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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, 07 February 20
CIL LOOKING TO TAP NON-POWER SECTORS FOR INCREMENTAL COAL, PTI REPORTED
The miner is looking to ramp up production to meet its targets for the current fiscal at a time when the economic slowdown is impacting demand for ...
Friday, 07 February 20
VIRUS - HIT CHINA MAY NEED MORE IMPORTS OF COAL. NOW COMES THE TRICKY PART - SHIPPING IT THERE: REUTERS
China’s domestic coal mines are struggling to ramp up production in the face of the ongoing coronavirus epidemic. That’s a situation th ...
Friday, 07 February 20
CORONAVIRUS IMPACTING THE GLOBAL SHIPPING INDUSTRY - BIMCO
The outbreak of the novel Coronavirus has dented market sentiment and spooked markets around the globe. When China sneezes, we all catch the flu. T ...
Thursday, 06 February 20
CAPE: WEAK SUPPLY/DEMAND RATIO THE STREETS REMAIN BLOODY FOR THE BIG SHIPS - FEARNLEYS
Cape: With still a weak supply/demand ratio the streets remain bloody for the big ships, and actual spot earnings are close to zero on main short-h ...
Thursday, 06 February 20
CHINESE DEMAND KEY UNCERTAINTY FOR SEABORNE COAL MARKET IN 2020 - THE BRICS POST
Coal trader Noble Resources head of research Rodrigo Echeverri Cardozo had penciled in a 3 Mt drop in Chinese import demand for 2020, but it could ...
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- Australian Coal Association
- Orica Australia Pty. Ltd.
- ICICI Bank Limited - India
- Karaikal Port Pvt Ltd - India
- Eastern Energy - Thailand
- Orica Mining Services - Indonesia
- Planning Commission, India
- Pipit Mutiara Jaya. PT, Indonesia
- San Jose City I Power Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Gujarat Mineral Development Corp Ltd - India
- Aditya Birla Group - India
- Pendopo Energi Batubara - Indonesia
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- Mercuria Energy - Indonesia
- Dalmia Cement Bharat India
- Leighton Contractors Pty Ltd - Australia
- The University of Queensland
- Samtan Co., Ltd - South Korea
- Siam City Cement PLC, Thailand
- Economic Council, Georgia
- Manunggal Multi Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Electricity Authority, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- New Zealand Coal & Carbon
- PTC India Limited - India
- Semirara Mining and Power Corporation, Philippines
- Posco Energy - South Korea
- International Coal Ventures Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Sree Jayajothi Cements Limited - India
- Edison Trading Spa - Italy
- Bharathi Cement Corporation - India
- Intertek Mineral Services - Indonesia
- South Luzon Thermal Energy Corporation
- Coal and Oil Company - UAE
- Simpson Spence & Young - Indonesia
- Videocon Industries ltd - India
- GAC Shipping (India) Pvt Ltd
- Rashtriya Ispat Nigam Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- SMC Global Power, Philippines
- Port Waratah Coal Services - Australia
- Energy Link Ltd, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mjunction Services Limited - India
- The Treasury - Australian Government
- Romanian Commodities Exchange
- PNOC Exploration Corporation - Philippines
- Mintek Dendrill Indonesia
- Trasteel International SA, Italy
- Meralco Power Generation, Philippines
- Kideco Jaya Agung - Indonesia
- Cement Manufacturers Association - India
- Kalimantan Lumbung Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sical Logistics Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Xindia Steels Limited - India
- Heidelberg Cement - Germany
- Jindal Steel & Power Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Petrochimia International Co. Ltd.- Taiwan
- Directorate Of Revenue Intelligence - India
- Merrill Lynch Commodities Europe
- MS Steel International - UAE
- Ministry of Transport, Egypt
- Uttam Galva Steels Limited - India
- Wilmar Investment Holdings
- Marubeni Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ambuja Cements Ltd - India
- Thai Mozambique Logistica
- Tata Chemicals Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Ministry of Mines - Canada
- Sarangani Energy Corporation, Philippines
- The State Trading Corporation of India Ltd
- Semirara Mining Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Goldman Sachs - Singapore
- Straits Asia Resources Limited - Singapore
- Toyota Tsusho Corporation, Japan
- Energy Development Corp, Philippines
- Standard Chartered Bank - UAE
- IEA Clean Coal Centre - UK
- Latin American Coal - Colombia
- Kepco SPC Power Corporation, Philippines
- Independent Power Producers Association of India
- Lanco Infratech Ltd - India
- Indian Energy Exchange, India
- Bhatia International Limited - India
- CNBM International Corporation - China
- Kaltim Prima Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Australian Commodity Traders Exchange
- Parliament of New Zealand
- Indogreen Group - Indonesia
- McConnell Dowell - Australia
- Vijayanagar Sugar Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Attock Cement Pakistan Limited
- Sakthi Sugars Limited - India
- Singapore Mercantile Exchange
- Bangladesh Power Developement Board
- Makarim & Taira - Indonesia
- LBH Netherlands Bv - Netherlands
- PowerSource Philippines DevCo
- Jaiprakash Power Ventures ltd
- Baramulti Group, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kumho Petrochemical, South Korea
- Karbindo Abesyapradhi - Indoneisa
- ASAPP Information Group - India
- Larsen & Toubro Limited - India
- Coalindo Energy - Indonesia
- Wood Mackenzie - Singapore
- GVK Power & Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Interocean Group of Companies - India
- Chettinad Cement Corporation Ltd - India
- London Commodity Brokers - England
- Indian Oil Corporation Limited
- Aboitiz Power Corporation - Philippines
- GMR Energy Limited - India
- European Bulk Services B.V. - Netherlands
- Electricity Generating Authority of Thailand
- Africa Commodities Group - South Africa
- Global Green Power PLC Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Mercator Lines Limited - India
- Barasentosa Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Binh Thuan Hamico - Vietnam
- Maheswari Brothers Coal Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate General of MIneral and Coal - Indonesia
- Vedanta Resources Plc - India
- Holcim Trading Pte Ltd - Singapore
- Bayan Resources Tbk. - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Renaissance Capital - South Africa
- Salva Resources Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- White Energy Company Limited
- Anglo American - United Kingdom
- Bulk Trading Sa - Switzerland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Deloitte Consulting - India
- Alfred C Toepfer International GmbH - Germany
- Kobexindo Tractors - Indoneisa
- Medco Energi Mining Internasional
- Altura Mining Limited, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- CIMB Investment Bank - Malaysia
- Savvy Resources Ltd - HongKong
- Indika Energy - Indonesia
- Star Paper Mills Limited - India
- Global Business Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Georgia Ports Authority, United States
- Borneo Indobara - Indonesia
- Riau Bara Harum - Indonesia
- Central Java Power - Indonesia
- SN Aboitiz Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Rio Tinto Coal - Australia
- Timah Investasi Mineral - Indoneisa
- Indonesian Coal Mining Association
- TeaM Sual Corporation - Philippines
- Sojitz Corporation - Japan
- Minerals Council of Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Madhucon Powers Ltd - India
- India Bulls Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Siam City Cement - Thailand
- Oldendorff Carriers - Singapore
- Malabar Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
- Bukit Makmur.PT - Indonesia
- Ministry of Finance - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petron Corporation, Philippines
- SMG Consultants - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Tamil Nadu electricity Board
- Bhoruka Overseas - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kartika Selabumi Mining - Indonesia
- VISA Power Limited - India
- Global Coal Blending Company Limited - Australia
- Parry Sugars Refinery, India
- Central Electricity Authority - India
- Essar Steel Hazira Ltd - India
- Commonwealth Bank - Australia
- Bhushan Steel Limited - India
- Vizag Seaport Private Limited - India
- Power Finance Corporation Ltd., India
- Eastern Coal Council - USA
- Chamber of Mines of South Africa
- Billiton Holdings Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Formosa Plastics Group - Taiwan
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