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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, 21 March 20
PANAMAX: 82,000DWT SHIP AGREED $4,250 FOR A COAL TRIP VIA INDONESIA REDELIVERY SOUTH CHINA - BALTIC BRIEFING
Capesize
The Capesize market made some headway this past week despite being buffeted by the global pandemic storm. With the market in a constan ...
Friday, 20 March 20
VOLATILITY TO INCREASE IN TANKER MARKET FOLLOWING OIL PRICE WAR - DREWRY
Crude oil prices plunged by more than a third in the past week after OPEC+ failed to agree on production cut as demand softened in the aftermath of ...
Friday, 20 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 ...
Friday, 20 March 20
OIL PRICES COULD FALL BELOW ZERO: ANALYST - FOX BUSINESS
Plunging oil prices could be headed a lot lower – possibly below zero, according to one Wall Street analyst.
West Texas Interm ...
Friday, 20 March 20
84% OF FEBRUARY BUNKER SALES IN SINGAPORE ARE LOW-SULPHUR FUELS - BIMCO
Low-sulphur fuels accounted for 84% of total February sales in Singapore, slightly up from 83% in January. The sale of low-sulphur fuel oil (LSFO) ...
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- Globalindo Alam Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Wood Mackenzie - Singapore
- Minerals Council of Australia
- Uttam Galva Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- OPG Power Generation Pvt Ltd - India
- Baramulti Group, Indonesia
- Power Finance Corporation Ltd., India
- Attock Cement Pakistan Limited
- Indonesian Coal Mining Association
- Holcim Trading Pte Ltd - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Generating Authority of Thailand
- Mjunction Services Limited - India
- Bharathi Cement Corporation - India
- Tata Chemicals Ltd - India
- Pendopo Energi Batubara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sakthi Sugars Limited - India
- Economic Council, Georgia
- Simpson Spence & Young - Indonesia
- Larsen & Toubro Limited - India
- Global Business Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Bangladesh Power Developement Board
- Petron Corporation, Philippines
- Latin American Coal - Colombia
- Malabar Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Cement Manufacturers Association - India
- Kideco Jaya Agung - Indonesia
- Standard Chartered Bank - UAE
- GMR Energy Limited - India
- CIMB Investment Bank - Malaysia
- IHS Mccloskey Coal Group - USA
- Global Coal Blending Company Limited - Australia
- Aboitiz Power Corporation - Philippines
- Interocean Group of Companies - India
- London Commodity Brokers - England
- Gujarat Mineral Development Corp Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Medco Energi Mining Internasional
- SMC Global Power, Philippines
- Trasteel International SA, Italy
- Goldman Sachs - Singapore
- Semirara Mining and Power Corporation, Philippines
- Mercator Lines Limited - India
- Australian Commodity Traders Exchange
- Chamber of Mines of South Africa
- Kepco SPC Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Singapore Mercantile Exchange
- Ambuja Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Meenaskhi Energy Private Limited - India
- Agrawal Coal Company - India
- ICICI Bank Limited - India
- Sarangani Energy Corporation, Philippines
- Thiess Contractors Indonesia
- Edison Trading Spa - Italy
- GVK Power & Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Chettinad Cement Corporation Ltd - India
- Independent Power Producers Association of India
- Timah Investasi Mineral - Indoneisa
- South Luzon Thermal Energy Corporation
- Energy Link Ltd, New Zealand
- White Energy Company Limited
- Eastern Energy - Thailand
- Salva Resources Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Vedanta Resources Plc - India
- Kaltim Prima Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Bayan Resources Tbk. - Indonesia
- Sical Logistics Limited - India
- Coal and Oil Company - UAE
- Billiton Holdings Pty Ltd - Australia
- Bhatia International Limited - India
- Sojitz Corporation - Japan
- Price Waterhouse Coopers - Russia
- Bukit Makmur.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Madhucon Powers Ltd - India
- Commonwealth Bank - Australia
- Heidelberg Cement - Germany
- Tamil Nadu electricity Board
- Iligan Light & Power Inc, Philippines
- Ministry of Transport, Egypt
- ASAPP Information Group - India
- McConnell Dowell - Australia
- Vizag Seaport Private Limited - India
- New Zealand Coal & Carbon
- Kumho Petrochemical, South Korea
- Formosa Plastics Group - Taiwan
- Directorate Of Revenue Intelligence - India
- Central Java Power - Indonesia
- Australian Coal Association
- European Bulk Services B.V. - Netherlands
- Rio Tinto Coal - Australia
- CNBM International Corporation - China
- Xindia Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Sindya Power Generating Company Private Ltd
- Semirara Mining Corp, Philippines
- Bhushan Steel Limited - India
- Jindal Steel & Power Ltd - India
- Mercuria Energy - Indonesia
- The University of Queensland
- SN Aboitiz Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Coalindo Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Videocon Industries ltd - India
- Sree Jayajothi Cements Limited - India
- Oldendorff Carriers - Singapore
- Coastal Gujarat Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- MS Steel International - UAE
- Wilmar Investment Holdings
- GN Power Mariveles Coal Plant, Philippines
- SMG Consultants - Indonesia
- Aditya Birla Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kalimantan Lumbung Energi - Indonesia
- Antam Resourcindo - Indonesia
- Indika Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Sidhee Cement - India
- Carbofer General Trading SA - India
- Lanco Infratech Ltd - India
- VISA Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Energy Development Corp, Philippines
- Bulk Trading Sa - Switzerland
- Anglo American - United Kingdom
- Orica Australia Pty. Ltd.
- Manunggal Multi Energi - Indonesia
- Meralco Power Generation, Philippines
- Planning Commission, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Mines - Canada
- TNB Fuel Sdn Bhd - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Asmin Koalindo Tuhup - Indonesia
- Star Paper Mills Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Banpu Public Company Limited - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Central Electricity Authority - India
- Electricity Authority, New Zealand
- Siam City Cement PLC, Thailand
- Posco Energy - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Leighton Contractors Pty Ltd - Australia
- Indian Oil Corporation Limited
- Kobexindo Tractors - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Eastern Coal Council - USA
- Georgia Ports Authority, United States
- TeaM Sual Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- IEA Clean Coal Centre - UK
- Deloitte Consulting - India
- Orica Mining Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
- Ministry of Finance - Indonesia
- LBH Netherlands Bv - Netherlands
- Thai Mozambique Logistica
- Intertek Mineral Services - Indonesia
- Merrill Lynch Commodities Europe
- San Jose City I Power Corp, Philippines
- The Treasury - Australian Government
- Metalloyd Limited - United Kingdom
- PTC India Limited - India
- India Bulls Power Limited - India
- Siam City Cement - Thailand
- PNOC Exploration Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Ind-Barath Power Infra Limited - India
- Indian Energy Exchange, India
- Neyveli Lignite Corporation Ltd, - India
- Parry Sugars Refinery, India
- Essar Steel Hazira Ltd - India
- Barasentosa Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Makarim & Taira - Indonesia
- Renaissance Capital - South Africa
- PowerSource Philippines DevCo
- AsiaOL BioFuels Corp., Philippines
- GAC Shipping (India) Pvt Ltd
- Kapuas Tunggal Persada - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Borneo Indobara - Indonesia
- Samtan Co., Ltd - South Korea
- Straits Asia Resources Limited - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Africa Commodities Group - South Africa
- Indogreen Group - Indonesia
- Marubeni Corporation - India
- International Coal Ventures Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Parliament of New Zealand
- Mintek Dendrill Indonesia
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