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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, 24 April 19
PANAMAX: IN THE EAST, THE MARKET MOVED SIDE-WAYS, WITH FEWER COAL CARGOES FROM INDONESIA PUTTING PRESSURE ON RATES - INTERMODAL
Sentiment in the Dry Bulk market slowly but steadily kept improving last week as Capesize rates remained in recovery mode and Panamax earnings also ...
Wednesday, 24 April 19
SHIPPING MARKET INSIGHT - IS THIS A BANKERS' MARKET? - INTERMODAL
Over the last 10 years, many of the traditional and top lending banks have made the decision to either downsize their portfolios or even exit shipp ...
Monday, 22 April 19
COAL INDIA TO ASK POWER PLANTS TO CUT COAL IMPORTS - DNA
Co to encourage import substitution with domestic supplies at power plants
Surge in coal imports has now forced Coal India Ltd (CIL) ...
Thursday, 18 April 19
BIMCO SEES HARD TIMES AHEAD FOR CAPESIZES
China’s increased use of scrap metal for its production of crude steel is fundamentally critical to the dry bulk shipping industry. Mostly Ca ...
Wednesday, 17 April 19
ONCE AGAIN WE FACED WITH THE SITUATION OF THE DRY BALTIC INDEX BEING BELOW 1,000 POINTS - INTERMODAL
Once again we are faced with the situation of the Dry Baltic Index being below 1,000 points. In a market where the feeling of insecurity is almost ...
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- Planning Commission, India
- Indika Energy - Indonesia
- Madhucon Powers Ltd - India
- CIMB Investment Bank - Malaysia
- Kepco SPC Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Star Paper Mills Limited - India
- Commonwealth Bank - Australia
- Ind-Barath Power Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhoruka Overseas - Indonesia
- Indogreen Group - Indonesia
- Australian Commodity Traders Exchange
- Jaiprakash Power Ventures ltd
- Central Java Power - Indonesia
- Kumho Petrochemical, South Korea
- Iligan Light & Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Ambuja Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Savvy Resources Ltd - HongKong
- Energy Development Corp, Philippines
- Coastal Gujarat Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Krishnapatnam Port Company Ltd. - India
- Vizag Seaport Private Limited - India
- Electricity Generating Authority of Thailand
- GAC Shipping (India) Pvt Ltd
- Gujarat Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Georgia Ports Authority, United States
- ICICI Bank Limited - India
- PNOC Exploration Corporation - Philippines
- MS Steel International - UAE
- Karaikal Port Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- SMC Global Power, Philippines
- Minerals Council of Australia
- Standard Chartered Bank - UAE
- Samtan Co., Ltd - South Korea
- Africa Commodities Group - South Africa
- Jindal Steel & Power Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Mercuria Energy - Indonesia
- Marubeni Corporation - India
- Aditya Birla Group - India
- New Zealand Coal & Carbon
- Chamber of Mines of South Africa
- Larsen & Toubro Limited - India
- Mjunction Services Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Borneo Indobara - Indonesia
- Eastern Energy - Thailand
- Power Finance Corporation Ltd., India
- GN Power Mariveles Coal Plant, Philippines
- European Bulk Services B.V. - Netherlands
- The University of Queensland
- Holcim Trading Pte Ltd - Singapore
- Bhatia International Limited - India
- Merrill Lynch Commodities Europe
- Maheswari Brothers Coal Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Bukit Makmur.PT - Indonesia
- Eastern Coal Council - USA
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Indian Energy Exchange, India
- Riau Bara Harum - Indonesia
- IHS Mccloskey Coal Group - USA
- Latin American Coal - Colombia
- Carbofer General Trading SA - India
- SN Aboitiz Power Inc, Philippines
- Indian Oil Corporation Limited
- Agrawal Coal Company - India
- Alfred C Toepfer International GmbH - Germany
- Economic Council, Georgia
- Binh Thuan Hamico - Vietnam
- Orica Mining Services - Indonesia
- Wood Mackenzie - Singapore
- Siam City Cement - Thailand
- GMR Energy Limited - India
- Edison Trading Spa - Italy
- India Bulls Power Limited - India
- Meenaskhi Energy Private Limited - India
- Ministry of Transport, Egypt
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- Indo Tambangraya Megah - Indonesia
- Uttam Galva Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- ASAPP Information Group - India
- Trasteel International SA, Italy
- Cement Manufacturers Association - India
- Rio Tinto Coal - Australia
- Attock Cement Pakistan Limited
- Directorate Of Revenue Intelligence - India
- Siam City Cement PLC, Thailand
- Thiess Contractors Indonesia
- Coal and Oil Company - UAE
- Lanco Infratech Ltd - India
- Sindya Power Generating Company Private Ltd
- Ceylon Electricity Board - Sri Lanka
- Altura Mining Limited, Indonesia
- GVK Power & Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhushan Steel Limited - India
- Essar Steel Hazira Ltd - India
- Metalloyd Limited - United Kingdom
- Meralco Power Generation, Philippines
- White Energy Company Limited
- Petron Corporation, Philippines
- Indonesian Coal Mining Association
- Orica Australia Pty. Ltd.
- Barasentosa Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Rashtriya Ispat Nigam Limited - India
- Coalindo Energy - Indonesia
- Makarim & Taira - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- The State Trading Corporation of India Ltd
- VISA Power Limited - India
- South Luzon Thermal Energy Corporation
- Globalindo Alam Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Intertek Mineral Services - Indonesia
- The Treasury - Australian Government
- Parliament of New Zealand
- Mercator Lines Limited - India
- Tata Chemicals Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Therma Luzon, Inc, Philippines
- Goldman Sachs - Singapore
- Bayan Resources Tbk. - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Baiduri Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Central Electricity Authority - India
- Ministry of Finance - Indonesia
- Vedanta Resources Plc - India
- Kaltim Prima Coal - Indonesia
- Singapore Mercantile Exchange
- PTC India Limited - India
- Toyota Tsusho Corporation, Japan
- Kalimantan Lumbung Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Heidelberg Cement - Germany
- Australian Coal Association
- Interocean Group of Companies - India
- Dalmia Cement Bharat India
- Renaissance Capital - South Africa
- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
- Baramulti Group, Indonesia
- Wilmar Investment Holdings
- Sakthi Sugars Limited - India
- International Coal Ventures Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Timah Investasi Mineral - Indoneisa
- IEA Clean Coal Centre - UK
- Miang Besar Coal Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Port Waratah Coal Services - Australia
- LBH Netherlands Bv - Netherlands
- McConnell Dowell - Australia
- Semirara Mining Corp, Philippines
- Bharathi Cement Corporation - India
- TeaM Sual Corporation - Philippines
- Ministry of Mines - Canada
- Neyveli Lignite Corporation Ltd, - India
- Sical Logistics Limited - India
- Thai Mozambique Logistica
- Parry Sugars Refinery, India
- Formosa Plastics Group - Taiwan
- AsiaOL BioFuels Corp., Philippines
- Deloitte Consulting - India
- Posco Energy - South Korea
- Salva Resources Pvt Ltd - India
- Romanian Commodities Exchange
- Kobexindo Tractors - Indoneisa
- Independent Power Producers Association of India
- Simpson Spence & Young - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tamil Nadu electricity Board
- Aboitiz Power Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- PowerSource Philippines DevCo
- Videocon Industries ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- OPG Power Generation Pvt Ltd - India
- SMG Consultants - Indonesia
- Malabar Cements Ltd - India
- Bangladesh Power Developement Board
- Xindia Steels Limited - India
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
- London Commodity Brokers - England
- Medco Energi Mining Internasional
- Antam Resourcindo - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Anglo American - United Kingdom
- Sarangani Energy Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Sojitz Corporation - Japan
- Gujarat Sidhee Cement - India
- Oldendorff Carriers - Singapore
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