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