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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, 10 October 19
THERMAL COAL IMPORT LIKELY TO CROSS 200 MT IN 2019-20 - TIME OF INDIA
The country's overall thermal coal import is likely to cross the 200-million tonnes (MT) mark in the current financial year, according to Icra. ...
Wednesday, 09 October 19
SHIPPING MARKET INSIGHT - INTERMODAL
As we have already stated in previous insights, we had expected that the recovery on rates and activity across all segments in the offshore market ...
Thursday, 03 October 19
OIL PRICE ASSUMPTIONS UNCHANGED, NBP GAS PRICE LOWERED - FITCH RATINGS PRIMARY - FITCH RATINGS
Our oil price assumptions are unchanged, despite the recent price volatility following the attacks on Saudi Arabia's oil infrastructure, Fitch ...
Thursday, 03 October 19
SHIPPING MARKET INSIGHT
Edible oil products across the board are showing healthy amount of export activity, however, rates in most cases are struggling to move accordingly ...
Friday, 27 September 19
LOWDOWN ON INCOTERMS 2020 OVERHAUL - BALTIC EXCHANGE
KNOWLEDGE TO ELEVATE
This ninth revision of Incoterms is changed in style and substance. The revisions improve certain aspects of Incoterms 20 ...
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- Edison Trading Spa - Italy
- ASAPP Information Group - India
- Tata Chemicals Ltd - India
- Chamber of Mines of South Africa
- Electricity Authority, New Zealand
- Africa Commodities Group - South Africa
- Bharathi Cement Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Mintek Dendrill Indonesia
- South Luzon Thermal Energy Corporation
- GVK Power & Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement PLC, Thailand
- Ceylon Electricity Board - Sri Lanka
- Agrawal Coal Company - India
- PowerSource Philippines DevCo
- Meralco Power Generation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Australian Coal Association
- Thai Mozambique Logistica
- Chettinad Cement Corporation Ltd - India
- Antam Resourcindo - Indonesia
- Bulk Trading Sa - Switzerland
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Commodity Traders Exchange
- Economic Council, Georgia
- Videocon Industries ltd - India
- Kohat Cement Company Ltd. - Pakistan
- OPG Power Generation Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Energy Development Corp, Philippines
- Independent Power Producers Association of India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Latin American Coal - Colombia
- Cement Manufacturers Association - India
- Siam City Cement - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Kalimantan Lumbung Energi - Indonesia
- Sical Logistics Limited - India
- The State Trading Corporation of India Ltd
- Bangladesh Power Developement Board
- Coalindo Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Formosa Plastics Group - Taiwan
- MS Steel International - UAE
- Larsen & Toubro Limited - India
- Aboitiz Power Corporation - Philippines
- Dalmia Cement Bharat India
- LBH Netherlands Bv - Netherlands
- The Treasury - Australian Government
- Samtan Co., Ltd - South Korea
- Parliament of New Zealand
- Meenaskhi Energy Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Global Coal Blending Company Limited - Australia
- Mjunction Services Limited - India
- Marubeni Corporation - India
- Indo Tambangraya Megah - Indonesia
- Ambuja Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Vizag Seaport Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Parry Sugars Refinery, India
- Power Finance Corporation Ltd., India
- Indian Energy Exchange, India
- Star Paper Mills Limited - India
- Kartika Selabumi Mining - Indonesia
- VISA Power Limited - India
- Savvy Resources Ltd - HongKong
- Karaikal Port Pvt Ltd - India
- Aditya Birla Group - India
- Kapuas Tunggal Persada - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Mercuria Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Madhucon Powers Ltd - India
- Gujarat Sidhee Cement - India
- New Zealand Coal & Carbon
- Bukit Makmur.PT - Indonesia
- Riau Bara Harum - Indonesia
- Vedanta Resources Plc - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
- Posco Energy - South Korea
- Barasentosa Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Wilmar Investment Holdings
- Simpson Spence & Young - Indonesia
- CIMB Investment Bank - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Central Electricity Authority - India
- Krishnapatnam Port Company Ltd. - India
- Heidelberg Cement - Germany
- Bhoruka Overseas - Indonesia
- Energy Link Ltd, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Sree Jayajothi Cements Limited - India
- McConnell Dowell - Australia
- ICICI Bank Limited - India
- Eastern Coal Council - USA
- Sakthi Sugars Limited - India
- SMC Global Power, Philippines
- Planning Commission, India
- Bhatia International Limited - India
- Global Business Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Makarim & Taira - Indonesia
- Indika Energy - Indonesia
- Altura Mining Limited, Indonesia
- Kideco Jaya Agung - Indonesia
- Iligan Light & Power Inc, Philippines
- Baramulti Group, Indonesia
- Therma Luzon, Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Tamil Nadu electricity Board
- Orica Mining Services - Indonesia
- Intertek Mineral Services - Indonesia
- Ministry of Transport, Egypt
- Bank of Tokyo Mitsubishi UFJ Ltd
- Binh Thuan Hamico - Vietnam
- Grasim Industreis Ltd - India
- Maheswari Brothers Coal Limited - India
- Coal and Oil Company - UAE
- Petron Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- SMG Consultants - Indonesia
- GMR Energy Limited - India
- Thiess Contractors Indonesia
- AsiaOL BioFuels Corp., Philippines
- Oldendorff Carriers - Singapore
- Kumho Petrochemical, South Korea
- Port Waratah Coal Services - Australia
- Trasteel International SA, Italy
- Mercator Lines Limited - India
- Xindia Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Georgia Ports Authority, United States
- Rio Tinto Coal - Australia
- Essar Steel Hazira Ltd - India
- Sarangani Energy Corporation, Philippines
- Anglo American - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Eastern Energy - Thailand
- Orica Australia Pty. Ltd.
- Central Java Power - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- London Commodity Brokers - England
- CNBM International Corporation - China
- Semirara Mining and Power Corporation, Philippines
- Singapore Mercantile Exchange
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- San Jose City I Power Corp, Philippines
- Sojitz Corporation - Japan
- Vijayanagar Sugar Pvt Ltd - India
- Wood Mackenzie - Singapore
- Minerals Council of Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coastal Gujarat Power Limited - India
- Kaltim Prima Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Renaissance Capital - South Africa
- TeaM Sual Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Deloitte Consulting - India
- Malabar Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Merrill Lynch Commodities Europe
- Ministry of Mines - Canada
- Attock Cement Pakistan Limited
- Sinarmas Energy and Mining - Indonesia
- India Bulls Power Limited - India
- Carbofer General Trading SA - India
- Jaiprakash Power Ventures ltd
- The University of Queensland
- Romanian Commodities Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- White Energy Company Limited
- Pendopo Energi Batubara - Indonesia
- Indogreen Group - Indonesia
- Indian Oil Corporation Limited
- Bhushan Steel Limited - India
- Indonesian Coal Mining Association
- Bukit Baiduri Energy - Indonesia
- IEA Clean Coal Centre - UK
- Interocean Group of Companies - India
- Standard Chartered Bank - UAE
- Rashtriya Ispat Nigam Limited - India
- Banpu Public Company Limited - Thailand
- Holcim Trading Pte Ltd - Singapore
- PTC India Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Finance - Indonesia
- SN Aboitiz Power Inc, Philippines
- Electricity Generating Authority of Thailand
- PNOC Exploration Corporation - Philippines
- Commonwealth Bank - Australia
- Salva Resources Pvt Ltd - India
- Lanco Infratech Ltd - India
- Medco Energi Mining Internasional
- Uttam Galva Steels Limited - India
- Borneo Indobara - Indonesia
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