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