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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, 17 April 19
LNG WESTERN AFRICA CONFERENCE 2019
The only LNG Focus Platform to Accelerate Investment and Cooperation in Western African Countries
LNG Western Africa Conference 2019 ...
Saturday, 13 April 19
IMO 2020 - DON'T SCRUB IT! - IVAR MYKLEBUST
KNOWLEDGE TO ELEVATE
Höegh Autoliners stands firm on its decision not to implement scrubbers but comply with the IMO 2020 regulations by ...
Saturday, 13 April 19
CAPESIZE: WEST AUSTRALIA TO CHINA IRON ORE CARGOES LIFTING FROM $4.60 PMT TO ABOVE $5.00 - BALTIC BRIEFING
Capesize
The market saw a steep ascent from the depths of last week. The Baltic Capesize Index (BCI) 5TC opened on Monday at $5,099, although b ...
Friday, 12 April 19
OIL MARKET REPORT: MIXED SIGNALS - IEA
The huge increase in oil production we saw in 2H18 has reversed following the implementation of the new Vienna Agreement and the increasing effecti ...
Friday, 12 April 19
OFFSHORE MENA CONGRESS 2019
Offshore MENA Congress 2019
Event Date : 11-12th Jun. 2019
Location : Cairo, Egypt
Offshore MENA Congress 2019 Offshor ...
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- Deloitte Consulting - India
- Electricity Generating Authority of Thailand
- Electricity Authority, New Zealand
- PTC India Limited - India
- Gujarat Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Romanian Commodities Exchange
- TNB Fuel Sdn Bhd - Malaysia
- International Coal Ventures Pvt Ltd - India
- Xindia Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Sakthi Sugars Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Price Waterhouse Coopers - Russia
- Makarim & Taira - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- CNBM International Corporation - China
- Toyota Tsusho Corporation, Japan
- Aboitiz Power Corporation - Philippines
- Latin American Coal - Colombia
- Vijayanagar Sugar Pvt Ltd - India
- ICICI Bank Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Port Waratah Coal Services - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Link Ltd, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Baramulti Group, Indonesia
- London Commodity Brokers - England
- Posco Energy - South Korea
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- PNOC Exploration Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Meralco Power Generation, Philippines
- Sarangani Energy Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Essar Steel Hazira Ltd - India
- South Luzon Thermal Energy Corporation
- AsiaOL BioFuels Corp., Philippines
- Vedanta Resources Plc - India
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- GMR Energy Limited - India
- OPG Power Generation Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Bukit Baiduri Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Miang Besar Coal Terminal - Indonesia
- Borneo Indobara - Indonesia
- Independent Power Producers Association of India
- Lanco Infratech Ltd - India
- Vizag Seaport Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Chamber of Mines of South Africa
- Jaiprakash Power Ventures ltd
- Indian Energy Exchange, India
- ASAPP Information Group - India
- Savvy Resources Ltd - HongKong
- Medco Energi Mining Internasional
- Indo Tambangraya Megah - Indonesia
- Orica Australia Pty. Ltd.
- Ministry of Transport, Egypt
- Billiton Holdings Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Formosa Plastics Group - Taiwan
- Timah Investasi Mineral - Indoneisa
- Banpu Public Company Limited - Thailand
- Economic Council, Georgia
- San Jose City I Power Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Kepco SPC Power Corporation, Philippines
- Renaissance Capital - South Africa
- Bangladesh Power Developement Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Australian Coal Association
- Neyveli Lignite Corporation Ltd, - India
- Antam Resourcindo - Indonesia
- Minerals Council of Australia
- Barasentosa Lestari - Indonesia
- White Energy Company Limited
- Trasteel International SA, Italy
- Kohat Cement Company Ltd. - Pakistan
- Cement Manufacturers Association - India
- Kalimantan Lumbung Energi - Indonesia
- Central Java Power - Indonesia
- Mintek Dendrill Indonesia
- Videocon Industries ltd - India
- The State Trading Corporation of India Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wilmar Investment Holdings
- SMC Global Power, Philippines
- Uttam Galva Steels Limited - India
- Eastern Coal Council - USA
- Intertek Mineral Services - Indonesia
- Planning Commission, India
- New Zealand Coal & Carbon
- GVK Power & Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Africa Commodities Group - South Africa
- Larsen & Toubro Limited - India
- Ministry of Finance - Indonesia
- Standard Chartered Bank - UAE
- Rio Tinto Coal - Australia
- Thiess Contractors Indonesia
- Edison Trading Spa - Italy
- Oldendorff Carriers - Singapore
- Commonwealth Bank - Australia
- Singapore Mercantile Exchange
- Semirara Mining and Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Interocean Group of Companies - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Anglo American - United Kingdom
- Goldman Sachs - Singapore
- Bharathi Cement Corporation - India
- Bhushan Steel Limited - India
- Indika Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Karaikal Port Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Semirara Mining Corp, Philippines
- Bulk Trading Sa - Switzerland
- Carbofer General Trading SA - India
- European Bulk Services B.V. - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Merrill Lynch Commodities Europe
- The Treasury - Australian Government
- Mercator Lines Limited - India
- IEA Clean Coal Centre - UK
- Sindya Power Generating Company Private Ltd
- VISA Power Limited - India
- Coal and Oil Company - UAE
- Asmin Koalindo Tuhup - Indonesia
- Tamil Nadu electricity Board
- Marubeni Corporation - India
- Sical Logistics Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Samtan Co., Ltd - South Korea
- Leighton Contractors Pty Ltd - Australia
- Malabar Cements Ltd - India
- Petron Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Thai Mozambique Logistica
- Holcim Trading Pte Ltd - Singapore
- Coalindo Energy - Indonesia
- Coastal Gujarat Power Limited - India
- CIMB Investment Bank - Malaysia
- Kobexindo Tractors - Indoneisa
- Siam City Cement PLC, Thailand
- India Bulls Power Limited - India
- Mercuria Energy - Indonesia
- Energy Development Corp, Philippines
- Therma Luzon, Inc, Philippines
- Kumho Petrochemical, South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Grasim Industreis Ltd - India
- Eastern Energy - Thailand
- McConnell Dowell - Australia
- Kartika Selabumi Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Madhucon Powers Ltd - India
- Jindal Steel & Power Ltd - India
- Alfred C Toepfer International GmbH - Germany
- GN Power Mariveles Coal Plant, Philippines
- Altura Mining Limited, Indonesia
- Globalindo Alam Lestari - Indonesia
- Central Electricity Authority - India
- Dalmia Cement Bharat India
- Heidelberg Cement - Germany
- Ministry of Mines - Canada
- GAC Shipping (India) Pvt Ltd
- LBH Netherlands Bv - Netherlands
- Indian Oil Corporation Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indonesian Coal Mining Association
- Georgia Ports Authority, United States
- Gujarat Sidhee Cement - India
- Sojitz Corporation - Japan
- Agrawal Coal Company - India
- Aditya Birla Group - India
- Wood Mackenzie - Singapore
- Ambuja Cements Ltd - India
- Indogreen Group - Indonesia
- Parry Sugars Refinery, India
- Bhoruka Overseas - Indonesia
- Attock Cement Pakistan Limited
- MS Steel International - UAE
- Directorate General of MIneral and Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Bukit Makmur.PT - Indonesia
- Orica Mining Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Bhatia International Limited - India
- SMG Consultants - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Power Finance Corporation Ltd., India
- Cigading International Bulk Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Meenaskhi Energy Private Limited - India
- Star Paper Mills Limited - India
- Bayan Resources Tbk. - Indonesia
- PowerSource Philippines DevCo
- Tata Chemicals Ltd - India
- Binh Thuan Hamico - Vietnam
- The University of Queensland
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement - Thailand
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