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