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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 19
KOMIPO INVITED BITUMINOUS COAL BIDS FOR BORYEONG & SHIN BORYEONG POWER PLANTS
South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 260,000 MT MT of min. 5700 NAR coal and 240,000 MT of min. 4,600 k ...
Sunday, 23 June 19
SUPRAMAX: A 56,000-DWT WAS FIXED FROM INDONESIA TO VIETNAM AT $10,000 - BALTIC BRIEFING
Capesize
The story over the past week has been largely Atlantic dominated as the basin’s uniquely volatile characteristics came into play ...
Saturday, 22 June 19
OPEC'S BATTLE FOR CONTROL OF THE OIL MARKET - WOOD MACKENZIE
Oil supply is confounding expectations. We have just raised our forecasts for non-OPEC production, the latest in a series of incremental increases. ...
Friday, 21 June 19
INDONESIA'S BAYAN RESOURCES SIGNED A COAL SUPPLY AGREEMENT WITH THE BANGLADESH BCPCL TO SUPPLY 23 MILLION TONS OF COAL FOR 10 YEARS
On Monday, 17th June 2019, PT. Bayan Resources signed a Coal supply Agreement with the Bangladesh- China Power Company (Pvt.) Limited. BCPCL is a j ...
Thursday, 20 June 19
BUMI RESOURCES EXPECTS TO SELL 42 MILLION TONS OF COAL IN FIRST HALF - JAKARTA POST
PT Bumi Resources (BUMI), Indonesia's largest thermal coal miner, expects to close the first half of this year with coal sales of 42 million to ...
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- Bukit Asam (Persero) Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Power Finance Corporation Ltd., India
- Videocon Industries ltd - India
- Makarim & Taira - Indonesia
- Baramulti Group, Indonesia
- South Luzon Thermal Energy Corporation
- Bharathi Cement Corporation - India
- Coalindo Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Energy Link Ltd, New Zealand
- Georgia Ports Authority, United States
- Port Waratah Coal Services - Australia
- Global Business Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Trasteel International SA, Italy
- Latin American Coal - Colombia
- Globalindo Alam Lestari - Indonesia
- Sical Logistics Limited - India
- GAC Shipping (India) Pvt Ltd
- Uttam Galva Steels Limited - India
- San Jose City I Power Corp, Philippines
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate General of MIneral and Coal - Indonesia
- Indonesian Coal Mining Association
- Commonwealth Bank - Australia
- Mercuria Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- PNOC Exploration Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Goldman Sachs - Singapore
- Grasim Industreis Ltd - India
- Aboitiz Power Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Iligan Light & Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Altura Mining Limited, Indonesia
- Vedanta Resources Plc - India
- Ambuja Cements Ltd - India
- Independent Power Producers Association of India
- Carbofer General Trading SA - India
- Jorong Barutama Greston.PT - Indonesia
- VISA Power Limited - India
- Metalloyd Limited - United Kingdom
- Ministry of Transport, Egypt
- Indogreen Group - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Anglo American - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- New Zealand Coal & Carbon
- Global Coal Blending Company Limited - Australia
- Deloitte Consulting - India
- PTC India Limited - India
- Essar Steel Hazira Ltd - India
- Africa Commodities Group - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Singapore Mercantile Exchange
- Attock Cement Pakistan Limited
- Rio Tinto Coal - Australia
- CNBM International Corporation - China
- Madhucon Powers Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sakthi Sugars Limited - India
- Billiton Holdings Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Vizag Seaport Private Limited - India
- Eastern Energy - Thailand
- Central Java Power - Indonesia
- Energy Development Corp, Philippines
- Banpu Public Company Limited - Thailand
- McConnell Dowell - Australia
- Salva Resources Pvt Ltd - India
- SMG Consultants - Indonesia
- The Treasury - Australian Government
- Barasentosa Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Minerals Council of Australia
- Cement Manufacturers Association - India
- The University of Queensland
- Toyota Tsusho Corporation, Japan
- Coastal Gujarat Power Limited - India
- Bhushan Steel Limited - India
- Thiess Contractors Indonesia
- Edison Trading Spa - Italy
- Wood Mackenzie - Singapore
- Coal and Oil Company - UAE
- Electricity Authority, New Zealand
- Ministry of Finance - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rashtriya Ispat Nigam Limited - India
- Eastern Coal Council - USA
- Gujarat Mineral Development Corp Ltd - India
- Mintek Dendrill Indonesia
- Interocean Group of Companies - India
- Holcim Trading Pte Ltd - Singapore
- Directorate Of Revenue Intelligence - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Chettinad Cement Corporation Ltd - India
- Siam City Cement PLC, Thailand
- Orica Mining Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Borneo Indobara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Manunggal Multi Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Tamil Nadu electricity Board
- Bukit Makmur.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Kalimantan Lumbung Energi - Indonesia
- Merrill Lynch Commodities Europe
- Marubeni Corporation - India
- Ind-Barath Power Infra Limited - India
- GMR Energy Limited - India
- Karaikal Port Pvt Ltd - India
- Indika Energy - Indonesia
- Australian Coal Association
- London Commodity Brokers - England
- Siam City Cement - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Posco Energy - South Korea
- Savvy Resources Ltd - HongKong
- PowerSource Philippines DevCo
- Parry Sugars Refinery, India
- Tata Chemicals Ltd - India
- Dalmia Cement Bharat India
- IHS Mccloskey Coal Group - USA
- Mjunction Services Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Malabar Cements Ltd - India
- MS Steel International - UAE
- Ceylon Electricity Board - Sri Lanka
- Renaissance Capital - South Africa
- Agrawal Coal Company - India
- Riau Bara Harum - Indonesia
- SN Aboitiz Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Planning Commission, India
- Aditya Birla Group - India
- Chamber of Mines of South Africa
- GVK Power & Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Semirara Mining Corp, Philippines
- Price Waterhouse Coopers - Russia
- Sinarmas Energy and Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Indian Energy Exchange, India
- Central Electricity Authority - India
- Karbindo Abesyapradhi - Indoneisa
- Larsen & Toubro Limited - India
- Mercator Lines Limited - India
- Bangladesh Power Developement Board
- Jindal Steel & Power Ltd - India
- Simpson Spence & Young - Indonesia
- Bhoruka Overseas - Indonesia
- Heidelberg Cement - Germany
- GN Power Mariveles Coal Plant, Philippines
- Bhatia International Limited - India
- IEA Clean Coal Centre - UK
- White Energy Company Limited
- Straits Asia Resources Limited - Singapore
- Wilmar Investment Holdings
- Petron Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Sarangani Energy Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Electricity Generating Authority of Thailand
- Indian Oil Corporation Limited
- OPG Power Generation Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Sojitz Corporation - Japan
- Gujarat Sidhee Cement - India
- Thai Mozambique Logistica
- Medco Energi Mining Internasional
- Parliament of New Zealand
- Maheswari Brothers Coal Limited - India
- Xindia Steels Limited - India
- Lanco Infratech Ltd - India
- Australian Commodity Traders Exchange
- Orica Australia Pty. Ltd.
- The State Trading Corporation of India Ltd
- Standard Chartered Bank - UAE
- Bayan Resources Tbk. - Indonesia
- Star Paper Mills Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Meralco Power Generation, Philippines
- Romanian Commodities Exchange
- Samtan Co., Ltd - South Korea
- Formosa Plastics Group - Taiwan
- Semirara Mining and Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Economic Council, Georgia
- Kartika Selabumi Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Kideco Jaya Agung - Indonesia
- India Bulls Power Limited - India
- Antam Resourcindo - Indonesia
- TeaM Sual Corporation - Philippines
- SMC Global Power, Philippines
- Kepco SPC Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Ministry of Mines - Canada
- ICICI Bank Limited - India
- Pendopo Energi Batubara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- ASAPP Information Group - India
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