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