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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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Wednesday, 25 March 20
CORONAVIRUS CRISIS IS CRUSHING GLOBAL GDP GROWTH - FITCH RATINGS
The coronavirus crisis is crushing global GDP growth according to Fitch Ratings in its latest quarterly “Global Economic Outlook” (GEO) ...
Wednesday, 25 March 20
MARKET INSIGHT - INTERMODAL
There is no doubt that the Covid-19 pandemic crisis is a world-shattering event that will change the world as we know it. Societies are facing chal ...
Wednesday, 25 March 20
INDONESIA TO CANCEL RULES REQUIRING DOMESTIC SHIPS FOR COAL, PALM EXPORTS : REFINITIV
Indonesia's government will revoke rules requiring exporters of coal and palm oil to use domestic shipping companies for shipments, Coordinatin ...
Wednesday, 25 March 20
JAN-FEB 2020, INDONESIA SHIPPED 64.5 MLN TONNES OF COAL, UP +3.4% YOY - BANCHERO COSTA
In the 12 months of calendar 2019, Indonesia exported 386.4 mln tonnes of coal, according to vessel tracking data from Refinitiv. This represents a ...
Tuesday, 24 March 20
MARKET ANALYSIS - ALLIED
As countries around the world struggle to take back control of the ongoing COVID-19 pandemic the global economy shuts down bit by bit, leaving only ...
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- PowerSource Philippines DevCo
- Standard Chartered Bank - UAE
- Sinarmas Energy and Mining - Indonesia
- Grasim Industreis Ltd - India
- Goldman Sachs - Singapore
- Dalmia Cement Bharat India
- Indonesian Coal Mining Association
- Samtan Co., Ltd - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Merrill Lynch Commodities Europe
- Sical Logistics Limited - India
- LBH Netherlands Bv - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Directorate Of Revenue Intelligence - India
- Maheswari Brothers Coal Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Makarim & Taira - Indonesia
- Economic Council, Georgia
- South Luzon Thermal Energy Corporation
- Offshore Bulk Terminal Pte Ltd, Singapore
- Krishnapatnam Port Company Ltd. - India
- Formosa Plastics Group - Taiwan
- Iligan Light & Power Inc, Philippines
- Wood Mackenzie - Singapore
- Thai Mozambique Logistica
- Sindya Power Generating Company Private Ltd
- Ministry of Mines - Canada
- Siam City Cement - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Indogreen Group - Indonesia
- Toyota Tsusho Corporation, Japan
- Vijayanagar Sugar Pvt Ltd - India
- London Commodity Brokers - England
- Metalloyd Limited - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Renaissance Capital - South Africa
- Interocean Group of Companies - India
- PNOC Exploration Corporation - Philippines
- The University of Queensland
- Kideco Jaya Agung - Indonesia
- Kartika Selabumi Mining - Indonesia
- Borneo Indobara - Indonesia
- Malabar Cements Ltd - India
- Sakthi Sugars Limited - India
- Energy Development Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Planning Commission, India
- Manunggal Multi Energi - Indonesia
- VISA Power Limited - India
- Orica Mining Services - Indonesia
- Oldendorff Carriers - Singapore
- Savvy Resources Ltd - HongKong
- Ministry of Transport, Egypt
- Bharathi Cement Corporation - India
- AsiaOL BioFuels Corp., Philippines
- SN Aboitiz Power Inc, Philippines
- Vedanta Resources Plc - India
- Ambuja Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- Port Waratah Coal Services - Australia
- Electricity Authority, New Zealand
- Electricity Generating Authority of Thailand
- Kaltim Prima Coal - Indonesia
- Gujarat Sidhee Cement - India
- Coalindo Energy - Indonesia
- Energy Link Ltd, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Australian Coal Association
- Medco Energi Mining Internasional
- Bukit Baiduri Energy - Indonesia
- The State Trading Corporation of India Ltd
- Coal and Oil Company - UAE
- Global Business Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- European Bulk Services B.V. - Netherlands
- Semirara Mining Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Attock Cement Pakistan Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercator Lines Limited - India
- Tata Chemicals Ltd - India
- Parliament of New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Bhushan Steel Limited - India
- Holcim Trading Pte Ltd - Singapore
- Thiess Contractors Indonesia
- San Jose City I Power Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Commodity Traders Exchange
- Kumho Petrochemical, South Korea
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- OPG Power Generation Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- SMG Consultants - Indonesia
- Ind-Barath Power Infra Limited - India
- IEA Clean Coal Centre - UK
- Riau Bara Harum - Indonesia
- Orica Australia Pty. Ltd.
- IHS Mccloskey Coal Group - USA
- Sojitz Corporation - Japan
- Minerals Council of Australia
- Larsen & Toubro Limited - India
- Aboitiz Power Corporation - Philippines
- Chamber of Mines of South Africa
- Agrawal Coal Company - India
- Bukit Makmur.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Cement Manufacturers Association - India
- Antam Resourcindo - Indonesia
- CIMB Investment Bank - Malaysia
- Latin American Coal - Colombia
- Gujarat Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Baramulti Group, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- MS Steel International - UAE
- McConnell Dowell - Australia
- Pendopo Energi Batubara - Indonesia
- Indian Energy Exchange, India
- Mjunction Services Limited - India
- Sarangani Energy Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Commonwealth Bank - Australia
- Central Java Power - Indonesia
- Singapore Mercantile Exchange
- Trasteel International SA, Italy
- Power Finance Corporation Ltd., India
- Petron Corporation, Philippines
- Wilmar Investment Holdings
- SMC Global Power, Philippines
- ICICI Bank Limited - India
- Bhatia International Limited - India
- Bhoruka Overseas - Indonesia
- Indika Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- Star Paper Mills Limited - India
- Posco Energy - South Korea
- Edison Trading Spa - Italy
- TeaM Sual Corporation - Philippines
- Central Electricity Authority - India
- Jaiprakash Power Ventures ltd
- Barasentosa Lestari - Indonesia
- PTC India Limited - India
- Africa Commodities Group - South Africa
- Altura Mining Limited, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bulk Trading Sa - Switzerland
- Aditya Birla Group - India
- Intertek Mineral Services - Indonesia
- Lanco Infratech Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Vizag Seaport Private Limited - India
- Ministry of Finance - Indonesia
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- GAC Shipping (India) Pvt Ltd
- Karbindo Abesyapradhi - Indoneisa
- Uttam Galva Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Mercuria Energy - Indonesia
- Anglo American - United Kingdom
- India Bulls Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Therma Luzon, Inc, Philippines
- Romanian Commodities Exchange
- Leighton Contractors Pty Ltd - Australia
- Indian Oil Corporation Limited
- Independent Power Producers Association of India
- Cigading International Bulk Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Indo Tambangraya Megah - Indonesia
- Mintek Dendrill Indonesia
- Georgia Ports Authority, United States
- Bayan Resources Tbk. - Indonesia
- Xindia Steels Limited - India
- Siam City Cement PLC, Thailand
- The Treasury - Australian Government
- Rio Tinto Coal - Australia
- Alfred C Toepfer International GmbH - Germany
- Heidelberg Cement - Germany
- Carbofer General Trading SA - India
- Price Waterhouse Coopers - Russia
- Global Coal Blending Company Limited - Australia
- Simpson Spence & Young - Indonesia
- Eastern Energy - Thailand
- Parry Sugars Refinery, India
- Tamil Nadu electricity Board
- GN Power Mariveles Coal Plant, Philippines
- CNBM International Corporation - China
- Meenaskhi Energy Private Limited - India
- ASAPP Information Group - India
- Kepco SPC Power Corporation, Philippines
- New Zealand Coal & Carbon
- Timah Investasi Mineral - Indoneisa
- Deloitte Consulting - India
- Eastern Coal Council - USA
- Marubeni Corporation - India
- GMR Energy Limited - India
- GVK Power & Infra Limited - India
- Banpu Public Company Limited - Thailand
- White Energy Company Limited
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