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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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Friday, 26 January 24
HARD COAL GUARDIAN ANGEL OF THE ENERGY SUPPLY - GERMANY COAL IMPORTERS ASSOCIATION
- No security of supply without hard coal
- The Substitute Power Plant Provision Act (EKBG) must be extended
- Higher grid fees due to the ...
Thursday, 25 January 24
THE RED SEA ESCALATION IMPLICATIONS ON GLOBAL SEABORNE TRADE - MARIA BERTZELETOU
In recent days, discussions have intensified about the potential impact on the seaborne trade and ton-miles due to the evolving dynamics of market ...
Thursday, 25 January 24
RED SEA SHIPPING DISRUPTIONS KEEP GEOPOLITICAL PREMIUM FOR COMMODITIES - FITCH RATINGS
Shipping disruptions and re-routing away from the Red Sea will maintain the geopolitical premium in the main commodity markets, including for oil a ...
Friday, 19 January 24
INDONESIA TARGETS 710 MLN METRIC TONS COAL OUTPUT IN 2024 AFTER RECORD 2023 - REUTERS
Indonesia, a major thermal coal exporter, aims to produce 710 million metric tons of coal in 2024, its mining minister said on Monday, after postin ...
Friday, 19 January 24
DRUMMOND COLOMBIA COAL OUTPUT ROSE 7.1% IN 2023 - REUTERS
Coal production from miner Drummond’s Colombia operations rose 7.1% in 2023 to 29.5 million metric tons, while exports declined by 2.6% to 27 ...
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- Kapuas Tunggal Persada - Indonesia
- Georgia Ports Authority, United States
- Salva Resources Pvt Ltd - India
- CNBM International Corporation - China
- Interocean Group of Companies - India
- Kalimantan Lumbung Energi - Indonesia
- Electricity Authority, New Zealand
- Borneo Indobara - Indonesia
- Sojitz Corporation - Japan
- Global Coal Blending Company Limited - Australia
- Vizag Seaport Private Limited - India
- Banpu Public Company Limited - Thailand
- Sree Jayajothi Cements Limited - India
- PNOC Exploration Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Iligan Light & Power Inc, Philippines
- Central Java Power - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Australian Commodity Traders Exchange
- Karaikal Port Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Altura Mining Limited, Indonesia
- Dalmia Cement Bharat India
- Meralco Power Generation, Philippines
- GMR Energy Limited - India
- White Energy Company Limited
- Siam City Cement PLC, Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Leighton Contractors Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- London Commodity Brokers - England
- Ceylon Electricity Board - Sri Lanka
- SN Aboitiz Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Coalindo Energy - Indonesia
- Indika Energy - Indonesia
- Madhucon Powers Ltd - India
- Attock Cement Pakistan Limited
- Larsen & Toubro Limited - India
- Straits Asia Resources Limited - Singapore
- Rashtriya Ispat Nigam Limited - India
- Gujarat Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- OPG Power Generation Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Xindia Steels Limited - India
- Africa Commodities Group - South Africa
- Planning Commission, India
- Electricity Generating Authority of Thailand
- Bhoruka Overseas - Indonesia
- Pendopo Energi Batubara - Indonesia
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Antam Resourcindo - Indonesia
- Parry Sugars Refinery, India
- Billiton Holdings Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement - Thailand
- Coastal Gujarat Power Limited - India
- Semirara Mining Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Directorate Of Revenue Intelligence - India
- SMC Global Power, Philippines
- Kumho Petrochemical, South Korea
- Asmin Koalindo Tuhup - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Posco Energy - South Korea
- ASAPP Information Group - India
- Maheswari Brothers Coal Limited - India
- Indian Energy Exchange, India
- Therma Luzon, Inc, Philippines
- Standard Chartered Bank - UAE
- Bayan Resources Tbk. - Indonesia
- Edison Trading Spa - Italy
- IHS Mccloskey Coal Group - USA
- Heidelberg Cement - Germany
- Renaissance Capital - South Africa
- Bangladesh Power Developement Board
- Vijayanagar Sugar Pvt Ltd - India
- Tata Chemicals Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Orica Mining Services - Indonesia
- Eastern Energy - Thailand
- Minerals Council of Australia
- GVK Power & Infra Limited - India
- Tamil Nadu electricity Board
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Finance - Indonesia
- Timah Investasi Mineral - Indoneisa
- IEA Clean Coal Centre - UK
- Carbofer General Trading SA - India
- Indian Oil Corporation Limited
- Sinarmas Energy and Mining - Indonesia
- India Bulls Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Deloitte Consulting - India
- Marubeni Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- TeaM Sual Corporation - Philippines
- Agrawal Coal Company - India
- Energy Development Corp, Philippines
- Formosa Plastics Group - Taiwan
- Gujarat Sidhee Cement - India
- Metalloyd Limited - United Kingdom
- Ind-Barath Power Infra Limited - India
- The University of Queensland
- Latin American Coal - Colombia
- PTC India Limited - India
- Mercator Lines Limited - India
- New Zealand Coal & Carbon
- Bukit Baiduri Energy - Indonesia
- Uttam Galva Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- TNB Fuel Sdn Bhd - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Simpson Spence & Young - Indonesia
- Bharathi Cement Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Chettinad Cement Corporation Ltd - India
- Kaltim Prima Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Coal and Oil Company - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Mintek Dendrill Indonesia
- Chamber of Mines of South Africa
- Indogreen Group - Indonesia
- Star Paper Mills Limited - India
- Gujarat Mineral Development Corp Ltd - India
- PowerSource Philippines DevCo
- Makarim & Taira - Indonesia
- Oldendorff Carriers - Singapore
- Goldman Sachs - Singapore
- The State Trading Corporation of India Ltd
- Ministry of Transport, Egypt
- Port Waratah Coal Services - Australia
- Binh Thuan Hamico - Vietnam
- Singapore Mercantile Exchange
- Independent Power Producers Association of India
- Sical Logistics Limited - India
- Kideco Jaya Agung - Indonesia
- Parliament of New Zealand
- Central Electricity Authority - India
- Barasentosa Lestari - Indonesia
- Ambuja Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Cement Manufacturers Association - India
- Economic Council, Georgia
- The Treasury - Australian Government
- Energy Link Ltd, New Zealand
- Alfred C Toepfer International GmbH - Germany
- VISA Power Limited - India
- Australian Coal Association
- South Luzon Thermal Energy Corporation
- Wood Mackenzie - Singapore
- Power Finance Corporation Ltd., India
- Commonwealth Bank - Australia
- Samtan Co., Ltd - South Korea
- Merrill Lynch Commodities Europe
- Rio Tinto Coal - Australia
- European Bulk Services B.V. - Netherlands
- Jaiprakash Power Ventures ltd
- Toyota Tsusho Corporation, Japan
- Petron Corporation, Philippines
- Thai Mozambique Logistica
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sakthi Sugars Limited - India
- Baramulti Group, Indonesia
- Bhatia International Limited - India
- Bulk Trading Sa - Switzerland
- Intertek Mineral Services - Indonesia
- Lanco Infratech Ltd - India
- Global Green Power PLC Corporation, Philippines
- MS Steel International - UAE
- Ministry of Mines - Canada
- Manunggal Multi Energi - Indonesia
- Trasteel International SA, Italy
- Bhushan Steel Limited - India
- Jindal Steel & Power Ltd - India
- Romanian Commodities Exchange
- CIMB Investment Bank - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Mercuria Energy - Indonesia
- ICICI Bank Limited - India
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- Mjunction Services Limited - India
- Vedanta Resources Plc - India
- Essar Steel Hazira Ltd - India
- Eastern Coal Council - USA
- McConnell Dowell - Australia
- Aditya Birla Group - India
- Grasim Industreis Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Indonesian Coal Mining Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Medco Energi Mining Internasional
- Directorate General of MIneral and Coal - Indonesia
- Global Business Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- SMG Consultants - Indonesia
- Anglo American - United Kingdom
- Kepco SPC Power Corporation, Philippines
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