippines
- Aditya Birla Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Riau Bara Harum - Indonesia
- London Commodity Brokers - England
- Intertek Mineral Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Coal and Oil Company - UAE
- Sojitz Corporation - Japan
- Xindia Steels Limited - India
- CIMB Investment Bank - Malaysia
- MS Steel International - UAE
- Sindya Power Generating Company Private Ltd
- Carbofer General Trading SA - India
- Electricity Generating Authority of Thailand
- ASAPP Information Group - India
- Planning Commission, India
- Cigading International Bulk Terminal - Indonesia
- Videocon Industries ltd - India
- Global Green Power PLC Corporation, Philippines
- ICICI Bank Limited - India
- Siam City Cement - Thailand
- Orica Mining Services - Indonesia
- Ambuja Cements Ltd - India
- Jindal Steel & Power Ltd - India
- New Zealand Coal & Carbon
- Iligan Light & Power Inc, Philippines
- Makarim & Taira - Indonesia
- Medco Energi Mining Internasional
- Baramulti Group, Indonesia
- Kumho Petrochemical, South Korea
- Bayan Resources Tbk. - Indonesia
- Merrill Lynch Commodities Europe
- Asmin Koalindo Tuhup - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Interocean Group of Companies - India
- Metalloyd Limited - United Kingdom
- Africa Commodities Group - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GAC Shipping (India) Pvt Ltd
- Larsen & Toubro Limited - India
- Jaiprakash Power Ventures ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vedanta Resources Plc - India
- Directorate Of Revenue Intelligence - India
- Grasim Industreis Ltd - India
- GVK Power & Infra Limited - India
- Sical Logistics Limited - India
- Kohat Cement Company Ltd. - Pakistan
- International Coal Ventures Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Uttam Galva Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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