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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, 15 May 19
SHIPPING MARKET INSIGHT - THEODORE NTALAKOS
Modern warfare - Trade wars & sanctions
As of May 1st, the U.S. has ended waivers to the sanctions that had allowed the top buyers of Irani ...
Monday, 13 May 19
INDONESIAN COAL PRICE REFERENCE CONTINUES TO FALL
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Monday, 13 May 19
SUPRAMAX: SOUTHEAST ASIA THE MARKET SAW BETTER DEMAND - BALTIC BRIEFING
Cape
The market continued its rollercoaster ride last week opening with negative sentiment, but turning around in dramatic fashion by the week& ...
Thursday, 09 May 19
DEEP OFFSHORE SOUTHEAST ASIA CONGRESS 2019
Deep Offshore Southeast Asia Congress 2019
Event Date:2-3th July. 2019t
Location: Jakarta, Indonesia
Sarawak Shell Berhad (S ...
Thursday, 09 May 19
OFFSHORE CARIBBEAN CONGRESS 2019
Offshore Caribbean Congress 2019
Event Date: 4-5th July. 2019t
Location: Georgetown, Guyana
Hess announced a new d ...
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- Semirara Mining and Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Ministry of Mines - Canada
- PetroVietnam Power Coal Import and Supply Company
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Baramulti Group, Indonesia
- Thiess Contractors Indonesia
- Goldman Sachs - Singapore
- TeaM Sual Corporation - Philippines
- Posco Energy - South Korea
- PowerSource Philippines DevCo
- IHS Mccloskey Coal Group - USA
- Thai Mozambique Logistica
- SMC Global Power, Philippines
- Oldendorff Carriers - Singapore
- Parry Sugars Refinery, India
- Leighton Contractors Pty Ltd - Australia
- London Commodity Brokers - England
- Indonesian Coal Mining Association
- Holcim Trading Pte Ltd - Singapore
- Riau Bara Harum - Indonesia
- Simpson Spence & Young - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Salva Resources Pvt Ltd - India
- Central Java Power - Indonesia
- Anglo American - United Kingdom
- The University of Queensland
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- Petron Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Attock Cement Pakistan Limited
- Kartika Selabumi Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dalmia Cement Bharat India
- Kumho Petrochemical, South Korea
- Ceylon Electricity Board - Sri Lanka
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Mjunction Services Limited - India
- Power Finance Corporation Ltd., India
- Australian Coal Association
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
- Rashtriya Ispat Nigam Limited - India
- Electricity Generating Authority of Thailand
- Ministry of Finance - Indonesia
- Sree Jayajothi Cements Limited - India
- Cement Manufacturers Association - India
- Electricity Authority, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Bhoruka Overseas - Indonesia
- Binh Thuan Hamico - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Price Waterhouse Coopers - Russia
- Samtan Co., Ltd - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Renaissance Capital - South Africa
- ICICI Bank Limited - India
- Sojitz Corporation - Japan
- Kalimantan Lumbung Energi - Indonesia
- Indogreen Group - Indonesia
- Bukit Makmur.PT - Indonesia
- Siam City Cement PLC, Thailand
- CIMB Investment Bank - Malaysia
- Borneo Indobara - Indonesia
- Mintek Dendrill Indonesia
- Straits Asia Resources Limited - Singapore
- Pendopo Energi Batubara - Indonesia
- Meenaskhi Energy Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Meralco Power Generation, Philippines
- Deloitte Consulting - India
- Coastal Gujarat Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Vedanta Resources Plc - India
- Chamber of Mines of South Africa
- Uttam Galva Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Xindia Steels Limited - India
- Bharathi Cement Corporation - India
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Barasentosa Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Indian Oil Corporation Limited
- Vijayanagar Sugar Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Commonwealth Bank - Australia
- Marubeni Corporation - India
- Indian Energy Exchange, India
- Sinarmas Energy and Mining - Indonesia
- India Bulls Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Global Green Power PLC Corporation, Philippines
- Global Business Power Corporation, Philippines
- Edison Trading Spa - Italy
- Altura Mining Limited, Indonesia
- Globalindo Alam Lestari - Indonesia
- Bangladesh Power Developement Board
- Madhucon Powers Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Therma Luzon, Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- GMR Energy Limited - India
- International Coal Ventures Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Energy Development Corp, Philippines
- Jindal Steel & Power Ltd - India
- ASAPP Information Group - India
- Larsen & Toubro Limited - India
- Antam Resourcindo - Indonesia
- Sical Logistics Limited - India
- Planning Commission, India
- Port Waratah Coal Services - Australia
- Siam City Cement - Thailand
- Tata Chemicals Ltd - India
- Toyota Tsusho Corporation, Japan
- Directorate Of Revenue Intelligence - India
- Parliament of New Zealand
- Savvy Resources Ltd - HongKong
- Mercator Lines Limited - India
- OPG Power Generation Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Gujarat Sidhee Cement - India
- Asmin Koalindo Tuhup - Indonesia
- Carbofer General Trading SA - India
- Vizag Seaport Private Limited - India
- GVK Power & Infra Limited - India
- Bhushan Steel Limited - India
- Sarangani Energy Corporation, Philippines
- PTC India Limited - India
- Tamil Nadu electricity Board
- Jaiprakash Power Ventures ltd
- Iligan Light & Power Inc, Philippines
- Ambuja Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Star Paper Mills Limited - India
- Wilmar Investment Holdings
- Cigading International Bulk Terminal - Indonesia
- Orica Mining Services - Indonesia
- Standard Chartered Bank - UAE
- Eastern Coal Council - USA
- Mercuria Energy - Indonesia
- Makarim & Taira - Indonesia
- Rio Tinto Coal - Australia
- Kepco SPC Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Ind-Barath Power Infra Limited - India
- Orica Australia Pty. Ltd.
- Singapore Mercantile Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Medco Energi Mining Internasional
- Intertek Mineral Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Coalindo Energy - Indonesia
- McConnell Dowell - Australia
- Videocon Industries ltd - India
- VISA Power Limited - India
- South Luzon Thermal Energy Corporation
- Energy Link Ltd, New Zealand
- Sindya Power Generating Company Private Ltd
- European Bulk Services B.V. - Netherlands
- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- Bulk Trading Sa - Switzerland
- Heidelberg Cement - Germany
- Bukit Baiduri Energy - Indonesia
- White Energy Company Limited
- Ministry of Transport, Egypt
- Kohat Cement Company Ltd. - Pakistan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Trasteel International SA, Italy
- PNOC Exploration Corporation - Philippines
- Semirara Mining Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Lanco Infratech Ltd - India
- Georgia Ports Authority, United States
- Maheswari Brothers Coal Limited - India
- Bhatia International Limited - India
- New Zealand Coal & Carbon
- Banpu Public Company Limited - Thailand
- MS Steel International - UAE
- Agrawal Coal Company - India
- IEA Clean Coal Centre - UK
- Interocean Group of Companies - India
- The Treasury - Australian Government
- Minerals Council of Australia
- Grasim Industreis Ltd - India
- SMG Consultants - Indonesia
- Eastern Energy - Thailand
- Timah Investasi Mineral - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- CNBM International Corporation - China
- Aditya Birla Group - India
- Africa Commodities Group - South Africa
- Coal and Oil Company - UAE
- Karaikal Port Pvt Ltd - India
- Sakthi Sugars Limited - India
- Independent Power Producers Association of India
- Central Electricity Authority - India
- Australian Commodity Traders Exchange
- Essar Steel Hazira Ltd - India
- Wood Mackenzie - Singapore
- Malabar Cements Ltd - India
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