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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, 06 April 19
AUSTRALIA COAL POSTS BIGGEST WEEKLY DROP IN A DECADE AMID WEAK DEMAND - REUTERS
Australian thermal coal prices this week registered their biggest weekly fall since the financial market turmoil of a decade ago as demand plunged ...
Saturday, 06 April 19
SUPRAMAX: IT WAS A POOR WEEK OVERALL FOR THE BALTIC SUPRAMAX INDEX, WHICH LOST GROUND - BALTIC BRIEFING
Capesize
The Capesize market over the past week looked to have found a floor on Tuesday with the BCI 5TC at $3460 before firming into the rest ...
Thursday, 04 April 19
OVERSUPPLY STILL MAJOR CHALLENGE WARNS ICS
Speaking in Istanbul, Simon Bennett, Deputy Secretary General of the International Chamber of Shipping (ICS) warned that avoiding overcapacity and ...
Thursday, 04 April 19
GLENCORE, TOHOKU ELECTRIC SET COAL CONTRACT PRICE AT $94.75/T - SOURCE, REUTERS REPORTED
Global miner Glencore and Japan’s Tohoku Electric Power agreed on a price of $94.75 per tonne for supplies of thermal coal from Australia for ...
Monday, 01 April 19
FORCE MAJEURE SUCCESS NOT A SEA CHANGE - BALTIC EXCHANGE
KNOWLEDGE TO ELEVATE
It is difficult to successfully argue that contractual performance has been prevented or delayed by force majeure. This i ...
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Showing 1411 to 1415 news of total 6846 |
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- Sinarmas Energy and Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Sical Logistics Limited - India
- The State Trading Corporation of India Ltd
- Chamber of Mines of South Africa
- Vedanta Resources Plc - India
- Petron Corporation, Philippines
- Standard Chartered Bank - UAE
- Kobexindo Tractors - Indoneisa
- The University of Queensland
- Directorate General of MIneral and Coal - Indonesia
- Indian Energy Exchange, India
- Bukit Baiduri Energy - Indonesia
- Siam City Cement PLC, Thailand
- Anglo American - United Kingdom
- Ministry of Finance - Indonesia
- Manunggal Multi Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Attock Cement Pakistan Limited
- Therma Luzon, Inc, Philippines
- Bangladesh Power Developement Board
- Trasteel International SA, Italy
- Makarim & Taira - Indonesia
- Bharathi Cement Corporation - India
- Africa Commodities Group - South Africa
- Ind-Barath Power Infra Limited - India
- Videocon Industries ltd - India
- Madhucon Powers Ltd - India
- LBH Netherlands Bv - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Medco Energi Mining Internasional
- Formosa Plastics Group - Taiwan
- Lanco Infratech Ltd - India
- Bhushan Steel Limited - India
- Altura Mining Limited, Indonesia
- Marubeni Corporation - India
- South Luzon Thermal Energy Corporation
- PowerSource Philippines DevCo
- Holcim Trading Pte Ltd - Singapore
- Bhatia International Limited - India
- SMC Global Power, Philippines
- Ceylon Electricity Board - Sri Lanka
- IEA Clean Coal Centre - UK
- Tata Chemicals Ltd - India
- Bayan Resources Tbk. - Indonesia
- Australian Coal Association
- Gujarat Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Independent Power Producers Association of India
- Grasim Industreis Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Central Java Power - Indonesia
- Chettinad Cement Corporation Ltd - India
- Heidelberg Cement - Germany
- Thai Mozambique Logistica
- Globalindo Alam Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Latin American Coal - Colombia
- Timah Investasi Mineral - Indoneisa
- Riau Bara Harum - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- IHS Mccloskey Coal Group - USA
- Larsen & Toubro Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Borneo Indobara - Indonesia
- GVK Power & Infra Limited - India
- Indonesian Coal Mining Association
- Electricity Authority, New Zealand
- Kepco SPC Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Price Waterhouse Coopers - Russia
- Simpson Spence & Young - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Merrill Lynch Commodities Europe
- Maheswari Brothers Coal Limited - India
- Romanian Commodities Exchange
- Australian Commodity Traders Exchange
- Savvy Resources Ltd - HongKong
- PTC India Limited - India
- Binh Thuan Hamico - Vietnam
- Semirara Mining Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Mercator Lines Limited - India
- Parry Sugars Refinery, India
- Gujarat Mineral Development Corp Ltd - India
- Orica Australia Pty. Ltd.
- Pendopo Energi Batubara - Indonesia
- Malabar Cements Ltd - India
- Ministry of Transport, Egypt
- Georgia Ports Authority, United States
- Coal and Oil Company - UAE
- London Commodity Brokers - England
- Port Waratah Coal Services - Australia
- McConnell Dowell - Australia
- GMR Energy Limited - India
- TeaM Sual Corporation - Philippines
- Xindia Steels Limited - India
- Singapore Mercantile Exchange
- Carbofer General Trading SA - India
- Commonwealth Bank - Australia
- Gujarat Sidhee Cement - India
- Meenaskhi Energy Private Limited - India
- Sree Jayajothi Cements Limited - India
- GAC Shipping (India) Pvt Ltd
- Rashtriya Ispat Nigam Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Jindal Steel & Power Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Oldendorff Carriers - Singapore
- Alfred C Toepfer International GmbH - Germany
- Bulk Trading Sa - Switzerland
- Krishnapatnam Port Company Ltd. - India
- Bhoruka Overseas - Indonesia
- Star Paper Mills Limited - India
- MS Steel International - UAE
- Kumho Petrochemical, South Korea
- Indo Tambangraya Megah - Indonesia
- Wilmar Investment Holdings
- Siam City Cement - Thailand
- Central Electricity Authority - India
- Deloitte Consulting - India
- Cement Manufacturers Association - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Global Business Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Electricity Generating Authority of Thailand
- Straits Asia Resources Limited - Singapore
- Indika Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- Uttam Galva Steels Limited - India
- Barasentosa Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Thiess Contractors Indonesia
- Eastern Energy - Thailand
- Mjunction Services Limited - India
- VISA Power Limited - India
- Sarangani Energy Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Bank of Tokyo Mitsubishi UFJ Ltd
- Minerals Council of Australia
- Miang Besar Coal Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Mines - Canada
- Meralco Power Generation, Philippines
- The Treasury - Australian Government
- New Zealand Coal & Carbon
- Pipit Mutiara Jaya. PT, Indonesia
- Mercuria Energy - Indonesia
- CNBM International Corporation - China
- Directorate Of Revenue Intelligence - India
- Billiton Holdings Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- India Bulls Power Limited - India
- Orica Mining Services - Indonesia
- Energy Link Ltd, New Zealand
- International Coal Ventures Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Planning Commission, India
- Wood Mackenzie - Singapore
- Leighton Contractors Pty Ltd - Australia
- White Energy Company Limited
- Intertek Mineral Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- SMG Consultants - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tamil Nadu electricity Board
- Salva Resources Pvt Ltd - India
- Eastern Coal Council - USA
- Sakthi Sugars Limited - India
- Coalindo Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Agrawal Coal Company - India
- ASAPP Information Group - India
- Power Finance Corporation Ltd., India
- Renaissance Capital - South Africa
- Indian Oil Corporation Limited
- Sojitz Corporation - Japan
- Energy Development Corp, Philippines
- Posco Energy - South Korea
- Rio Tinto Coal - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mintek Dendrill Indonesia
- Bukit Makmur.PT - Indonesia
- Ambuja Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- CIMB Investment Bank - Malaysia
- Global Coal Blending Company Limited - Australia
- Indogreen Group - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- ICICI Bank Limited - India
- Goldman Sachs - Singapore
- Metalloyd Limited - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Baramulti Group, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Aditya Birla Group - India
- Edison Trading Spa - Italy
- Parliament of New Zealand
- Dalmia Cement Bharat India
- San Jose City I Power Corp, Philippines
- Vizag Seaport Private Limited - India
- Karaikal Port Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- PNOC Exploration Corporation - Philippines
- Interocean Group of Companies - India
- GN Power Mariveles Coal Plant, Philippines
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