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