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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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Tuesday, 18 June 19
TANKER SHIPPING: WHILE WE WAIT FOR 2020 TO KICK IN, IT'S ALL ABOUT POLITICS - BIMCO
Demand drivers and freight rates
Iran, Libya and Venezuela face export limitations because of sanctions and internal political troubles. At the s ...
Saturday, 15 June 19
SUPRAMAX: A 58,000-TONNER, OPEN QINGDAO, WAS BOOKED TO REDELIVER IN EAST COAST INDIA AT $6,500 - BALTIC BRIEFING
Capesize
The market closed on a quiet Friday last week after a few hectic days of mid-week trading. Trade routes from Brazil to the Far East we ...
Friday, 14 June 19
PANAMAX: OUTLOOK IS MIXED - FERNLEYS
Capesize
Sentiment changed to a more nervous tone as pacific cargo volumes failed to deliver as expected, however latest activity indicates res ...
Friday, 14 June 19
ELECTRONIC (PAPERLESS) TRADING - SKULD
KNOWLEDGE TO ELEVATE
Electronic Shipping Solutions: Bolero International Ltd, E-Title Authority Pte Ltd, Global Share S.A. (edoxOnline platfor ...
Wednesday, 12 June 19
KOSPO INVITES BIDS FOR 140,000 MT OF 4,600 NCV COAL FOR SEP. 2019 LOADING
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 140,000 MT of minimum 4,600 kcal/kg NCV coal ...
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- The State Trading Corporation of India Ltd
- Rashtriya Ispat Nigam Limited - India
- Wood Mackenzie - Singapore
- Renaissance Capital - South Africa
- New Zealand Coal & Carbon
- Bhoruka Overseas - Indonesia
- Agrawal Coal Company - India
- Power Finance Corporation Ltd., India
- Pipit Mutiara Jaya. PT, Indonesia
- Riau Bara Harum - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Standard Chartered Bank - UAE
- Heidelberg Cement - Germany
- GMR Energy Limited - India
- Planning Commission, India
- Kalimantan Lumbung Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- PowerSource Philippines DevCo
- The Treasury - Australian Government
- The University of Queensland
- Independent Power Producers Association of India
- Indo Tambangraya Megah - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- White Energy Company Limited
- European Bulk Services B.V. - Netherlands
- Dalmia Cement Bharat India
- Commonwealth Bank - Australia
- Barasentosa Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Kartika Selabumi Mining - Indonesia
- Ministry of Mines - Canada
- Banpu Public Company Limited - Thailand
- Gujarat Sidhee Cement - India
- Bayan Resources Tbk. - Indonesia
- Singapore Mercantile Exchange
- Energy Link Ltd, New Zealand
- GAC Shipping (India) Pvt Ltd
- CIMB Investment Bank - Malaysia
- Rio Tinto Coal - Australia
- Global Coal Blending Company Limited - Australia
- GVK Power & Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- Ambuja Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petron Corporation, Philippines
- Mjunction Services Limited - India
- Bhatia International Limited - India
- Kaltim Prima Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Sindya Power Generating Company Private Ltd
- Lanco Infratech Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Posco Energy - South Korea
- Chettinad Cement Corporation Ltd - India
- Videocon Industries ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Port Waratah Coal Services - Australia
- Kideco Jaya Agung - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Mercator Lines Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Goldman Sachs - Singapore
- Marubeni Corporation - India
- Anglo American - United Kingdom
- Wilmar Investment Holdings
- MS Steel International - UAE
- IHS Mccloskey Coal Group - USA
- Carbofer General Trading SA - India
- Jorong Barutama Greston.PT - Indonesia
- PTC India Limited - India
- Krishnapatnam Port Company Ltd. - India
- Meralco Power Generation, Philippines
- Timah Investasi Mineral - Indoneisa
- Coalindo Energy - Indonesia
- Minerals Council of Australia
- PNOC Exploration Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Electricity Generating Authority of Thailand
- Cigading International Bulk Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Parliament of New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Bhushan Steel Limited - India
- Leighton Contractors Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Parry Sugars Refinery, India
- Medco Energi Mining Internasional
- Sarangani Energy Corporation, Philippines
- Baramulti Group, Indonesia
- Cement Manufacturers Association - India
- Altura Mining Limited, Indonesia
- Sree Jayajothi Cements Limited - India
- Indogreen Group - Indonesia
- Mintek Dendrill Indonesia
- LBH Netherlands Bv - Netherlands
- Straits Asia Resources Limited - Singapore
- Romanian Commodities Exchange
- Thiess Contractors Indonesia
- Malabar Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Australian Commodity Traders Exchange
- Sical Logistics Limited - India
- ASAPP Information Group - India
- Trasteel International SA, Italy
- TeaM Sual Corporation - Philippines
- Salva Resources Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Central Electricity Authority - India
- Star Paper Mills Limited - India
- Ministry of Transport, Egypt
- Bukit Makmur.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Bulk Trading Sa - Switzerland
- Economic Council, Georgia
- OPG Power Generation Pvt Ltd - India
- Central Java Power - Indonesia
- Coastal Gujarat Power Limited - India
- Siam City Cement - Thailand
- AsiaOL BioFuels Corp., Philippines
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement PLC, Thailand
- Indian Oil Corporation Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tamil Nadu electricity Board
- Sojitz Corporation - Japan
- Latin American Coal - Colombia
- Meenaskhi Energy Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Kobexindo Tractors - Indoneisa
- Edison Trading Spa - Italy
- Sakthi Sugars Limited - India
- India Bulls Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Aditya Birla Group - India
- SMG Consultants - Indonesia
- Orica Australia Pty. Ltd.
- Makarim & Taira - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Kumho Petrochemical, South Korea
- Larsen & Toubro Limited - India
- Attock Cement Pakistan Limited
- SN Aboitiz Power Inc, Philippines
- Georgia Ports Authority, United States
- Therma Luzon, Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- Samtan Co., Ltd - South Korea
- Energy Development Corp, Philippines
- Uttam Galva Steels Limited - India
- Oldendorff Carriers - Singapore
- Bharathi Cement Corporation - India
- Jindal Steel & Power Ltd - India
- Semirara Mining Corp, Philippines
- Ind-Barath Power Infra Limited - India
- London Commodity Brokers - England
- Pendopo Energi Batubara - Indonesia
- Grasim Industreis Ltd - India
- VISA Power Limited - India
- Madhucon Powers Ltd - India
- Bangladesh Power Developement Board
- Interocean Group of Companies - India
- IEA Clean Coal Centre - UK
- Chamber of Mines of South Africa
- Essar Steel Hazira Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Global Business Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- SMC Global Power, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Formosa Plastics Group - Taiwan
- Indonesian Coal Mining Association
- Gujarat Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Simpson Spence & Young - Indonesia
- South Luzon Thermal Energy Corporation
- Coal and Oil Company - UAE
- Sinarmas Energy and Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Borneo Indobara - Indonesia
- Vizag Seaport Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vedanta Resources Plc - India
- Neyveli Lignite Corporation Ltd, - India
- Aboitiz Power Corporation - Philippines
- Orica Mining Services - Indonesia
- Eastern Coal Council - USA
- Directorate Of Revenue Intelligence - India
- Ministry of Finance - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Electricity Authority, New Zealand
- Indika Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Africa Commodities Group - South Africa
- Miang Besar Coal Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indian Energy Exchange, India
- ICICI Bank Limited - India
- CNBM International Corporation - China
- San Jose City I Power Corp, Philippines
- Deloitte Consulting - India
- McConnell Dowell - Australia
- Australian Coal Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karbindo Abesyapradhi - Indoneisa
- Metalloyd Limited - United Kingdom
- Globalindo Alam Lestari - Indonesia
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