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