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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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Tuesday, 05 May 20
SUPRAMAXES: YTD SLIDE HAS BEEN 45%, WITH THE AVERAGE FOR 2020 TCA HOLDING AT US$5,793 - ALLIED
It has been almost three months since the WHO officially categorized the current coronavirus outbreak as a global pandemic, an outbreak that has br ...
Monday, 04 May 20
U.S. ESTIMATED COAL PRODUCTION FALL 39.4% YEAR ON YEAR IN THE WEEK ENDED APRIL 25 - EIA
Estimated U.S. coal production totaled about 8.6 million short tons (MMst) For the week ended April 25, 2020, says EIA in its latest report.
E ...
Saturday, 02 May 20
SUPRAMAX: ASIA, STRONGER NUMBERS - A 55.000-DWT WAS FIXED FROM INDONESIA TO CHINA IN THE MID $6,000S - BALTIC BRIEFING
Capesize
A tepid week for the big ships, as macro concerns continued to weigh heavily on the index. All of the major voyage routes lost value, ...
Friday, 01 May 20
KOSPO INVITED OFFER FOR 5600 NCV COAL FOR Q3 2020 LOADING
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for 260,000 Metric Tons (MT) steam coal for Boryeong Power ...
Friday, 01 May 20
GLOBAL COAL DEMAND TO FALL BY ABOUT 8% IN 2020,THE LARGEST DROP SINCE WORLD WAR II - IEA
We expect global coal demand to fall by about 8% in 2020, the largest drop since World War II, with coal use declining in virtually every sector of ...
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- Global Coal Blending Company Limited - Australia
- Meralco Power Generation, Philippines
- GAC Shipping (India) Pvt Ltd
- Sinarmas Energy and Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Kobexindo Tractors - Indoneisa
- Chamber of Mines of South Africa
- Posco Energy - South Korea
- Sakthi Sugars Limited - India
- Cigading International Bulk Terminal - Indonesia
- Gujarat Sidhee Cement - India
- GMR Energy Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Indo Tambangraya Megah - Indonesia
- Sindya Power Generating Company Private Ltd
- International Coal Ventures Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Mercator Lines Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement - Thailand
- Minerals Council of Australia
- South Luzon Thermal Energy Corporation
- Jindal Steel & Power Ltd - India
- Power Finance Corporation Ltd., India
- Jorong Barutama Greston.PT - Indonesia
- White Energy Company Limited
- Sree Jayajothi Cements Limited - India
- Ministry of Finance - Indonesia
- Planning Commission, India
- Savvy Resources Ltd - HongKong
- European Bulk Services B.V. - Netherlands
- Electricity Generating Authority of Thailand
- Oldendorff Carriers - Singapore
- London Commodity Brokers - England
- Bukit Baiduri Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Binh Thuan Hamico - Vietnam
- Electricity Authority, New Zealand
- Kideco Jaya Agung - Indonesia
- ASAPP Information Group - India
- Samtan Co., Ltd - South Korea
- Star Paper Mills Limited - India
- Uttam Galva Steels Limited - India
- Interocean Group of Companies - India
- Gujarat Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- PowerSource Philippines DevCo
- Videocon Industries ltd - India
- SMG Consultants - Indonesia
- Standard Chartered Bank - UAE
- Dalmia Cement Bharat India
- Straits Asia Resources Limited - Singapore
- Romanian Commodities Exchange
- Thai Mozambique Logistica
- Pipit Mutiara Jaya. PT, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Wood Mackenzie - Singapore
- Kaltim Prima Coal - Indonesia
- Indonesian Coal Mining Association
- Eastern Energy - Thailand
- Carbofer General Trading SA - India
- Asmin Koalindo Tuhup - Indonesia
- PTC India Limited - India
- Latin American Coal - Colombia
- Billiton Holdings Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Malabar Cements Ltd - India
- Bharathi Cement Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Energy Development Corp, Philippines
- Altura Mining Limited, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Mercuria Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Indian Energy Exchange, India
- Timah Investasi Mineral - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Mines - Canada
- Merrill Lynch Commodities Europe
- Medco Energi Mining Internasional
- Orica Mining Services - Indonesia
- Mjunction Services Limited - India
- Iligan Light & Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Makarim & Taira - Indonesia
- IHS Mccloskey Coal Group - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Gujarat Mineral Development Corp Ltd - India
- Parry Sugars Refinery, India
- Sarangani Energy Corporation, Philippines
- Indika Energy - Indonesia
- Cement Manufacturers Association - India
- Ind-Barath Power Infra Limited - India
- Madhucon Powers Ltd - India
- Bayan Resources Tbk. - Indonesia
- OPG Power Generation Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining Corp, Philippines
- Xindia Steels Limited - India
- GVK Power & Infra Limited - India
- Bangladesh Power Developement Board
- Vizag Seaport Private Limited - India
- Borneo Indobara - Indonesia
- Coalindo Energy - Indonesia
- Global Business Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Meenaskhi Energy Private Limited - India
- Bhushan Steel Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Coal Council - USA
- CIMB Investment Bank - Malaysia
- Bukit Makmur.PT - Indonesia
- Kumho Petrochemical, South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mintek Dendrill Indonesia
- Bulk Trading Sa - Switzerland
- New Zealand Coal & Carbon
- Singapore Mercantile Exchange
- Ambuja Cements Ltd - India
- Lanco Infratech Ltd - India
- Maheswari Brothers Coal Limited - India
- Economic Council, Georgia
- LBH Netherlands Bv - Netherlands
- Commonwealth Bank - Australia
- Independent Power Producers Association of India
- Neyveli Lignite Corporation Ltd, - India
- Directorate General of MIneral and Coal - Indonesia
- Australian Commodity Traders Exchange
- Global Green Power PLC Corporation, Philippines
- Australian Coal Association
- Essar Steel Hazira Ltd - India
- Marubeni Corporation - India
- Intertek Mineral Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- McConnell Dowell - Australia
- The Treasury - Australian Government
- SN Aboitiz Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Antam Resourcindo - Indonesia
- The State Trading Corporation of India Ltd
- Central Electricity Authority - India
- Globalindo Alam Lestari - Indonesia
- Larsen & Toubro Limited - India
- Thiess Contractors Indonesia
- Baramulti Group, Indonesia
- Sical Logistics Limited - India
- Coastal Gujarat Power Limited - India
- Directorate Of Revenue Intelligence - India
- Krishnapatnam Port Company Ltd. - India
- Salva Resources Pvt Ltd - India
- Wilmar Investment Holdings
- Central Java Power - Indonesia
- Aboitiz Power Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Africa Commodities Group - South Africa
- Alfred C Toepfer International GmbH - Germany
- Ministry of Transport, Egypt
- Rashtriya Ispat Nigam Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ICICI Bank Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Agrawal Coal Company - India
- Semirara Mining and Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Vedanta Resources Plc - India
- Coal and Oil Company - UAE
- Ceylon Electricity Board - Sri Lanka
- Indogreen Group - Indonesia
- Renaissance Capital - South Africa
- Formosa Plastics Group - Taiwan
- Anglo American - United Kingdom
- Tamil Nadu electricity Board
- PNOC Exploration Corporation - Philippines
- VISA Power Limited - India
- Therma Luzon, Inc, Philippines
- Metalloyd Limited - United Kingdom
- Indian Oil Corporation Limited
- Georgia Ports Authority, United States
- Goldman Sachs - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Heidelberg Cement - Germany
- The University of Queensland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petron Corporation, Philippines
- Riau Bara Harum - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Rio Tinto Coal - Australia
- TeaM Sual Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Barasentosa Lestari - Indonesia
- Attock Cement Pakistan Limited
- Edison Trading Spa - Italy
- Deloitte Consulting - India
- IEA Clean Coal Centre - UK
- CNBM International Corporation - China
- Trasteel International SA, Italy
- Karaikal Port Pvt Ltd - India
- India Bulls Power Limited - India
- Port Waratah Coal Services - Australia
- Chettinad Cement Corporation Ltd - India
- SMC Global Power, Philippines
- MS Steel International - UAE
- Aditya Birla Group - India
- Bhatia International Limited - India
- Pendopo Energi Batubara - Indonesia
- Energy Link Ltd, New Zealand
- Kepco SPC Power Corporation, Philippines
- Sojitz Corporation - Japan
- Leighton Contractors Pty Ltd - Australia
- Parliament of New Zealand
- Grasim Industreis Ltd - India
- Banpu Public Company Limited - Thailand
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