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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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Wednesday, 04 March 20
MARKET INSIGHT - INTERMODAL
As it was expected, the whole world has been focusing on the spread of the Coronavirus, with the fast outbreak being primarily a massive humanitari ...
Wednesday, 04 March 20
CORONAVIRUS: A WILDCARD FOR BULKS DEMAND - WOOD MACKENZIE
The coronavirus is casting a shadow across commodity markets. It has undermined China’s economic sentiment, putting the country’s growt ...
Wednesday, 04 March 20
THERMAL COAL TO 'PHASE OUT', STRONG DEMAND FOR COKING COAL: PLATO - SYDNEY MORNING HERALD
Plato Investments managing director Don Hamson says Australian iron ore producers are set to benefit in the fallout from coronavirus as China will ...
Wednesday, 04 March 20
CHINA PROVINCE TO CLOSE 10 MLN TONNES OF COAL CAPACITY IN 2020 - XINHUA
Southwest China’s Guizhou Province plans to phase out 10 million tonnes of outdated coal production capacity by closing 80 coal mines in 2020 ...
Wednesday, 04 March 20
UKRAINE PRODUCED OVER 2.55 MLN TONNES OF COAL IN FEBRUARY - UKRINFORM
In February 2020, Ukraine produced over 2.55 million tonnes of coal, which is 0.2% less than planned.
The Coal Miners Union of Ukrai ...
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- Wilmar Investment Holdings
- Metalloyd Limited - United Kingdom
- Planning Commission, India
- Binh Thuan Hamico - Vietnam
- Australian Coal Association
- Indo Tambangraya Megah - Indonesia
- Siam City Cement - Thailand
- Kideco Jaya Agung - Indonesia
- Cement Manufacturers Association - India
- Parliament of New Zealand
- Uttam Galva Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Tamil Nadu electricity Board
- The Treasury - Australian Government
- Minerals Council of Australia
- Banpu Public Company Limited - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Ambuja Cements Ltd - India
- Posco Energy - South Korea
- Mercuria Energy - Indonesia
- Central Java Power - Indonesia
- Independent Power Producers Association of India
- Mjunction Services Limited - India
- Africa Commodities Group - South Africa
- Petron Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Parry Sugars Refinery, India
- Bahari Cakrawala Sebuku - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Power Finance Corporation Ltd., India
- Kartika Selabumi Mining - Indonesia
- Ministry of Mines - Canada
- South Luzon Thermal Energy Corporation
- Attock Cement Pakistan Limited
- Central Electricity Authority - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Billiton Holdings Pty Ltd - Australia
- London Commodity Brokers - England
- Toyota Tsusho Corporation, Japan
- Therma Luzon, Inc, Philippines
- Orica Australia Pty. Ltd.
- Global Business Power Corporation, Philippines
- Economic Council, Georgia
- CNBM International Corporation - China
- Makarim & Taira - Indonesia
- Coastal Gujarat Power Limited - India
- Aboitiz Power Corporation - Philippines
- Bangladesh Power Developement Board
- Maheswari Brothers Coal Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Antam Resourcindo - Indonesia
- Electricity Generating Authority of Thailand
- Jaiprakash Power Ventures ltd
- Vizag Seaport Private Limited - India
- Coal and Oil Company - UAE
- Eastern Coal Council - USA
- AsiaOL BioFuels Corp., Philippines
- Indian Oil Corporation Limited
- Latin American Coal - Colombia
- Agrawal Coal Company - India
- Sree Jayajothi Cements Limited - India
- Vedanta Resources Plc - India
- Videocon Industries ltd - India
- Leighton Contractors Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- European Bulk Services B.V. - Netherlands
- TeaM Sual Corporation - Philippines
- Riau Bara Harum - Indonesia
- Malabar Cements Ltd - India
- Bharathi Cement Corporation - India
- Baramulti Group, Indonesia
- Commonwealth Bank - Australia
- Altura Mining Limited, Indonesia
- Bhatia International Limited - India
- Sindya Power Generating Company Private Ltd
- Ceylon Electricity Board - Sri Lanka
- PowerSource Philippines DevCo
- Edison Trading Spa - Italy
- Straits Asia Resources Limited - Singapore
- SMG Consultants - Indonesia
- IEA Clean Coal Centre - UK
- McConnell Dowell - Australia
- Renaissance Capital - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Deloitte Consulting - India
- Sarangani Energy Corporation, Philippines
- MS Steel International - UAE
- Eastern Energy - Thailand
- Iligan Light & Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- LBH Netherlands Bv - Netherlands
- Jindal Steel & Power Ltd - India
- Energy Development Corp, Philippines
- Marubeni Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Singapore Mercantile Exchange
- Mintek Dendrill Indonesia
- PNOC Exploration Corporation - Philippines
- Rio Tinto Coal - Australia
- Goldman Sachs - Singapore
- Australian Commodity Traders Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- White Energy Company Limited
- Manunggal Multi Energi - Indonesia
- Mercator Lines Limited - India
- Medco Energi Mining Internasional
- Kumho Petrochemical, South Korea
- Kohat Cement Company Ltd. - Pakistan
- Alfred C Toepfer International GmbH - Germany
- Carbofer General Trading SA - India
- Standard Chartered Bank - UAE
- Xindia Steels Limited - India
- Oldendorff Carriers - Singapore
- Semirara Mining and Power Corporation, Philippines
- Thai Mozambique Logistica
- GMR Energy Limited - India
- International Coal Ventures Pvt Ltd - India
- Indian Energy Exchange, India
- Ministry of Finance - Indonesia
- Star Paper Mills Limited - India
- ASAPP Information Group - India
- VISA Power Limited - India
- Directorate Of Revenue Intelligence - India
- Port Waratah Coal Services - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- Global Coal Blending Company Limited - Australia
- Bhushan Steel Limited - India
- Bulk Trading Sa - Switzerland
- GN Power Mariveles Coal Plant, Philippines
- Savvy Resources Ltd - HongKong
- GVK Power & Infra Limited - India
- Semirara Mining Corp, Philippines
- India Bulls Power Limited - India
- Simpson Spence & Young - Indonesia
- Siam City Cement PLC, Thailand
- Globalindo Alam Lestari - Indonesia
- New Zealand Coal & Carbon
- Sakthi Sugars Limited - India
- Ind-Barath Power Infra Limited - India
- Indonesian Coal Mining Association
- Vijayanagar Sugar Pvt Ltd - India
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- Bhoruka Overseas - Indonesia
- Sical Logistics Limited - India
- Price Waterhouse Coopers - Russia
- Electricity Authority, New Zealand
- Gujarat Sidhee Cement - India
- Neyveli Lignite Corporation Ltd, - India
- SMC Global Power, Philippines
- Merrill Lynch Commodities Europe
- OPG Power Generation Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- Dalmia Cement Bharat India
- Energy Link Ltd, New Zealand
- Essar Steel Hazira Ltd - India
- Formosa Plastics Group - Taiwan
- ICICI Bank Limited - India
- Bukit Makmur.PT - Indonesia
- Tata Chemicals Ltd - India
- Kepco SPC Power Corporation, Philippines
- The University of Queensland
- Maharashtra Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Indika Energy - Indonesia
- Grasim Industreis Ltd - India
- CIMB Investment Bank - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Global Green Power PLC Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Romanian Commodities Exchange
- Intertek Mineral Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- PTC India Limited - India
- Wood Mackenzie - Singapore
- Orica Mining Services - Indonesia
- Madhucon Powers Ltd - India
- Chamber of Mines of South Africa
- Trasteel International SA, Italy
- Anglo American - United Kingdom
- San Jose City I Power Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Ministry of Transport, Egypt
- Cigading International Bulk Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Salva Resources Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Kaltim Prima Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Meralco Power Generation, Philippines
- Indogreen Group - Indonesia
- Larsen & Toubro Limited - India
- GAC Shipping (India) Pvt Ltd
- Gujarat Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Borneo Indobara - Indonesia
- Georgia Ports Authority, United States
- Interocean Group of Companies - India
- Holcim Trading Pte Ltd - Singapore
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