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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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Friday, 14 February 20
IS THE US COAL INDUSTRY COMPLETELY BURNED OUT? -FORBES
This is the fourth of a multi-part series on the state of the main sources of energy in the US and how they compare globally. The series will cover ...
Friday, 14 February 20
FITCH RTGS: GLOBAL PORTS VULNERABLE TO CORONAVIRUS - RELATED VOLUME DECLINES
Global ports will see reduced trade volumes as a result of the coronavirus, COVID-19, which would become more severe should Chinese production take ...
Thursday, 13 February 20
INDIA: MAJOR PORTS SHOW MUTED GROWTH IN CARGO AS THERMAL COAL VOLUME SLIDES 15% - BUSINESS STANDARD
A sharp slide of 15 per cent in thermal coal volumes weighed on the performance of major ports during the period of April-January of FY20. The majo ...
Wednesday, 12 February 20
REFINING SET FOR A CHALLENGING 2020 - WOOD MACKENZIE
Downstream isn’t the glamorous end of the oil business. And in Big Oil, it’s typically dwarfed by upstream. Yet having been forced to r ...
Wednesday, 12 February 20
COAL INDIA WILL EXCEED LAST YEAR'S PRODUCTION FIGURES: OFFICIAL - PTI
Despite coal production being hampered at Dipka mines due to prolonged rains, Coal India Ltd will exceed last year’s production figures, a to ...
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- Sojitz Corporation - Japan
- Kapuas Tunggal Persada - Indonesia
- ICICI Bank Limited - India
- Barasentosa Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Meralco Power Generation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- New Zealand Coal & Carbon
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Straits Asia Resources Limited - Singapore
- Bulk Trading Sa - Switzerland
- South Luzon Thermal Energy Corporation
- Energy Development Corp, Philippines
- Marubeni Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- London Commodity Brokers - England
- Indian Oil Corporation Limited
- Power Finance Corporation Ltd., India
- Jorong Barutama Greston.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Cement Manufacturers Association - India
- IHS Mccloskey Coal Group - USA
- Vijayanagar Sugar Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Essar Steel Hazira Ltd - India
- PowerSource Philippines DevCo
- TNB Fuel Sdn Bhd - Malaysia
- Thiess Contractors Indonesia
- Mintek Dendrill Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Chettinad Cement Corporation Ltd - India
- Medco Energi Mining Internasional
- Anglo American - United Kingdom
- Tamil Nadu electricity Board
- Parry Sugars Refinery, India
- Antam Resourcindo - Indonesia
- White Energy Company Limited
- Indian Energy Exchange, India
- Economic Council, Georgia
- Coal and Oil Company - UAE
- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Krishnapatnam Port Company Ltd. - India
- Electricity Generating Authority of Thailand
- Ambuja Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Aboitiz Power Corporation - Philippines
- Romanian Commodities Exchange
- Sinarmas Energy and Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Sarangani Energy Corporation, Philippines
- The State Trading Corporation of India Ltd
- Samtan Co., Ltd - South Korea
- Semirara Mining Corp, Philippines
- India Bulls Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Parliament of New Zealand
- Independent Power Producers Association of India
- Kartika Selabumi Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Uttam Galva Steels Limited - India
- Georgia Ports Authority, United States
- Bangladesh Power Developement Board
- Latin American Coal - Colombia
- Indika Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Madhucon Powers Ltd - India
- Simpson Spence & Young - Indonesia
- Savvy Resources Ltd - HongKong
- Miang Besar Coal Terminal - Indonesia
- Ministry of Mines - Canada
- Singapore Mercantile Exchange
- GMR Energy Limited - India
- Kobexindo Tractors - Indoneisa
- SMG Consultants - Indonesia
- Jaiprakash Power Ventures ltd
- SN Aboitiz Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Toyota Tsusho Corporation, Japan
- Agrawal Coal Company - India
- GN Power Mariveles Coal Plant, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Makmur.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Sical Logistics Limited - India
- Bhushan Steel Limited - India
- Larsen & Toubro Limited - India
- Mercator Lines Limited - India
- Renaissance Capital - South Africa
- Attock Cement Pakistan Limited
- Minerals Council of Australia
- Indonesian Coal Mining Association
- Intertek Mineral Services - Indonesia
- Eastern Coal Council - USA
- Carbofer General Trading SA - India
- Trasteel International SA, Italy
- IEA Clean Coal Centre - UK
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vedanta Resources Plc - India
- Bahari Cakrawala Sebuku - Indonesia
- San Jose City I Power Corp, Philippines
- Merrill Lynch Commodities Europe
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- Chamber of Mines of South Africa
- Altura Mining Limited, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Ceylon Electricity Board - Sri Lanka
- Thai Mozambique Logistica
- Baramulti Group, Indonesia
- Australian Commodity Traders Exchange
- Bukit Baiduri Energy - Indonesia
- Grasim Industreis Ltd - India
- Pendopo Energi Batubara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Goldman Sachs - Singapore
- Bhoruka Overseas - Indonesia
- McConnell Dowell - Australia
- Rashtriya Ispat Nigam Limited - India
- Price Waterhouse Coopers - Russia
- The Treasury - Australian Government
- Ministry of Transport, Egypt
- Kideco Jaya Agung - Indonesia
- Africa Commodities Group - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Mining Services - Indonesia
- Australian Coal Association
- Rio Tinto Coal - Australia
- Iligan Light & Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- CNBM International Corporation - China
- MS Steel International - UAE
- Orica Australia Pty. Ltd.
- Coalindo Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- The University of Queensland
- SMC Global Power, Philippines
- Cigading International Bulk Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Vizag Seaport Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Videocon Industries ltd - India
- Sree Jayajothi Cements Limited - India
- Kumho Petrochemical, South Korea
- PNOC Exploration Corporation - Philippines
- Sakthi Sugars Limited - India
- Billiton Holdings Pty Ltd - Australia
- Central Electricity Authority - India
- Mjunction Services Limited - India
- Posco Energy - South Korea
- Energy Link Ltd, New Zealand
- Planning Commission, India
- Standard Chartered Bank - UAE
- Jindal Steel & Power Ltd - India
- Makarim & Taira - Indonesia
- TeaM Sual Corporation - Philippines
- Port Waratah Coal Services - Australia
- Tata Chemicals Ltd - India
- Mercuria Energy - Indonesia
- Oldendorff Carriers - Singapore
- Kalimantan Lumbung Energi - Indonesia
- PTC India Limited - India
- Riau Bara Harum - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Lanco Infratech Ltd - India
- Dalmia Cement Bharat India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Malabar Cements Ltd - India
- Xindia Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- International Coal Ventures Pvt Ltd - India
- Borneo Indobara - Indonesia
- Electricity Authority, New Zealand
- Coastal Gujarat Power Limited - India
- Star Paper Mills Limited - India
- Bhatia International Limited - India
- GVK Power & Infra Limited - India
- Eastern Energy - Thailand
- ASAPP Information Group - India
- Gujarat Sidhee Cement - India
- Ministry of Finance - Indonesia
- Global Business Power Corporation, Philippines
- Wood Mackenzie - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Bharathi Cement Corporation - India
- Banpu Public Company Limited - Thailand
- Central Java Power - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Timah Investasi Mineral - Indoneisa
- Aditya Birla Group - India
- Ind-Barath Power Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Deloitte Consulting - India
- Wilmar Investment Holdings
- Manunggal Multi Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Heidelberg Cement - Germany
- Siam City Cement PLC, Thailand
- Binh Thuan Hamico - Vietnam
- Global Coal Blending Company Limited - Australia
- VISA Power Limited - India
- Siam City Cement - Thailand
- Edison Trading Spa - Italy
- Indogreen Group - Indonesia
- Interocean Group of Companies - India
- Sindya Power Generating Company Private Ltd
- Petron Corporation, Philippines
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