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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, 18 March 20
SHIPPING MARKET INSIGHT - INTERMODAL
Despite we all knew about the Covid-19 weeks ago, few could realize the size of the thread until the last few days. The examples of China and Italy ...
Tuesday, 17 March 20
IT IS NOW UNQUESTIONABLE THAT 2020 WILL BE A MILESTONE YEAR FOR THE OIL MARKET, AS WELL AS THE WHOLE GLOBAL ECONOMY - ALLIED
It is now unquestionable that 2020 will be a milestone year for the oil market, as well as the whole global economy. The impact from the COVID-19 o ...
Tuesday, 17 March 20
PRELIMINARY FIELD EXPERIENCES ON THE EFFECTS OF LSFO AND VLSFO ON CYLINDER CONDITION - HANS JENSEN LUBRICATORS
It is now more than two months since the 0.5% sulphur cap entered into force, which have affected the operation of more than 70,000 vessels. As ant ...
Monday, 16 March 20
ULTRAMAX: S8 INDONESIA-INDIA AND S10 INDONESIA-CHINA ROUTES BOTH POSTED GAINS OF $1,412, AND $1,289 ON THE WEEK, TO CLOSE AT $5,575, AND $6,089 RESPECTIVELY - BALTIC BRIEFING
Capesize
The Capesize market came to work on Monday, with little expectation, or confidence, that the days ahead were going to bring anything o ...
Sunday, 15 March 20
CAPTIVE COAL OUTPUT RISES 19% IN APRIL-FEBRUARY - FINANCIAL EXPRESS
Coal production from captive mines in the first eleven months of the ongoing fiscal have increased by 18.8% year-on-year (y-o-y) to 51.7 million to ...
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- Sical Logistics Limited - India
- Minerals Council of Australia
- Bayan Resources Tbk. - Indonesia
- Africa Commodities Group - South Africa
- India Bulls Power Limited - India
- Binh Thuan Hamico - Vietnam
- Heidelberg Cement - Germany
- Global Business Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Kumho Petrochemical, South Korea
- Gujarat Sidhee Cement - India
- Chamber of Mines of South Africa
- Neyveli Lignite Corporation Ltd, - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ASAPP Information Group - India
- The University of Queensland
- Bhatia International Limited - India
- Indika Energy - Indonesia
- Altura Mining Limited, Indonesia
- Indian Oil Corporation Limited
- Intertek Mineral Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- Deloitte Consulting - India
- European Bulk Services B.V. - Netherlands
- Jindal Steel & Power Ltd - India
- Mintek Dendrill Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bhushan Steel Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Videocon Industries ltd - India
- Romanian Commodities Exchange
- Semirara Mining Corp, Philippines
- Planning Commission, India
- Wood Mackenzie - Singapore
- CNBM International Corporation - China
- Indonesian Coal Mining Association
- Coalindo Energy - Indonesia
- Aditya Birla Group - India
- Leighton Contractors Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Cement Manufacturers Association - India
- Bukit Makmur.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Goldman Sachs - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Trasteel International SA, Italy
- Miang Besar Coal Terminal - Indonesia
- Ministry of Finance - Indonesia
- Ministry of Transport, Egypt
- Power Finance Corporation Ltd., India
- Sojitz Corporation - Japan
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Xindia Steels Limited - India
- Metalloyd Limited - United Kingdom
- McConnell Dowell - Australia
- Ceylon Electricity Board - Sri Lanka
- Renaissance Capital - South Africa
- Energy Link Ltd, New Zealand
- Interocean Group of Companies - India
- Marubeni Corporation - India
- Central Electricity Authority - India
- Holcim Trading Pte Ltd - Singapore
- Pendopo Energi Batubara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- San Jose City I Power Corp, Philippines
- PowerSource Philippines DevCo
- Siam City Cement - Thailand
- Economic Council, Georgia
- Makarim & Taira - Indonesia
- SMG Consultants - Indonesia
- Vizag Seaport Private Limited - India
- Ambuja Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Grasim Industreis Ltd - India
- Directorate Of Revenue Intelligence - India
- Baramulti Group, Indonesia
- IHS Mccloskey Coal Group - USA
- Karbindo Abesyapradhi - Indoneisa
- Bulk Trading Sa - Switzerland
- LBH Netherlands Bv - Netherlands
- Attock Cement Pakistan Limited
- Electricity Generating Authority of Thailand
- AsiaOL BioFuels Corp., Philippines
- Sindya Power Generating Company Private Ltd
- ICICI Bank Limited - India
- Singapore Mercantile Exchange
- Star Paper Mills Limited - India
- Meralco Power Generation, Philippines
- Anglo American - United Kingdom
- Independent Power Producers Association of India
- PTC India Limited - India
- Krishnapatnam Port Company Ltd. - India
- Agrawal Coal Company - India
- Electricity Authority, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- SN Aboitiz Power Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Sarangani Energy Corporation, Philippines
- Ministry of Mines - Canada
- Bharathi Cement Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- White Energy Company Limited
- Orica Australia Pty. Ltd.
- Port Waratah Coal Services - Australia
- Posco Energy - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Energy Development Corp, Philippines
- The Treasury - Australian Government
- Sakthi Sugars Limited - India
- Essar Steel Hazira Ltd - India
- Parry Sugars Refinery, India
- Wilmar Investment Holdings
- Sree Jayajothi Cements Limited - India
- Chettinad Cement Corporation Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rio Tinto Coal - Australia
- TNB Fuel Sdn Bhd - Malaysia
- New Zealand Coal & Carbon
- Kobexindo Tractors - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- PetroVietnam Power Coal Import and Supply Company
- IEA Clean Coal Centre - UK
- Mercator Lines Limited - India
- Price Waterhouse Coopers - Russia
- Sinarmas Energy and Mining - Indonesia
- Oldendorff Carriers - Singapore
- Antam Resourcindo - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Larsen & Toubro Limited - India
- Siam City Cement PLC, Thailand
- Vedanta Resources Plc - India
- Kalimantan Lumbung Energi - Indonesia
- Borneo Indobara - Indonesia
- GAC Shipping (India) Pvt Ltd
- South Luzon Thermal Energy Corporation
- The State Trading Corporation of India Ltd
- Malabar Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Petron Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coal and Oil Company - UAE
- Georgia Ports Authority, United States
- PNOC Exploration Corporation - Philippines
- GMR Energy Limited - India
- Medco Energi Mining Internasional
- Tata Chemicals Ltd - India
- Latin American Coal - Colombia
- Global Green Power PLC Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Maheswari Brothers Coal Limited - India
- Eastern Energy - Thailand
- Toyota Tsusho Corporation, Japan
- Dalmia Cement Bharat India
- Bukit Baiduri Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Jaiprakash Power Ventures ltd
- Kepco SPC Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Coastal Gujarat Power Limited - India
- SMC Global Power, Philippines
- Cigading International Bulk Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indo Tambangraya Megah - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- London Commodity Brokers - England
- Indogreen Group - Indonesia
- GVK Power & Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Orica Mining Services - Indonesia
- Indian Energy Exchange, India
- Ind-Barath Power Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Simpson Spence & Young - Indonesia
- Carbofer General Trading SA - India
- Bhoruka Overseas - Indonesia
- MS Steel International - UAE
- Kideco Jaya Agung - Indonesia
- Parliament of New Zealand
- Edison Trading Spa - Italy
- Formosa Plastics Group - Taiwan
- Riau Bara Harum - Indonesia
- Central Java Power - Indonesia
- Australian Coal Association
- Lanco Infratech Ltd - India
- Thiess Contractors Indonesia
- Tamil Nadu electricity Board
- Mjunction Services Limited - India
- Alfred C Toepfer International GmbH - Germany
- Kartika Selabumi Mining - Indonesia
- Madhucon Powers Ltd - India
- Mercuria Energy - Indonesia
- Thai Mozambique Logistica
- VISA Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
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