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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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- Ceylon Electricity Board - Sri Lanka
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- PowerSource Philippines DevCo
- Borneo Indobara - Indonesia
- Interocean Group of Companies - India
- Star Paper Mills Limited - India
- Manunggal Multi Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Planning Commission, India
- Thiess Contractors Indonesia
- Gujarat Sidhee Cement - India
- Kalimantan Lumbung Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- India Bulls Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Tamil Nadu electricity Board
- Ministry of Transport, Egypt
- Semirara Mining and Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Larsen & Toubro Limited - India
- Karaikal Port Pvt Ltd - India
- ICICI Bank Limited - India
- Samtan Co., Ltd - South Korea
- Global Coal Blending Company Limited - Australia
- ASAPP Information Group - India
- SMG Consultants - Indonesia
- Trasteel International SA, Italy
- Madhucon Powers Ltd - India
- Ind-Barath Power Infra Limited - India
- Videocon Industries ltd - India
- Sree Jayajothi Cements Limited - India
- PTC India Limited - India
- Thai Mozambique Logistica
- Sakthi Sugars Limited - India
- London Commodity Brokers - England
- Semirara Mining Corp, Philippines
- Malabar Cements Ltd - India
- Makarim & Taira - Indonesia
- Posco Energy - South Korea
- Bulk Trading Sa - Switzerland
- Offshore Bulk Terminal Pte Ltd, Singapore
- The State Trading Corporation of India Ltd
- Attock Cement Pakistan Limited
- Siam City Cement PLC, Thailand
- AsiaOL BioFuels Corp., Philippines
- Heidelberg Cement - Germany
- Electricity Authority, New Zealand
- Orica Australia Pty. Ltd.
- Ministry of Finance - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement - Thailand
- Bangladesh Power Developement Board
- Aboitiz Power Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Africa Commodities Group - South Africa
- Orica Mining Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Sical Logistics Limited - India
- Commonwealth Bank - Australia
- The Treasury - Australian Government
- Indian Oil Corporation Limited
- TeaM Sual Corporation - Philippines
- Indonesian Coal Mining Association
- Kapuas Tunggal Persada - Indonesia
- OPG Power Generation Pvt Ltd - India
- Economic Council, Georgia
- Minerals Council of Australia
- Vedanta Resources Plc - India
- Vijayanagar Sugar Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Chamber of Mines of South Africa
- Indian Energy Exchange, India
- GAC Shipping (India) Pvt Ltd
- Alfred C Toepfer International GmbH - Germany
- Antam Resourcindo - Indonesia
- Baramulti Group, Indonesia
- Carbofer General Trading SA - India
- Intertek Mineral Services - Indonesia
- Mercuria Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coal and Oil Company - UAE
- Kideco Jaya Agung - Indonesia
- Cement Manufacturers Association - India
- Tata Chemicals Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Singapore Mercantile Exchange
- McConnell Dowell - Australia
- Oldendorff Carriers - Singapore
- Rio Tinto Coal - Australia
- Cigading International Bulk Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- Straits Asia Resources Limited - Singapore
- Meenaskhi Energy Private Limited - India
- Australian Commodity Traders Exchange
- Uttam Galva Steels Limited - India
- Parliament of New Zealand
- LBH Netherlands Bv - Netherlands
- Altura Mining Limited, Indonesia
- Edison Trading Spa - Italy
- Marubeni Corporation - India
- Grasim Industreis Ltd - India
- Romanian Commodities Exchange
- Therma Luzon, Inc, Philippines
- Latin American Coal - Colombia
- Essar Steel Hazira Ltd - India
- Renaissance Capital - South Africa
- Kobexindo Tractors - Indoneisa
- Petron Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- Bhoruka Overseas - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indo Tambangraya Megah - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Global Business Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- The University of Queensland
- Kepco SPC Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Independent Power Producers Association of India
- Power Finance Corporation Ltd., India
- Pipit Mutiara Jaya. PT, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Australian Coal Association
- Meralco Power Generation, Philippines
- White Energy Company Limited
- Vizag Seaport Private Limited - India
- Merrill Lynch Commodities Europe
- IEA Clean Coal Centre - UK
- Bayan Resources Tbk. - Indonesia
- Simpson Spence & Young - Indonesia
- Port Waratah Coal Services - Australia
- Goldman Sachs - Singapore
- Indika Energy - Indonesia
- Mjunction Services Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- SMC Global Power, Philippines
- Bukit Makmur.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Sinarmas Energy and Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- New Zealand Coal & Carbon
- Lanco Infratech Ltd - India
- Xindia Steels Limited - India
- Jaiprakash Power Ventures ltd
- Global Green Power PLC Corporation, Philippines
- Deloitte Consulting - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kohat Cement Company Ltd. - Pakistan
- Pendopo Energi Batubara - Indonesia
- Mercator Lines Limited - India
- Electricity Generating Authority of Thailand
- Medco Energi Mining Internasional
- Salva Resources Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Mintek Dendrill Indonesia
- Wood Mackenzie - Singapore
- Aditya Birla Group - India
- Ministry of Mines - Canada
- CIMB Investment Bank - Malaysia
- Banpu Public Company Limited - Thailand
- Metalloyd Limited - United Kingdom
- Central Electricity Authority - India
- SN Aboitiz Power Inc, Philippines
- VISA Power Limited - India
- Wilmar Investment Holdings
- Ambuja Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Georgia Ports Authority, United States
- Asmin Koalindo Tuhup - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kumho Petrochemical, South Korea
- Binh Thuan Hamico - Vietnam
- Bhushan Steel Limited - India
- Miang Besar Coal Terminal - Indonesia
- CNBM International Corporation - China
- Sojitz Corporation - Japan
- Bhatia International Limited - India
- Coastal Gujarat Power Limited - India
- Savvy Resources Ltd - HongKong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Kartika Selabumi Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Parry Sugars Refinery, India
- Leighton Contractors Pty Ltd - Australia
- Dalmia Cement Bharat India
- MS Steel International - UAE
- Coalindo Energy - Indonesia
- Energy Development Corp, Philippines
- Agrawal Coal Company - India
- Anglo American - United Kingdom
- Standard Chartered Bank - UAE
- Jorong Barutama Greston.PT - Indonesia
- Bharathi Cement Corporation - India
- Sindya Power Generating Company Private Ltd
- Central Java Power - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- GMR Energy Limited - India
- Riau Bara Harum - Indonesia
- PNOC Exploration Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Eastern Coal Council - USA
- Sarangani Energy Corporation, Philippines
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