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