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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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Friday, 01 May 20
GLOBAL COAL DEMAND TO FALL BY 8% IN Q1 2020 RELATIVE TO Q1 2019 - IEA
We expect global coal demand to fall by 8% in Q1 2020 relative to Q1 2019. This significant drop was driven by lower demand in the electricity sect ...
Friday, 01 May 20
LUKOIL SHARES LUBRICANT EXPERIENCE AFTER FIRST 100 DAYS OF OPERATION ON VLSFO
KNOWLEDGE TO ELEVATE
After 100 days of VLSFO operation, LUKOIL Marine Lubricants is sharing recent experience on VLSFO operation with NAVIGO M ...
Wednesday, 29 April 20
OIL CLOSES IN ON PEAK OVERSUPPLY - WOOD MACKENZIE
Are we now deep in the abyss? Up to our necks in it, if the oil price is any guide. Brent has now tested sub-US$20/bbl in this downturn and WTI sub ...
Monday, 27 April 20
INCIDENT INVESTIGATION: SEARCH FOR THE CAUSE, NOT THE VILLAIN - GARD
Incident investigations often conclude with placing the blame for an incident on the crew. Causes of the incidents are usually identified as proced ...
Monday, 27 April 20
A 58,000DWT VESSEL WAS FIXED DELIVERY SINGAPORE TRIP VIA INDONESIA, RE-DELIVERY WC INDIA, AT $4,500 - BALTIC BRIEFING
Capesize
The tide turned this week for the Capesize market, as voyage rates registered dramatically falling fuel costs. This was led primarily ...
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- Romanian Commodities Exchange
- Indogreen Group - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Kaltim Prima Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- European Bulk Services B.V. - Netherlands
- Edison Trading Spa - Italy
- Mintek Dendrill Indonesia
- Thiess Contractors Indonesia
- Australian Coal Association
- PetroVietnam Power Coal Import and Supply Company
- Jaiprakash Power Ventures ltd
- Bahari Cakrawala Sebuku - Indonesia
- Vedanta Resources Plc - India
- TeaM Sual Corporation - Philippines
- Semirara Mining Corp, Philippines
- Singapore Mercantile Exchange
- Larsen & Toubro Limited - India
- Sakthi Sugars Limited - India
- Chamber of Mines of South Africa
- Samtan Co., Ltd - South Korea
- Petron Corporation, Philippines
- Central Electricity Authority - India
- Bukit Baiduri Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Commonwealth Bank - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- PTC India Limited - India
- Madhucon Powers Ltd - India
- IHS Mccloskey Coal Group - USA
- GN Power Mariveles Coal Plant, Philippines
- Iligan Light & Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Malabar Cements Ltd - India
- ASAPP Information Group - India
- Bhatia International Limited - India
- Power Finance Corporation Ltd., India
- Bulk Trading Sa - Switzerland
- Port Waratah Coal Services - Australia
- Australian Commodity Traders Exchange
- South Luzon Thermal Energy Corporation
- Eastern Energy - Thailand
- Agrawal Coal Company - India
- Xindia Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Sojitz Corporation - Japan
- Goldman Sachs - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Interocean Group of Companies - India
- GMR Energy Limited - India
- Essar Steel Hazira Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- New Zealand Coal & Carbon
- Indo Tambangraya Megah - Indonesia
- IEA Clean Coal Centre - UK
- Rio Tinto Coal - Australia
- Altura Mining Limited, Indonesia
- Lanco Infratech Ltd - India
- Energy Development Corp, Philippines
- Salva Resources Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Independent Power Producers Association of India
- Vizag Seaport Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Eastern Coal Council - USA
- Holcim Trading Pte Ltd - Singapore
- Mercator Lines Limited - India
- MS Steel International - UAE
- Indian Oil Corporation Limited
- Indian Energy Exchange, India
- Kobexindo Tractors - Indoneisa
- Straits Asia Resources Limited - Singapore
- Renaissance Capital - South Africa
- Miang Besar Coal Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Planning Commission, India
- Sarangani Energy Corporation, Philippines
- McConnell Dowell - Australia
- Mercuria Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Deloitte Consulting - India
- ICICI Bank Limited - India
- Intertek Mineral Services - Indonesia
- Tata Chemicals Ltd - India
- Global Green Power PLC Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Posco Energy - South Korea
- Star Paper Mills Limited - India
- Trasteel International SA, Italy
- Electricity Generating Authority of Thailand
- PNOC Exploration Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Minerals Council of Australia
- Jindal Steel & Power Ltd - India
- Coal and Oil Company - UAE
- Toyota Tsusho Corporation, Japan
- Thai Mozambique Logistica
- The Treasury - Australian Government
- GAC Shipping (India) Pvt Ltd
- Economic Council, Georgia
- Cigading International Bulk Terminal - Indonesia
- Makarim & Taira - Indonesia
- Carbofer General Trading SA - India
- Uttam Galva Steels Limited - India
- Baramulti Group, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- Billiton Holdings Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- India Bulls Power Limited - India
- Central Java Power - Indonesia
- Bhushan Steel Limited - India
- Barasentosa Lestari - Indonesia
- Orica Mining Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Finance - Indonesia
- Alfred C Toepfer International GmbH - Germany
- AsiaOL BioFuels Corp., Philippines
- Ind-Barath Power Infra Limited - India
- The University of Queensland
- Karaikal Port Pvt Ltd - India
- Wilmar Investment Holdings
- Marubeni Corporation - India
- Standard Chartered Bank - UAE
- Parry Sugars Refinery, India
- Cement Manufacturers Association - India
- Sinarmas Energy and Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Siam City Cement - Thailand
- White Energy Company Limited
- Wood Mackenzie - Singapore
- Coastal Gujarat Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- The State Trading Corporation of India Ltd
- Siam City Cement PLC, Thailand
- Anglo American - United Kingdom
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
- Latin American Coal - Colombia
- Kideco Jaya Agung - Indonesia
- Formosa Plastics Group - Taiwan
- Binh Thuan Hamico - Vietnam
- Ambuja Cements Ltd - India
- PowerSource Philippines DevCo
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Maharashtra Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- London Commodity Brokers - England
- Ministry of Mines - Canada
- Medco Energi Mining Internasional
- Tamil Nadu electricity Board
- Grasim Industreis Ltd - India
- Meralco Power Generation, Philippines
- GVK Power & Infra Limited - India
- Banpu Public Company Limited - Thailand
- Gujarat Sidhee Cement - India
- SN Aboitiz Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Indika Energy - Indonesia
- Africa Commodities Group - South Africa
- Maheswari Brothers Coal Limited - India
- Global Coal Blending Company Limited - Australia
- Mjunction Services Limited - India
- Pendopo Energi Batubara - Indonesia
- Parliament of New Zealand
- Orica Australia Pty. Ltd.
- Bhoruka Overseas - Indonesia
- SMG Consultants - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Videocon Industries ltd - India
- Sical Logistics Limited - India
- Kepco SPC Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- San Jose City I Power Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Aditya Birla Group - India
- Georgia Ports Authority, United States
- Ministry of Transport, Egypt
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Authority, New Zealand
- Oldendorff Carriers - Singapore
- Coalindo Energy - Indonesia
- Merrill Lynch Commodities Europe
- OPG Power Generation Pvt Ltd - India
- Bangladesh Power Developement Board
- Heidelberg Cement - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sree Jayajothi Cements Limited - India
- Rashtriya Ispat Nigam Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Attock Cement Pakistan Limited
- Indonesian Coal Mining Association
- Borneo Indobara - Indonesia
- Kumho Petrochemical, South Korea
- VISA Power Limited - India
- Therma Luzon, Inc, Philippines
- SMC Global Power, Philippines
- Dalmia Cement Bharat India
- Antam Resourcindo - Indonesia
- Bharathi Cement Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Ceylon Electricity Board - Sri Lanka
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