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