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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, 27 January 17
U.S WEEKLY COAL OUTPUT RISES FOR THIRD STRAIGHT WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.8 million short ton ...
Wednesday, 25 January 17
MARKET INSIGHT - KONSTANTINOS KAKAVITSAS
Remember that old but classic song called “Destination Unknown”? Well that is where the oil market is heading right now. The song made ...
Tuesday, 24 January 17
MARKET UPDATE - ALLIED
This week at the World Economic Forum in the Swiss resort of Davos we had a historic first via the attendance and speech given by China’s pre ...
Monday, 23 January 17
THE PORT OF NEWCASTLE SHIPPED $AU 15.279 BILLION WORTH OF 161.399 MILLION TONS OF COAL IN 2016
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1,453.1 M ...
Monday, 23 January 17
THE FREIGHT MARKET DID NOT CHANGE MUCH AND WAS ALMOST AT SAME LEVELS AS LAST WEEK
COALspot.com: The Freight market did not change much and was almost at same levels as last week.
The Baltic Exchange, tracking rates for ships ...
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- Salva Resources Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Therma Luzon, Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Tamil Nadu electricity Board
- Georgia Ports Authority, United States
- AsiaOL BioFuels Corp., Philippines
- Attock Cement Pakistan Limited
- ICICI Bank Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Chamber of Mines of South Africa
- OPG Power Generation Pvt Ltd - India
- Minerals Council of Australia
- Antam Resourcindo - Indonesia
- Videocon Industries ltd - India
- Sojitz Corporation - Japan
- London Commodity Brokers - England
- MS Steel International - UAE
- Energy Development Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Central Electricity Authority - India
- Tata Chemicals Ltd - India
- Chettinad Cement Corporation Ltd - India
- PowerSource Philippines DevCo
- PNOC Exploration Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercuria Energy - Indonesia
- Australian Coal Association
- Carbofer General Trading SA - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMC Global Power, Philippines
- Altura Mining Limited, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bhoruka Overseas - Indonesia
- Sree Jayajothi Cements Limited - India
- Riau Bara Harum - Indonesia
- TeaM Sual Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Wilmar Investment Holdings
- CNBM International Corporation - China
- Independent Power Producers Association of India
- GVK Power & Infra Limited - India
- Indonesian Coal Mining Association
- International Coal Ventures Pvt Ltd - India
- Sical Logistics Limited - India
- SN Aboitiz Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Xindia Steels Limited - India
- Star Paper Mills Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Goldman Sachs - Singapore
- Electricity Authority, New Zealand
- IHS Mccloskey Coal Group - USA
- Indian Oil Corporation Limited
- Planning Commission, India
- Bharathi Cement Corporation - India
- Aboitiz Power Corporation - Philippines
- Oldendorff Carriers - Singapore
- Parliament of New Zealand
- Mercator Lines Limited - India
- Timah Investasi Mineral - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Globalindo Alam Lestari - Indonesia
- Central Java Power - Indonesia
- Directorate Of Revenue Intelligence - India
- Marubeni Corporation - India
- CIMB Investment Bank - Malaysia
- Economic Council, Georgia
- Power Finance Corporation Ltd., India
- McConnell Dowell - Australia
- Larsen & Toubro Limited - India
- Gujarat Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Sakthi Sugars Limited - India
- South Luzon Thermal Energy Corporation
- Lanco Infratech Ltd - India
- India Bulls Power Limited - India
- The Treasury - Australian Government
- Coastal Gujarat Power Limited - India
- Aditya Birla Group - India
- Orica Mining Services - Indonesia
- Bhatia International Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Finance - Indonesia
- Mintek Dendrill Indonesia
- Maheswari Brothers Coal Limited - India
- Madhucon Powers Ltd - India
- Meralco Power Generation, Philippines
- Anglo American - United Kingdom
- Renaissance Capital - South Africa
- Makarim & Taira - Indonesia
- Dalmia Cement Bharat India
- The University of Queensland
- Ministry of Mines - Canada
- Sarangani Energy Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Posco Energy - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Romanian Commodities Exchange
- Bangladesh Power Developement Board
- Simpson Spence & Young - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Ministry of Transport, Egypt
- Banpu Public Company Limited - Thailand
- Gujarat Sidhee Cement - India
- Kideco Jaya Agung - Indonesia
- Kepco SPC Power Corporation, Philippines
- White Energy Company Limited
- Latin American Coal - Colombia
- Mjunction Services Limited - India
- Sindya Power Generating Company Private Ltd
- Indogreen Group - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Vizag Seaport Private Limited - India
- Iligan Light & Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Coalindo Energy - Indonesia
- Eastern Energy - Thailand
- Trasteel International SA, Italy
- Africa Commodities Group - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Rio Tinto Coal - Australia
- Heidelberg Cement - Germany
- Australian Commodity Traders Exchange
- Electricity Generating Authority of Thailand
- Orica Australia Pty. Ltd.
- LBH Netherlands Bv - Netherlands
- Coal and Oil Company - UAE
- Toyota Tsusho Corporation, Japan
- Semirara Mining Corp, Philippines
- Eastern Coal Council - USA
- Petron Corporation, Philippines
- Bhushan Steel Limited - India
- Kaltim Prima Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- ASAPP Information Group - India
- Kumho Petrochemical, South Korea
- Singapore Mercantile Exchange
- Interocean Group of Companies - India
- Deloitte Consulting - India
- Savvy Resources Ltd - HongKong
- Global Green Power PLC Corporation, Philippines
- Price Waterhouse Coopers - Russia
- The State Trading Corporation of India Ltd
- Borneo Indobara - Indonesia
- European Bulk Services B.V. - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Standard Chartered Bank - UAE
- Global Business Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Wood Mackenzie - Singapore
- Baramulti Group, Indonesia
- Parry Sugars Refinery, India
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- Cigading International Bulk Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Karbindo Abesyapradhi - Indoneisa
- Merrill Lynch Commodities Europe
- Offshore Bulk Terminal Pte Ltd, Singapore
- Intertek Mineral Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Siam City Cement PLC, Thailand
- GAC Shipping (India) Pvt Ltd
- Indika Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Medco Energi Mining Internasional
- Rashtriya Ispat Nigam Limited - India
- Thai Mozambique Logistica
- Port Waratah Coal Services - Australia
- GMR Energy Limited - India
- Siam City Cement - Thailand
- Vedanta Resources Plc - India
- New Zealand Coal & Carbon
- Vijayanagar Sugar Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Indian Energy Exchange, India
- Grasim Industreis Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kobexindo Tractors - Indoneisa
- IEA Clean Coal Centre - UK
- Jindal Steel & Power Ltd - India
- Bukit Baiduri Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bahari Cakrawala Sebuku - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Thiess Contractors Indonesia
- Malabar Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Cement Manufacturers Association - India
- SMG Consultants - Indonesia
- Krishnapatnam Port Company Ltd. - India
- TNB Fuel Sdn Bhd - Malaysia
- Meenaskhi Energy Private Limited - India
- PTC India Limited - India
- Commonwealth Bank - Australia
- Ambuja Cements Ltd - India
- Bulk Trading Sa - Switzerland
- San Jose City I Power Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- VISA Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Edison Trading Spa - Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Leighton Contractors Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Metalloyd Limited - United Kingdom
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