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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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Sunday, 23 February 20
SHIPPING INDUSTRY FACES $370 MILLION HIT FROM NEW PANAMA CANAL CHARGE - REUTERS
A new “freshwater” charge that came in this month to help the Panama Canal cope with climate change will cost the shipping industry up ...
Sunday, 23 February 20
A 57,000DWT SHIP FIXING DELIVERY SOUTH KALIMANTAN TRIP, REDELIVERY CJK, AT $7,600 - BALTIC BRIEFING
Capesize
The Capesize market found little to cheer about this week as it again endured remarkable lows. The Atlantic continued to improve, with ...
Saturday, 22 February 20
THE SURPRISING MOVE IN MARINE FUEL SPREADS - ING
Middle distillates tank
One of the biggest surprises since the implementation of new International Maritime Organization (IMO) sulphur regulati ...
Friday, 21 February 20
CAPE: AVERAGE NOMINAL DAILY EARNINGS STILL ADMITTEDLY UNCHANGED W-O-W AT BELOW US$3000 - FEARNLEYS
CAPE
The worst may just about be over for the big ships. Average nominal daily earnings still admittedly unchanged w-o-w at below US$3k, but sent ...
Friday, 21 February 20
INDIA: POTENTIAL INVESTORS SEEK MORE CLARITY ON COMMERCIAL COAL MINING NORMS - FINANCIAL EXPRESS
Potential private investors have sought more clarity on the pricing mechanism proposed for the much-anticipated auction for commercial coal mining. ...
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- Tata Chemicals Ltd - India
- White Energy Company Limited
- Vedanta Resources Plc - India
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- Sarangani Energy Corporation, Philippines
- Salva Resources Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Standard Chartered Bank - UAE
- Ambuja Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Grasim Industreis Ltd - India
- ASAPP Information Group - India
- Jorong Barutama Greston.PT - Indonesia
- Indonesian Coal Mining Association
- McConnell Dowell - Australia
- Coalindo Energy - Indonesia
- Indogreen Group - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Merrill Lynch Commodities Europe
- Holcim Trading Pte Ltd - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Bhatia International Limited - India
- Siam City Cement - Thailand
- Indo Tambangraya Megah - Indonesia
- Maheswari Brothers Coal Limited - India
- MS Steel International - UAE
- Meenaskhi Energy Private Limited - India
- Trasteel International SA, Italy
- Lanco Infratech Ltd - India
- Sical Logistics Limited - India
- Romanian Commodities Exchange
- Karbindo Abesyapradhi - Indoneisa
- The University of Queensland
- Bharathi Cement Corporation - India
- Kobexindo Tractors - Indoneisa
- IEA Clean Coal Centre - UK
- Global Coal Blending Company Limited - Australia
- Ministry of Transport, Egypt
- Wood Mackenzie - Singapore
- Xindia Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Marubeni Corporation - India
- Sojitz Corporation - Japan
- Alfred C Toepfer International GmbH - Germany
- Kideco Jaya Agung - Indonesia
- Renaissance Capital - South Africa
- CIMB Investment Bank - Malaysia
- Toyota Tsusho Corporation, Japan
- Singapore Mercantile Exchange
- Chettinad Cement Corporation Ltd - India
- Georgia Ports Authority, United States
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- Oldendorff Carriers - Singapore
- GAC Shipping (India) Pvt Ltd
- London Commodity Brokers - England
- Orica Australia Pty. Ltd.
- PTC India Limited - India
- Heidelberg Cement - Germany
- Latin American Coal - Colombia
- Cement Manufacturers Association - India
- Indian Energy Exchange, India
- Medco Energi Mining Internasional
- Mintek Dendrill Indonesia
- Parliament of New Zealand
- Interocean Group of Companies - India
- TNB Fuel Sdn Bhd - Malaysia
- Karaikal Port Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Australian Coal Association
- Petrochimia International Co. Ltd.- Taiwan
- SMC Global Power, Philippines
- Energy Development Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- International Coal Ventures Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Metalloyd Limited - United Kingdom
- Petron Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indian Oil Corporation Limited
- Straits Asia Resources Limited - Singapore
- Aboitiz Power Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- CNBM International Corporation - China
- Bukit Makmur.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thai Mozambique Logistica
- Malabar Cements Ltd - India
- Semirara Mining Corp, Philippines
- Electricity Generating Authority of Thailand
- GN Power Mariveles Coal Plant, Philippines
- Star Paper Mills Limited - India
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Coal Council - USA
- VISA Power Limited - India
- Madhucon Powers Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement PLC, Thailand
- Riau Bara Harum - Indonesia
- Gujarat Sidhee Cement - India
- Larsen & Toubro Limited - India
- Manunggal Multi Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Independent Power Producers Association of India
- Jindal Steel & Power Ltd - India
- Makarim & Taira - Indonesia
- Ministry of Finance - Indonesia
- Sakthi Sugars Limited - India
- Kumho Petrochemical, South Korea
- Global Green Power PLC Corporation, Philippines
- Parry Sugars Refinery, India
- European Bulk Services B.V. - Netherlands
- Iligan Light & Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- IHS Mccloskey Coal Group - USA
- Rashtriya Ispat Nigam Limited - India
- ICICI Bank Limited - India
- Bangladesh Power Developement Board
- Anglo American - United Kingdom
- Power Finance Corporation Ltd., India
- Mercuria Energy - Indonesia
- Minerals Council of Australia
- Sindya Power Generating Company Private Ltd
- Bhushan Steel Limited - India
- Pendopo Energi Batubara - Indonesia
- San Jose City I Power Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- SMG Consultants - Indonesia
- Barasentosa Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Uttam Galva Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Posco Energy - South Korea
- Wilmar Investment Holdings
- Electricity Authority, New Zealand
- Australian Commodity Traders Exchange
- Sree Jayajothi Cements Limited - India
- Coal and Oil Company - UAE
- Carbofer General Trading SA - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercator Lines Limited - India
- Kartika Selabumi Mining - Indonesia
- Baramulti Group, Indonesia
- GVK Power & Infra Limited - India
- Altura Mining Limited, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chamber of Mines of South Africa
- Price Waterhouse Coopers - Russia
- Goldman Sachs - Singapore
- Formosa Plastics Group - Taiwan
- Ministry of Mines - Canada
- Deloitte Consulting - India
- Ind-Barath Power Infra Limited - India
- Planning Commission, India
- New Zealand Coal & Carbon
- Neyveli Lignite Corporation Ltd, - India
- Bayan Resources Tbk. - Indonesia
- PNOC Exploration Corporation - Philippines
- PowerSource Philippines DevCo
- Samtan Co., Ltd - South Korea
- Cigading International Bulk Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Leighton Contractors Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Borneo Indobara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Indika Energy - Indonesia
- GMR Energy Limited - India
- Bulk Trading Sa - Switzerland
- Edison Trading Spa - Italy
- The Treasury - Australian Government
- Vizag Seaport Private Limited - India
- Thiess Contractors Indonesia
- Energy Link Ltd, New Zealand
- Kepco SPC Power Corporation, Philippines
- Central Java Power - Indonesia
- Banpu Public Company Limited - Thailand
- Tamil Nadu electricity Board
- Videocon Industries ltd - India
- Intertek Mineral Services - Indonesia
- Central Electricity Authority - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Savvy Resources Ltd - HongKong
- Therma Luzon, Inc, Philippines
- Antam Resourcindo - Indonesia
- Dalmia Cement Bharat India
- Mjunction Services Limited - India
- Global Business Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Gujarat Mineral Development Corp Ltd - India
- Rio Tinto Coal - Australia
- Aditya Birla Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Africa Commodities Group - South Africa
- Coastal Gujarat Power Limited - India
- Commonwealth Bank - Australia
- Orica Mining Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Agrawal Coal Company - India
- Attock Cement Pakistan Limited
- Bhoruka Overseas - Indonesia
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