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