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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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Sunday, 26 January 20
SHIPPING NEEDS TO PREPARE FOR CORONAVIRUS RESTRICTIONS WARNS HILL DICKINSON
The shipping industry needs to be prepared for potential restrictions in order to prevent the further spread of the ‘Wuhan’ coronavirus ...
Friday, 24 January 20
LOW-SULPHUR FUEL OIL PRICES DROP USD 99 PER MT IN SINGAPORE - BIMCO
Singapore has seen one of the largest drops in the price of Very Low Sulphur Fuel Oil (VLSFO), which peaked on 7 January 2020 at USD 740 per metric ...
Friday, 24 January 20
CHINA'S BENCHMARK POWER COAL PRICE REMAINED FLAT DURING THE PAST WEEK - XINHUA
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of coal prices in north China’s major ports, stood at 553 yuan (about 80.1 U.S. dollars) ...
Thursday, 23 January 20
PANAMAX: ANOTHER DISAPPOINTING WEEK IN BOTH THE ATLANTIC AND THE PACIFIC BASIN - FEARNLEYS
Cape Size
From bad to worse for the biggest ships as prices for low-sulphur fuel oil remain high whilst freight rates deteriorate further. Aver ...
Thursday, 23 January 20
AFRICAN POWER PLATFORM PUBLISHES REPORTS ON POWER SECTOR FRAMEWORK FOR SELECTED AFRICAN COUNTRIES
Press Release: African Power Platform publishes Reports on Power Sector Framework for selected African Countries
With the repo ...
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- Heidelberg Cement - Germany
- Singapore Mercantile Exchange
- Rio Tinto Coal - Australia
- Independent Power Producers Association of India
- Parry Sugars Refinery, India
- Tata Chemicals Ltd - India
- Chamber of Mines of South Africa
- SMG Consultants - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Intertek Mineral Services - Indonesia
- Essar Steel Hazira Ltd - India
- Cement Manufacturers Association - India
- Jindal Steel & Power Ltd - India
- Sree Jayajothi Cements Limited - India
- PNOC Exploration Corporation - Philippines
- India Bulls Power Limited - India
- Lanco Infratech Ltd - India
- Manunggal Multi Energi - Indonesia
- Coal and Oil Company - UAE
- IHS Mccloskey Coal Group - USA
- MS Steel International - UAE
- Indian Oil Corporation Limited
- SN Aboitiz Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- New Zealand Coal & Carbon
- International Coal Ventures Pvt Ltd - India
- Mercuria Energy - Indonesia
- Energy Link Ltd, New Zealand
- Minerals Council of Australia
- Goldman Sachs - Singapore
- Vedanta Resources Plc - India
- Bharathi Cement Corporation - India
- Central Java Power - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Grasim Industreis Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Baramulti Group, Indonesia
- CNBM International Corporation - China
- Medco Energi Mining Internasional
- Thiess Contractors Indonesia
- Ministry of Finance - Indonesia
- Electricity Generating Authority of Thailand
- Maheswari Brothers Coal Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CIMB Investment Bank - Malaysia
- Attock Cement Pakistan Limited
- Bhatia International Limited - India
- Kobexindo Tractors - Indoneisa
- Coalindo Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- VISA Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maharashtra Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Bayan Resources Tbk. - Indonesia
- Deloitte Consulting - India
- Indian Energy Exchange, India
- Altura Mining Limited, Indonesia
- Metalloyd Limited - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Interocean Group of Companies - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sojitz Corporation - Japan
- Vizag Seaport Private Limited - India
- Petron Corporation, Philippines
- Videocon Industries ltd - India
- Bukit Makmur.PT - Indonesia
- Commonwealth Bank - Australia
- Borneo Indobara - Indonesia
- PTC India Limited - India
- SMC Global Power, Philippines
- Romanian Commodities Exchange
- The University of Queensland
- Ministry of Mines - Canada
- Cigading International Bulk Terminal - Indonesia
- Indika Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- GMR Energy Limited - India
- The State Trading Corporation of India Ltd
- IEA Clean Coal Centre - UK
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Star Paper Mills Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sakthi Sugars Limited - India
- Therma Luzon, Inc, Philippines
- Australian Commodity Traders Exchange
- Xindia Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Madhucon Powers Ltd - India
- Central Electricity Authority - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kaltim Prima Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Billiton Holdings Pty Ltd - Australia
- White Energy Company Limited
- Eastern Energy - Thailand
- Wood Mackenzie - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Kepco SPC Power Corporation, Philippines
- Indonesian Coal Mining Association
- Dalmia Cement Bharat India
- Kohat Cement Company Ltd. - Pakistan
- Sarangani Energy Corporation, Philippines
- Edison Trading Spa - Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Carbofer General Trading SA - India
- Kalimantan Lumbung Energi - Indonesia
- Merrill Lynch Commodities Europe
- Agrawal Coal Company - India
- Jorong Barutama Greston.PT - Indonesia
- Tamil Nadu electricity Board
- The Treasury - Australian Government
- Sical Logistics Limited - India
- Indogreen Group - Indonesia
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- AsiaOL BioFuels Corp., Philippines
- Riau Bara Harum - Indonesia
- Indo Tambangraya Megah - Indonesia
- Port Waratah Coal Services - Australia
- Salva Resources Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Pendopo Energi Batubara - Indonesia
- Global Business Power Corporation, Philippines
- Anglo American - United Kingdom
- Oldendorff Carriers - Singapore
- Siam City Cement - Thailand
- Global Green Power PLC Corporation, Philippines
- Electricity Authority, New Zealand
- Kartika Selabumi Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Renaissance Capital - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Price Waterhouse Coopers - Russia
- Thai Mozambique Logistica
- Petrochimia International Co. Ltd.- Taiwan
- Chettinad Cement Corporation Ltd - India
- Power Finance Corporation Ltd., India
- Ambuja Cements Ltd - India
- Kumho Petrochemical, South Korea
- Eastern Coal Council - USA
- Savvy Resources Ltd - HongKong
- Orica Australia Pty. Ltd.
- Krishnapatnam Port Company Ltd. - India
- Banpu Public Company Limited - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Larsen & Toubro Limited - India
- TeaM Sual Corporation - Philippines
- Meralco Power Generation, Philippines
- Binh Thuan Hamico - Vietnam
- Parliament of New Zealand
- Karaikal Port Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Meenaskhi Energy Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Africa Commodities Group - South Africa
- Standard Chartered Bank - UAE
- Economic Council, Georgia
- ICICI Bank Limited - India
- Sindya Power Generating Company Private Ltd
- Kideco Jaya Agung - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- PowerSource Philippines DevCo
- Bhoruka Overseas - Indonesia
- Energy Development Corp, Philippines
- GVK Power & Infra Limited - India
- San Jose City I Power Corp, Philippines
- Bangladesh Power Developement Board
- Directorate General of MIneral and Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Holcim Trading Pte Ltd - Singapore
- Mercator Lines Limited - India
- Directorate Of Revenue Intelligence - India
- Siam City Cement PLC, Thailand
- Latin American Coal - Colombia
- Planning Commission, India
- McConnell Dowell - Australia
- Wilmar Investment Holdings
- Malabar Cements Ltd - India
- Australian Coal Association
- Bukit Asam (Persero) Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Gujarat Sidhee Cement - India
- ASAPP Information Group - India
- Alfred C Toepfer International GmbH - Germany
- Kapuas Tunggal Persada - Indonesia
- Formosa Plastics Group - Taiwan
- Timah Investasi Mineral - Indoneisa
- Samtan Co., Ltd - South Korea
- Bukit Baiduri Energy - Indonesia
- Mjunction Services Limited - India
- Uttam Galva Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- London Commodity Brokers - England
- Antam Resourcindo - Indonesia
- Posco Energy - South Korea
- Bhushan Steel Limited - India
- OPG Power Generation Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Georgia Ports Authority, United States
- Makarim & Taira - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Trasteel International SA, Italy
- Karbindo Abesyapradhi - Indoneisa
- Simpson Spence & Young - Indonesia
- Semirara Mining Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Iligan Light & Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
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