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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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Wednesday, 05 February 20
CORONAVIRUS AND THE SHIPPING INDUSTRY - WATSON, FARLEY & WILLIAMS
The continued spread of Coronavirus and governmental measures to minimise the impact is likely to affect the shipping industry and supply chain.
...
Wednesday, 05 February 20
INDONESIA'S COAL PRICE REFERENCE UP 1.46% IN FEBRUARY
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised up the benchmark price of Indonesian thermal co ...
Wednesday, 05 February 20
MARKET INSIGHT - INTERMODAL
The oil and gas industry benefitted from a strong and solid ground in the previous year. We witnessed a slow but steady increase in bunker’s ...
Wednesday, 05 February 20
RUSSIA EXPORTED 28.6 MLN TONNES OF LNG IN 2019 - REFINITIV
A lot of attention has been paid recently on the surge in LNG exports from the United States. However, another country which is seeing truly expone ...
Tuesday, 04 February 20
CAPE: THE AVERAGE EARNINGS PER DAY FELL BENEATH THE USD 4,000, A LEVEL CONSIDERABLY BELOW EVEN THE MOST CONSERVATIVE OPEX LEVELS - ALLIED
The recent slump in the dry bulk freight market may well have been expected to some degree, but despite this the shock was still overwhelming when ...
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- Posco Energy - South Korea
- Orica Australia Pty. Ltd.
- Vijayanagar Sugar Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Planning Commission, India
- Meenaskhi Energy Private Limited - India
- Jaiprakash Power Ventures ltd
- Lanco Infratech Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Agrawal Coal Company - India
- Karaikal Port Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Vizag Seaport Private Limited - India
- Intertek Mineral Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Makarim & Taira - Indonesia
- Bhatia International Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wilmar Investment Holdings
- SMC Global Power, Philippines
- Bukit Makmur.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bayan Resources Tbk. - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Baramulti Group, Indonesia
- ASAPP Information Group - India
- Kaltim Prima Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Tamil Nadu electricity Board
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- Sarangani Energy Corporation, Philippines
- The University of Queensland
- Ministry of Transport, Egypt
- Georgia Ports Authority, United States
- Indika Energy - Indonesia
- Marubeni Corporation - India
- Ministry of Finance - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Orica Mining Services - Indonesia
- Simpson Spence & Young - Indonesia
- India Bulls Power Limited - India
- Petron Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- PowerSource Philippines DevCo
- Meralco Power Generation, Philippines
- Coal and Oil Company - UAE
- Port Waratah Coal Services - Australia
- Kartika Selabumi Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Samtan Co., Ltd - South Korea
- Holcim Trading Pte Ltd - Singapore
- Eastern Coal Council - USA
- Coalindo Energy - Indonesia
- Indonesian Coal Mining Association
- IHS Mccloskey Coal Group - USA
- Chamber of Mines of South Africa
- VISA Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- CNBM International Corporation - China
- Attock Cement Pakistan Limited
- Madhucon Powers Ltd - India
- Star Paper Mills Limited - India
- Gujarat Sidhee Cement - India
- Electricity Authority, New Zealand
- SMG Consultants - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- The State Trading Corporation of India Ltd
- Asmin Koalindo Tuhup - Indonesia
- Coastal Gujarat Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Kepco SPC Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Directorate Of Revenue Intelligence - India
- South Luzon Thermal Energy Corporation
- Bhoruka Overseas - Indonesia
- Jindal Steel & Power Ltd - India
- Energy Development Corp, Philippines
- San Jose City I Power Corp, Philippines
- Edison Trading Spa - Italy
- Bhushan Steel Limited - India
- PNOC Exploration Corporation - Philippines
- Xindia Steels Limited - India
- Heidelberg Cement - Germany
- Ind-Barath Power Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Goldman Sachs - Singapore
- Altura Mining Limited, Indonesia
- Australian Commodity Traders Exchange
- Salva Resources Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Mercuria Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Singapore Mercantile Exchange
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- Interocean Group of Companies - India
- Merrill Lynch Commodities Europe
- Rio Tinto Coal - Australia
- Energy Link Ltd, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Banpu Public Company Limited - Thailand
- Commonwealth Bank - Australia
- Ministry of Mines - Canada
- Neyveli Lignite Corporation Ltd, - India
- Pendopo Energi Batubara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- IEA Clean Coal Centre - UK
- Sindya Power Generating Company Private Ltd
- Thiess Contractors Indonesia
- Indian Energy Exchange, India
- Global Green Power PLC Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Romanian Commodities Exchange
- Carbofer General Trading SA - India
- Indogreen Group - Indonesia
- Parliament of New Zealand
- Global Business Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Wood Mackenzie - Singapore
- Renaissance Capital - South Africa
- Latin American Coal - Colombia
- International Coal Ventures Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Standard Chartered Bank - UAE
- Anglo American - United Kingdom
- Semirara Mining Corp, Philippines
- CIMB Investment Bank - Malaysia
- Bukit Baiduri Energy - Indonesia
- The Treasury - Australian Government
- Timah Investasi Mineral - Indoneisa
- Riau Bara Harum - Indonesia
- White Energy Company Limited
- Aditya Birla Group - India
- GMR Energy Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Independent Power Producers Association of India
- OPG Power Generation Pvt Ltd - India
- PTC India Limited - India
- Antam Resourcindo - Indonesia
- MS Steel International - UAE
- LBH Netherlands Bv - Netherlands
- Bangladesh Power Developement Board
- McConnell Dowell - Australia
- Cigading International Bulk Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Parry Sugars Refinery, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Videocon Industries ltd - India
- Australian Coal Association
- Bharathi Cement Corporation - India
- GVK Power & Infra Limited - India
- Essar Steel Hazira Ltd - India
- Sakthi Sugars Limited - India
- Mintek Dendrill Indonesia
- Mjunction Services Limited - India
- Central Electricity Authority - India
- Deloitte Consulting - India
- Central Java Power - Indonesia
- Vedanta Resources Plc - India
- Aboitiz Power Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Larsen & Toubro Limited - India
- Kumho Petrochemical, South Korea
- Africa Commodities Group - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Electricity Generating Authority of Thailand
- GAC Shipping (India) Pvt Ltd
- Borneo Indobara - Indonesia
- Mercator Lines Limited - India
- Sical Logistics Limited - India
- European Bulk Services B.V. - Netherlands
- Price Waterhouse Coopers - Russia
- Manunggal Multi Energi - Indonesia
- Minerals Council of Australia
- Kohat Cement Company Ltd. - Pakistan
- Global Coal Blending Company Limited - Australia
- Tata Chemicals Ltd - India
- Bulk Trading Sa - Switzerland
- Billiton Holdings Pty Ltd - Australia
- ICICI Bank Limited - India
- Sojitz Corporation - Japan
- PetroVietnam Power Coal Import and Supply Company
- Sree Jayajothi Cements Limited - India
- Barasentosa Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Grasim Industreis Ltd - India
- London Commodity Brokers - England
- Trasteel International SA, Italy
- Chettinad Cement Corporation Ltd - India
- Malabar Cements Ltd - India
- Medco Energi Mining Internasional
- Formosa Plastics Group - Taiwan
- Indian Oil Corporation Limited
- Dalmia Cement Bharat India
- Miang Besar Coal Terminal - Indonesia
- Ambuja Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Economic Council, Georgia
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Uttam Galva Steels Limited - India
- Siam City Cement - Thailand
- Indo Tambangraya Megah - Indonesia
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