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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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Monday, 24 June 24
PHILIPPINES COAL SUPPLY ENOUGH UNTIL 2030 - PHILSTAR GLOBAL
The country’s existing coal-fired power plants are sufficient to ensure enough base load capacity in the next six years, Energy Secretary Rap ...
Friday, 14 June 24
NEXTDECADE, SAUDI ARAMCO SIGN 20-YEAR LNG SUPPLY DEAL - REUTERS
U.S. liquefied natural gas (LNG) provider NextDecade has signed a non-binding agreement with Saudi Aramco 2222.SE to supply 1.2 million tonnes per ...
Friday, 14 June 24
NEWBUILDING PRICES CLIMB 3% TO HIGHEST LEVEL IN 16 YEARS - NIELS RASMUSSEN
“Since the start of the year, newbuilding prices have risen 3% to their highest level since 2008. Compared to their most recent low in late 2 ...
Friday, 14 June 24
INDIA TARGETS HIGHER DOMESTIC COAL PRODUCTION, REDUCED IMPORTS: GOVT - REUTERS
India wants to reduce coal imports and increase domestic production, federal coal minister G. Kishan Reddy said on Thursday.
The cou ...
Thursday, 13 June 24
US LNG TO ASIA FOR POWER GENERATION EXPECTED TO CUT EMISSIONS VERSUS COAL - RYSTAD ENERGY
The value-chain emissions of liquified natural gas (LNG) are lower on average than for coal-fired power generation, even when the fuel is shipp ...
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- Aditya Birla Group - India
- Manunggal Multi Energi - Indonesia
- Indonesian Coal Mining Association
- Goldman Sachs - Singapore
- LBH Netherlands Bv - Netherlands
- IEA Clean Coal Centre - UK
- Vijayanagar Sugar Pvt Ltd - India
- GVK Power & Infra Limited - India
- Thiess Contractors Indonesia
- IHS Mccloskey Coal Group - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- San Jose City I Power Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Independent Power Producers Association of India
- Sojitz Corporation - Japan
- Sakthi Sugars Limited - India
- Parry Sugars Refinery, India
- Bharathi Cement Corporation - India
- International Coal Ventures Pvt Ltd - India
- Videocon Industries ltd - India
- Sarangani Energy Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Malabar Cements Ltd - India
- CNBM International Corporation - China
- Thai Mozambique Logistica
- Global Coal Blending Company Limited - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- MS Steel International - UAE
- Wilmar Investment Holdings
- Marubeni Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Port Waratah Coal Services - Australia
- Ind-Barath Power Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Madhucon Powers Ltd - India
- Energy Link Ltd, New Zealand
- McConnell Dowell - Australia
- Baramulti Group, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Deloitte Consulting - India
- Australian Coal Association
- Bulk Trading Sa - Switzerland
- Singapore Mercantile Exchange
- Leighton Contractors Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Rio Tinto Coal - Australia
- Sical Logistics Limited - India
- VISA Power Limited - India
- The State Trading Corporation of India Ltd
- Renaissance Capital - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement - Thailand
- Iligan Light & Power Inc, Philippines
- Anglo American - United Kingdom
- Kobexindo Tractors - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Holcim Trading Pte Ltd - Singapore
- Commonwealth Bank - Australia
- Barasentosa Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Meralco Power Generation, Philippines
- Toyota Tsusho Corporation, Japan
- Indika Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Ministry of Mines - Canada
- Bukit Baiduri Energy - Indonesia
- Georgia Ports Authority, United States
- ASAPP Information Group - India
- Binh Thuan Hamico - Vietnam
- Ministry of Finance - Indonesia
- Kideco Jaya Agung - Indonesia
- Indian Oil Corporation Limited
- The University of Queensland
- Directorate General of MIneral and Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Wood Mackenzie - Singapore
- Sindya Power Generating Company Private Ltd
- Rashtriya Ispat Nigam Limited - India
- ICICI Bank Limited - India
- Price Waterhouse Coopers - Russia
- Kohat Cement Company Ltd. - Pakistan
- Merrill Lynch Commodities Europe
- Altura Mining Limited, Indonesia
- Vedanta Resources Plc - India
- Kapuas Tunggal Persada - Indonesia
- Grasim Industreis Ltd - India
- Karaikal Port Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Planning Commission, India
- PTC India Limited - India
- OPG Power Generation Pvt Ltd - India
- Borneo Indobara - Indonesia
- Bayan Resources Tbk. - Indonesia
- European Bulk Services B.V. - Netherlands
- Mintek Dendrill Indonesia
- Orica Mining Services - Indonesia
- Coalindo Energy - Indonesia
- Indogreen Group - Indonesia
- Global Green Power PLC Corporation, Philippines
- Electricity Authority, New Zealand
- Economic Council, Georgia
- Power Finance Corporation Ltd., India
- Indian Energy Exchange, India
- Siam City Cement PLC, Thailand
- Semirara Mining and Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- South Luzon Thermal Energy Corporation
- Chettinad Cement Corporation Ltd - India
- Intertek Mineral Services - Indonesia
- Mercator Lines Limited - India
- Oldendorff Carriers - Singapore
- Timah Investasi Mineral - Indoneisa
- India Bulls Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Energy Development Corp, Philippines
- Salva Resources Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Kepco SPC Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Africa Commodities Group - South Africa
- Posco Energy - South Korea
- Dalmia Cement Bharat India
- SN Aboitiz Power Inc, Philippines
- New Zealand Coal & Carbon
- Uttam Galva Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Electricity Authority - India
- Bukit Makmur.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Globalindo Alam Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Romanian Commodities Exchange
- Indo Tambangraya Megah - Indonesia
- Heidelberg Cement - Germany
- Star Paper Mills Limited - India
- Orica Australia Pty. Ltd.
- Eastern Coal Council - USA
- Bhushan Steel Limited - India
- Antam Resourcindo - Indonesia
- Gujarat Sidhee Cement - India
- Savvy Resources Ltd - HongKong
- Chamber of Mines of South Africa
- Cigading International Bulk Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Meenaskhi Energy Private Limited - India
- Formosa Plastics Group - Taiwan
- Vizag Seaport Private Limited - India
- Interocean Group of Companies - India
- Riau Bara Harum - Indonesia
- White Energy Company Limited
- Directorate Of Revenue Intelligence - India
- SMG Consultants - Indonesia
- Eastern Energy - Thailand
- Petron Corporation, Philippines
- Electricity Generating Authority of Thailand
- Bangladesh Power Developement Board
- Ministry of Transport, Egypt
- Latin American Coal - Colombia
- Makarim & Taira - Indonesia
- Coastal Gujarat Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Java Power - Indonesia
- Edison Trading Spa - Italy
- The Treasury - Australian Government
- Karbindo Abesyapradhi - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Australian Commodity Traders Exchange
- London Commodity Brokers - England
- Kaltim Prima Coal - Indonesia
- Medco Energi Mining Internasional
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Trasteel International SA, Italy
- Samtan Co., Ltd - South Korea
- PowerSource Philippines DevCo
- GAC Shipping (India) Pvt Ltd
- Bhatia International Limited - India
- Xindia Steels Limited - India
- Attock Cement Pakistan Limited
- Tata Chemicals Ltd - India
- GMR Energy Limited - India
- Carbofer General Trading SA - India
- Lanco Infratech Ltd - India
- Kartika Selabumi Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Kumho Petrochemical, South Korea
- Minerals Council of Australia
- Parliament of New Zealand
- Larsen & Toubro Limited - India
- Semirara Mining Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Cement Manufacturers Association - India
- Miang Besar Coal Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Tamil Nadu electricity Board
- Standard Chartered Bank - UAE
- Jindal Steel & Power Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Mercuria Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- SMC Global Power, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Coal and Oil Company - UAE
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