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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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Monday, 14 October 19
WINTER OIL MARKET OUTLOOK - OPEC
Product markets in the last two months have benefitted from seasonal maintenance which have led to a tighter product market environment, providing ...
Sunday, 13 October 19
INDONESIA: PANAMAX VESSELS OPEN SOUTH CHINA WERE REPORTEDLY FIXED AT $14,000 LEVEL, WITH REDELIVERY BACK IN CHINA - BALTIC BRIEFING
Capesize
The Capesize market managed to find a floor and rally a little this week after several weeks of declines. While the West Australia to ...
Friday, 11 October 19
INDIAN MINERS REJECT PLAN TO LINK NATIONAL COAL INDEX TO FOREIGN PRICES - REUTERS
India’s miners are rejecting a government proposal to establish a national coal index that would be linked to international prices, documents ...
Friday, 11 October 19
THE OCTOBER BENCHMARK PRICE OF INDONESIAN THERMAL COAL DECLINES TO LOWEST SINCE OCTOBER 2016
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Friday, 11 October 19
KOREA SOUTH-EAST POWER TO IMPORT LCV COAL IN NOVEMBER
COALspot.com: South Korea’s Korea South-East Power Co., Ltd. (KOEN) has issued an international tender for 75,000 Metric Tons low calorific v ...
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- Iligan Light & Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Medco Energi Mining Internasional
- Samtan Co., Ltd - South Korea
- Makarim & Taira - Indonesia
- ICICI Bank Limited - India
- New Zealand Coal & Carbon
- Tata Chemicals Ltd - India
- Indian Energy Exchange, India
- Parry Sugars Refinery, India
- VISA Power Limited - India
- PTC India Limited - India
- SN Aboitiz Power Inc, Philippines
- Minerals Council of Australia
- GAC Shipping (India) Pvt Ltd
- Indogreen Group - Indonesia
- Pendopo Energi Batubara - Indonesia
- Orica Australia Pty. Ltd.
- Xindia Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Orica Mining Services - Indonesia
- Antam Resourcindo - Indonesia
- Agrawal Coal Company - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mjunction Services Limited - India
- Energy Development Corp, Philippines
- Ministry of Finance - Indonesia
- Global Coal Blending Company Limited - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Jaiprakash Power Ventures ltd
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- Port Waratah Coal Services - Australia
- SMG Consultants - Indonesia
- European Bulk Services B.V. - Netherlands
- Thai Mozambique Logistica
- Bukit Baiduri Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Eastern Coal Council - USA
- Karbindo Abesyapradhi - Indoneisa
- Bulk Trading Sa - Switzerland
- Standard Chartered Bank - UAE
- Electricity Generating Authority of Thailand
- Sree Jayajothi Cements Limited - India
- Kideco Jaya Agung - Indonesia
- Ambuja Cements Ltd - India
- Meralco Power Generation, Philippines
- Ind-Barath Power Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Star Paper Mills Limited - India
- Trasteel International SA, Italy
- Australian Coal Association
- Krishnapatnam Port Company Ltd. - India
- Independent Power Producers Association of India
- Bhushan Steel Limited - India
- SMC Global Power, Philippines
- India Bulls Power Limited - India
- Merrill Lynch Commodities Europe
- Anglo American - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- The University of Queensland
- Coal and Oil Company - UAE
- Central Java Power - Indonesia
- Malabar Cements Ltd - India
- Sical Logistics Limited - India
- Ceylon Electricity Board - Sri Lanka
- Grasim Industreis Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chamber of Mines of South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Uttam Galva Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Savvy Resources Ltd - HongKong
- Essar Steel Hazira Ltd - India
- Latin American Coal - Colombia
- GMR Energy Limited - India
- Kartika Selabumi Mining - Indonesia
- Africa Commodities Group - South Africa
- Central Electricity Authority - India
- PetroVietnam Power Coal Import and Supply Company
- San Jose City I Power Corp, Philippines
- Renaissance Capital - South Africa
- Kobexindo Tractors - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Meenaskhi Energy Private Limited - India
- McConnell Dowell - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Deloitte Consulting - India
- Ministry of Transport, Egypt
- Economic Council, Georgia
- Sarangani Energy Corporation, Philippines
- Posco Energy - South Korea
- Dalmia Cement Bharat India
- Altura Mining Limited, Indonesia
- Mercuria Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Therma Luzon, Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Carbofer General Trading SA - India
- Indonesian Coal Mining Association
- Directorate General of MIneral and Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Borneo Indobara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- IEA Clean Coal Centre - UK
- Tamil Nadu electricity Board
- Siam City Cement PLC, Thailand
- Thiess Contractors Indonesia
- Vedanta Resources Plc - India
- Aboitiz Power Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Riau Bara Harum - Indonesia
- Wood Mackenzie - Singapore
- South Luzon Thermal Energy Corporation
- Commonwealth Bank - Australia
- Georgia Ports Authority, United States
- Singapore Mercantile Exchange
- The Treasury - Australian Government
- Interocean Group of Companies - India
- London Commodity Brokers - England
- Baramulti Group, Indonesia
- Lanco Infratech Ltd - India
- OPG Power Generation Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Edison Trading Spa - Italy
- Eastern Energy - Thailand
- Sakthi Sugars Limited - India
- Salva Resources Pvt Ltd - India
- Indika Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- PowerSource Philippines DevCo
- Barasentosa Lestari - Indonesia
- Rio Tinto Coal - Australia
- Siam City Cement - Thailand
- Kaltim Prima Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Manunggal Multi Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Mercator Lines Limited - India
- Global Business Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Cement Manufacturers Association - India
- Holcim Trading Pte Ltd - Singapore
- Videocon Industries ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Planning Commission, India
- TeaM Sual Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- The State Trading Corporation of India Ltd
- ASAPP Information Group - India
- Parliament of New Zealand
- Gujarat Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Wilmar Investment Holdings
- Gujarat Sidhee Cement - India
- Attock Cement Pakistan Limited
- Bangladesh Power Developement Board
- Energy Link Ltd, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Heidelberg Cement - Germany
- Kumho Petrochemical, South Korea
- Bhatia International Limited - India
- Indian Oil Corporation Limited
- Semirara Mining and Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Electricity Authority, New Zealand
- MS Steel International - UAE
- Madhucon Powers Ltd - India
- Mintek Dendrill Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Larsen & Toubro Limited - India
- Petron Corporation, Philippines
- CNBM International Corporation - China
- Price Waterhouse Coopers - Russia
- Semirara Mining Corp, Philippines
- Goldman Sachs - Singapore
- Sinarmas Energy and Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Binh Thuan Hamico - Vietnam
- Maheswari Brothers Coal Limited - India
- Sojitz Corporation - Japan
- White Energy Company Limited
- Bukit Makmur.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Romanian Commodities Exchange
- Australian Commodity Traders Exchange
- Marubeni Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Vizag Seaport Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- PNOC Exploration Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- IHS Mccloskey Coal Group - USA
- Formosa Plastics Group - Taiwan
- Ministry of Mines - Canada
- Coastal Gujarat Power Limited - India
- GVK Power & Infra Limited - India
- Aditya Birla Group - India
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