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