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