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