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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, 06 March 20
COLOMBIAN COAL OUTPUT FELL 2% IN 2019 - REUTERS
Coal production in Colombia, the fifth-largest coal exporter in the world, fell 2% to 82.2 million tonnes in 2019 after output at one of the princi ...
Friday, 06 March 20
SOLID BACKING FOR LNG AS A MARINE FUEL - BALTIC EXCHANGE
When it comes to choosing the best fuel on the near horizon to help the international shipping industry shrink its carbon intensity by 2050, DNV GL ...
Friday, 06 March 20
INDONESIA COAL PRICE REFERENCE UP AGAIN THIS MONTH
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised up the benchmark price of Indonesian thermal co ...
Thursday, 05 March 20
PANAMAX: SHIP-OWNERS HAVE MOSTLY BEEN GETTING HIGHER RATES THAN THE LAST DONE - FEARNLEYS
Cape
There is still limited amount of positive news around, with the effects of Corona virus hurting world economy. However, overall average in ...
Thursday, 05 March 20
COAL IMPORTS DOWN IN MAJOR ASIAN MARKETS, AND CORONAVIRUS NOT THE DRIVING FORCE - CLYDE RUSSELL
Asia’s seaborne coal markets stumbled in February and it appears the coronavirus outbreak in China may dodge most of the blame, with the weak ...
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- VISA Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Cement Manufacturers Association - India
- Romanian Commodities Exchange
- Orica Mining Services - Indonesia
- Uttam Galva Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Star Paper Mills Limited - India
- European Bulk Services B.V. - Netherlands
- Meralco Power Generation, Philippines
- Riau Bara Harum - Indonesia
- Bangladesh Power Developement Board
- Posco Energy - South Korea
- Central Electricity Authority - India
- White Energy Company Limited
- Petrochimia International Co. Ltd.- Taiwan
- Jaiprakash Power Ventures ltd
- IEA Clean Coal Centre - UK
- Intertek Mineral Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Simpson Spence & Young - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Straits Asia Resources Limited - Singapore
- Therma Luzon, Inc, Philippines
- Anglo American - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Latin American Coal - Colombia
- Xindia Steels Limited - India
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- Electricity Generating Authority of Thailand
- Samtan Co., Ltd - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Sidhee Cement - India
- Carbofer General Trading SA - India
- Orica Australia Pty. Ltd.
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Malabar Cements Ltd - India
- Australian Commodity Traders Exchange
- Parliament of New Zealand
- Krishnapatnam Port Company Ltd. - India
- Leighton Contractors Pty Ltd - Australia
- ICICI Bank Limited - India
- Borneo Indobara - Indonesia
- Renaissance Capital - South Africa
- Marubeni Corporation - India
- Sindya Power Generating Company Private Ltd
- Banpu Public Company Limited - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Metalloyd Limited - United Kingdom
- Altura Mining Limited, Indonesia
- Maheswari Brothers Coal Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Indonesian Coal Mining Association
- Bhatia International Limited - India
- Australian Coal Association
- Petron Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Sarangani Energy Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Indian Energy Exchange, India
- Global Business Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Wood Mackenzie - Singapore
- Aditya Birla Group - India
- Bulk Trading Sa - Switzerland
- GAC Shipping (India) Pvt Ltd
- GVK Power & Infra Limited - India
- Coal and Oil Company - UAE
- TeaM Sual Corporation - Philippines
- Indika Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Eastern Coal Council - USA
- GN Power Mariveles Coal Plant, Philippines
- Merrill Lynch Commodities Europe
- Directorate Of Revenue Intelligence - India
- Pendopo Energi Batubara - Indonesia
- Commonwealth Bank - Australia
- Sical Logistics Limited - India
- LBH Netherlands Bv - Netherlands
- Timah Investasi Mineral - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Heidelberg Cement - Germany
- Chettinad Cement Corporation Ltd - India
- Price Waterhouse Coopers - Russia
- AsiaOL BioFuels Corp., Philippines
- Sree Jayajothi Cements Limited - India
- Georgia Ports Authority, United States
- Miang Besar Coal Terminal - Indonesia
- SMG Consultants - Indonesia
- Sakthi Sugars Limited - India
- PNOC Exploration Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Kumho Petrochemical, South Korea
- New Zealand Coal & Carbon
- Kideco Jaya Agung - Indonesia
- Dalmia Cement Bharat India
- Indogreen Group - Indonesia
- Coalindo Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Rashtriya Ispat Nigam Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Essar Steel Hazira Ltd - India
- Indo Tambangraya Megah - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jindal Steel & Power Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The Treasury - Australian Government
- Goldman Sachs - Singapore
- Savvy Resources Ltd - HongKong
- IHS Mccloskey Coal Group - USA
- The University of Queensland
- Siam City Cement PLC, Thailand
- McConnell Dowell - Australia
- ASAPP Information Group - India
- Energy Development Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Mjunction Services Limited - India
- Electricity Authority, New Zealand
- Kobexindo Tractors - Indoneisa
- Energy Link Ltd, New Zealand
- Agrawal Coal Company - India
- Binh Thuan Hamico - Vietnam
- Independent Power Producers Association of India
- Kaltim Prima Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Makarim & Taira - Indonesia
- Ambuja Cements Ltd - India
- Rio Tinto Coal - Australia
- Parry Sugars Refinery, India
- Meenaskhi Energy Private Limited - India
- Trasteel International SA, Italy
- Minerals Council of Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PTC India Limited - India
- CIMB Investment Bank - Malaysia
- Baramulti Group, Indonesia
- Ministry of Mines - Canada
- Deloitte Consulting - India
- Edison Trading Spa - Italy
- Jorong Barutama Greston.PT - Indonesia
- Wilmar Investment Holdings
- Standard Chartered Bank - UAE
- GMR Energy Limited - India
- Grasim Industreis Ltd - India
- Iligan Light & Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- PowerSource Philippines DevCo
- Globalindo Alam Lestari - Indonesia
- SMC Global Power, Philippines
- Ministry of Transport, Egypt
- Lanco Infratech Ltd - India
- Manunggal Multi Energi - Indonesia
- Antam Resourcindo - Indonesia
- Attock Cement Pakistan Limited
- Bhoruka Overseas - Indonesia
- Madhucon Powers Ltd - India
- Videocon Industries ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Singapore Mercantile Exchange
- Tata Chemicals Ltd - India
- Chamber of Mines of South Africa
- Kepco SPC Power Corporation, Philippines
- Economic Council, Georgia
- Bhushan Steel Limited - India
- Global Coal Blending Company Limited - Australia
- Cigading International Bulk Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Ministry of Finance - Indonesia
- The State Trading Corporation of India Ltd
- Vizag Seaport Private Limited - India
- Sojitz Corporation - Japan
- Bayan Resources Tbk. - Indonesia
- Power Finance Corporation Ltd., India
- Karaikal Port Pvt Ltd - India
- Mercuria Energy - Indonesia
- Mintek Dendrill Indonesia
- MS Steel International - UAE
- Planning Commission, India
- South Luzon Thermal Energy Corporation
- Sinarmas Energy and Mining - Indonesia
- CNBM International Corporation - China
- Gujarat Mineral Development Corp Ltd - India
- Toyota Tsusho Corporation, Japan
- Kartika Selabumi Mining - Indonesia
- Medco Energi Mining Internasional
- Thai Mozambique Logistica
- Mercator Lines Limited - India
- Bharathi Cement Corporation - India
- Larsen & Toubro Limited - India
- Ind-Barath Power Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Central Java Power - Indonesia
- Aboitiz Power Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement - Thailand
- Eastern Energy - Thailand
- Indian Oil Corporation Limited
- Interocean Group of Companies - India
- Thiess Contractors Indonesia
- Neyveli Lignite Corporation Ltd, - India
- India Bulls Power Limited - India
- Tamil Nadu electricity Board
- London Commodity Brokers - England
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Electricity Regulatory Commission - India
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