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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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Friday, 13 March 20
PANAMAX: SLIGHTLY STRONGER NUMBERS IN BOTH BASINS THIS WEEK - FEARNLEYS
Cape
Still very sad times for the big ships, and merit in further trading at present levels is highly debatable for most tonnage. Spot fixtures ...
Friday, 13 March 20
TOP 4 ACCOUNTING CONSIDERATIONS AFTER THE IMPLEMENTATION OF IMO 2020 - PWC
To install or not to install?
Following the IMO 2020 global low sulphur cap for marine fuel effective since 1 January 2020, many shi ...
Friday, 13 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, 13 March 20
KOREA SOUTH-EAST POWER INVITED BIDS FOR 390,000 MT OF THERMAL COAL FOR MAY-JUNE 2020 LOADING
COALspot.com: Korea South-East Power Co., Ltd. (KOEN), has issued an international tender for total 390,000 Metric Tons of coal for May & June ...
Thursday, 12 March 20
INDIA 2019 THERMAL COAL IMPORTS RISE 12.6% TO NEARLY 200 MILLION TONNES - REUTERS
India’s thermal coal imports rose 12.6% to nearly 200 million tonnes in 2019, government data reviewed by Reuters showed, reflecting the seco ...
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- Kartika Selabumi Mining - Indonesia
- Deloitte Consulting - India
- Latin American Coal - Colombia
- New Zealand Coal & Carbon
- Pipit Mutiara Jaya. PT, Indonesia
- Chettinad Cement Corporation Ltd - India
- ICICI Bank Limited - India
- ASAPP Information Group - India
- Billiton Holdings Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Kohat Cement Company Ltd. - Pakistan
- Grasim Industreis Ltd - India
- GVK Power & Infra Limited - India
- Price Waterhouse Coopers - Russia
- South Luzon Thermal Energy Corporation
- Vizag Seaport Private Limited - India
- SMG Consultants - Indonesia
- CIMB Investment Bank - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sree Jayajothi Cements Limited - India
- Kideco Jaya Agung - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- London Commodity Brokers - England
- Altura Mining Limited, Indonesia
- Bangladesh Power Developement Board
- Planning Commission, India
- Xindia Steels Limited - India
- Ind-Barath Power Infra Limited - India
- The University of Queensland
- Sindya Power Generating Company Private Ltd
- Tata Chemicals Ltd - India
- Maheswari Brothers Coal Limited - India
- Savvy Resources Ltd - HongKong
- Siam City Cement PLC, Thailand
- Meralco Power Generation, Philippines
- Merrill Lynch Commodities Europe
- The Treasury - Australian Government
- Sojitz Corporation - Japan
- Ministry of Mines - Canada
- Sinarmas Energy and Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Energy Development Corp, Philippines
- Cement Manufacturers Association - India
- Africa Commodities Group - South Africa
- McConnell Dowell - Australia
- Timah Investasi Mineral - Indoneisa
- Central Java Power - Indonesia
- Medco Energi Mining Internasional
- LBH Netherlands Bv - Netherlands
- Star Paper Mills Limited - India
- Vedanta Resources Plc - India
- Renaissance Capital - South Africa
- Kepco SPC Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- Global Coal Blending Company Limited - Australia
- Metalloyd Limited - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Borneo Indobara - Indonesia
- Thiess Contractors Indonesia
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
- Bulk Trading Sa - Switzerland
- Ambuja Cements Ltd - India
- Petron Corporation, Philippines
- Carbofer General Trading SA - India
- Globalindo Alam Lestari - Indonesia
- Interocean Group of Companies - India
- Mjunction Services Limited - India
- Ceylon Electricity Board - Sri Lanka
- Essar Steel Hazira Ltd - India
- Indogreen Group - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Chamber of Mines of South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Rashtriya Ispat Nigam Limited - India
- Rio Tinto Coal - Australia
- CNBM International Corporation - China
- Kaltim Prima Coal - Indonesia
- PowerSource Philippines DevCo
- Indika Energy - Indonesia
- Central Electricity Authority - India
- PNOC Exploration Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Bayan Resources Tbk. - Indonesia
- Mercator Lines Limited - India
- Bukit Baiduri Energy - Indonesia
- Uttam Galva Steels Limited - India
- Banpu Public Company Limited - Thailand
- Parliament of New Zealand
- Orica Australia Pty. Ltd.
- Formosa Plastics Group - Taiwan
- Eastern Coal Council - USA
- Binh Thuan Hamico - Vietnam
- Electricity Generating Authority of Thailand
- Aditya Birla Group - India
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- Wilmar Investment Holdings
- Baramulti Group, Indonesia
- Australian Commodity Traders Exchange
- Therma Luzon, Inc, Philippines
- Australian Coal Association
- AsiaOL BioFuels Corp., Philippines
- Straits Asia Resources Limited - Singapore
- Power Finance Corporation Ltd., India
- San Jose City I Power Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Romanian Commodities Exchange
- Indo Tambangraya Megah - Indonesia
- Malabar Cements Ltd - India
- Electricity Authority, New Zealand
- Sarangani Energy Corporation, Philippines
- Antam Resourcindo - Indonesia
- Standard Chartered Bank - UAE
- Lanco Infratech Ltd - India
- Mintek Dendrill Indonesia
- Salva Resources Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Coal and Oil Company - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- European Bulk Services B.V. - Netherlands
- Sical Logistics Limited - India
- Anglo American - United Kingdom
- Gujarat Sidhee Cement - India
- India Bulls Power Limited - India
- Agrawal Coal Company - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Karaikal Port Pvt Ltd - India
- Eastern Energy - Thailand
- Madhucon Powers Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- OPG Power Generation Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Semirara Mining Corp, Philippines
- Marubeni Corporation - India
- PTC India Limited - India
- Attock Cement Pakistan Limited
- Global Business Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Krishnapatnam Port Company Ltd. - India
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement - Thailand
- SN Aboitiz Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- IHS Mccloskey Coal Group - USA
- White Energy Company Limited
- Edison Trading Spa - Italy
- Maharashtra Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Singapore Mercantile Exchange
- Independent Power Producers Association of India
- Minerals Council of Australia
- Posco Energy - South Korea
- Ministry of Finance - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Simpson Spence & Young - Indonesia
- Larsen & Toubro Limited - India
- Makarim & Taira - Indonesia
- Manunggal Multi Energi - Indonesia
- Dalmia Cement Bharat India
- Jaiprakash Power Ventures ltd
- Georgia Ports Authority, United States
- Kalimantan Lumbung Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parry Sugars Refinery, India
- Bukit Makmur.PT - Indonesia
- Sakthi Sugars Limited - India
- Samtan Co., Ltd - South Korea
- Goldman Sachs - Singapore
- Tamil Nadu electricity Board
- Vijayanagar Sugar Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Oldendorff Carriers - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Directorate General of MIneral and Coal - Indonesia
- Bhushan Steel Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Barasentosa Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Alfred C Toepfer International GmbH - Germany
- Videocon Industries ltd - India
- GMR Energy Limited - India
- SMC Global Power, Philippines
- Directorate Of Revenue Intelligence - India
- Coalindo Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Indonesian Coal Mining Association
- IEA Clean Coal Centre - UK
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Transport, Egypt
- Indian Energy Exchange, India
- Meenaskhi Energy Private Limited - India
- Indian Oil Corporation Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- VISA Power Limited - India
- Bhatia International Limited - India
- Thai Mozambique Logistica
- Orica Mining Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- MS Steel International - UAE
- TeaM Sual Corporation - Philippines
- Riau Bara Harum - Indonesia
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