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