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Wednesday, 22 May 19
SHIPPING MARKET INSIGHT - INTERMODAL
 The ship repair sector is showing a constant and gradual increase on the workload throughout the past months, with almost all the shipyards worldwide having already reached close to their maximum capacity as we are heading towards the end of the first half of the year. It goes without saying that this is mainly due to the already prescribed scrubber retrofit demand, while the peak of these deliveries from most of the scrubber manufacturers is starting this May onwards.
A lot of difficulties are expected to be encountered from the shipyards into delivering the scrubber retrofit projects on time given the expected workmanship and considering the big spectrum of uncertainties and complications. One of these uncertainties is the usually late delivery of most of the spare parts, i.e. equipment, cabling, exotic piping, sensors, big valves etc. which in most of the projects coincides with the critical step of the retrofit.
On top of the above there is also a chance of getting extra delays on other aspects such as the design engineering, the class approval the logistics as well as custom formalities. Moving forward, the ETA of most vessels is slightly slipping forward in order to cover these various delays, which is in turn creating a bottleneck in the yards that will require extra attention and forward planning from the shipyards as far as the summer months are concerned. Finally, some shipyards with a relatively big appetite have committed to accept more scrubber retrofits than they can actually accommodate, which will most probably result in additional delays. As a counter measure to withstand the overbooking, certain shipyards have leased floating cranes and extra manpower with a premium cost.
Reviewing the above situation, pricing levels for routine drydocks has become much less attractive compared to six months ago, while first class shipyards are not interested in small projects despite the price benefit. This has given a lot of space for second class shipyards to penetrate to new clientele and in some cases to deliver better than expected results.
Looking forward to the so called coming ‘Shipyard’s Era’ during which shipyards will benefit from the whole repair jam, there are speculations for a second wave of scrubbers shortly after the beginning of 2020, when the price spread between the low and high Sulphur fuel oil will be clearly defined and will reignite the scrubber retrofit interest of some companies currently standing by.
With regards to last week’s MEPC74 Committee, the topics that were covered were rather expected and without any surprises. The IMO has completed a list of guidelines aimed at ensuring consistent enforcement of the global sulfur cap, covering areas such as Post State control guidelines, fuel sampling onboard the ship, ongoing compliance in case of failure EGCS and delivery of compliant fuel by suppliers. An interesting part of the meeting was that in regards to GHG emission reduction, which the IMO agreed to keep on the table, although there is no actual progress so far, while speed reduction and speed optimization will considered in one of the three agendas to be worked on further at the next session.
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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Friday, 06 September 24
REBOUND IN OIL DEMAND COULD LIFT MARKET IN LATTER HALF OF 2024 - BIMCO
Supply/demand
Based on a strong second half demand, the supply/balance is forecast to strengthen in 2024 but weaken slightly in 2025 as n ...
Friday, 06 September 24
GLOBAL SEABORNE LNG TRADE HAS CONTINUED TO INCREASE LAST YEAR - BANCHERO COSTA
Global seaborne LNG trade has continued to increase last year, helped also by the events in Ukraine which forced Europe to diversify away from Russ ...
Wednesday, 28 August 24
SEABORNE COAL IMPORTS INTO INDIA INCREASED BY +9.9% Y-O-Y TO 146.6 MLN T - BANCHERO COSTA
Global coal trade has really picked up pace over the past year, and is now fully back to pre-Covid levels said Banchero Costa Research in its lates ...
Tuesday, 06 August 24
EXERCISE CAUTION WITH AMMONIA SWITCH - BALTIC EXCHANGE
A new study from the Massachusetts Institute of Technology (MIT) has thrown a spanner into the plan to transition ships from diesel fuel to ammonia ...
Friday, 02 August 24
ENERGY MARKET DEVELOPMENTS: COAL AND NATURAL GAS PRICES REACH RECORD HIGHS - WORLD BANK
The recent surge in natural gas and coal prices has been so swift that the main benchmarks were roughly three times higher in 2022Q2 compared to a ...
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- Jaiprakash Power Ventures ltd
- Ministry of Finance - Indonesia
- Marubeni Corporation - India
- Eastern Energy - Thailand
- Meenaskhi Energy Private Limited - India
- Posco Energy - South Korea
- Goldman Sachs - Singapore
- Heidelberg Cement - Germany
- Anglo American - United Kingdom
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- Larsen & Toubro Limited - India
- Manunggal Multi Energi - Indonesia
- Ministry of Transport, Egypt
- Semirara Mining Corp, Philippines
- Therma Luzon, Inc, Philippines
- Sakthi Sugars Limited - India
- Semirara Mining and Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Coal and Oil Company - UAE
- Australian Commodity Traders Exchange
- Romanian Commodities Exchange
- SMG Consultants - Indonesia
- The University of Queensland
- Aboitiz Power Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- The Treasury - Australian Government
- GMR Energy Limited - India
- Global Green Power PLC Corporation, Philippines
- Parliament of New Zealand
- Coalindo Energy - Indonesia
- ASAPP Information Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Grasim Industreis Ltd - India
- Trasteel International SA, Italy
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement PLC, Thailand
- Altura Mining Limited, Indonesia
- Orica Mining Services - Indonesia
- ICICI Bank Limited - India
- Indian Energy Exchange, India
- Timah Investasi Mineral - Indoneisa
- Videocon Industries ltd - India
- CNBM International Corporation - China
- Latin American Coal - Colombia
- India Bulls Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Ministry of Mines - Canada
- Petron Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Uttam Galva Steels Limited - India
- Jindal Steel & Power Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Formosa Plastics Group - Taiwan
- Mercuria Energy - Indonesia
- Merrill Lynch Commodities Europe
- Vijayanagar Sugar Pvt Ltd - India
- Thai Mozambique Logistica
- Chamber of Mines of South Africa
- Central Java Power - Indonesia
- Edison Trading Spa - Italy
- IEA Clean Coal Centre - UK
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indogreen Group - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Simpson Spence & Young - Indonesia
- Eastern Coal Council - USA
- Carbofer General Trading SA - India
- Meralco Power Generation, Philippines
- Tamil Nadu electricity Board
- Baramulti Group, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bulk Trading Sa - Switzerland
- Agrawal Coal Company - India
- Globalindo Alam Lestari - Indonesia
- Medco Energi Mining Internasional
- Asmin Koalindo Tuhup - Indonesia
- Wood Mackenzie - Singapore
- Central Electricity Authority - India
- SN Aboitiz Power Inc, Philippines
- Australian Coal Association
- Vedanta Resources Plc - India
- Chettinad Cement Corporation Ltd - India
- Georgia Ports Authority, United States
- Port Waratah Coal Services - Australia
- Borneo Indobara - Indonesia
- Barasentosa Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Bayan Resources Tbk. - Indonesia
- Xindia Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- PowerSource Philippines DevCo
- South Luzon Thermal Energy Corporation
- Krishnapatnam Port Company Ltd. - India
- Neyveli Lignite Corporation Ltd, - India
- Sical Logistics Limited - India
- Gujarat Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Electricity Generating Authority of Thailand
- Makarim & Taira - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Aditya Birla Group - India
- Iligan Light & Power Inc, Philippines
- Madhucon Powers Ltd - India
- Deloitte Consulting - India
- International Coal Ventures Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Karaikal Port Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Renaissance Capital - South Africa
- Mjunction Services Limited - India
- Global Coal Blending Company Limited - Australia
- Kideco Jaya Agung - Indonesia
- Energy Development Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Electricity Authority, New Zealand
- Essar Steel Hazira Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Energy Link Ltd, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rio Tinto Coal - Australia
- TeaM Sual Corporation - Philippines
- Attock Cement Pakistan Limited
- Riau Bara Harum - Indonesia
- Vizag Seaport Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Savvy Resources Ltd - HongKong
- Siam City Cement - Thailand
- Economic Council, Georgia
- Mercator Lines Limited - India
- Bhoruka Overseas - Indonesia
- Sojitz Corporation - Japan
- Pendopo Energi Batubara - Indonesia
- Antam Resourcindo - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Binh Thuan Hamico - Vietnam
- McConnell Dowell - Australia
- IHS Mccloskey Coal Group - USA
- Toyota Tsusho Corporation, Japan
- Sree Jayajothi Cements Limited - India
- Directorate Of Revenue Intelligence - India
- Kepco SPC Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Alfred C Toepfer International GmbH - Germany
- Wilmar Investment Holdings
- Bukit Makmur.PT - Indonesia
- Malabar Cements Ltd - India
- Interocean Group of Companies - India
- Independent Power Producers Association of India
- Bhushan Steel Limited - India
- Tata Chemicals Ltd - India
- Power Finance Corporation Ltd., India
- New Zealand Coal & Carbon
- Indika Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Mintek Dendrill Indonesia
- Indonesian Coal Mining Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cement Manufacturers Association - India
- Thiess Contractors Indonesia
- Cigading International Bulk Terminal - Indonesia
- Ambuja Cements Ltd - India
- Singapore Mercantile Exchange
- Coastal Gujarat Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bhatia International Limited - India
- VISA Power Limited - India
- Bharathi Cement Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Banpu Public Company Limited - Thailand
- MS Steel International - UAE
- Intertek Mineral Services - Indonesia
- Gujarat Sidhee Cement - India
- Star Paper Mills Limited - India
- Metalloyd Limited - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- London Commodity Brokers - England
- Sarangani Energy Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- PNOC Exploration Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Planning Commission, India
- White Energy Company Limited
- Indo Tambangraya Megah - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Indian Oil Corporation Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- The State Trading Corporation of India Ltd
- Rashtriya Ispat Nigam Limited - India
- Oldendorff Carriers - Singapore
- Africa Commodities Group - South Africa
- Minerals Council of Australia
- Global Business Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Salva Resources Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Standard Chartered Bank - UAE
- GVK Power & Infra Limited - India
- Dalmia Cement Bharat India
- Kumho Petrochemical, South Korea
- Bangladesh Power Developement Board
- Kartika Selabumi Mining - Indonesia
- Parry Sugars Refinery, India
- European Bulk Services B.V. - Netherlands
- PTC India Limited - India
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