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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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Thursday, 05 March 20
SEABORNE COAL'S STRUGGLES IN ASIA ARE MORE THAN JUST CHINA CORONAVIRUS - REUTERS
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 ...
Thursday, 05 March 20
INDONESIA'S BUKIT ASAM 2019 OUTPUT RISES 10.2% Y/Y - REUTERS
PT Bukit Asam, Indonesia’s state-owned coal miner, said on Wednesday its output in 2019 rose 10.2% to 29.1 million tonnes.
Coa ...
Thursday, 05 March 20
SEEING REMOTELY - IN SAFETY: BUREAU VERITAS PERFORMS FIRST SURVEY BY DRONE - BUREAU VERITAS
Bureau Veritas Marine & Offshore (BV), a world leader in testing, inspection and certification (TIC) services has completed its first survey by ...
Wednesday, 04 March 20
AN EPIDEMIC OF UNCERTAINTY - THE CORONAVIRUS AND FORCE MAJEURE - WFW
KNOWLEDGE TO ELEVATE
Do the effects of the coronavirus give rise to legitimate force majeure claims in connection with shipbuilding contracts ...
Wednesday, 04 March 20
CHINA IMPORTED 76.8 MLN TONNES OF CRUDE OIL FOR JANUARY & FEBRUARY 2020; UP 3.4% YOY - REFINITIV | BC
The COVID-19 crisis has been gripping China already for almost two months now. It’s having a huge negative impact on the economy, and this is ...
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- Banpu Public Company Limited - Thailand
- IEA Clean Coal Centre - UK
- Siam City Cement - Thailand
- Parliament of New Zealand
- Makarim & Taira - Indonesia
- Larsen & Toubro Limited - India
- Bhatia International Limited - India
- GAC Shipping (India) Pvt Ltd
- Georgia Ports Authority, United States
- San Jose City I Power Corp, Philippines
- Merrill Lynch Commodities Europe
- Bhushan Steel Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Coalindo Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Interocean Group of Companies - India
- Deloitte Consulting - India
- Petron Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Kumho Petrochemical, South Korea
- Maharashtra Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PTC India Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Binh Thuan Hamico - Vietnam
- Wilmar Investment Holdings
- Ministry of Finance - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Intertek Mineral Services - Indonesia
- Madhucon Powers Ltd - India
- Uttam Galva Steels Limited - India
- Agrawal Coal Company - India
- SN Aboitiz Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Pendopo Energi Batubara - Indonesia
- Power Finance Corporation Ltd., India
- Mintek Dendrill Indonesia
- India Bulls Power Limited - India
- PowerSource Philippines DevCo
- Attock Cement Pakistan Limited
- Kideco Jaya Agung - Indonesia
- Coastal Gujarat Power Limited - India
- Antam Resourcindo - Indonesia
- Dalmia Cement Bharat India
- Energy Development Corp, Philippines
- Grasim Industreis Ltd - India
- Price Waterhouse Coopers - Russia
- Salva Resources Pvt Ltd - India
- McConnell Dowell - Australia
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- Indonesian Coal Mining Association
- Mjunction Services Limited - India
- White Energy Company Limited
- Planning Commission, India
- Trasteel International SA, Italy
- Chamber of Mines of South Africa
- Simpson Spence & Young - Indonesia
- Port Waratah Coal Services - Australia
- Commonwealth Bank - Australia
- GN Power Mariveles Coal Plant, Philippines
- Central Electricity Authority - India
- Electricity Generating Authority of Thailand
- AsiaOL BioFuels Corp., Philippines
- Globalindo Alam Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Renaissance Capital - South Africa
- Therma Luzon, Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Kobexindo Tractors - Indoneisa
- Kepco SPC Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- CIMB Investment Bank - Malaysia
- Directorate Of Revenue Intelligence - India
- Orica Australia Pty. Ltd.
- The Treasury - Australian Government
- South Luzon Thermal Energy Corporation
- Cigading International Bulk Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Baramulti Group, Indonesia
- LBH Netherlands Bv - Netherlands
- New Zealand Coal & Carbon
- Australian Commodity Traders Exchange
- Marubeni Corporation - India
- Thai Mozambique Logistica
- Star Paper Mills Limited - India
- TeaM Sual Corporation - Philippines
- Orica Mining Services - Indonesia
- Standard Chartered Bank - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Green Power PLC Corporation, Philippines
- Indian Energy Exchange, India
- Tamil Nadu electricity Board
- London Commodity Brokers - England
- Parry Sugars Refinery, India
- European Bulk Services B.V. - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Mercuria Energy - Indonesia
- Videocon Industries ltd - India
- Malabar Cements Ltd - India
- Lanco Infratech Ltd - India
- Timah Investasi Mineral - Indoneisa
- Aditya Birla Group - India
- Bulk Trading Sa - Switzerland
- Iligan Light & Power Inc, Philippines
- Medco Energi Mining Internasional
- Vedanta Resources Plc - India
- Independent Power Producers Association of India
- Sindya Power Generating Company Private Ltd
- Global Business Power Corporation, Philippines
- SMC Global Power, Philippines
- Jaiprakash Power Ventures ltd
- Bhoruka Overseas - Indonesia
- Central Java Power - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- Sojitz Corporation - Japan
- Kalimantan Lumbung Energi - Indonesia
- Xindia Steels Limited - India
- Goldman Sachs - Singapore
- Electricity Authority, New Zealand
- Cement Manufacturers Association - India
- Energy Link Ltd, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Bangladesh Power Developement Board
- Singapore Mercantile Exchange
- Bukit Baiduri Energy - Indonesia
- Anglo American - United Kingdom
- Ministry of Transport, Egypt
- Savvy Resources Ltd - HongKong
- Miang Besar Coal Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Sarangani Energy Corporation, Philippines
- Gujarat Sidhee Cement - India
- Pipit Mutiara Jaya. PT, Indonesia
- The University of Queensland
- Metalloyd Limited - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- ICICI Bank Limited - India
- International Coal Ventures Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Oil Corporation Limited
- Manunggal Multi Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Australian Coal Association
- Rio Tinto Coal - Australia
- Thiess Contractors Indonesia
- Altura Mining Limited, Indonesia
- Sakthi Sugars Limited - India
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- Krishnapatnam Port Company Ltd. - India
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- OPG Power Generation Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Vizag Seaport Private Limited - India
- Bharathi Cement Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- MS Steel International - UAE
- Ind-Barath Power Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Carbofer General Trading SA - India
- Sical Logistics Limited - India
- Mercator Lines Limited - India
- Karaikal Port Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Ceylon Electricity Board - Sri Lanka
- Vijayanagar Sugar Pvt Ltd - India
- VISA Power Limited - India
- Coal and Oil Company - UAE
- Toyota Tsusho Corporation, Japan
- Chettinad Cement Corporation Ltd - India
- Bukit Makmur.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Wood Mackenzie - Singapore
- Minerals Council of Australia
- Oldendorff Carriers - Singapore
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- Borneo Indobara - Indonesia
- Posco Energy - South Korea
- Economic Council, Georgia
- Ambuja Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Latin American Coal - Colombia
- Bukit Asam (Persero) Tbk - Indonesia
- Heidelberg Cement - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GMR Energy Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- ASAPP Information Group - India
- Kapuas Tunggal Persada - Indonesia
- Riau Bara Harum - Indonesia
- Indogreen Group - Indonesia
- Africa Commodities Group - South Africa
- Indika Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Edison Trading Spa - Italy
- Barasentosa Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Kartika Selabumi Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Eastern Coal Council - USA
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