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