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Wednesday, 26 February 20
SHIPPING MARKET INSIGHT - INTERMODAL
 Coming from one of its busiest periods historically, with a list of scrubber and BWMS retrofits on a waiting list, the ship repair sector is witnessing a huge shock from the spread of the COVID 19 in China. Almost all activities have frozen just a few days after the initial announcement from the Chinese government that the CNY will be postponed till February 10th. From that date till now there is a relative improvement on the work progress inside the shipyards but the main problems remain the same and the performance far behind the expected one.
The main challenges that Owners are experiencing in Chinese shipyards nowadays are delays for all kind of local products and spare parts, either from inland or overseas, which seriously affects delivery times. Repair personnel such as Owner’s representatives, service engineers and officers (i.e. commissioning engineers, specialists, flag and classification societies surveyors) either local or from overseas, are having a huge difficulty moving from their base to the vessel and vice versa. In addition to the above, shipyards are not working in full capacity yet, since workers’ “repatriation” after CNY is very time consuming given the two weeks quarantine time needed prior getting back to work. The positive speculation although, is that full harmonization will take place by mid of March. In addition, all statistics from last week show that the situation in China is now under control, with the new cases affected by the virus to be much reduced compared to the past weeks.
Outside China, there are massive bookings to shipyards in the surrounding region like Korea, Indonesia, Thailand, Philippines and Vietnam. A number of these shipyards were almost absent from the ship repair market for many years, have now revived their operations, while most of them are merely interested in opportunistic profits and not in building up long term relationships. Therefore, Owners in order to protect their interests are minimizing the repairs. Competent yards like those in Singapore were already nearly fully booked for the first half of the year before the virus appearance and therefore are unable to absorb the new wave of demand. There is also a relative increase on the workload for the rest shipyards worldwide, including shipyards in Arabian Gulf and Europe, but with few available slots still existing.
Surprisingly, there are some very few Owners, benefiting from the situation by slotting a ship for minimum scope in China during this period, ignoring the virus and getting the benefit of yards available facilities due to cancellations for simple works.
After the first half of the year, which will hopefully coincide with the time that China will get the virus eliminated, there will be another wave of ship repairs to fill again all the repair facilities. This peak is going to be even higher than the one before, considering also the massive postponements on the repairs given by flags and classification societies during the last 2 months.
Aside from the impact of the COVID 19, the “scrubber retrofit era” seems to be coming to an end with Greek Owners and big container companies planning to complete all retrofits after this summer.
By Vassilis Vassiliou
Ship-repair Broker
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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Saturday, 09 May 20
ANGLO AMERICAN CONSIDERS SPINNING OFF SOUTH AFRICAN COAL OPERATIONS - REUTERS
Diversified miner Anglo American said on Thursday it prefers unbundling and listing its thermal coal operations in South Africa on the Johannesburg ...
Friday, 08 May 20
THE COLLAPSE OF THE OIL AND BUNKER FUEL MARKETS IN EARLY 2020 - PETER SAND
The sulphur regulation from the International Maritime Organization (IMO) that came into force on 1 January 2020 took the centre stage in the shipp ...
Friday, 08 May 20
LNG DEMAND FACED SEVERAL HEADWINDS IN THE FIRST QUARTER OF 2020 - GASLOG
LNG demand faced several headwinds in the first quarter of 2020 including a warmer than average winter in the northern hemisphere, high inventory l ...
Thursday, 07 May 20
IEEFA UPDATE: THE OUTLOOK FOR THERMAL COAL IN SOUTHEAST ASIA AND SOUTH ASIA
Seven headwinds are building to sustained growth in coal in Asia
The medium term outlook for thermal coal in Southeast Asia is posit ...
Thursday, 07 May 20
IMO 2020: BUNKER CLAIMS HANDLING GUIDE FOR A NEW DECADE - THE STANDARD CLUB
KNOWLEDGE TO ELEVATE
IMO 2020 is the term generally used to describe the following regulations under Annex VI of the International Convention ...
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- VISA Power Limited - India
- Carbofer General Trading SA - India
- Leighton Contractors Pty Ltd - Australia
- Indogreen Group - Indonesia
- Coal and Oil Company - UAE
- Eastern Coal Council - USA
- Grasim Industreis Ltd - India
- Independent Power Producers Association of India
- Indika Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kumho Petrochemical, South Korea
- Posco Energy - South Korea
- Kideco Jaya Agung - Indonesia
- Deloitte Consulting - India
- Electricity Authority, New Zealand
- Port Waratah Coal Services - Australia
- Thiess Contractors Indonesia
- Chamber of Mines of South Africa
- The Treasury - Australian Government
- Georgia Ports Authority, United States
- Barasentosa Lestari - Indonesia
- Sical Logistics Limited - India
- Australian Coal Association
- Siam City Cement PLC, Thailand
- Cigading International Bulk Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Makarim & Taira - Indonesia
- Coastal Gujarat Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Bulk Trading Sa - Switzerland
- Meenaskhi Energy Private Limited - India
- Thai Mozambique Logistica
- Wood Mackenzie - Singapore
- Interocean Group of Companies - India
- Mjunction Services Limited - India
- Petron Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Sarangani Energy Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- CNBM International Corporation - China
- Miang Besar Coal Terminal - Indonesia
- Agrawal Coal Company - India
- Kohat Cement Company Ltd. - Pakistan
- McConnell Dowell - Australia
- PetroVietnam Power Coal Import and Supply Company
- Ind-Barath Power Infra Limited - India
- New Zealand Coal & Carbon
- Global Coal Blending Company Limited - Australia
- Bukit Baiduri Energy - Indonesia
- Eastern Energy - Thailand
- Australian Commodity Traders Exchange
- Bukit Makmur.PT - Indonesia
- Minerals Council of Australia
- Krishnapatnam Port Company Ltd. - India
- Pendopo Energi Batubara - Indonesia
- Karaikal Port Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Savvy Resources Ltd - HongKong
- Aditya Birla Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Oil Corporation Limited
- Orica Australia Pty. Ltd.
- Salva Resources Pvt Ltd - India
- PowerSource Philippines DevCo
- Bukit Asam (Persero) Tbk - Indonesia
- Mintek Dendrill Indonesia
- Energy Development Corp, Philippines
- Economic Council, Georgia
- Tamil Nadu electricity Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Trasteel International SA, Italy
- Kobexindo Tractors - Indoneisa
- ASAPP Information Group - India
- Holcim Trading Pte Ltd - Singapore
- Dalmia Cement Bharat India
- Baramulti Group, Indonesia
- Maheswari Brothers Coal Limited - India
- Jaiprakash Power Ventures ltd
- Price Waterhouse Coopers - Russia
- Indo Tambangraya Megah - Indonesia
- Bharathi Cement Corporation - India
- Romanian Commodities Exchange
- Indian Energy Exchange, India
- Gujarat Sidhee Cement - India
- Xindia Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Rio Tinto Coal - Australia
- Wilmar Investment Holdings
- Bank of Tokyo Mitsubishi UFJ Ltd
- Metalloyd Limited - United Kingdom
- Central Electricity Authority - India
- Medco Energi Mining Internasional
- SMG Consultants - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Africa Commodities Group - South Africa
- Altura Mining Limited, Indonesia
- International Coal Ventures Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Bangladesh Power Developement Board
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Mines - Canada
- Sindya Power Generating Company Private Ltd
- Vizag Seaport Private Limited - India
- The University of Queensland
- ICICI Bank Limited - India
- Singapore Mercantile Exchange
- IEA Clean Coal Centre - UK
- Renaissance Capital - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Power Finance Corporation Ltd., India
- SN Aboitiz Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Alfred C Toepfer International GmbH - Germany
- Larsen & Toubro Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Ceylon Electricity Board - Sri Lanka
- MS Steel International - UAE
- PTC India Limited - India
- Malabar Cements Ltd - India
- Parry Sugars Refinery, India
- Electricity Generating Authority of Thailand
- Central Java Power - Indonesia
- Riau Bara Harum - Indonesia
- Essar Steel Hazira Ltd - India
- Bayan Resources Tbk. - Indonesia
- Timah Investasi Mineral - Indoneisa
- Siam City Cement - Thailand
- GMR Energy Limited - India
- Marubeni Corporation - India
- Bhushan Steel Limited - India
- Planning Commission, India
- South Luzon Thermal Energy Corporation
- Iligan Light & Power Inc, Philippines
- Standard Chartered Bank - UAE
- Banpu Public Company Limited - Thailand
- Borneo Indobara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Global Business Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- PNOC Exploration Corporation - Philippines
- Ministry of Transport, Egypt
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining Corp, Philippines
- GVK Power & Infra Limited - India
- Ambuja Cements Ltd - India
- India Bulls Power Limited - India
- Bhoruka Overseas - Indonesia
- Heidelberg Cement - Germany
- LBH Netherlands Bv - Netherlands
- SMC Global Power, Philippines
- OPG Power Generation Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- IHS Mccloskey Coal Group - USA
- Orica Mining Services - Indonesia
- Star Paper Mills Limited - India
- Sojitz Corporation - Japan
- Kapuas Tunggal Persada - Indonesia
- Antam Resourcindo - Indonesia
- Vedanta Resources Plc - India
- Intertek Mineral Services - Indonesia
- Cement Manufacturers Association - India
- San Jose City I Power Corp, Philippines
- Anglo American - United Kingdom
- Mercuria Energy - Indonesia
- Mercator Lines Limited - India
- Oldendorff Carriers - Singapore
- Formosa Plastics Group - Taiwan
- Kartika Selabumi Mining - Indonesia
- Parliament of New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- AsiaOL BioFuels Corp., Philippines
- White Energy Company Limited
- Attock Cement Pakistan Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TeaM Sual Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Kaltim Prima Coal - Indonesia
- Videocon Industries ltd - India
- Ministry of Finance - Indonesia
- Latin American Coal - Colombia
- Goldman Sachs - Singapore
- Chettinad Cement Corporation Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Toyota Tsusho Corporation, Japan
- Samtan Co., Ltd - South Korea
- Meralco Power Generation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Coalindo Energy - Indonesia
- Commonwealth Bank - Australia
- Sakthi Sugars Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The State Trading Corporation of India Ltd
- Global Green Power PLC Corporation, Philippines
- Energy Link Ltd, New Zealand
- European Bulk Services B.V. - Netherlands
- Lanco Infratech Ltd - India
- Straits Asia Resources Limited - Singapore
- GAC Shipping (India) Pvt Ltd
- Asmin Koalindo Tuhup - Indonesia
- Bhatia International Limited - India
- Tata Chemicals Ltd - India
- Indonesian Coal Mining Association
- Madhucon Powers Ltd - India
- London Commodity Brokers - England
- Maharashtra Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Directorate General of MIneral and Coal - Indonesia
- Jindal Steel & Power Ltd - India
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