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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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Wednesday, 06 May 20
KOSPO INVITED COAL BIDS FOR LOW CALORIFIC VALUE COAL
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for 160,000 Metric Tons (MT) Low Calorific Value Coal for J ...
Wednesday, 06 May 20
COST CHALLENGES IN A US$20/BBL WORLD - WOOD MACKENZIE
A new approach is needed to ensure supply sector resilience
How will US$20/bbl affect the oil and gas supply chain?
It’s going to g ...
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MARKET INSIGHT - INTERMODAL
It comes as no surprise that activity in the dry bulk SnP market remains soft, with asset values caught in the downward spiral generated by the Cov ...
Wednesday, 06 May 20
FLOATING STORAGE OF OIL CARGOES - STANDARD CLUB
KNOWLEDGE TO ELEVATE
Due to a combination of circumstances there is now a worldwide shortage of storage space ashore for both unrefi ...
Wednesday, 06 May 20
IRON ORE TRADE REMAINS REMARKABLY RESILIENT THIS YEAR, AT LEAST IN ASIA - BANCHERO COSTA
Iron ore trade remains remarkably resilient this year, at least in Asia, despite the global economic impact from COVID-19. In the first 4 months of ...
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- Global Business Power Corporation, Philippines
- Edison Trading Spa - Italy
- Videocon Industries ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Planning Commission, India
- Iligan Light & Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Kumho Petrochemical, South Korea
- Madhucon Powers Ltd - India
- Petron Corporation, Philippines
- Malabar Cements Ltd - India
- The State Trading Corporation of India Ltd
- Coalindo Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Krishnapatnam Port Company Ltd. - India
- PetroVietnam Power Coal Import and Supply Company
- GAC Shipping (India) Pvt Ltd
- SMC Global Power, Philippines
- Mercator Lines Limited - India
- Interocean Group of Companies - India
- Rashtriya Ispat Nigam Limited - India
- VISA Power Limited - India
- Orica Australia Pty. Ltd.
- Cement Manufacturers Association - India
- Indogreen Group - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- The Treasury - Australian Government
- Riau Bara Harum - Indonesia
- The University of Queensland
- ICICI Bank Limited - India
- Georgia Ports Authority, United States
- Indika Energy - Indonesia
- Commonwealth Bank - Australia
- New Zealand Coal & Carbon
- GMR Energy Limited - India
- Sakthi Sugars Limited - India
- Mintek Dendrill Indonesia
- Binh Thuan Hamico - Vietnam
- International Coal Ventures Pvt Ltd - India
- Economic Council, Georgia
- Gujarat Mineral Development Corp Ltd - India
- MS Steel International - UAE
- Karaikal Port Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Anglo American - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Eastern Coal Council - USA
- Dalmia Cement Bharat India
- Bukit Baiduri Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Formosa Plastics Group - Taiwan
- Leighton Contractors Pty Ltd - Australia
- Indonesian Coal Mining Association
- Bulk Trading Sa - Switzerland
- Wilmar Investment Holdings
- PTC India Limited - India
- Antam Resourcindo - Indonesia
- Goldman Sachs - Singapore
- Parliament of New Zealand
- Intertek Mineral Services - Indonesia
- Essar Steel Hazira Ltd - India
- Siam City Cement PLC, Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Marubeni Corporation - India
- Electricity Generating Authority of Thailand
- Borneo Indobara - Indonesia
- Energy Development Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Savvy Resources Ltd - HongKong
- SMG Consultants - Indonesia
- Merrill Lynch Commodities Europe
- Singapore Mercantile Exchange
- Australian Coal Association
- Aditya Birla Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Bhatia International Limited - India
- Heidelberg Cement - Germany
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining Corp, Philippines
- Oldendorff Carriers - Singapore
- Therma Luzon, Inc, Philippines
- Altura Mining Limited, Indonesia
- Samtan Co., Ltd - South Korea
- Directorate Of Revenue Intelligence - India
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Manunggal Multi Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Makarim & Taira - Indonesia
- Vizag Seaport Private Limited - India
- Barasentosa Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Jorong Barutama Greston.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Gujarat Sidhee Cement - India
- Pendopo Energi Batubara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- CIMB Investment Bank - Malaysia
- Independent Power Producers Association of India
- Indian Energy Exchange, India
- Bangladesh Power Developement Board
- Coal and Oil Company - UAE
- Sindya Power Generating Company Private Ltd
- Thiess Contractors Indonesia
- Electricity Authority, New Zealand
- India Bulls Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Carbofer General Trading SA - India
- Ministry of Transport, Egypt
- Bhoruka Overseas - Indonesia
- Meralco Power Generation, Philippines
- Tamil Nadu electricity Board
- Australian Commodity Traders Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Miang Besar Coal Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- CNBM International Corporation - China
- Medco Energi Mining Internasional
- Larsen & Toubro Limited - India
- Sinarmas Energy and Mining - Indonesia
- Central Java Power - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Sojitz Corporation - Japan
- Power Finance Corporation Ltd., India
- IHS Mccloskey Coal Group - USA
- Bhushan Steel Limited - India
- GVK Power & Infra Limited - India
- Latin American Coal - Colombia
- Thai Mozambique Logistica
- Baramulti Group, Indonesia
- Trasteel International SA, Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kobexindo Tractors - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Ind-Barath Power Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Toyota Tsusho Corporation, Japan
- Asmin Koalindo Tuhup - Indonesia
- Ambuja Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Lanco Infratech Ltd - India
- Indian Oil Corporation Limited
- Alfred C Toepfer International GmbH - Germany
- Orica Mining Services - Indonesia
- Agrawal Coal Company - India
- IEA Clean Coal Centre - UK
- European Bulk Services B.V. - Netherlands
- Chettinad Cement Corporation Ltd - India
- Mercuria Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Attock Cement Pakistan Limited
- Globalindo Alam Lestari - Indonesia
- ASAPP Information Group - India
- Sarangani Energy Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Romanian Commodities Exchange
- Uttam Galva Steels Limited - India
- Bharathi Cement Corporation - India
- Parry Sugars Refinery, India
- Minerals Council of Australia
- Straits Asia Resources Limited - Singapore
- LBH Netherlands Bv - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- London Commodity Brokers - England
- Grasim Industreis Ltd - India
- PNOC Exploration Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Coastal Gujarat Power Limited - India
- Jaiprakash Power Ventures ltd
- Aboitiz Power Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Xindia Steels Limited - India
- White Energy Company Limited
- Tata Chemicals Ltd - India
- Semirara Mining and Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Meenaskhi Energy Private Limited - India
- Jindal Steel & Power Ltd - India
- Kideco Jaya Agung - Indonesia
- PowerSource Philippines DevCo
- Renaissance Capital - South Africa
- Deloitte Consulting - India
- Siam City Cement - Thailand
- Rio Tinto Coal - Australia
- Posco Energy - South Korea
- Star Paper Mills Limited - India
- San Jose City I Power Corp, Philippines
- Mjunction Services Limited - India
- McConnell Dowell - Australia
- Chamber of Mines of South Africa
- TeaM Sual Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Eastern Energy - Thailand
- Energy Link Ltd, New Zealand
- Standard Chartered Bank - UAE
- Ministry of Mines - Canada
- Sical Logistics Limited - India
- Central Electricity Authority - India
- Africa Commodities Group - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SN Aboitiz Power Inc, Philippines
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