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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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Tuesday, 21 January 20
THERMAL COAL PRICES SET FOR RECOVERY THIS YEAR AS OVERSUPPLY TIGHTENS - REUTERS
Thermal coal prices are expected to recover this year after losing around a third of their value last year as demand from some south-east Asian cou ...
Monday, 20 January 20
INDIA TO STOP SUBSTITUTABLE COAL IMPORT; CAN GO FOR AUCTION OF 100 FULLY EXPLORED NEW BLOCKS: JOSHI - PTI
The Cabinet recently approved promulgation of Mineral Laws (Amendment) Ordinance 2020 to amend Mines and Minerals (Development and Regulation ) Act ...
Monday, 20 January 20
CHINA DECEMBER COAL OUTPUT UP 2.4 PERCENT ON YEAR - STATS BUREAU: REUTERS
China produced 331.74 million tonnes of coal in December, up 2.4 percent on the year, the National Bureau of Statistics said on Friday.
...
Monday, 20 January 20
CHINA IMPORTED 124.4 MLN TONNES OF COAL FROM INDONESIA IN 2019, UP 15.1 PERCENT YOY - BANCHERO COSTA
China's coal imports raced ahead in 2019, surprising many who had expected that in the months of 2019 to come the government would clamp down s ...
Saturday, 18 January 20
BIMCO: LOW-SULPHUR FUEL SALE JUMPS TO A 70% SHARE IN SINGAPORE, AS THE IMO 2020 SULPHUR CAP KICKS IN
The final quarter of 2019 marked a massive decline of HSFO sales, as the industry transitioned into compliance of the IMO 2020 Sulphur Cap (IMO2020 ...
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- PowerSource Philippines DevCo
- Bahari Cakrawala Sebuku - Indonesia
- Global Coal Blending Company Limited - Australia
- Price Waterhouse Coopers - Russia
- Cigading International Bulk Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Edison Trading Spa - Italy
- Indian Oil Corporation Limited
- TeaM Sual Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- IHS Mccloskey Coal Group - USA
- Africa Commodities Group - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- CNBM International Corporation - China
- Binh Thuan Hamico - Vietnam
- Baramulti Group, Indonesia
- Power Finance Corporation Ltd., India
- Attock Cement Pakistan Limited
- Renaissance Capital - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Parliament of New Zealand
- Marubeni Corporation - India
- Indogreen Group - Indonesia
- South Luzon Thermal Energy Corporation
- Semirara Mining Corp, Philippines
- Indian Energy Exchange, India
- Thai Mozambique Logistica
- Chettinad Cement Corporation Ltd - India
- Vizag Seaport Private Limited - India
- Altura Mining Limited, Indonesia
- Indonesian Coal Mining Association
- Toyota Tsusho Corporation, Japan
- GVK Power & Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Electricity Regulatory Commission - India
- White Energy Company Limited
- Bukit Baiduri Energy - Indonesia
- Vedanta Resources Plc - India
- Planning Commission, India
- Australian Commodity Traders Exchange
- Tata Chemicals Ltd - India
- Makarim & Taira - Indonesia
- Bhushan Steel Limited - India
- Medco Energi Mining Internasional
- Globalindo Alam Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Formosa Plastics Group - Taiwan
- Energy Development Corp, Philippines
- Samtan Co., Ltd - South Korea
- Parry Sugars Refinery, India
- Banpu Public Company Limited - Thailand
- Sinarmas Energy and Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Economic Council, Georgia
- Meralco Power Generation, Philippines
- Kaltim Prima Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Billiton Holdings Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Eastern Coal Council - USA
- Indika Energy - Indonesia
- Sakthi Sugars Limited - India
- Ambuja Cements Ltd - India
- Australian Coal Association
- Minerals Council of Australia
- Siam City Cement - Thailand
- Carbofer General Trading SA - India
- Kumho Petrochemical, South Korea
- Bulk Trading Sa - Switzerland
- India Bulls Power Limited - India
- Madhucon Powers Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Rashtriya Ispat Nigam Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- New Zealand Coal & Carbon
- Ministry of Mines - Canada
- Energy Link Ltd, New Zealand
- Aditya Birla Group - India
- Standard Chartered Bank - UAE
- Georgia Ports Authority, United States
- The Treasury - Australian Government
- Chamber of Mines of South Africa
- Directorate General of MIneral and Coal - Indonesia
- Lanco Infratech Ltd - India
- Videocon Industries ltd - India
- Ministry of Transport, Egypt
- Sojitz Corporation - Japan
- Kepco SPC Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Jaiprakash Power Ventures ltd
- Barasentosa Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Bharathi Cement Corporation - India
- ICICI Bank Limited - India
- European Bulk Services B.V. - Netherlands
- Antam Resourcindo - Indonesia
- PTC India Limited - India
- Ind-Barath Power Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Malabar Cements Ltd - India
- Posco Energy - South Korea
- Bhoruka Overseas - Indonesia
- Bayan Resources Tbk. - Indonesia
- Global Business Power Corporation, Philippines
- Latin American Coal - Colombia
- Therma Luzon, Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Thiess Contractors Indonesia
- SMC Global Power, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Asam (Persero) Tbk - Indonesia
- Mintek Dendrill Indonesia
- SN Aboitiz Power Inc, Philippines
- Borneo Indobara - Indonesia
- Central Java Power - Indonesia
- Heidelberg Cement - Germany
- Kalimantan Lumbung Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Simpson Spence & Young - Indonesia
- Ministry of Finance - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bukit Makmur.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Coal and Oil Company - UAE
- Larsen & Toubro Limited - India
- Mercator Lines Limited - India
- AsiaOL BioFuels Corp., Philippines
- MS Steel International - UAE
- SMG Consultants - Indonesia
- Interocean Group of Companies - India
- IEA Clean Coal Centre - UK
- Deloitte Consulting - India
- Straits Asia Resources Limited - Singapore
- Xindia Steels Limited - India
- Orica Mining Services - Indonesia
- Wilmar Investment Holdings
- Intertek Mineral Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dalmia Cement Bharat India
- Rio Tinto Coal - Australia
- Tamil Nadu electricity Board
- Bangladesh Power Developement Board
- LBH Netherlands Bv - Netherlands
- Pendopo Energi Batubara - Indonesia
- Coalindo Energy - Indonesia
- VISA Power Limited - India
- Electricity Generating Authority of Thailand
- Aboitiz Power Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- PNOC Exploration Corporation - Philippines
- The State Trading Corporation of India Ltd
- Trasteel International SA, Italy
- Sindya Power Generating Company Private Ltd
- Coastal Gujarat Power Limited - India
- Sical Logistics Limited - India
- Anglo American - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Riau Bara Harum - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CIMB Investment Bank - Malaysia
- Salva Resources Pvt Ltd - India
- Star Paper Mills Limited - India
- San Jose City I Power Corp, Philippines
- Bhatia International Limited - India
- Kartika Selabumi Mining - Indonesia
- Grasim Industreis Ltd - India
- Romanian Commodities Exchange
- McConnell Dowell - Australia
- Eastern Energy - Thailand
- ASAPP Information Group - India
- Petron Corporation, Philippines
- Port Waratah Coal Services - Australia
- Wood Mackenzie - Singapore
- Jindal Steel & Power Ltd - India
- Siam City Cement PLC, Thailand
- Sarangani Energy Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- OPG Power Generation Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- Metalloyd Limited - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Gujarat Sidhee Cement - India
- Kobexindo Tractors - Indoneisa
- Uttam Galva Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Authority, New Zealand
- Savvy Resources Ltd - HongKong
- Agrawal Coal Company - India
- Kohat Cement Company Ltd. - Pakistan
- Commonwealth Bank - Australia
- Merrill Lynch Commodities Europe
- Mjunction Services Limited - India
- Cement Manufacturers Association - India
- Goldman Sachs - Singapore
- London Commodity Brokers - England
- Karaikal Port Pvt Ltd - India
- Oldendorff Carriers - Singapore
- GMR Energy Limited - India
- Independent Power Producers Association of India
- Singapore Mercantile Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Directorate Of Revenue Intelligence - India
- Central Electricity Authority - India
- Kapuas Tunggal Persada - Indonesia
- Sree Jayajothi Cements Limited - India
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