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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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- Mintek Dendrill Indonesia
- Toyota Tsusho Corporation, Japan
- Uttam Galva Steels Limited - India
- Indian Energy Exchange, India
- European Bulk Services B.V. - Netherlands
- Global Business Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- London Commodity Brokers - England
- Ceylon Electricity Board - Sri Lanka
- GVK Power & Infra Limited - India
- VISA Power Limited - India
- Georgia Ports Authority, United States
- Petrochimia International Co. Ltd.- Taiwan
- Bharathi Cement Corporation - India
- Attock Cement Pakistan Limited
- Indonesian Coal Mining Association
- SMC Global Power, Philippines
- Bukit Makmur.PT - Indonesia
- New Zealand Coal & Carbon
- Meralco Power Generation, Philippines
- Ambuja Cements Ltd - India
- Vizag Seaport Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Sical Logistics Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Renaissance Capital - South Africa
- Mercator Lines Limited - India
- Wood Mackenzie - Singapore
- Madhucon Powers Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Borneo Indobara - Indonesia
- Savvy Resources Ltd - HongKong
- CIMB Investment Bank - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Malabar Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Iligan Light & Power Inc, Philippines
- Marubeni Corporation - India
- SMG Consultants - Indonesia
- Parliament of New Zealand
- San Jose City I Power Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Semirara Mining Corp, Philippines
- Tata Chemicals Ltd - India
- Commonwealth Bank - Australia
- Indika Energy - Indonesia
- Posco Energy - South Korea
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Jaiprakash Power Ventures ltd
- Australian Commodity Traders Exchange
- Goldman Sachs - Singapore
- PowerSource Philippines DevCo
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coastal Gujarat Power Limited - India
- Antam Resourcindo - Indonesia
- Salva Resources Pvt Ltd - India
- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- Grasim Industreis Ltd - India
- Bhatia International Limited - India
- Orica Australia Pty. Ltd.
- Directorate Of Revenue Intelligence - India
- India Bulls Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Kepco SPC Power Corporation, Philippines
- Central Electricity Authority - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rashtriya Ispat Nigam Limited - India
- PTC India Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Medco Energi Mining Internasional
- Indian Oil Corporation Limited
- Rio Tinto Coal - Australia
- Heidelberg Cement - Germany
- GMR Energy Limited - India
- Singapore Mercantile Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Baramulti Group, Indonesia
- Therma Luzon, Inc, Philippines
- Altura Mining Limited, Indonesia
- Videocon Industries ltd - India
- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Ind-Barath Power Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Kartika Selabumi Mining - Indonesia
- Ministry of Mines - Canada
- Dalmia Cement Bharat India
- Merrill Lynch Commodities Europe
- Samtan Co., Ltd - South Korea
- Kapuas Tunggal Persada - Indonesia
- Ministry of Transport, Egypt
- Cigading International Bulk Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Edison Trading Spa - Italy
- Ministry of Finance - Indonesia
- South Luzon Thermal Energy Corporation
- The Treasury - Australian Government
- Kohat Cement Company Ltd. - Pakistan
- Sakthi Sugars Limited - India
- Energy Development Corp, Philippines
- Romanian Commodities Exchange
- Maheswari Brothers Coal Limited - India
- Independent Power Producers Association of India
- Global Coal Blending Company Limited - Australia
- Economic Council, Georgia
- Electricity Generating Authority of Thailand
- Straits Asia Resources Limited - Singapore
- Riau Bara Harum - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Makarim & Taira - Indonesia
- Lanco Infratech Ltd - India
- Parry Sugars Refinery, India
- Mercuria Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Xindia Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Central Java Power - Indonesia
- Planning Commission, India
- Bukit Baiduri Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- GAC Shipping (India) Pvt Ltd
- ASAPP Information Group - India
- Neyveli Lignite Corporation Ltd, - India
- Tamil Nadu electricity Board
- Aditya Birla Group - India
- Manunggal Multi Energi - Indonesia
- Indogreen Group - Indonesia
- Standard Chartered Bank - UAE
- Energy Link Ltd, New Zealand
- Siam City Cement - Thailand
- CNBM International Corporation - China
- MS Steel International - UAE
- IEA Clean Coal Centre - UK
- Trasteel International SA, Italy
- Bangladesh Power Developement Board
- Chamber of Mines of South Africa
- Vedanta Resources Plc - India
- Metalloyd Limited - United Kingdom
- LBH Netherlands Bv - Netherlands
- Wilmar Investment Holdings
- Star Paper Mills Limited - India
- Eastern Coal Council - USA
- Binh Thuan Hamico - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Simpson Spence & Young - Indonesia
- Timah Investasi Mineral - Indoneisa
- Eastern Energy - Thailand
- Mjunction Services Limited - India
- Coalindo Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Kaltim Prima Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chettinad Cement Corporation Ltd - India
- Globalindo Alam Lestari - Indonesia
- Agrawal Coal Company - India
- Kobexindo Tractors - Indoneisa
- Deloitte Consulting - India
- Intertek Mineral Services - Indonesia
- Electricity Authority, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Interocean Group of Companies - India
- Carbofer General Trading SA - India
- Jindal Steel & Power Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Leighton Contractors Pty Ltd - Australia
- Minerals Council of Australia
- Formosa Plastics Group - Taiwan
- Thai Mozambique Logistica
- Sindya Power Generating Company Private Ltd
- Bhushan Steel Limited - India
- Latin American Coal - Colombia
- Sojitz Corporation - Japan
- Billiton Holdings Pty Ltd - Australia
- Petron Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Larsen & Toubro Limited - India
- Banpu Public Company Limited - Thailand
- The University of Queensland
- PNOC Exploration Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thiess Contractors Indonesia
- Essar Steel Hazira Ltd - India
- Anglo American - United Kingdom
- TeaM Sual Corporation - Philippines
- The State Trading Corporation of India Ltd
- Africa Commodities Group - South Africa
- Orica Mining Services - Indonesia
- Gujarat Sidhee Cement - India
- Price Waterhouse Coopers - Russia
- IHS Mccloskey Coal Group - USA
- TNB Fuel Sdn Bhd - Malaysia
- Australian Coal Association
- White Energy Company Limited
- SN Aboitiz Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- ICICI Bank Limited - India
- Barasentosa Lestari - Indonesia
- Coal and Oil Company - UAE
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