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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 February 17
SHIPPING MARKET INSIGHT - INTERMODAL
Looking at the state of the Dry Bulk market exactly a year ago, there is no doubt that there is a significant improvement and despite the fact that ...
Tuesday, 14 February 17
OPTIMISM HAS STARTED TO SLOWLY FLOW BACK INTO THE DRY BULK MARKET - GEORGE LAZARIDIS
Optimism has started to slowly flow back into the dry bulk market, with many in the market showing renewed optimism as the Pacific basin starts to ...
Monday, 13 February 17
COMBINED COAL SALES OF BUMI RESOURCES ROSE TO 87.7 MILLION TONS IN FY'16; UP 10.6 PERCENT Y/Y
COALspot.com: Combined Coal Sales of Bumi Resources rose to 87.7 million tons in FY’16 compared with 79.3 million tons in FY’15. ...
Monday, 13 February 17
THE FREIGHT MARKET CONTINUED TO TUMBLE IN FEBRUARY
COALspot.com: The Freight market was continued its downfall in all segments except Panamax for the week ending 10 February 2017.
The Balt ...
Friday, 10 February 17
U.S. COAL OUTPUT IS ESTIMATED TO HAVE DECLINED BY 158 MMST IN 2016 TO 739 MMST, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 17 million short tons ...
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- Semirara Mining Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Australian Coal Association
- Vizag Seaport Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- London Commodity Brokers - England
- Sarangani Energy Corporation, Philippines
- Power Finance Corporation Ltd., India
- Binh Thuan Hamico - Vietnam
- International Coal Ventures Pvt Ltd - India
- Baramulti Group, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Indika Energy - Indonesia
- Medco Energi Mining Internasional
- VISA Power Limited - India
- Dalmia Cement Bharat India
- Port Waratah Coal Services - Australia
- Mercator Lines Limited - India
- SN Aboitiz Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Xindia Steels Limited - India
- Videocon Industries ltd - India
- Samtan Co., Ltd - South Korea
- Maheswari Brothers Coal Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Goldman Sachs - Singapore
- Kaltim Prima Coal - Indonesia
- SMC Global Power, Philippines
- Thai Mozambique Logistica
- Bhoruka Overseas - Indonesia
- The University of Queensland
- Ceylon Electricity Board - Sri Lanka
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Tamil Nadu electricity Board
- Standard Chartered Bank - UAE
- PowerSource Philippines DevCo
- Kepco SPC Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Antam Resourcindo - Indonesia
- Oldendorff Carriers - Singapore
- Mercuria Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- TeaM Sual Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Kartika Selabumi Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Latin American Coal - Colombia
- Kideco Jaya Agung - Indonesia
- Eastern Coal Council - USA
- GN Power Mariveles Coal Plant, Philippines
- Karaikal Port Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Borneo Indobara - Indonesia
- Intertek Mineral Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Ambuja Cements Ltd - India
- The Treasury - Australian Government
- Sinarmas Energy and Mining - Indonesia
- Meralco Power Generation, Philippines
- Globalindo Alam Lestari - Indonesia
- Sical Logistics Limited - India
- Grasim Industreis Ltd - India
- Siam City Cement PLC, Thailand
- Ministry of Transport, Egypt
- Commonwealth Bank - Australia
- PTC India Limited - India
- Billiton Holdings Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- ASAPP Information Group - India
- Star Paper Mills Limited - India
- Heidelberg Cement - Germany
- AsiaOL BioFuels Corp., Philippines
- Indian Oil Corporation Limited
- Savvy Resources Ltd - HongKong
- Directorate General of MIneral and Coal - Indonesia
- Parry Sugars Refinery, India
- Straits Asia Resources Limited - Singapore
- Indo Tambangraya Megah - Indonesia
- Makarim & Taira - Indonesia
- Mintek Dendrill Indonesia
- Orica Australia Pty. Ltd.
- Wood Mackenzie - Singapore
- Indogreen Group - Indonesia
- Manunggal Multi Energi - Indonesia
- ICICI Bank Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Mjunction Services Limited - India
- Anglo American - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Alfred C Toepfer International GmbH - Germany
- Ministry of Finance - Indonesia
- Posco Energy - South Korea
- Renaissance Capital - South Africa
- Deloitte Consulting - India
- Petron Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Sojitz Corporation - Japan
- Wilmar Investment Holdings
- Gujarat Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Thiess Contractors Indonesia
- Sakthi Sugars Limited - India
- LBH Netherlands Bv - Netherlands
- White Energy Company Limited
- Indonesian Coal Mining Association
- Holcim Trading Pte Ltd - Singapore
- Miang Besar Coal Terminal - Indonesia
- Ministry of Mines - Canada
- Energy Link Ltd, New Zealand
- Chamber of Mines of South Africa
- Australian Commodity Traders Exchange
- Sree Jayajothi Cements Limited - India
- Aboitiz Power Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Marubeni Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Georgia Ports Authority, United States
- Edison Trading Spa - Italy
- Siam City Cement - Thailand
- Larsen & Toubro Limited - India
- Electricity Generating Authority of Thailand
- New Zealand Coal & Carbon
- The State Trading Corporation of India Ltd
- Aditya Birla Group - India
- Therma Luzon, Inc, Philippines
- Merrill Lynch Commodities Europe
- Electricity Authority, New Zealand
- Planning Commission, India
- Chettinad Cement Corporation Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Parliament of New Zealand
- Bangladesh Power Developement Board
- Krishnapatnam Port Company Ltd. - India
- Singapore Mercantile Exchange
- Timah Investasi Mineral - Indoneisa
- Meenaskhi Energy Private Limited - India
- India Bulls Power Limited - India
- Riau Bara Harum - Indonesia
- Uttam Galva Steels Limited - India
- Salva Resources Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Sidhee Cement - India
- Coal and Oil Company - UAE
- Leighton Contractors Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- San Jose City I Power Corp, Philippines
- Simpson Spence & Young - Indonesia
- Central Electricity Authority - India
- SMG Consultants - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- South Luzon Thermal Energy Corporation
- Minerals Council of Australia
- CNBM International Corporation - China
- IEA Clean Coal Centre - UK
- Karbindo Abesyapradhi - Indoneisa
- Bulk Trading Sa - Switzerland
- GMR Energy Limited - India
- Indian Energy Exchange, India
- Bhushan Steel Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coalindo Energy - Indonesia
- Romanian Commodities Exchange
- Altura Mining Limited, Indonesia
- PNOC Exploration Corporation - Philippines
- Malabar Cements Ltd - India
- Vedanta Resources Plc - India
- Trasteel International SA, Italy
- Africa Commodities Group - South Africa
- Eastern Energy - Thailand
- Interocean Group of Companies - India
- Central Java Power - Indonesia
- Coastal Gujarat Power Limited - India
- Rio Tinto Coal - Australia
- IHS Mccloskey Coal Group - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kumho Petrochemical, South Korea
- Energy Development Corp, Philippines
- Jindal Steel & Power Ltd - India
- Orica Mining Services - Indonesia
- Independent Power Producers Association of India
- Bahari Cakrawala Sebuku - Indonesia
- Price Waterhouse Coopers - Russia
- CIMB Investment Bank - Malaysia
- Cement Manufacturers Association - India
- Bharathi Cement Corporation - India
- Attock Cement Pakistan Limited
- Madhucon Powers Ltd - India
- Jaiprakash Power Ventures ltd
- Carbofer General Trading SA - India
- PetroVietnam Power Coal Import and Supply Company
- Metalloyd Limited - United Kingdom
- Tata Chemicals Ltd - India
- Banpu Public Company Limited - Thailand
- Sindya Power Generating Company Private Ltd
- Global Business Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bhatia International Limited - India
- OPG Power Generation Pvt Ltd - India
- MS Steel International - UAE
- Formosa Plastics Group - Taiwan
- Economic Council, Georgia
- McConnell Dowell - Australia
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