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