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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, 23 February 24
STRONG OUTLOOK FOR THE TANKER MARKET IN 2024 AND BEYOND - DNV
Several factors have aligned over the past two years to create a robust and profitable market for tanker owners, which is expected to drive newbuil ...
Friday, 23 February 24
AUSTRALIAN COAL FLOWS TO ASIA HOVER ABOVE LAST YEAR’S VOLUME TONNES - SIGNAL GROUP
In the final days of February, the dry bulk freight market appeared to maintain a relatively stable momentum, particularly evident in the large ves ...
Friday, 23 February 24
RUSSIAN COAL SHIPMENTS FALL 14% AS SANCTIONS BITE - BIMCO
During the first seven weeks of 2024, Russian coal shipments have fallen 14% y/y. Volumes have gradually declined since October 2023 when logistica ...
Thursday, 22 February 24
BIMCO PUBLISHES SHIP FINANCING FORMS TO ENSURE UNINTERRUPTED USE OF SHIPS
BIMCO has published two standard Quiet Enjoyment Letters (QELs), the first standard form QELs available to the industry, to offer a tool that can e ...
Monday, 19 February 24
METALS INVESTMENT: THE DARKEST HOUR IS JUST BEFORE THE DAWN - WOOD MACKENZIE
Things often seem at their worst just before they get better. In terms of meeting our net zero 2050 scenario, we’ve reached a watershed momen ...
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- GN Power Mariveles Coal Plant, Philippines
- Energy Link Ltd, New Zealand
- Standard Chartered Bank - UAE
- Petron Corporation, Philippines
- IEA Clean Coal Centre - UK
- Anglo American - United Kingdom
- New Zealand Coal & Carbon
- Ministry of Transport, Egypt
- Lanco Infratech Ltd - India
- Sarangani Energy Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Indo Tambangraya Megah - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Videocon Industries ltd - India
- European Bulk Services B.V. - Netherlands
- Savvy Resources Ltd - HongKong
- Maheswari Brothers Coal Limited - India
- Billiton Holdings Pty Ltd - Australia
- Tamil Nadu electricity Board
- Energy Development Corp, Philippines
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- Planning Commission, India
- Parry Sugars Refinery, India
- Eastern Coal Council - USA
- Africa Commodities Group - South Africa
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- PNOC Exploration Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Gujarat Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Chettinad Cement Corporation Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Madhucon Powers Ltd - India
- Simpson Spence & Young - Indonesia
- Kobexindo Tractors - Indoneisa
- Karaikal Port Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Interocean Group of Companies - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Mining Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Renaissance Capital - South Africa
- Siam City Cement - Thailand
- Coalindo Energy - Indonesia
- PTC India Limited - India
- Global Green Power PLC Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Price Waterhouse Coopers - Russia
- Minerals Council of Australia
- Edison Trading Spa - Italy
- Sojitz Corporation - Japan
- Heidelberg Cement - Germany
- Indonesian Coal Mining Association
- Vizag Seaport Private Limited - India
- Metalloyd Limited - United Kingdom
- Star Paper Mills Limited - India
- Sinarmas Energy and Mining - Indonesia
- Grasim Industreis Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Sindya Power Generating Company Private Ltd
- Attock Cement Pakistan Limited
- Latin American Coal - Colombia
- Australian Commodity Traders Exchange
- ASAPP Information Group - India
- Alfred C Toepfer International GmbH - Germany
- Mintek Dendrill Indonesia
- Singapore Mercantile Exchange
- Larsen & Toubro Limited - India
- Timah Investasi Mineral - Indoneisa
- Port Waratah Coal Services - Australia
- Holcim Trading Pte Ltd - Singapore
- Merrill Lynch Commodities Europe
- Kaltim Prima Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Sical Logistics Limited - India
- Marubeni Corporation - India
- Samtan Co., Ltd - South Korea
- Straits Asia Resources Limited - Singapore
- Chamber of Mines of South Africa
- Xindia Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Meenaskhi Energy Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Mercator Lines Limited - India
- Agrawal Coal Company - India
- Iligan Light & Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Georgia Ports Authority, United States
- Meralco Power Generation, Philippines
- SMC Global Power, Philippines
- Leighton Contractors Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Kapuas Tunggal Persada - Indonesia
- The State Trading Corporation of India Ltd
- Carbofer General Trading SA - India
- Jorong Barutama Greston.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Wilmar Investment Holdings
- Maharashtra Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Bangladesh Power Developement Board
- Cement Manufacturers Association - India
- Bhoruka Overseas - Indonesia
- LBH Netherlands Bv - Netherlands
- Medco Energi Mining Internasional
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The University of Queensland
- Mercuria Energy - Indonesia
- ICICI Bank Limited - India
- Trasteel International SA, Italy
- Mjunction Services Limited - India
- Posco Energy - South Korea
- Thiess Contractors Indonesia
- Power Finance Corporation Ltd., India
- McConnell Dowell - Australia
- The Treasury - Australian Government
- Malabar Cements Ltd - India
- Goldman Sachs - Singapore
- Tata Chemicals Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Central Electricity Authority - India
- India Bulls Power Limited - India
- PowerSource Philippines DevCo
- Bahari Cakrawala Sebuku - Indonesia
- Deloitte Consulting - India
- Electricity Authority, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Directorate Of Revenue Intelligence - India
- Petrochimia International Co. Ltd.- Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Oil Corporation Limited
- Salva Resources Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Baramulti Group, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Independent Power Producers Association of India
- White Energy Company Limited
- Commonwealth Bank - Australia
- VISA Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- IHS Mccloskey Coal Group - USA
- Aditya Birla Group - India
- Wood Mackenzie - Singapore
- MS Steel International - UAE
- Borneo Indobara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Electricity Generating Authority of Thailand
- Coal and Oil Company - UAE
- Ceylon Electricity Board - Sri Lanka
- OPG Power Generation Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Global Business Power Corporation, Philippines
- Australian Coal Association
- Ambuja Cements Ltd - India
- SMG Consultants - Indonesia
- Romanian Commodities Exchange
- Uttam Galva Steels Limited - India
- London Commodity Brokers - England
- Bulk Trading Sa - Switzerland
- Gujarat Sidhee Cement - India
- Oldendorff Carriers - Singapore
- Bukit Baiduri Energy - Indonesia
- Altura Mining Limited, Indonesia
- Bhushan Steel Limited - India
- Global Coal Blending Company Limited - Australia
- Binh Thuan Hamico - Vietnam
- Ministry of Finance - Indonesia
- Sree Jayajothi Cements Limited - India
- Central Java Power - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kepco SPC Power Corporation, Philippines
- Thai Mozambique Logistica
- GVK Power & Infra Limited - India
- Indika Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhatia International Limited - India
- Barasentosa Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Vedanta Resources Plc - India
- Pendopo Energi Batubara - Indonesia
- San Jose City I Power Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TeaM Sual Corporation - Philippines
- Indogreen Group - Indonesia
- Economic Council, Georgia
- Sakthi Sugars Limited - India
- Krishnapatnam Port Company Ltd. - India
- Aboitiz Power Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Eastern Energy - Thailand
- SN Aboitiz Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Jindal Steel & Power Ltd - India
- Ministry of Mines - Canada
- Bharathi Cement Corporation - India
- Essar Steel Hazira Ltd - India
- Ind-Barath Power Infra Limited - India
- Dalmia Cement Bharat India
- Therma Luzon, Inc, Philippines
- Rio Tinto Coal - Australia
- Makarim & Taira - Indonesia
- Antam Resourcindo - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- CNBM International Corporation - China
- Intertek Mineral Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Makmur.PT - Indonesia
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