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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, 03 February 17
U.S. WEEKLY COAL PRODUCTION DECLINED 3.9% W/W; ROSE 17.7% Y/Y
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.1 million short ton ...
Friday, 03 February 17
US - EXECUTIVE ORDER ON IMMIGRATION AFFECTS VESSEL CREWS - GARD
From 27 January 2017, crew members carrying Iraqi, Syrian, Sudanese, Iranian, Somalian, Libyan or Yemeni passports are temporarily barred from ente ...
Wednesday, 01 February 17
MARKET INSIGHT - PANOS TSILINGIRIS
The recent placement of LOIs for 208kdwt Newcastlemax Newbuildings at $38.5m at Private Chinese Yard identifies with the modern history low for dry ...
Tuesday, 31 January 17
A CASE OF NEW YEAR BLUES FOR THE FAR EAST? - GEORGE LAZARIDIS
Unlike the typical lull in the market that we note during the period just prior to the Chinese New Year, 2017 has proved to be fairly m ...
Monday, 30 January 17
DUE TO LUNAR YEAR HOLIDAYS, THE FREIGHT MARKET STAYED WEAK
COALspot.com: Due to Lunar year holidays and celebration, the Freight market was down in all segments this past week.
The Baltic Exchange, tra ...
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- Port Waratah Coal Services - Australia
- GAC Shipping (India) Pvt Ltd
- ASAPP Information Group - India
- Sarangani Energy Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Essar Steel Hazira Ltd - India
- Energy Development Corp, Philippines
- Medco Energi Mining Internasional
- Kideco Jaya Agung - Indonesia
- Borneo Indobara - Indonesia
- Merrill Lynch Commodities Europe
- Ministry of Finance - Indonesia
- Kaltim Prima Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Simpson Spence & Young - Indonesia
- Aditya Birla Group - India
- Mjunction Services Limited - India
- Sindya Power Generating Company Private Ltd
- Oldendorff Carriers - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Carbofer General Trading SA - India
- Economic Council, Georgia
- Rio Tinto Coal - Australia
- Baramulti Group, Indonesia
- Sical Logistics Limited - India
- Minerals Council of Australia
- Parry Sugars Refinery, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kumho Petrochemical, South Korea
- Anglo American - United Kingdom
- PowerSource Philippines DevCo
- Agrawal Coal Company - India
- Tata Chemicals Ltd - India
- Siam City Cement - Thailand
- South Luzon Thermal Energy Corporation
- Madhucon Powers Ltd - India
- Vedanta Resources Plc - India
- Karbindo Abesyapradhi - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- CNBM International Corporation - China
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wilmar Investment Holdings
- Salva Resources Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Attock Cement Pakistan Limited
- Dalmia Cement Bharat India
- Chettinad Cement Corporation Ltd - India
- Indonesian Coal Mining Association
- Sojitz Corporation - Japan
- Sakthi Sugars Limited - India
- Electricity Generating Authority of Thailand
- Leighton Contractors Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Tamil Nadu electricity Board
- Ministry of Transport, Egypt
- Miang Besar Coal Terminal - Indonesia
- Indogreen Group - Indonesia
- Mercator Lines Limited - India
- New Zealand Coal & Carbon
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- Indian Energy Exchange, India
- Ceylon Electricity Board - Sri Lanka
- Pendopo Energi Batubara - Indonesia
- CIMB Investment Bank - Malaysia
- India Bulls Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Gujarat Sidhee Cement - India
- Meenaskhi Energy Private Limited - India
- Siam City Cement PLC, Thailand
- Directorate General of MIneral and Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Alfred C Toepfer International GmbH - Germany
- Binh Thuan Hamico - Vietnam
- Therma Luzon, Inc, Philippines
- GMR Energy Limited - India
- Jindal Steel & Power Ltd - India
- Kepco SPC Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- White Energy Company Limited
- Indian Oil Corporation Limited
- Australian Coal Association
- McConnell Dowell - Australia
- Kobexindo Tractors - Indoneisa
- SMC Global Power, Philippines
- Sinarmas Energy and Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Eastern Coal Council - USA
- Georgia Ports Authority, United States
- Manunggal Multi Energi - Indonesia
- Bangladesh Power Developement Board
- The Treasury - Australian Government
- Australian Commodity Traders Exchange
- Commonwealth Bank - Australia
- Global Green Power PLC Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Goldman Sachs - Singapore
- Renaissance Capital - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Straits Asia Resources Limited - Singapore
- International Coal Ventures Pvt Ltd - India
- ICICI Bank Limited - India
- Maharashtra Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Romanian Commodities Exchange
- Makarim & Taira - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining and Power Corporation, Philippines
- Bhatia International Limited - India
- Thiess Contractors Indonesia
- Wood Mackenzie - Singapore
- Singapore Mercantile Exchange
- Samtan Co., Ltd - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Chamber of Mines of South Africa
- Lanco Infratech Ltd - India
- TeaM Sual Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Altura Mining Limited, Indonesia
- Vizag Seaport Private Limited - India
- Posco Energy - South Korea
- Xindia Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Electricity Authority, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Mercuria Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Coalindo Energy - Indonesia
- Malabar Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Orica Mining Services - Indonesia
- Bhushan Steel Limited - India
- IHS Mccloskey Coal Group - USA
- Bahari Cakrawala Sebuku - Indonesia
- Central Electricity Authority - India
- Petron Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- The State Trading Corporation of India Ltd
- Directorate Of Revenue Intelligence - India
- European Bulk Services B.V. - Netherlands
- Central Java Power - Indonesia
- Aboitiz Power Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Africa Commodities Group - South Africa
- Mintek Dendrill Indonesia
- Indika Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- PTC India Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Thai Mozambique Logistica
- Parliament of New Zealand
- London Commodity Brokers - England
- Energy Link Ltd, New Zealand
- Standard Chartered Bank - UAE
- Barasentosa Lestari - Indonesia
- Latin American Coal - Colombia
- Timah Investasi Mineral - Indoneisa
- Savvy Resources Ltd - HongKong
- Edison Trading Spa - Italy
- Bulk Trading Sa - Switzerland
- Kapuas Tunggal Persada - Indonesia
- Power Finance Corporation Ltd., India
- Rashtriya Ispat Nigam Limited - India
- GVK Power & Infra Limited - India
- The University of Queensland
- OPG Power Generation Pvt Ltd - India
- Trasteel International SA, Italy
- Krishnapatnam Port Company Ltd. - India
- Eastern Energy - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coal and Oil Company - UAE
- VISA Power Limited - India
- Ambuja Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Bhoruka Overseas - Indonesia
- Cement Manufacturers Association - India
- Larsen & Toubro Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Videocon Industries ltd - India
- SMG Consultants - Indonesia
- PNOC Exploration Corporation - Philippines
- Deloitte Consulting - India
- Orica Australia Pty. Ltd.
- Global Business Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- MS Steel International - UAE
- Meralco Power Generation, Philippines
- Karaikal Port Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Sree Jayajothi Cements Limited - India
- Antam Resourcindo - Indonesia
- Ministry of Mines - Canada
- Independent Power Producers Association of India
- Marubeni Corporation - India
- Star Paper Mills Limited - India
- Bharathi Cement Corporation - India
- Bukit Makmur.PT - Indonesia
- Planning Commission, India
- Metalloyd Limited - United Kingdom
- Global Coal Blending Company Limited - Australia
- Interocean Group of Companies - India
- Semirara Mining Corp, Philippines
- Coastal Gujarat Power Limited - India
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