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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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Tuesday, 03 March 20
IMPORTANCE OF MASTER'S CARGO CHECKS - BALTIC EXCHANGE
KNOWLEDGE TO ELEVATE
Adecision in recent High Court case has made it clear that there is no implied indemnity from a charterer to their counte ...
Tuesday, 03 March 20
COAL'S SHARE OF CHINA ENERGY MIX FALLS IN 2019 BUT CONSUMPTION STILL RISING - REUTERS
Coal accounted for 57.7% of China’s primary energy consumption in 2019, the National Bureau of Statistics said on Friday, down 1.5 percentage ...
Monday, 02 March 20
SHIPOWNERS AND OPERATORS COULD FACE DETENTION OF SHIPS FROM 1ST MARCH UNDER IMO RULE - ICS
Port state control authorities will begin to enforce the IMO’s Sulphur 2020 from 1st March, making it an offense for ships to carry fuel that ...
Saturday, 29 February 20
SUPRAMAX SENTIMENT WAS UP IN A FEW KEY AREAS OVER THE LAST WEEK - BALTIC BRIEFING
Capesize
The Capesize market woes related to Coronavirus have now spread through the wider global markets like wildfire. The wider supply and d ...
Thursday, 27 February 20
FOREIGN COMPANIES LIKELY TO SKIP COMMERCIAL COAL BLOCK AUCTIONS - ECONOMIC TIMES
The Centre is in the process of inviting global players for commercial mining, following 100% foreign direct investment in the sector. However, giv ...
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- Edison Trading Spa - Italy
- Global Green Power PLC Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Carbofer General Trading SA - India
- OPG Power Generation Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement - Thailand
- European Bulk Services B.V. - Netherlands
- Kumho Petrochemical, South Korea
- Sarangani Energy Corporation, Philippines
- Indonesian Coal Mining Association
- Attock Cement Pakistan Limited
- London Commodity Brokers - England
- Krishnapatnam Port Company Ltd. - India
- Oldendorff Carriers - Singapore
- Trasteel International SA, Italy
- Bhushan Steel Limited - India
- Globalindo Alam Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- Independent Power Producers Association of India
- Pipit Mutiara Jaya. PT, Indonesia
- Meralco Power Generation, Philippines
- Sinarmas Energy and Mining - Indonesia
- SMG Consultants - Indonesia
- Mjunction Services Limited - India
- Eastern Coal Council - USA
- GAC Shipping (India) Pvt Ltd
- Romanian Commodities Exchange
- Chettinad Cement Corporation Ltd - India
- Indian Energy Exchange, India
- Marubeni Corporation - India
- Mintek Dendrill Indonesia
- PowerSource Philippines DevCo
- Commonwealth Bank - Australia
- Maharashtra Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Thai Mozambique Logistica
- Maheswari Brothers Coal Limited - India
- Grasim Industreis Ltd - India
- Chamber of Mines of South Africa
- Petron Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Latin American Coal - Colombia
- Essar Steel Hazira Ltd - India
- Anglo American - United Kingdom
- Semirara Mining Corp, Philippines
- The Treasury - Australian Government
- GMR Energy Limited - India
- Electricity Authority, New Zealand
- Electricity Generating Authority of Thailand
- SN Aboitiz Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Vizag Seaport Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Agrawal Coal Company - India
- Bharathi Cement Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Renaissance Capital - South Africa
- Sindya Power Generating Company Private Ltd
- Thiess Contractors Indonesia
- Xindia Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Dalmia Cement Bharat India
- Kapuas Tunggal Persada - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Merrill Lynch Commodities Europe
- Vedanta Resources Plc - India
- Ministry of Transport, Egypt
- CNBM International Corporation - China
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coastal Gujarat Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Interocean Group of Companies - India
- Bhoruka Overseas - Indonesia
- Indogreen Group - Indonesia
- SMC Global Power, Philippines
- Binh Thuan Hamico - Vietnam
- McConnell Dowell - Australia
- Sree Jayajothi Cements Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Coal and Oil Company - UAE
- Kobexindo Tractors - Indoneisa
- Standard Chartered Bank - UAE
- Energy Development Corp, Philippines
- Energy Link Ltd, New Zealand
- Eastern Energy - Thailand
- Toyota Tsusho Corporation, Japan
- Singapore Mercantile Exchange
- Heidelberg Cement - Germany
- Madhucon Powers Ltd - India
- CIMB Investment Bank - Malaysia
- Manunggal Multi Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Directorate Of Revenue Intelligence - India
- Parliament of New Zealand
- Riau Bara Harum - Indonesia
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- Ceylon Electricity Board - Sri Lanka
- South Luzon Thermal Energy Corporation
- Leighton Contractors Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Coalindo Energy - Indonesia
- Central Java Power - Indonesia
- Sojitz Corporation - Japan
- Holcim Trading Pte Ltd - Singapore
- Asmin Koalindo Tuhup - Indonesia
- ASAPP Information Group - India
- Cigading International Bulk Terminal - Indonesia
- Minerals Council of Australia
- Bangladesh Power Developement Board
- PNOC Exploration Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Australian Commodity Traders Exchange
- IHS Mccloskey Coal Group - USA
- Star Paper Mills Limited - India
- Indika Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Metalloyd Limited - United Kingdom
- Sical Logistics Limited - India
- Mercuria Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Posco Energy - South Korea
- Tata Chemicals Ltd - India
- MS Steel International - UAE
- Bhatia International Limited - India
- Straits Asia Resources Limited - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kideco Jaya Agung - Indonesia
- Intertek Mineral Services - Indonesia
- Global Business Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Central Electricity Authority - India
- Siam City Cement PLC, Thailand
- Medco Energi Mining Internasional
- Georgia Ports Authority, United States
- Aboitiz Power Corporation - Philippines
- ICICI Bank Limited - India
- Semirara Mining and Power Corporation, Philippines
- Parry Sugars Refinery, India
- Rashtriya Ispat Nigam Limited - India
- Malabar Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- Kohat Cement Company Ltd. - Pakistan
- Borneo Indobara - Indonesia
- White Energy Company Limited
- Salva Resources Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Baramulti Group, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Global Coal Blending Company Limited - Australia
- Timah Investasi Mineral - Indoneisa
- IEA Clean Coal Centre - UK
- Tamil Nadu electricity Board
- Antam Resourcindo - Indonesia
- Gujarat Sidhee Cement - India
- Africa Commodities Group - South Africa
- Altura Mining Limited, Indonesia
- Deloitte Consulting - India
- Cement Manufacturers Association - India
- San Jose City I Power Corp, Philippines
- PTC India Limited - India
- Ministry of Mines - Canada
- Power Finance Corporation Ltd., India
- Savvy Resources Ltd - HongKong
- TeaM Sual Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- VISA Power Limited - India
- Bayan Resources Tbk. - Indonesia
- New Zealand Coal & Carbon
- Makarim & Taira - Indonesia
- Kartika Selabumi Mining - Indonesia
- Sakthi Sugars Limited - India
- Rio Tinto Coal - Australia
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aditya Birla Group - India
- Bukit Makmur.PT - Indonesia
- Orica Mining Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Port Waratah Coal Services - Australia
- Pendopo Energi Batubara - Indonesia
- Orica Australia Pty. Ltd.
- Ministry of Finance - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kepco SPC Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Mercator Lines Limited - India
- Formosa Plastics Group - Taiwan
- Alfred C Toepfer International GmbH - Germany
- Ambuja Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- Planning Commission, India
- Therma Luzon, Inc, Philippines
- GVK Power & Infra Limited - India
- Samtan Co., Ltd - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Banpu Public Company Limited - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Wilmar Investment Holdings
- Larsen & Toubro Limited - India
- Australian Coal Association
- Videocon Industries ltd - India
- Lanco Infratech Ltd - India
- Wood Mackenzie - Singapore
- Simpson Spence & Young - Indonesia
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