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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 February 17
CHINA SUSPENDS COAL IMPORTS FROM NORTH KOREA FROM 19 FEB
COALspot.com: China is suspended coal imports from North Korea until December 2017. China says it will suspend all imports of coal from North Korea ...
Monday, 20 February 17
OCEAN FREIGHT RATES SLIGHTLY UP WEEK OVER WEEK
COALspot.com: The Freight market was firmed up this past week. The Panamax segment was declined for the week ending 17 February 2017.
The Balt ...
Friday, 17 February 17
U.S. COAL PRODUCTION SLIPS SLIGHTLY WEEK OVER WEEK, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.5 million sh ...
Thursday, 16 February 17
CAPE MARKET HAVE EXPERIENCED A STRONG DOWNTURN - FEARNLEYS
Supramax
Market has shifted sides from Atlantic to Pacific, where Atlantic is now lagging behind with little action and sliding indices, notably ...
Thursday, 16 February 17
IF I PLAN TO UNDERTAKE A CHARTERPARTY WITH AN UNFAMILIAR ENTITY, WHAT STEPS CAN I TAKE TO ENSURE THE CHARTERER WILL PAY THEIR HIRE? - SHIPOWNERS' CLUB
KNOWLEDGE TO ELEVATE
Due to the difficult conditions currently existing in the shipping market, particularly in the offshore sector, Members a ...
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- Bangladesh Power Developement Board
- Larsen & Toubro Limited - India
- Energy Link Ltd, New Zealand
- Holcim Trading Pte Ltd - Singapore
- CNBM International Corporation - China
- Riau Bara Harum - Indonesia
- Coal and Oil Company - UAE
- Mercuria Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kartika Selabumi Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Romanian Commodities Exchange
- Star Paper Mills Limited - India
- Bhoruka Overseas - Indonesia
- Siam City Cement PLC, Thailand
- Intertek Mineral Services - Indonesia
- Rio Tinto Coal - Australia
- Kobexindo Tractors - Indoneisa
- PowerSource Philippines DevCo
- Thiess Contractors Indonesia
- Interocean Group of Companies - India
- Indogreen Group - Indonesia
- Ambuja Cements Ltd - India
- Grasim Industreis Ltd - India
- Meenaskhi Energy Private Limited - India
- Savvy Resources Ltd - HongKong
- OPG Power Generation Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Merrill Lynch Commodities Europe
- Goldman Sachs - Singapore
- Australian Commodity Traders Exchange
- Bayan Resources Tbk. - Indonesia
- Makarim & Taira - Indonesia
- Latin American Coal - Colombia
- Chettinad Cement Corporation Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Singapore Mercantile Exchange
- Mintek Dendrill Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Simpson Spence & Young - Indonesia
- GVK Power & Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Samtan Co., Ltd - South Korea
- Banpu Public Company Limited - Thailand
- Orica Australia Pty. Ltd.
- Bukit Asam (Persero) Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- PetroVietnam Power Coal Import and Supply Company
- Power Finance Corporation Ltd., India
- ASAPP Information Group - India
- Antam Resourcindo - Indonesia
- Ministry of Finance - Indonesia
- Parry Sugars Refinery, India
- Bukit Makmur.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- London Commodity Brokers - England
- Kapuas Tunggal Persada - Indonesia
- Anglo American - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Mines - Canada
- Deloitte Consulting - India
- Electricity Authority, New Zealand
- International Coal Ventures Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Videocon Industries ltd - India
- Bharathi Cement Corporation - India
- ICICI Bank Limited - India
- The State Trading Corporation of India Ltd
- Renaissance Capital - South Africa
- Straits Asia Resources Limited - Singapore
- GAC Shipping (India) Pvt Ltd
- Attock Cement Pakistan Limited
- VISA Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Binh Thuan Hamico - Vietnam
- Central Java Power - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Essar Steel Hazira Ltd - India
- Indian Oil Corporation Limited
- Sojitz Corporation - Japan
- Posco Energy - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Altura Mining Limited, Indonesia
- Timah Investasi Mineral - Indoneisa
- Cement Manufacturers Association - India
- Vedanta Resources Plc - India
- Indo Tambangraya Megah - Indonesia
- Xindia Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- New Zealand Coal & Carbon
- Eastern Energy - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Indika Energy - Indonesia
- Commonwealth Bank - Australia
- Minerals Council of Australia
- Sinarmas Energy and Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Global Coal Blending Company Limited - Australia
- Petron Corporation, Philippines
- Eastern Coal Council - USA
- Economic Council, Georgia
- Wilmar Investment Holdings
- Sindya Power Generating Company Private Ltd
- Malabar Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Africa Commodities Group - South Africa
- Independent Power Producers Association of India
- Coalindo Energy - Indonesia
- Wood Mackenzie - Singapore
- Agrawal Coal Company - India
- South Luzon Thermal Energy Corporation
- Salva Resources Pvt Ltd - India
- Siam City Cement - Thailand
- TeaM Sual Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Port Waratah Coal Services - Australia
- McConnell Dowell - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Toyota Tsusho Corporation, Japan
- Planning Commission, India
- SN Aboitiz Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Orica Mining Services - Indonesia
- Jaiprakash Power Ventures ltd
- Sree Jayajothi Cements Limited - India
- Global Green Power PLC Corporation, Philippines
- SMC Global Power, Philippines
- Mjunction Services Limited - India
- Sakthi Sugars Limited - India
- Rashtriya Ispat Nigam Limited - India
- Global Business Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Standard Chartered Bank - UAE
- The Treasury - Australian Government
- MS Steel International - UAE
- Australian Coal Association
- Mercator Lines Limited - India
- Indonesian Coal Mining Association
- Tata Chemicals Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Borneo Indobara - Indonesia
- Aboitiz Power Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Aditya Birla Group - India
- Ministry of Transport, Egypt
- Bulk Trading Sa - Switzerland
- India Bulls Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Tamil Nadu electricity Board
- Carbofer General Trading SA - India
- Baramulti Group, Indonesia
- Directorate Of Revenue Intelligence - India
- Trasteel International SA, Italy
- Indian Energy Exchange, India
- Bahari Cakrawala Sebuku - Indonesia
- Ceylon Electricity Board - Sri Lanka
- IEA Clean Coal Centre - UK
- Semirara Mining and Power Corporation, Philippines
- Dalmia Cement Bharat India
- PNOC Exploration Corporation - Philippines
- Sical Logistics Limited - India
- White Energy Company Limited
- Pendopo Energi Batubara - Indonesia
- Chamber of Mines of South Africa
- Heidelberg Cement - Germany
- Alfred C Toepfer International GmbH - Germany
- Kumho Petrochemical, South Korea
- Medco Energi Mining Internasional
- Maheswari Brothers Coal Limited - India
- Meralco Power Generation, Philippines
- GMR Energy Limited - India
- Oldendorff Carriers - Singapore
- SMG Consultants - Indonesia
- Bhatia International Limited - India
- Energy Development Corp, Philippines
- Formosa Plastics Group - Taiwan
- Edison Trading Spa - Italy
- Parliament of New Zealand
- San Jose City I Power Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Marubeni Corporation - India
- Bhushan Steel Limited - India
- AsiaOL BioFuels Corp., Philippines
- Gujarat Sidhee Cement - India
- Ind-Barath Power Infra Limited - India
- Manunggal Multi Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Lanco Infratech Ltd - India
- Vizag Seaport Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Central Electricity Authority - India
- Therma Luzon, Inc, Philippines
- Coastal Gujarat Power Limited - India
- PTC India Limited - India
- Georgia Ports Authority, United States
- Thai Mozambique Logistica
- Uttam Galva Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Madhucon Powers Ltd - India
- The University of Queensland
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