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