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