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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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Saturday, 28 March 20
ASIA'S COAL MARKETS DIVERGE ON QUALITY LINES AS CORONAVIRUS HITS INDIA - REUTERS
Asia’s seaborne coal market is increasingly diverging between higher-quality Australian coal, where prices are holding up despite the economi ...
Friday, 27 March 20
CHINA'S BULKS: THE SENTIMENT GAP BETWEEN STEEL AND COAL WIDENS - WOOD MACKENZIE
China seems to be containing its local coronavirus situation, with imported cases now posing the greater threat. While quarantine measures remain t ...
Friday, 27 March 20
S.KOREA Q1 THERMAL COAL IMPORTS SET FOR 10-YR LOW ON ANTI-POLLUTION MEASURES - REUTERS
South Korea’s first-quarter thermal coal imports are set to fall to a decade-low due to stricter air pollution measures, while the coronaviru ...
Friday, 27 March 20
PORT OF NEWCASTLE OPERATIONS CONTINUE WITH COVID-19 RESPONSE MEASURES IN PLACE
Port of Newcastle, like many organisations, is taking a precautionary approach to help manage COVID-19 risks in the community. Our focus is on ensu ...
Thursday, 26 March 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 ...
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- International Coal Ventures Pvt Ltd - India
- Independent Power Producers Association of India
- Australian Coal Association
- Orica Australia Pty. Ltd.
- Bukit Baiduri Energy - Indonesia
- Attock Cement Pakistan Limited
- Kaltim Prima Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- The State Trading Corporation of India Ltd
- Binh Thuan Hamico - Vietnam
- The Treasury - Australian Government
- Bangladesh Power Developement Board
- Wilmar Investment Holdings
- India Bulls Power Limited - India
- Gujarat Sidhee Cement - India
- Kartika Selabumi Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- MS Steel International - UAE
- Global Business Power Corporation, Philippines
- Siam City Cement - Thailand
- Indogreen Group - Indonesia
- Parry Sugars Refinery, India
- Tamil Nadu electricity Board
- Therma Luzon, Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Sakthi Sugars Limited - India
- Bhatia International Limited - India
- European Bulk Services B.V. - Netherlands
- Ministry of Transport, Egypt
- Mercator Lines Limited - India
- Eastern Coal Council - USA
- AsiaOL BioFuels Corp., Philippines
- Bharathi Cement Corporation - India
- Sree Jayajothi Cements Limited - India
- Ceylon Electricity Board - Sri Lanka
- Aditya Birla Group - India
- Chamber of Mines of South Africa
- Jaiprakash Power Ventures ltd
- Carbofer General Trading SA - India
- Coalindo Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Alfred C Toepfer International GmbH - Germany
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Ambuja Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Bhoruka Overseas - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- GAC Shipping (India) Pvt Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Link Ltd, New Zealand
- Renaissance Capital - South Africa
- Maheswari Brothers Coal Limited - India
- Vizag Seaport Private Limited - India
- Kumho Petrochemical, South Korea
- Manunggal Multi Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Malabar Cements Ltd - India
- Thai Mozambique Logistica
- Coastal Gujarat Power Limited - India
- Planning Commission, India
- Jindal Steel & Power Ltd - India
- Altura Mining Limited, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Kobexindo Tractors - Indoneisa
- Global Coal Blending Company Limited - Australia
- Semirara Mining and Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Medco Energi Mining Internasional
- Gujarat Mineral Development Corp Ltd - India
- Latin American Coal - Colombia
- New Zealand Coal & Carbon
- Bahari Cakrawala Sebuku - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Heidelberg Cement - Germany
- Banpu Public Company Limited - Thailand
- Commonwealth Bank - Australia
- Orica Mining Services - Indonesia
- Simpson Spence & Young - Indonesia
- SMG Consultants - Indonesia
- Meenaskhi Energy Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Thiess Contractors Indonesia
- SMC Global Power, Philippines
- Baramulti Group, Indonesia
- Makarim & Taira - Indonesia
- London Commodity Brokers - England
- Directorate Of Revenue Intelligence - India
- Rio Tinto Coal - Australia
- Toyota Tsusho Corporation, Japan
- Riau Bara Harum - Indonesia
- SN Aboitiz Power Inc, Philippines
- Tata Chemicals Ltd - India
- Posco Energy - South Korea
- Indika Energy - Indonesia
- GVK Power & Infra Limited - India
- Australian Commodity Traders Exchange
- Karaikal Port Pvt Ltd - India
- Central Java Power - Indonesia
- Madhucon Powers Ltd - India
- Videocon Industries ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Mines - Canada
- Parliament of New Zealand
- Energy Development Corp, Philippines
- Minerals Council of Australia
- Iligan Light & Power Inc, Philippines
- Sical Logistics Limited - India
- Oldendorff Carriers - Singapore
- Economic Council, Georgia
- Asmin Koalindo Tuhup - Indonesia
- Antam Resourcindo - Indonesia
- Dalmia Cement Bharat India
- Xindia Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Interocean Group of Companies - India
- Anglo American - United Kingdom
- Uttam Galva Steels Limited - India
- CNBM International Corporation - China
- Sarangani Energy Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Mercuria Energy - Indonesia
- Trasteel International SA, Italy
- PNOC Exploration Corporation - Philippines
- The University of Queensland
- PetroVietnam Power Coal Import and Supply Company
- Merrill Lynch Commodities Europe
- Africa Commodities Group - South Africa
- Formosa Plastics Group - Taiwan
- Borneo Indobara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Lanco Infratech Ltd - India
- Eastern Energy - Thailand
- Petron Corporation, Philippines
- IEA Clean Coal Centre - UK
- Star Paper Mills Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Electricity Authority, New Zealand
- Mintek Dendrill Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Cigading International Bulk Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Indonesian Coal Mining Association
- ICICI Bank Limited - India
- San Jose City I Power Corp, Philippines
- GMR Energy Limited - India
- Marubeni Corporation - India
- Goldman Sachs - Singapore
- Deloitte Consulting - India
- Sinarmas Energy and Mining - Indonesia
- White Energy Company Limited
- Meralco Power Generation, Philippines
- Krishnapatnam Port Company Ltd. - India
- LBH Netherlands Bv - Netherlands
- Coal and Oil Company - UAE
- Price Waterhouse Coopers - Russia
- Global Green Power PLC Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Bhushan Steel Limited - India
- Power Finance Corporation Ltd., India
- Cement Manufacturers Association - India
- Central Electricity Authority - India
- Kalimantan Lumbung Energi - Indonesia
- Sojitz Corporation - Japan
- Aboitiz Power Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Finance - Indonesia
- Singapore Mercantile Exchange
- Barasentosa Lestari - Indonesia
- Standard Chartered Bank - UAE
- Agrawal Coal Company - India
- Vedanta Resources Plc - India
- Bukit Makmur.PT - Indonesia
- Bulk Trading Sa - Switzerland
- PTC India Limited - India
- Indo Tambangraya Megah - Indonesia
- Intertek Mineral Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Indian Oil Corporation Limited
- Electricity Generating Authority of Thailand
- Indian Energy Exchange, India
- Savvy Resources Ltd - HongKong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- McConnell Dowell - Australia
- Wood Mackenzie - Singapore
- Edison Trading Spa - Italy
- TeaM Sual Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Grasim Industreis Ltd - India
- OPG Power Generation Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Larsen & Toubro Limited - India
- VISA Power Limited - India
- South Luzon Thermal Energy Corporation
- PowerSource Philippines DevCo
- Siam City Cement PLC, Thailand
- Timah Investasi Mineral - Indoneisa
- CIMB Investment Bank - Malaysia
- Romanian Commodities Exchange
- IHS Mccloskey Coal Group - USA
- Straits Asia Resources Limited - Singapore
- Kideco Jaya Agung - Indonesia
- Mjunction Services Limited - India
- Semirara Mining Corp, Philippines
- Ind-Barath Power Infra Limited - India
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