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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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Wednesday, 12 June 19
IMO 2020 - COUNTDOWN TO 1 JANUARY 2020 -HOW WILL THE CHANGES AFFECT REFINING AND SHIPPING? - WOOD MACKENZIE
We know that the IMO’s regulations represent the biggest step change the shipping industry has ever seen and the implications will be felt th ...
Wednesday, 12 June 19
SHIPPING MARKET INSIGHT - INTERMODAL
This year’s tanker S&P activity keeps edging higher compared to the same period in 2018. Year to date we have seen some 143 ships, rangin ...
Tuesday, 11 June 19
INDONESIAN COAL PRICE REFERENCE SET AT $81.48 PER TON IN JUNE, DOWN 15.66 PERCENT YEAR-ON-YEAR
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down again the benchmark price of Indonesian th ...
Monday, 10 June 19
CONSECUTIVE OWNERS OF CARGO: WHO HOLDS TITLE AND THE RIGHT TO SUE? - COLIN BIGGERS & PAISLEY
KNOWLEDGE TO ELEVATE
In Tritton Resources Pty Ltd v Ever Rock Navigation S.A. [2019] FCA 276, the Federal Court considered the application of ...
Monday, 10 June 19
KOSPO INVITES BIDS FOR 1,305,000 MT OF MIN 5600 KCAL/KG NCV COAL FOR SEPT 2019 TO DEC 2021
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 435,000 MT (per year) of max 5,600 kcal/kg N ...
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- Pendopo Energi Batubara - Indonesia
- Vedanta Resources Plc - India
- San Jose City I Power Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- London Commodity Brokers - England
- Therma Luzon, Inc, Philippines
- Xindia Steels Limited - India
- Larsen & Toubro Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Thai Mozambique Logistica
- Bukit Asam (Persero) Tbk - Indonesia
- PowerSource Philippines DevCo
- Kaltim Prima Coal - Indonesia
- Eastern Energy - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Renaissance Capital - South Africa
- Aditya Birla Group - India
- Rio Tinto Coal - Australia
- Grasim Industreis Ltd - India
- Toyota Tsusho Corporation, Japan
- ASAPP Information Group - India
- Kalimantan Lumbung Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Ministry of Transport, Egypt
- TNB Fuel Sdn Bhd - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- LBH Netherlands Bv - Netherlands
- Port Waratah Coal Services - Australia
- Marubeni Corporation - India
- Jaiprakash Power Ventures ltd
- Vizag Seaport Private Limited - India
- PNOC Exploration Corporation - Philippines
- Electricity Authority, New Zealand
- Bangladesh Power Developement Board
- Oldendorff Carriers - Singapore
- Coastal Gujarat Power Limited - India
- Borneo Indobara - Indonesia
- Indonesian Coal Mining Association
- Timah Investasi Mineral - Indoneisa
- South Luzon Thermal Energy Corporation
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Merrill Lynch Commodities Europe
- Price Waterhouse Coopers - Russia
- Deloitte Consulting - India
- Formosa Plastics Group - Taiwan
- Africa Commodities Group - South Africa
- Iligan Light & Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Electricity Generating Authority of Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMG Consultants - Indonesia
- Mercuria Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Bulk Trading Sa - Switzerland
- Cigading International Bulk Terminal - Indonesia
- Orica Mining Services - Indonesia
- Medco Energi Mining Internasional
- Tata Chemicals Ltd - India
- Meenaskhi Energy Private Limited - India
- Malabar Cements Ltd - India
- Madhucon Powers Ltd - India
- Posco Energy - South Korea
- GVK Power & Infra Limited - India
- Maheswari Brothers Coal Limited - India
- McConnell Dowell - Australia
- Mjunction Services Limited - India
- Standard Chartered Bank - UAE
- Wilmar Investment Holdings
- Sakthi Sugars Limited - India
- Australian Commodity Traders Exchange
- Lanco Infratech Ltd - India
- Central Electricity Authority - India
- Parry Sugars Refinery, India
- Samtan Co., Ltd - South Korea
- Gujarat Mineral Development Corp Ltd - India
- ICICI Bank Limited - India
- Manunggal Multi Energi - Indonesia
- The University of Queensland
- Kideco Jaya Agung - Indonesia
- International Coal Ventures Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Bukit Makmur.PT - Indonesia
- Minerals Council of Australia
- Kartika Selabumi Mining - Indonesia
- Bharathi Cement Corporation - India
- Antam Resourcindo - Indonesia
- Mintek Dendrill Indonesia
- Makarim & Taira - Indonesia
- White Energy Company Limited
- Independent Power Producers Association of India
- Essar Steel Hazira Ltd - India
- Singapore Mercantile Exchange
- India Bulls Power Limited - India
- Siam City Cement - Thailand
- Bayan Resources Tbk. - Indonesia
- Sinarmas Energy and Mining - Indonesia
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Baiduri Energy - Indonesia
- Heidelberg Cement - Germany
- Orica Australia Pty. Ltd.
- Eastern Coal Council - USA
- TeaM Sual Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Energy Link Ltd, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- MS Steel International - UAE
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Attock Cement Pakistan Limited
- Trasteel International SA, Italy
- PTC India Limited - India
- Bhushan Steel Limited - India
- Sindya Power Generating Company Private Ltd
- Sarangani Energy Corporation, Philippines
- Chamber of Mines of South Africa
- Indian Energy Exchange, India
- Thiess Contractors Indonesia
- Tamil Nadu electricity Board
- Semirara Mining Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- European Bulk Services B.V. - Netherlands
- Petron Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sojitz Corporation - Japan
- Ind-Barath Power Infra Limited - India
- CNBM International Corporation - China
- Directorate Of Revenue Intelligence - India
- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Indogreen Group - Indonesia
- Sical Logistics Limited - India
- Barasentosa Lestari - Indonesia
- Ministry of Finance - Indonesia
- Globalindo Alam Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Holcim Trading Pte Ltd - Singapore
- Planning Commission, India
- Altura Mining Limited, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- The Treasury - Australian Government
- Indian Oil Corporation Limited
- Savvy Resources Ltd - HongKong
- Pipit Mutiara Jaya. PT, Indonesia
- Commonwealth Bank - Australia
- New Zealand Coal & Carbon
- Straits Asia Resources Limited - Singapore
- Directorate General of MIneral and Coal - Indonesia
- GMR Energy Limited - India
- Star Paper Mills Limited - India
- Coal and Oil Company - UAE
- Kepco SPC Power Corporation, Philippines
- Baramulti Group, Indonesia
- Global Green Power PLC Corporation, Philippines
- Meralco Power Generation, Philippines
- Edison Trading Spa - Italy
- Neyveli Lignite Corporation Ltd, - India
- Metalloyd Limited - United Kingdom
- Uttam Galva Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Georgia Ports Authority, United States
- Latin American Coal - Colombia
- Wood Mackenzie - Singapore
- Energy Development Corp, Philippines
- Siam City Cement PLC, Thailand
- OPG Power Generation Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Karaikal Port Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Videocon Industries ltd - India
- Salva Resources Pvt Ltd - India
- Cement Manufacturers Association - India
- Chettinad Cement Corporation Ltd - India
- Agrawal Coal Company - India
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- Central Java Power - Indonesia
- Indika Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- CIMB Investment Bank - Malaysia
- Carbofer General Trading SA - India
- Riau Bara Harum - Indonesia
- Dalmia Cement Bharat India
- Semirara Mining and Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Coalindo Energy - Indonesia
- Bhatia International Limited - India
- VISA Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Billiton Holdings Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Interocean Group of Companies - India
- Kumho Petrochemical, South Korea
- Romanian Commodities Exchange
- IEA Clean Coal Centre - UK
- Karbindo Abesyapradhi - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Anglo American - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Parliament of New Zealand
- Ministry of Mines - Canada
- Economic Council, Georgia
- Goldman Sachs - Singapore
- Gujarat Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Aboitiz Power Corporation - Philippines
- Mercator Lines Limited - India
- Sree Jayajothi Cements Limited - India
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