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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, 15 January 20
ASIA PACIFIC GAS AND LNG - 6 THEMES TO WATCH IN 2020 - WOOD MACKENZIE
NEWS RELEASE
Wood Mackenzie has identified six themes that will impact Asia Pacific’s gas and LNG markets in 2020
Asian LNG spot pr ...
Wednesday, 15 January 20
PREDICTIONS FOR 2020: 'SLOWBALISATION" IS THE NEW GLOBALISATION - PWC
Projecting what the future holds is an important exercise for businesses looking to plan ahead. Below we present a summary of some of the themes we ...
Wednesday, 15 January 20
SHIPPING MARKET INSIGHT - INERMODAL
Happy New Year and all the best for IMO 2020 !!
The early days of IMO 2020 coming into force have certainly had an impact on the indus ...
Tuesday, 14 January 20
SOLAS AMENDMENTS ENTERING INTO FORCE 1 JANUARY 2020 - STANDARD CLUB
While the latest amendments to MARPOL annex VI which entered into force on 1 January 2020 limiting the SOx emissions from ships has been the centre ...
Tuesday, 14 January 20
MABUX: BUNKER MARKET THIS MORNING, JAN.14
MABUX World Bunker Index (consists of a range of prices for 380 HSFO, 180 HSFO and MGO (Gasoil) in the main world hubs) changed insignificant and i ...
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- Commonwealth Bank - Australia
- Antam Resourcindo - Indonesia
- Lanco Infratech Ltd - India
- Orica Australia Pty. Ltd.
- Energy Development Corp, Philippines
- Samtan Co., Ltd - South Korea
- Kartika Selabumi Mining - Indonesia
- The State Trading Corporation of India Ltd
- Kapuas Tunggal Persada - Indonesia
- Electricity Generating Authority of Thailand
- Marubeni Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Indogreen Group - Indonesia
- Jindal Steel & Power Ltd - India
- Interocean Group of Companies - India
- Kumho Petrochemical, South Korea
- Neyveli Lignite Corporation Ltd, - India
- Oldendorff Carriers - Singapore
- Larsen & Toubro Limited - India
- Global Green Power PLC Corporation, Philippines
- SMC Global Power, Philippines
- Central Java Power - Indonesia
- Attock Cement Pakistan Limited
- Karbindo Abesyapradhi - Indoneisa
- Kaltim Prima Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- CNBM International Corporation - China
- Indo Tambangraya Megah - Indonesia
- Bayan Resources Tbk. - Indonesia
- Carbofer General Trading SA - India
- Australian Commodity Traders Exchange
- Standard Chartered Bank - UAE
- Metalloyd Limited - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Iligan Light & Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Ind-Barath Power Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Billiton Holdings Pty Ltd - Australia
- Parry Sugars Refinery, India
- PowerSource Philippines DevCo
- Rashtriya Ispat Nigam Limited - India
- ICICI Bank Limited - India
- IHS Mccloskey Coal Group - USA
- Medco Energi Mining Internasional
- Grasim Industreis Ltd - India
- VISA Power Limited - India
- Petron Corporation, Philippines
- Rio Tinto Coal - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Edison Trading Spa - Italy
- India Bulls Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Binh Thuan Hamico - Vietnam
- White Energy Company Limited
- Thiess Contractors Indonesia
- Miang Besar Coal Terminal - Indonesia
- Ministry of Mines - Canada
- IEA Clean Coal Centre - UK
- Straits Asia Resources Limited - Singapore
- Gujarat Mineral Development Corp Ltd - India
- International Coal Ventures Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Bukit Baiduri Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Goldman Sachs - Singapore
- GAC Shipping (India) Pvt Ltd
- Coalindo Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Mercator Lines Limited - India
- Therma Luzon, Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- Cigading International Bulk Terminal - Indonesia
- Malabar Cements Ltd - India
- Semirara Mining Corp, Philippines
- Wood Mackenzie - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Latin American Coal - Colombia
- Agrawal Coal Company - India
- McConnell Dowell - Australia
- Xindia Steels Limited - India
- Electricity Authority, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Maheswari Brothers Coal Limited - India
- South Luzon Thermal Energy Corporation
- Aboitiz Power Corporation - Philippines
- The University of Queensland
- Africa Commodities Group - South Africa
- Mjunction Services Limited - India
- Georgia Ports Authority, United States
- Sical Logistics Limited - India
- LBH Netherlands Bv - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Heidelberg Cement - Germany
- Ministry of Transport, Egypt
- Intertek Mineral Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Minerals Council of Australia
- Dalmia Cement Bharat India
- Bhushan Steel Limited - India
- Manunggal Multi Energi - Indonesia
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Toyota Tsusho Corporation, Japan
- Makarim & Taira - Indonesia
- Pendopo Energi Batubara - Indonesia
- Tamil Nadu electricity Board
- ASAPP Information Group - India
- Banpu Public Company Limited - Thailand
- Vedanta Resources Plc - India
- Barasentosa Lestari - Indonesia
- New Zealand Coal & Carbon
- Bhoruka Overseas - Indonesia
- Eastern Coal Council - USA
- Indika Energy - Indonesia
- Meralco Power Generation, Philippines
- Wilmar Investment Holdings
- Bulk Trading Sa - Switzerland
- Alfred C Toepfer International GmbH - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indonesian Coal Mining Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Petrochimia International Co. Ltd.- Taiwan
- Krishnapatnam Port Company Ltd. - India
- Cement Manufacturers Association - India
- Bukit Asam (Persero) Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Ambuja Cements Ltd - India
- Uttam Galva Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GVK Power & Infra Limited - India
- Price Waterhouse Coopers - Russia
- Jorong Barutama Greston.PT - Indonesia
- Independent Power Producers Association of India
- European Bulk Services B.V. - Netherlands
- Ministry of Finance - Indonesia
- Madhucon Powers Ltd - India
- Thai Mozambique Logistica
- Formosa Plastics Group - Taiwan
- Singapore Mercantile Exchange
- Riau Bara Harum - Indonesia
- Orica Mining Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Sindya Power Generating Company Private Ltd
- Coastal Gujarat Power Limited - India
- Sarangani Energy Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Energy Link Ltd, New Zealand
- Tata Chemicals Ltd - India
- San Jose City I Power Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Power Finance Corporation Ltd., India
- Indian Oil Corporation Limited
- Renaissance Capital - South Africa
- Bharathi Cement Corporation - India
- Bhatia International Limited - India
- Gujarat Sidhee Cement - India
- Videocon Industries ltd - India
- MS Steel International - UAE
- Trasteel International SA, Italy
- Mintek Dendrill Indonesia
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- Port Waratah Coal Services - Australia
- Sree Jayajothi Cements Limited - India
- Parliament of New Zealand
- Merrill Lynch Commodities Europe
- Karaikal Port Pvt Ltd - India
- Deloitte Consulting - India
- Kepco SPC Power Corporation, Philippines
- Planning Commission, India
- Borneo Indobara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Baramulti Group, Indonesia
- Kobexindo Tractors - Indoneisa
- Bangladesh Power Developement Board
- PetroVietnam Power Coal Import and Supply Company
- Economic Council, Georgia
- London Commodity Brokers - England
- Essar Steel Hazira Ltd - India
- Vizag Seaport Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Indian Energy Exchange, India
- Jaiprakash Power Ventures ltd
- Coal and Oil Company - UAE
- Sojitz Corporation - Japan
- Romanian Commodities Exchange
- Anglo American - United Kingdom
- CIMB Investment Bank - Malaysia
- Globalindo Alam Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Star Paper Mills Limited - India
- PTC India Limited - India
- Salva Resources Pvt Ltd - India
- Aditya Birla Group - India
- Australian Coal Association
- Altura Mining Limited, Indonesia
- Siam City Cement PLC, Thailand
- Semirara Mining and Power Corporation, Philippines
- Central Electricity Authority - India
- Mercuria Energy - Indonesia
- Savvy Resources Ltd - HongKong
- TeaM Sual Corporation - Philippines
- Sakthi Sugars Limited - India
- The Treasury - Australian Government
- Meenaskhi Energy Private Limited - India
- Siam City Cement - Thailand
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