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Wednesday, 23 October 19
SHIPPING MARKET INSIGHT - INTERMODAL
 Moving closer to the end of the year, we are facing what the market was expecting for quite a while, the ship repair sector booming with the shipyards stretching their capacity to the maximum possible. Their only task, to accommodate as many projects as possible despite the prevailing restrictions on berthing capacity, craneage lifting capacity and resources. At the same time, the mentality of owners has already adapted to the ‘new era’ with the majority of them demonstrating the maximum possible flexibility to help their projects move forward. Therefore, in most cases, projects are completed with Owner’s resilience on the retrofit time, on vessel’s ETA and at the initial overall budget.
Taking a closer glance to the Far East shipyards, we see that those are the one to encounter the heaviest workload worldwide. The reason of course is the ongoing scrubber retrofits, with Owners giving preference to Far East for their retrofits due to trading patterns for big size vessels and competitive retrofit rates. Therefore, we do have a clearly define orderbook for most of the shipyards there till July 2020, leaving limited remaining slots available.
Owners experiencing the worst impact of this congestion are those with small routine drydocks, which are the least sought after business by yards, as well as those owners that additionally have to proceed with the installation of the BWMS and are now being restricted by Charterers in regards to which area they can release their vessels, limiting their choice of yard as a result. Shipyards as a matter of fact are holding their valuable slots for projects with higher profit margin while also trying to sell the remaining slots at a premium.
Due to the above situation it is quite common to see vessels waiting for a week or more before entering the yard or being quadruple bank berthed waiting to be served. In some cases, Owners have been also considering repair shipyards or places which were previously considered non competent, as an ultimate effort to find a slot.
Another unexpected factor which has created an even bigger tremble into the repair market recently is the surge in VLCC freight rates. This has created a unilateral effort by Owners to postpone their scheduled dry docking or retrofits, in order to get the full benefit of the very firm market, which is obvious that won’t last long. These postponements come with very short notice and are expected to cause an even bigger bottleneck during the forthcoming Chinese New Year.
Psychological theory holds that early in life many people make personal and professional choices that conform to the expectations of their parents, friends and society, whereas in their middle years many feel a pressing need for individuation, or breaking free from these expectation and start rewriting their lives’ path. We could say that most yards are now going through a similar midlife crisis, with most of them moving away from the very specific mandate the ship repair market had up until recently and trying to pencil out an independent policy, vision, pricing and market share from what they were obliged to follow in the past.
By Vassilis Vassiliou
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Mr.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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Thursday, 24 October 19
AUSTRALIA'S HOPES TO EXPAND COAL EXPORTS IN SOUTH-EAST ASIA 'DELUSIONAL', EXPERTS SAY - THE GUARDIAN
The number of new coal-fired power plants starting construction across south-east Asia has fallen markedly over the past two years as Australia has ...
Thursday, 24 October 19
PANAMAX: NEGATIVE SENTIMENT IN THE MARKET AS IT CONTINUES TO WEAKEN - FEARNLEYS
Capesize
The market has continued to slide the last week, as lack of fresh requirements and a slight oversupply of tonnage heading towards Sout ...
Wednesday, 23 October 19
CHINA'S 2019 COAL IMPORTS SET TO RISE MORE THAN 10%: ANALYSTS - REUTERS
China, the world’s top coal buyer, is on track to boost imports of the fuel by more than 10% this year, traders and analysts said on Tuesday, ...
Tuesday, 22 October 19
DRY BULK: DESPITE THE DOWNWARD CORRECTION NOTED OVER THE PAST MONTH, RATES ARE STILL HOLDING OFF AT FAVORABLE LEVELS - ALLIED SHIPPING
Despite the downward correction that has been noted in the dry bulk market over the past month, rates are still holding off at favorable levels. Ev ...
Monday, 21 October 19
SHIPPERS CHANGE COURSE AS FUEL RULES TARGET SULPHUR EMISSIONS - WOOD MACKENZIE
The International Maritime Organization (IMO), the industry’s regulator, will require all ships to reduce the level of sulphur in their engin ...
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- Sindya Power Generating Company Private Ltd
- Larsen & Toubro Limited - India
- Medco Energi Mining Internasional
- Africa Commodities Group - South Africa
- Electricity Generating Authority of Thailand
- Maharashtra Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Star Paper Mills Limited - India
- Bulk Trading Sa - Switzerland
- PetroVietnam Power Coal Import and Supply Company
- Kartika Selabumi Mining - Indonesia
- Anglo American - United Kingdom
- Intertek Mineral Services - Indonesia
- The University of Queensland
- AsiaOL BioFuels Corp., Philippines
- South Luzon Thermal Energy Corporation
- The Treasury - Australian Government
- Central Java Power - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Dalmia Cement Bharat India
- Coal and Oil Company - UAE
- London Commodity Brokers - England
- Meenaskhi Energy Private Limited - India
- Ind-Barath Power Infra Limited - India
- Ministry of Finance - Indonesia
- Eastern Energy - Thailand
- Meralco Power Generation, Philippines
- Globalindo Alam Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Attock Cement Pakistan Limited
- Ministry of Mines - Canada
- Oldendorff Carriers - Singapore
- Georgia Ports Authority, United States
- Marubeni Corporation - India
- Xindia Steels Limited - India
- Madhucon Powers Ltd - India
- Electricity Authority, New Zealand
- Standard Chartered Bank - UAE
- ASAPP Information Group - India
- Wood Mackenzie - Singapore
- Binh Thuan Hamico - Vietnam
- Kideco Jaya Agung - Indonesia
- Essar Steel Hazira Ltd - India
- Gujarat Sidhee Cement - India
- Toyota Tsusho Corporation, Japan
- European Bulk Services B.V. - Netherlands
- Bukit Baiduri Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Banpu Public Company Limited - Thailand
- Thai Mozambique Logistica
- Antam Resourcindo - Indonesia
- Australian Commodity Traders Exchange
- Maheswari Brothers Coal Limited - India
- Aditya Birla Group - India
- Grasim Industreis Ltd - India
- Kaltim Prima Coal - Indonesia
- Chamber of Mines of South Africa
- Mercator Lines Limited - India
- Commonwealth Bank - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Development Corp, Philippines
- Mercuria Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Metalloyd Limited - United Kingdom
- Samtan Co., Ltd - South Korea
- Agrawal Coal Company - India
- GMR Energy Limited - India
- CNBM International Corporation - China
- Renaissance Capital - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- MS Steel International - UAE
- Global Business Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Petron Corporation, Philippines
- VISA Power Limited - India
- Romanian Commodities Exchange
- Gujarat Mineral Development Corp Ltd - India
- Global Coal Blending Company Limited - Australia
- Ceylon Electricity Board - Sri Lanka
- Krishnapatnam Port Company Ltd. - India
- Price Waterhouse Coopers - Russia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- PTC India Limited - India
- Orica Australia Pty. Ltd.
- PNOC Exploration Corporation - Philippines
- The State Trading Corporation of India Ltd
- Videocon Industries ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indo Tambangraya Megah - Indonesia
- Simpson Spence & Young - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- Indonesian Coal Mining Association
- Independent Power Producers Association of India
- Jorong Barutama Greston.PT - Indonesia
- Makarim & Taira - Indonesia
- Borneo Indobara - Indonesia
- Bhatia International Limited - India
- Sical Logistics Limited - India
- Alfred C Toepfer International GmbH - Germany
- Wilmar Investment Holdings
- Indogreen Group - Indonesia
- Trasteel International SA, Italy
- Sakthi Sugars Limited - India
- SMC Global Power, Philippines
- Mintek Dendrill Indonesia
- Interocean Group of Companies - India
- Altura Mining Limited, Indonesia
- CIMB Investment Bank - Malaysia
- Bukit Makmur.PT - Indonesia
- Ambuja Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Port Waratah Coal Services - Australia
- Kohat Cement Company Ltd. - Pakistan
- Coalindo Energy - Indonesia
- TeaM Sual Corporation - Philippines
- New Zealand Coal & Carbon
- Carbofer General Trading SA - India
- Sarangani Energy Corporation, Philippines
- Vizag Seaport Private Limited - India
- Uttam Galva Steels Limited - India
- Parry Sugars Refinery, India
- Jaiprakash Power Ventures ltd
- Coastal Gujarat Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Thiess Contractors Indonesia
- White Energy Company Limited
- Australian Coal Association
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining Corp, Philippines
- IEA Clean Coal Centre - UK
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vedanta Resources Plc - India
- Central Electricity Authority - India
- PowerSource Philippines DevCo
- Siam City Cement PLC, Thailand
- Kumho Petrochemical, South Korea
- Pendopo Energi Batubara - Indonesia
- ICICI Bank Limited - India
- Formosa Plastics Group - Taiwan
- Sree Jayajothi Cements Limited - India
- Merrill Lynch Commodities Europe
- Semirara Mining and Power Corporation, Philippines
- Bangladesh Power Developement Board
- Siam City Cement - Thailand
- Straits Asia Resources Limited - Singapore
- Timah Investasi Mineral - Indoneisa
- Deloitte Consulting - India
- GN Power Mariveles Coal Plant, Philippines
- Energy Link Ltd, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- GAC Shipping (India) Pvt Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Minerals Council of Australia
- Malabar Cements Ltd - India
- Planning Commission, India
- Singapore Mercantile Exchange
- Power Finance Corporation Ltd., India
- Edison Trading Spa - Italy
- Mjunction Services Limited - India
- Manunggal Multi Energi - Indonesia
- Lanco Infratech Ltd - India
- Economic Council, Georgia
- McConnell Dowell - Australia
- LBH Netherlands Bv - Netherlands
- Rio Tinto Coal - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Global Green Power PLC Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Indian Energy Exchange, India
- SN Aboitiz Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Tamil Nadu electricity Board
- Baramulti Group, Indonesia
- Bharathi Cement Corporation - India
- SMG Consultants - Indonesia
- Parliament of New Zealand
- Latin American Coal - Colombia
- India Bulls Power Limited - India
- Bhoruka Overseas - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Ministry of Transport, Egypt
- Holcim Trading Pte Ltd - Singapore
- GVK Power & Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Heidelberg Cement - Germany
- Orica Mining Services - Indonesia
- Bhushan Steel Limited - India
- Salva Resources Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Posco Energy - South Korea
- Indika Energy - Indonesia
- Tata Chemicals Ltd - India
- Cement Manufacturers Association - India
- Goldman Sachs - Singapore
- Sojitz Corporation - Japan
- Directorate Of Revenue Intelligence - India
- Riau Bara Harum - Indonesia
- International Coal Ventures Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Indian Oil Corporation Limited
- Eastern Coal Council - USA
- Rashtriya Ispat Nigam Limited - India
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