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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, 03 April 20
CHINA'S BENCHMARK POWER COAL PRICE DROPS SLIGHTLY - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
Wednesday, 01 April 20
TRADERS SCRAMBLE TO SELL CHEAP CRUDE CARGOES AS GLUT GROWS - REUTERS
Oil traders across the globe are offering cargoes far in advance as rapidly vanishing demand drives key physical crude prices to multi-decade lows, ...
Wednesday, 01 April 20
MARKET INSIGHT - INTERMODAL
There is an old, allegedly Chinese, saying suggesting that living in “interesting” times usually refers to times of trouble. The latest ...
Tuesday, 31 March 20
FREIGHT MARKET: DRY BULKERS - SPOT MARKET 23-29 MARCH 2020
Capesize
The rebound in freight rates resumed this past week, with rates man-aging to post further gains by week’s end. The BCI is in negat ...
Tuesday, 31 March 20
DRY BULK: Q1 HAS BEEN THE WORST QUARTER NOTED FOR MORE THAN 3 YEARS NOW - ALLIED RESEARCH
At this point, the Covid-19 pandemic seems to be monopolizing all market (as well as all other) discussions across the world and any market insight ...
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- Deloitte Consulting - India
- International Coal Ventures Pvt Ltd - India
- Chamber of Mines of South Africa
- Lanco Infratech Ltd - India
- Coal and Oil Company - UAE
- Meralco Power Generation, Philippines
- GVK Power & Infra Limited - India
- GMR Energy Limited - India
- Anglo American - United Kingdom
- Mjunction Services Limited - India
- Therma Luzon, Inc, Philippines
- Thai Mozambique Logistica
- Interocean Group of Companies - India
- CIMB Investment Bank - Malaysia
- Simpson Spence & Young - Indonesia
- Borneo Indobara - Indonesia
- Bharathi Cement Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Formosa Plastics Group - Taiwan
- Baramulti Group, Indonesia
- Ind-Barath Power Infra Limited - India
- VISA Power Limited - India
- Aditya Birla Group - India
- SN Aboitiz Power Inc, Philippines
- Ministry of Transport, Egypt
- Marubeni Corporation - India
- Makarim & Taira - Indonesia
- Africa Commodities Group - South Africa
- Antam Resourcindo - Indonesia
- Oldendorff Carriers - Singapore
- Singapore Mercantile Exchange
- Power Finance Corporation Ltd., India
- Parry Sugars Refinery, India
- Goldman Sachs - Singapore
- Gujarat Electricity Regulatory Commission - India
- Maharashtra Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- Larsen & Toubro Limited - India
- OPG Power Generation Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Kepco SPC Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Electricity Generating Authority of Thailand
- IEA Clean Coal Centre - UK
- Kobexindo Tractors - Indoneisa
- Minerals Council of Australia
- Mercuria Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Sindya Power Generating Company Private Ltd
- Aboitiz Power Corporation - Philippines
- SMC Global Power, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Xindia Steels Limited - India
- Kaltim Prima Coal - Indonesia
- PTC India Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bhoruka Overseas - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining Corp, Philippines
- Siam City Cement PLC, Thailand
- Ministry of Finance - Indonesia
- Videocon Industries ltd - India
- ASAPP Information Group - India
- Ambuja Cements Ltd - India
- MS Steel International - UAE
- The State Trading Corporation of India Ltd
- Edison Trading Spa - Italy
- Savvy Resources Ltd - HongKong
- Bhatia International Limited - India
- Electricity Authority, New Zealand
- New Zealand Coal & Carbon
- Altura Mining Limited, Indonesia
- Toyota Tsusho Corporation, Japan
- CNBM International Corporation - China
- Indonesian Coal Mining Association
- Leighton Contractors Pty Ltd - Australia
- London Commodity Brokers - England
- Eastern Coal Council - USA
- Agrawal Coal Company - India
- Ceylon Electricity Board - Sri Lanka
- Central Electricity Authority - India
- Thiess Contractors Indonesia
- Malabar Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhushan Steel Limited - India
- Kartika Selabumi Mining - Indonesia
- Sojitz Corporation - Japan
- Rashtriya Ispat Nigam Limited - India
- Commonwealth Bank - Australia
- PowerSource Philippines DevCo
- Tata Chemicals Ltd - India
- Heidelberg Cement - Germany
- PetroVietnam Power Coal Import and Supply Company
- Coastal Gujarat Power Limited - India
- The Treasury - Australian Government
- Star Paper Mills Limited - India
- Orica Australia Pty. Ltd.
- Rio Tinto Coal - Australia
- Maheswari Brothers Coal Limited - India
- Globalindo Alam Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Tamil Nadu electricity Board
- Bulk Trading Sa - Switzerland
- Mercator Lines Limited - India
- Eastern Energy - Thailand
- Gujarat Mineral Development Corp Ltd - India
- European Bulk Services B.V. - Netherlands
- Latin American Coal - Colombia
- Global Green Power PLC Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Kideco Jaya Agung - Indonesia
- Salva Resources Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Petron Corporation, Philippines
- White Energy Company Limited
- Indika Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Indian Energy Exchange, India
- Cement Manufacturers Association - India
- Essar Steel Hazira Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Dalmia Cement Bharat India
- Karaikal Port Pvt Ltd - India
- Orica Mining Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Wood Mackenzie - Singapore
- India Bulls Power Limited - India
- Directorate Of Revenue Intelligence - India
- Wilmar Investment Holdings
- Australian Coal Association
- Sinarmas Energy and Mining - Indonesia
- Indogreen Group - Indonesia
- Trasteel International SA, Italy
- Bahari Cakrawala Sebuku - Indonesia
- Carbofer General Trading SA - India
- Cigading International Bulk Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Merrill Lynch Commodities Europe
- Central Java Power - Indonesia
- Price Waterhouse Coopers - Russia
- Asmin Koalindo Tuhup - Indonesia
- IHS Mccloskey Coal Group - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Port Waratah Coal Services - Australia
- McConnell Dowell - Australia
- Manunggal Multi Energi - Indonesia
- Posco Energy - South Korea
- Chettinad Cement Corporation Ltd - India
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- Georgia Ports Authority, United States
- Parliament of New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TeaM Sual Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Standard Chartered Bank - UAE
- SMG Consultants - Indonesia
- Vizag Seaport Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Vedanta Resources Plc - India
- ICICI Bank Limited - India
- Binh Thuan Hamico - Vietnam
- LBH Netherlands Bv - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- GAC Shipping (India) Pvt Ltd
- Alfred C Toepfer International GmbH - Germany
- Independent Power Producers Association of India
- Gujarat Sidhee Cement - India
- Renaissance Capital - South Africa
- Iligan Light & Power Inc, Philippines
- Siam City Cement - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bangladesh Power Developement Board
- Metalloyd Limited - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Timah Investasi Mineral - Indoneisa
- Energy Link Ltd, New Zealand
- Sical Logistics Limited - India
- AsiaOL BioFuels Corp., Philippines
- PNOC Exploration Corporation - Philippines
- Global Business Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Barasentosa Lestari - Indonesia
- Energy Development Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Indian Oil Corporation Limited
- Semirara Mining and Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Romanian Commodities Exchange
- Ministry of Mines - Canada
- The University of Queensland
- Riau Bara Harum - Indonesia
- Madhucon Powers Ltd - India
- Mintek Dendrill Indonesia
- Straits Asia Resources Limited - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- South Luzon Thermal Energy Corporation
- Attock Cement Pakistan Limited
- Planning Commission, India
- Samtan Co., Ltd - South Korea
- Kumho Petrochemical, South Korea
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