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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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Saturday, 15 February 20
AFRAMAX: A MORE POSITIVE ATTITUDE EXISTED IN THIS SECTOR WITH RATES IMPROVING ON ALL ROUTES - BALTIC BRIEFING
VLCC
The market in the Middle East was unmoved this week, with Chinese refiners continuing to slow imports, allied with the impact of the Coron ...
Saturday, 15 February 20
A 56,000DWT VESSEL WAS CONCLUDED BASIS DELIVERY SINGAPORE VIA INDONESIA REDELIVERY CHINA IN THE LOW $6,000S - BALTIC BRIEFING
Capesize
Riding the downward momentum of the previous week, the market was always going to be hard pressed to make any sort of revival. With mu ...
Saturday, 15 February 20
U.S. COAL PRODUCTION WILL TOTAL 595 MMST IN 2020, DOWN 14% FROM 2019 - EIA
EIA forecasts that U.S. coal production will total 595 million short tons (MMst) in 2020, down 95 MMst (14%) from 2019.
Lower ...
Friday, 14 February 20
WHY THE WORLD ECONOMY WILL BE FACING CHINA'S CORONAVIRUS FOR A LONG TIME - CNBC
Everywhere we look we see the headlines and commentators talking about the coronavirus and its impact on tourism, trade and investment between Chin ...
Friday, 14 February 20
KOWEPO INVITED BIDS FOR 1.275 MILLION TONS OF MIN. 5,600 NCV COAL
COALspot.com: Korea Western Power Co. Ltd (KOWEPO). as a representative of five Korean Gencos has issued an international tender for total 1,275,00 ...
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- Dalmia Cement Bharat India
- Manunggal Multi Energi - Indonesia
- SMG Consultants - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Africa Commodities Group - South Africa
- Globalindo Alam Lestari - Indonesia
- Thiess Contractors Indonesia
- Makarim & Taira - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Minerals Council of Australia
- Bhoruka Overseas - Indonesia
- Chettinad Cement Corporation Ltd - India
- Commonwealth Bank - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Metalloyd Limited - United Kingdom
- Straits Asia Resources Limited - Singapore
- Bhatia International Limited - India
- Simpson Spence & Young - Indonesia
- Edison Trading Spa - Italy
- Port Waratah Coal Services - Australia
- Mintek Dendrill Indonesia
- Coastal Gujarat Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Antam Resourcindo - Indonesia
- Vizag Seaport Private Limited - India
- Iligan Light & Power Inc, Philippines
- Singapore Mercantile Exchange
- MS Steel International - UAE
- Aditya Birla Group - India
- Planning Commission, India
- European Bulk Services B.V. - Netherlands
- GVK Power & Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- PetroVietnam Power Coal Import and Supply Company
- Sical Logistics Limited - India
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- ICICI Bank Limited - India
- Siam City Cement PLC, Thailand
- Maheswari Brothers Coal Limited - India
- GMR Energy Limited - India
- Romanian Commodities Exchange
- Ministry of Transport, Egypt
- Kideco Jaya Agung - Indonesia
- Jindal Steel & Power Ltd - India
- Global Coal Blending Company Limited - Australia
- GN Power Mariveles Coal Plant, Philippines
- Bukit Makmur.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Wood Mackenzie - Singapore
- McConnell Dowell - Australia
- Timah Investasi Mineral - Indoneisa
- Siam City Cement - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Indika Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Jorong Barutama Greston.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Salva Resources Pvt Ltd - India
- Parliament of New Zealand
- The Treasury - Australian Government
- Indogreen Group - Indonesia
- Central Electricity Authority - India
- AsiaOL BioFuels Corp., Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Barasentosa Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Aboitiz Power Corporation - Philippines
- Borneo Indobara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Baramulti Group, Indonesia
- The University of Queensland
- Indian Energy Exchange, India
- Bulk Trading Sa - Switzerland
- CNBM International Corporation - China
- LBH Netherlands Bv - Netherlands
- Carbofer General Trading SA - India
- Heidelberg Cement - Germany
- Electricity Authority, New Zealand
- Madhucon Powers Ltd - India
- Trasteel International SA, Italy
- White Energy Company Limited
- Tata Chemicals Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Latin American Coal - Colombia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- San Jose City I Power Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Bukit Baiduri Energy - Indonesia
- Goldman Sachs - Singapore
- ASAPP Information Group - India
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- Chamber of Mines of South Africa
- Ambuja Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Thai Mozambique Logistica
- Kapuas Tunggal Persada - Indonesia
- Lanco Infratech Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Mercator Lines Limited - India
- TeaM Sual Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Marubeni Corporation - India
- Orica Australia Pty. Ltd.
- PTC India Limited - India
- Energy Link Ltd, New Zealand
- Uttam Galva Steels Limited - India
- Central Java Power - Indonesia
- Electricity Generating Authority of Thailand
- Price Waterhouse Coopers - Russia
- Deloitte Consulting - India
- Directorate General of MIneral and Coal - Indonesia
- Posco Energy - South Korea
- Ministry of Mines - Canada
- Australian Coal Association
- Kartika Selabumi Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
- Petrochimia International Co. Ltd.- Taiwan
- Maharashtra Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- Essar Steel Hazira Ltd - India
- Mjunction Services Limited - India
- Interocean Group of Companies - India
- Kumho Petrochemical, South Korea
- PowerSource Philippines DevCo
- Videocon Industries ltd - India
- Pendopo Energi Batubara - Indonesia
- Kaltim Prima Coal - Indonesia
- Wilmar Investment Holdings
- Parry Sugars Refinery, India
- PNOC Exploration Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Economic Council, Georgia
- Krishnapatnam Port Company Ltd. - India
- Malabar Cements Ltd - India
- Orica Mining Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- India Bulls Power Limited - India
- Mercuria Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Eastern Coal Council - USA
- Star Paper Mills Limited - India
- Agrawal Coal Company - India
- Georgia Ports Authority, United States
- Indo Tambangraya Megah - Indonesia
- Xindia Steels Limited - India
- Larsen & Toubro Limited - India
- Savvy Resources Ltd - HongKong
- Coal and Oil Company - UAE
- Semirara Mining Corp, Philippines
- Sojitz Corporation - Japan
- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- New Zealand Coal & Carbon
- Grasim Industreis Ltd - India
- Standard Chartered Bank - UAE
- Bharathi Cement Corporation - India
- VISA Power Limited - India
- Tamil Nadu electricity Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bangladesh Power Developement Board
- Energy Development Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Commodity Traders Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Ind-Barath Power Infra Limited - India
- Petron Corporation, Philippines
- Meralco Power Generation, Philippines
- Cement Manufacturers Association - India
- Attock Cement Pakistan Limited
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Gujarat Sidhee Cement - India
- Directorate Of Revenue Intelligence - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sakthi Sugars Limited - India
- Alfred C Toepfer International GmbH - Germany
- Medco Energi Mining Internasional
- Merrill Lynch Commodities Europe
- Renaissance Capital - South Africa
- CIMB Investment Bank - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- Ministry of Finance - Indonesia
- IEA Clean Coal Centre - UK
- Sree Jayajothi Cements Limited - India
- Riau Bara Harum - Indonesia
- Bhushan Steel Limited - India
- London Commodity Brokers - England
- Anglo American - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Independent Power Producers Association of India
- Toyota Tsusho Corporation, Japan
- Intertek Mineral Services - Indonesia
- Rio Tinto Coal - Australia
- Sindya Power Generating Company Private Ltd
- Rashtriya Ispat Nigam Limited - India
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