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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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Saturday, 01 February 20
COAL IS NOT GOING ANYWHERE - MINING REVIEW
The coal sector is living under the constant threat of being blamed by environmentalists as being responsible for a world disaster called global wa ...
Saturday, 01 February 20
CIL PRODUCTION TO NOT EXCEED 640 MILLION TON IN FY20: OFFICIAL - PTI
Hit by disruptions due to a prolonged monsoon, mining major Coal India Ltd’s production in the current fiscal will not exceed 640 million ton ...
Saturday, 01 February 20
WHO PAYS FOR IMO 2020? - FREIGHT WAVES
The United Nations’ International Maritime Organization (IMO) implemented its low-sulfur fuel mandate on January 1, 2020. Full enforcement be ...
Friday, 31 January 20
EIA EXPECTS U.S. ELECTRICITY GENERATION FROM RENEWABLES TO SOON SURPASS NUCLEAR AND COAL
In the latest long-term projections, the U.S Energy Information Administration (EIA) projects electricity generation from renewable sources such as ...
Thursday, 30 January 20
PRIVATE SECTOR COMPANIES SEEK 'LEVEL PLAYING FIELD' FOR COAL BLOCK AUCTION - PTI
Private sector companies scouting opportunities for commercial coal mining in the country are seeking a “level playing field” to encour ...
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- Essar Steel Hazira Ltd - India
- Manunggal Multi Energi - Indonesia
- Mercator Lines Limited - India
- Indonesian Coal Mining Association
- Sakthi Sugars Limited - India
- Siam City Cement PLC, Thailand
- Agrawal Coal Company - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Malabar Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- European Bulk Services B.V. - Netherlands
- Savvy Resources Ltd - HongKong
- Formosa Plastics Group - Taiwan
- The State Trading Corporation of India Ltd
- Eastern Coal Council - USA
- Makarim & Taira - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Banpu Public Company Limited - Thailand
- Siam City Cement - Thailand
- LBH Netherlands Bv - Netherlands
- Rio Tinto Coal - Australia
- Maheswari Brothers Coal Limited - India
- Renaissance Capital - South Africa
- Bangladesh Power Developement Board
- Global Business Power Corporation, Philippines
- Central Java Power - Indonesia
- CIMB Investment Bank - Malaysia
- Global Coal Blending Company Limited - Australia
- Xindia Steels Limited - India
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- Orica Australia Pty. Ltd.
- Globalindo Alam Lestari - Indonesia
- Eastern Energy - Thailand
- Sindya Power Generating Company Private Ltd
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- Thiess Contractors Indonesia
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- Therma Luzon, Inc, Philippines
- Minerals Council of Australia
- Australian Commodity Traders Exchange
- Merrill Lynch Commodities Europe
- Bhoruka Overseas - Indonesia
- GMR Energy Limited - India
- Lanco Infratech Ltd - India
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- Anglo American - United Kingdom
- Sojitz Corporation - Japan
- MS Steel International - UAE
- White Energy Company Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercuria Energy - Indonesia
- Interocean Group of Companies - India
- Planning Commission, India
- AsiaOL BioFuels Corp., Philippines
- Africa Commodities Group - South Africa
- Wood Mackenzie - Singapore
- Miang Besar Coal Terminal - Indonesia
- Bhatia International Limited - India
- Commonwealth Bank - Australia
- Energy Development Corp, Philippines
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- Pipit Mutiara Jaya. PT, Indonesia
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- Karaikal Port Pvt Ltd - India
- Ministry of Mines - Canada
- Antam Resourcindo - Indonesia
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- Thai Mozambique Logistica
- Grasim Industreis Ltd - India
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- Barasentosa Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Altura Mining Limited, Indonesia
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- Metalloyd Limited - United Kingdom
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- Jorong Barutama Greston.PT - Indonesia
- Videocon Industries ltd - India
- Coal and Oil Company - UAE
- IHS Mccloskey Coal Group - USA
- GN Power Mariveles Coal Plant, Philippines
- Simpson Spence & Young - Indonesia
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- South Luzon Thermal Energy Corporation
- Aditya Birla Group - India
- Indian Energy Exchange, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kideco Jaya Agung - Indonesia
- San Jose City I Power Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Energy Link Ltd, New Zealand
- Parliament of New Zealand
- Ministry of Transport, Egypt
- Straits Asia Resources Limited - Singapore
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- Latin American Coal - Colombia
- Parry Sugars Refinery, India
- ASAPP Information Group - India
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- The University of Queensland
- Ministry of Finance - Indonesia
- Ind-Barath Power Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Wilmar Investment Holdings
- Binh Thuan Hamico - Vietnam
- Sical Logistics Limited - India
- Larsen & Toubro Limited - India
- Edison Trading Spa - Italy
- Sarangani Energy Corporation, Philippines
- Marubeni Corporation - India
- Samtan Co., Ltd - South Korea
- Attock Cement Pakistan Limited
- Petrochimia International Co. Ltd.- Taiwan
- Oldendorff Carriers - Singapore
- GAC Shipping (India) Pvt Ltd
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- Jindal Steel & Power Ltd - India
- Heidelberg Cement - Germany
- The Treasury - Australian Government
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- Medco Energi Mining Internasional
- Karbindo Abesyapradhi - Indoneisa
- Deloitte Consulting - India
- London Commodity Brokers - England
- Standard Chartered Bank - UAE
- Timah Investasi Mineral - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Economic Council, Georgia
- Goldman Sachs - Singapore
- Singapore Mercantile Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
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- Sinarmas Energy and Mining - Indonesia
- Baramulti Group, Indonesia
- IEA Clean Coal Centre - UK
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- Bukit Asam (Persero) Tbk - Indonesia
- Australian Coal Association
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- Tata Chemicals Ltd - India
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- Independent Power Producers Association of India
- Coalindo Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- SN Aboitiz Power Inc, Philippines
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- Chamber of Mines of South Africa
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- Posco Energy - South Korea
- Petron Corporation, Philippines
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- Riau Bara Harum - Indonesia
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- Mintek Dendrill Indonesia
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