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Wednesday, 16 January 19
SHIPPING MARKET INSIGHT - INTERMODAL
 As we go through the first days of the year and just a few weeks before the Chinese New Year, the ship repair sector is witnessing a big difference between the current workload and the one expected a few months down the line. Indeed, shipyards around the world are going through a relatively slack beginning of the year, which includes also includes backlog from the end of 2018, while at the same time they are expecting the start of one of the busiest periods for ship repair sector within the next couple of months. The workload, which is anticipated to be well above the working capacity of yards, is estimated to last till mid-2020.
After almost 4 years of recession in ship repair sector, we are looking at an obvious upturn which is going to pencil a full year and a half of clear benefit to the shipyards. Additionally, shipyards are looking into allocating their work force into the most efficient way, securing the slots for repeated customers and trying to select projects which will give them maximum returns.
Knowing that the boosting factor for the booming repair market derives from the scrubber retrofit wave, the main challenges for the yards are the specialized piping workforce required and of course the long-lasting occupancy of shipyard’s berthing facilities. With regards to the piping workforce, respective certified pipe workers with relatively adequate workmanship are required in order to ensure the success of the respective project. If this requirement is not met, Owners will most likely face delays during installation and post refit malfunctions.
While accessing the overall trend for scrubber retrofits, demand for further retrofits has slowed down, with the number of owners investing in retrofits pretty much defined. Owners that have already purchased scrubber units are those giving almost the full picture of the current scrubber market, which is not likely to expand a lot. Nevertheless, those Owners already involved are still considering
retrofitting more of their ships based on speculation or charterer demands.
Once more, projections in regards to the fuel price spread are also highly diversified. Following the conservative side, some predict the fuel spread price will become more and narrower. The one thing that hasn’t changed is the commitment made by Oil Majors that they will be ready by 2020, but without disclosing the exact technicalities on how they will achieve a stable fuel. This is adding into the uncertainty in regards to the range of the fuel price spread.
After the decision of the Singaporean and Chinese port authorities to not accept open loop scrubbers, another option Owners are taking into consideration is the hybrid or closed loop scrubbers. However, with hybrid scrubber retrofits being a much more expensive solution when it comes both to OPEX and CAPEX compared to open loop, Owners are trying to avoid this more complicated and expensive investment. A good choice for Owners remains the hybrid-ready scrubbers, which can be converted to hybrid in case of need but initially are planned to be used as open loop, having this way all the advantages of the open loop.
By Vassilis Vassiliou
Ship-repair Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
George Panagopoulos
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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Monday, 26 November 18
SUPRAMAX: THE ASIAN MARKET STALLED THIS WEEK WITH A BUILD-UP OF TONNAGE - BALTIC BRIEFING
Capesize
It was a positive end to the week, with West Australia/China making significant gains and firing owners’ resolve. There was talk ...
Friday, 23 November 18
GOLDEN ENERGY'S POTENTIAL ACQUISITION OF STANMORE CREDIT POSITIVE - FITCH RATINGS
Golden Energy and Resources Limited's (GEAR, B+/Positive) potential acquisition of Stanmore Coal will help the company diversify its coal opera ...
Friday, 23 November 18
ASSOCIATION CALLS FOR REVISION OF DMO SCHEME FOR COAL - JP
The Indonesian Coal Mining Association (APBI) has called on the government to revise the domestic market obligation (DMO) scheme for coal, which re ...
Friday, 23 November 18
INDONESIA'S REVENUES FROM MINERAL AND COAL INCREASE TO US$ 2.858 BILLION - ANTARA
Indonesia`s non-tax state revenues from the mineral and coal sub-sector reached Rp 41.77 trillion (approximately US$ 2.858 Billion) as of Nov 16, 2 ...
Thursday, 22 November 18
SHUT OUT OF CHINA, U.S. COAL EXPORTERS FIND FAVOUR IN INDIA, FOR NOW - REUTERS
U.S. coal exporters have effectively lost a promising market in China since the imposition of tariffs as part of the ongoing trade dispute, but so ...
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- PowerSource Philippines DevCo
- Orica Australia Pty. Ltd.
- European Bulk Services B.V. - Netherlands
- VISA Power Limited - India
- Toyota Tsusho Corporation, Japan
- Banpu Public Company Limited - Thailand
- Sree Jayajothi Cements Limited - India
- White Energy Company Limited
- GVK Power & Infra Limited - India
- Formosa Plastics Group - Taiwan
- Mjunction Services Limited - India
- SN Aboitiz Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- TeaM Sual Corporation - Philippines
- Orica Mining Services - Indonesia
- CIMB Investment Bank - Malaysia
- Samtan Co., Ltd - South Korea
- Riau Bara Harum - Indonesia
- Rio Tinto Coal - Australia
- San Jose City I Power Corp, Philippines
- Mintek Dendrill Indonesia
- AsiaOL BioFuels Corp., Philippines
- The University of Queensland
- Jaiprakash Power Ventures ltd
- Siam City Cement PLC, Thailand
- Eastern Coal Council - USA
- GAC Shipping (India) Pvt Ltd
- Metalloyd Limited - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Global Business Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GMR Energy Limited - India
- Central Java Power - Indonesia
- Uttam Galva Steels Limited - India
- Baramulti Group, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Petron Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhatia International Limited - India
- Tamil Nadu electricity Board
- PNOC Exploration Corporation - Philippines
- Economic Council, Georgia
- Dalmia Cement Bharat India
- Videocon Industries ltd - India
- Singapore Mercantile Exchange
- Central Electricity Authority - India
- Sakthi Sugars Limited - India
- Africa Commodities Group - South Africa
- Attock Cement Pakistan Limited
- Eastern Energy - Thailand
- Minerals Council of Australia
- Medco Energi Mining Internasional
- Mercator Lines Limited - India
- International Coal Ventures Pvt Ltd - India
- Chamber of Mines of South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Cement Manufacturers Association - India
- Semirara Mining and Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Thiess Contractors Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sical Logistics Limited - India
- Romanian Commodities Exchange
- Bhoruka Overseas - Indonesia
- Sojitz Corporation - Japan
- Semirara Mining Corp, Philippines
- Ambuja Cements Ltd - India
- SMG Consultants - Indonesia
- Trasteel International SA, Italy
- Siam City Cement - Thailand
- Interocean Group of Companies - India
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- Vedanta Resources Plc - India
- Gujarat Sidhee Cement - India
- Barasentosa Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Alfred C Toepfer International GmbH - Germany
- MS Steel International - UAE
- Coastal Gujarat Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Georgia Ports Authority, United States
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Commonwealth Bank - Australia
- Indo Tambangraya Megah - Indonesia
- Straits Asia Resources Limited - Singapore
- Australian Coal Association
- Globalindo Alam Lestari - Indonesia
- Agrawal Coal Company - India
- Deloitte Consulting - India
- Asmin Koalindo Tuhup - Indonesia
- Essar Steel Hazira Ltd - India
- Simpson Spence & Young - Indonesia
- Bulk Trading Sa - Switzerland
- PTC India Limited - India
- Xindia Steels Limited - India
- Tata Chemicals Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Borneo Indobara - Indonesia
- Renaissance Capital - South Africa
- ICICI Bank Limited - India
- Ministry of Finance - Indonesia
- The State Trading Corporation of India Ltd
- Coalindo Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Indonesian Coal Mining Association
- Energy Link Ltd, New Zealand
- Goldman Sachs - Singapore
- Mercuria Energy - Indonesia
- Indian Energy Exchange, India
- Heidelberg Cement - Germany
- Carbofer General Trading SA - India
- Electricity Authority, New Zealand
- Standard Chartered Bank - UAE
- Vizag Seaport Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Bharathi Cement Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kideco Jaya Agung - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Oldendorff Carriers - Singapore
- New Zealand Coal & Carbon
- Ministry of Transport, Egypt
- Kohat Cement Company Ltd. - Pakistan
- Independent Power Producers Association of India
- Pendopo Energi Batubara - Indonesia
- Bayan Resources Tbk. - Indonesia
- London Commodity Brokers - England
- Latin American Coal - Colombia
- Wilmar Investment Holdings
- Meenaskhi Energy Private Limited - India
- Larsen & Toubro Limited - India
- Indika Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Malabar Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Billiton Holdings Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Marubeni Corporation - India
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- Posco Energy - South Korea
- Gujarat Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Sarangani Energy Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Kumho Petrochemical, South Korea
- Bangladesh Power Developement Board
- Jindal Steel & Power Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Altura Mining Limited, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Kobexindo Tractors - Indoneisa
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- McConnell Dowell - Australia
- India Bulls Power Limited - India
- Maheswari Brothers Coal Limited - India
- Indian Oil Corporation Limited
- Bukit Makmur.PT - Indonesia
- The Treasury - Australian Government
- Makarim & Taira - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Madhucon Powers Ltd - India
- Global Green Power PLC Corporation, Philippines
- Power Finance Corporation Ltd., India
- Miang Besar Coal Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Jorong Barutama Greston.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- ASAPP Information Group - India
- Star Paper Mills Limited - India
- Ceylon Electricity Board - Sri Lanka
- Timah Investasi Mineral - Indoneisa
- Price Waterhouse Coopers - Russia
- Electricity Generating Authority of Thailand
- Chettinad Cement Corporation Ltd - India
- Ministry of Mines - Canada
- Coal and Oil Company - UAE
- Intertek Mineral Services - Indonesia
- Edison Trading Spa - Italy
- IEA Clean Coal Centre - UK
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Grasim Industreis Ltd - India
- Kaltim Prima Coal - Indonesia
- Parliament of New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Development Corp, Philippines
- Merrill Lynch Commodities Europe
- Leighton Contractors Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Planning Commission, India
- Therma Luzon, Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Thai Mozambique Logistica
- Manunggal Multi Energi - Indonesia
- Wood Mackenzie - Singapore
- IHS Mccloskey Coal Group - USA
- SMC Global Power, Philippines
- Karaikal Port Pvt Ltd - India
- Bhushan Steel Limited - India
- Cigading International Bulk Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Aditya Birla Group - India
- Australian Commodity Traders Exchange
- Maharashtra Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Anglo American - United Kingdom
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